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XRP/USD targets $0.6102 after the recent surge

Ripple rips higher in the past 24 hours and stands out from the rest of the crypto crowd. One of the recent developments in the past day has been the  decision by CoinField to use XRP as a base currencyagainst 22 other assets. The Canadian crypto-exchange is gaining traction. What levels should we watch out for on XRP/USD?

The  Technical Confluence Indicator  shows that on the upside, the first significant target is $0.5819  which is the Pivot Point one-month Resistance 1.

The next upside goal for the XRP/USD is $0.6102  which is last month’s low. Both levels are not that strong.

Looking down, the first support is at $0.5309  which is the convergence of the Pivot Point one-day Resistance 2 and the previous 4h-high. More significant support is at $0.5195  which is where the Fibonacci 61.8% one-month and the Simple Moving Average 50-15m.

Even stronger support is at $0.5082  where we see yesterday’s high, the PP one-week R3, and the SMA 5-4h.

The line in the sand for Ripple is $0.4855  where we see the most potent levels: the SMA 10-4h, the BB one-day-Upper, and the PP one-week Resistance 2.

XRP USD technical confluence November 6 2018 ripple

“‹”‹”‹”‹”‹”‹Click to see the Full Confluence Indicator

Here is how it looks on the tool:

 

The Confluence Detector finds  exciting opportunities using Technical Confluences.  The TC is a tool to locate and point out those price levels where there is a  congestion of indicators,  moving averages,  Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.


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This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence  adjacents  price levels. These weightings mean that one  price level without any indicator  or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.

Learn more about Technical Confluence

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.