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Ripple’s XRP Technical Analysis: XRP/USD bulls sharpening up horns

FX Street
Updated:
  • Ripple’s XRP in the latter part of trading on Wednesday holding very minor gains of 0.10%.
  • XRP/USD bulls are retesting the upper part of a triangular pattern structure for a breakout.

 

Ripple’s XRP late in the session on Wednesday is trading is very minor positive by some 0.10%, flirting with just underneath the $0.3200 mark to the downside. XRP/USD continues to find a lack of commitment from the buyers for the time being.

XRP/USD price is attempting to breakdown a triangular pattern structure, as has been observed via the daily chart since the back end of February. Price action continues to very much narrow within, subject to an imminent breakout.

Looking at the major barriers via the confluence detector. Firstly to the upside; $0.3197, daily 23.6% Fibonacci, $0.3230 daily pivot point resistance, $0.3263 monthly 38.2% Fibonacci. To the downside; $0.3130, monthly 61.8% Fibonacci, daily pivot point support.

XRP/USD daily confluence detector  

 

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