XRP/USD journey to recovery is tough –Confluence Detector

  • Support at $0.32000 was instrumental to the 4.9% gains on the day.
  • The recovery journey for Ripple is going to be an uphill task as per the confluence tool.

Ripple is among the biggest gainers on the day following the recovery from the lows posted yesterday. XRP fell victim to the bear wave that swept across the market. Several support areas failed to cushion the losses as the price fell like a stone in the air. Support at $0.32000 was instrumental to the 4.9% gains according to the intraday charts.

The confluence detector places the initial resistance at $0.3469 highlighted by several resistance indicators such as Previous High 15-mins, Previous High 1-h, and 61.8% Fib level 1-D. The recovery journey for Ripple is going to be an uphill task considering the sellers’ congestion zones that must be cleared as per the confluence tool: $0.3613, $0.3720, $0.3756 and $0.3900.

On the downside, key support has been formed at $0.3433. the various technical indicators converging here include the previous low 1-h, Bollinger Band 15-mins middle, pivot point 1-month S1 and the pivot point 1-w S2. Other levels to look out for support are $0.3397, $0.3289, $0.3110 and $0.3074.

 

 

 

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