XRP/USD recovery fizzles out above $0.3000 – Confluence Detector

Fibo Quantum

  • Ripple explored the levels below $0.3000 and formed a low at $0.2934 before starting to correct higher.
  • XRP/USD is initially supported $0.2985, $0.2922 and $0.2701.

Ripple is seen trading at $0.3022 following 0.25% on the day. The subtle upside correction comes after the devastating drop on Wednesday. Ripple explored the levels below $0.3000 and formed a low at $0.2934 before starting to correct higher.

Meanwhile, the current trend is inclined towards sideways trading. A look at the confluence detector shows that Ripple bullish and bearish pressure almost canceling out. Correction to the upside will encounter resistance at $0.3049, $0.3268 and $0.3300. The confluence at this level are:

$0.3049: Previous high 15-minutes, 5 SMA 15-minutes, 38.2% Fib level daily, 10 SMA 4-hour and the Bollinger Band 1-hour upper.

$0.3268: 50 SMA daily, 50 SMA 4-hour, 200 1-hour and 10 SMA daily.

$0.3300: 100 SMA 4-hour, 61.8% Fib level 1-week, previous month high and 200 SMA 4-hour.

On the downside, XRP/USD is initially supported $0.2985, $0.2922 and $0.2701. The various confluence at these levels include:

$0.2985: Previous low 4-hour, Bollinger Band 15-minutes lower, pivot point 1-week S2 and Fibonacci 23.6% 1-minute.

$0.2922: Bollinger Band 4-hour lower and Bollinger 161.8% weekly, pivot point daily S1 and pivot point 1-month S1.