- Ripple’s XRP failed to sustain the big upside momentum seen early in the session.
- XRP/USD still remains within the confinements of a pennant pattern or triangular structure.
Ripple’s XRP price in the latter part of Wednesday was seen trading up with gains of 1.5%, after initially being up as much 5% early in the session. XRP/USD, however, failed to sustain the upside run of momentum.
XRP/USD continues to move within the confinements of a bearish pennant pattern structure, which has been the case since 26th February. During the rally today, the price briefly managed to jump above the upper acting trend line of the pennant, however very much short-lived, dropping back within the pattern.
In terms of the noteworthy key support and resistance barriers, looking via the confluence detector, starting off with the resistance; $0.3258, 38.2% monthly Fibonacci, 100 daily SMA, $0.3324, weekly pivot point resistance. To the downside; a huge barrier at $0.3125 daily and monthly 61.8% Fibonacci, $0.3092, daily pivot point support and daily 23.6% Fibonacci.
XRP/USD daily confluence detector
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