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- The XRP / USD was traded substantially flat in late Monday, after an initial slow start of the session.
- Price action is moving within a bullish pennant model structure, subject to a breakout.
Ripple's XRP managed to pick up some momentum towards the top, towards the last part of Monday's trading. This happens after a slow start of the day, initially the XRP / USD was suffering losses, following a rejection in the upper trend line of a pennant structure.
The XRP / USD continues to move within the model described above, a bullish pennant model, which is subject to a breakout. Looking through the confluence detector, there are not too many barriers. The most notable visa at $ 0.3913, the 61.8% monthly Fibonacci, so $ 0.4030, the resistance of the weekly rotation point. In terms of support, a large barrier can be set at $ 0.3680, 10SMA, 38.2% Fibonacci, then $ 0.3641, 38.2% Fibonacci weekly, 61.8% Fibonacci per day.
As detailed, the bulls are subject to a potential explosive move upwards. The resistance of the upper trend line is $ 0.3900. If a violation is detected, the XRP / USD could most likely violate the annoying resistance of $ 0.4000, and then see a quick rocket returning to the territory of $ 0.5000.
XRP / USD daily confluence detector
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