Ken Chigbo
Independent Analyst
- XRP on the back foot in the latter part of Tuesday, down by 1.25%.
- Price action to the upside is limited by a long-running descending trend line.
Ripple’s XRP was seen nursing losses of 1.25% in the latter stages of trading on Tuesday. The price remains stuck within a mundane trading range, which has been the case for the past five sessions now, following the deep fall on 10th January.
XRP/USD price action is restricted from upside by a descending trend line, which has been in play since 6th November. Bulls having been rejected on each attempt to break above; throughout November, in December and most recently on 10th October.
Looking via confluence detector, there are some chunky barriers of resistance in the way of upside. Firstly, $0.3472, weekly 38.2% Fibonacci and then further north at $0.3507, monthly 38.5% Fibonacci, likely to cause obstruction for the bulls.
XRP/USD daily confluence detector
XRP/USD daily chart
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