Ken Chigbo
Independent Analyst
- XRP/USD holding decent gains late on Wednesday, up over 2.5%.
- Heavy supply remains heading into and at the $0.4000, this must be broken for greater upside.
Ripple’s XRP was seen holding decent gains of some 2.5% towards the latter part of trading on Wednesday. Life has been kicked back into the bulls for now, however XRP/USD continues to remain stuck in a narrow range.
XRP/USD has really failed to hit the ground running, since cooling from the most recent bull run. Chunky gains were initially seen from 16th December up to 24th December before easing. It may take some hard selling pressure back towards the $0.3000 mark, to seriously kick start some fresh renewed aggressive buying.
Looking via the daily confluence detector, the next major barrier to the upside should be noted at $0.3964, which is a daily pivot point. Outside from this, bulls must breakdown the $0.4000 area for greater upside, or continue to be hit by sellers.
XRP/USD daily confluence detector
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