Ken Chigbo
Independent Analyst
- Ripple’s XRP is trading up around 1% in the latter part of Friday’s session.
- XRP/USD several big barriers are seen ahead in the way of further upside.
Ripple’s XRP managed to press into positive territory towards the latter stage of trading on Friday. The price was seen up just over 1%, stabilizing following the deep pressure on Thursday, where it suffered big double-digit losses.
XRP/USD bulls had failed to capitalize on a bullish pennant pattern structure. It was narrowing within the confinements of this, giving suggestions of an explosive breakout to the upside. However, bears forced a breach, seeing it drop to its lowest level since 18th December.
Looking via the confluence detector, there are some chunky upside barriers ahead. Firstly; $0.3394, daily 23.6% Fibonacci, $0.3464, monthly pivot point and then $0.3499, 38.2% monthly Fibonacci. Further north, eyes on a potential retest of the breached pennant, $0.3700.
XRP/USD daily confluence detector
XRP/USD daily chart
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