- XRP/USD stays close to the important resistance area.
- A sustainable move above $0,2860 will create a strong upside momentum.
Ripple’s XRP took off from the Asian low of $0.2740, but the upside may be limited as the price is moving closer to a stiff resistance created by the long-term sloping trendline. At the time of writing, XRP/USD is changing hands at $0.2780, has stayed mostly unchanged both on a day-on-day basis and since the beginning of Wednesday, though the coin has six bullish days in a row, which is the longest period since May 2019.
Ripple’s XRP confluence levels
Looking technically, the upside looks like a path of least resistance now, however, there are several barriers that may slow down the recovery. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
$0,2860 – 61.8% Fibo retracement monthly, Pivot Point one-day Resistance 1, the highest level of the previous day;
$0,2900 – Pivot Point one-week Resistance 3, Pivot Point one-day Resistance 2;
$0,3000 – psychological level, the upper line of one-day Bollinger Band.
$0,2770 – 61.8% Fibo retracement daily SMA10 (Simple Moving Average) on one-hour and four-hour charts;
$0,2630 – the middle line of four-hour and daily Bollinger Bands, SMA200 four-hour, SMA50 daily, 161.8% Fibo projection, the highest level of the previous week.
$0,2530 – the lowest level of the previous year, 38.2% Fibo retracement weekly.