Ken Chigbo
Independent Analyst
- Ripple’s XRP holding gains of 5% in the late part of Wednesday.
- Strong barrier to the upside eyed at $0.4000, then $0.4183.
Ripple’s XRP was seen trading up over 5%, towards the latter stages of trading on Wednesday. At the peak of the session high, XRP/USD was seen holding big double-digit gains of around 11%. Bulls tested $0.40, but failed to cleanly break above.
Aside from the psychological $0.40 resistance, looking to the upside there is a chunky upside seen at $0.4183, 1-month 38.2% Fibonacci. A breakdown of the above-mentioned levels should invite a decent wave of buying pressure.
In terms of decent confluence areas of support; $0.3830 – 1-month 23.6% Fibonacci, $0.3673 – 4-hour 200SMA & daily pivot point, lastly, $0.3555 – weekly pivot point.
XRP/USD daily confluence detector
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