- Ripple’s XRP late on Thursday is trading down some 1%, after a session once again controlled by the bears.
- XRP/USD bears continue to test the lower critical support of an ascending channel formation via the daily chart view.
Ripple’s XRP price in the latter part of trading on Thursday is trading with losses of around 1%. It has been another session of limited price action, however XRP appears to be closer to a breakout, given the extreme narrowing in price action.
XRP/USD continues to move within an ascending channel structure, as seen via the daily chart view. The price is very much magnetized to the lower acting trend line of the pattern. The consistent testing of this could be a building of momentum ahead of an explosive move to follow.
Technically, there are some decent barriers of support to the downside looking via the confluence detector; $0.3116, daily 50SMA, monthly 61.8% Fibonacci, $0.3083, weekly 38.2% Fibonacci, $0.2985, weekly pivot point support, daily pivot point support.
XRP/USD daily confluence
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