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Bulls to brace themselves for an uphill task – Confluence Detector

  • Ripple's XRP is trading in a narrow range.
  • XRP / USD risk testing levels close to $ 0.3 as the upside is laced with strong resistance levels.

The crypto market is in slumber. The bulls have taken a back seat, probably to prepare for a battle. The first quarter of 2019 is predicted to be the period when the digital assets will encounter a reversal that will see them embark on a recovery journey. The market has not experienced acute selling activity. However, the upside has been laced with many hurdles.

Ripple's XRP is trading in a narrow range. The crypto has stayed in this range for almost one week. While declines have been frequent, buying activities are still high. XRP recently defended the support at $ 0.31. Although there has been a recovery, the upside is still capped at $ 0.34. Moreover, XRP / USD has not been able to sustain growth above the Simple Moving Averages (SMA). At the moment, XRP is trading at $ 0.32 while facing resistance at the 50-day SMA and the 100-day SMA.

Marginally above the current price, XRP will encounter resistance at $ 0.3278. Resistance in the coming sessions at $ 0.3312. The move towards $ 0.34 will not be a smooth one as the bulls will be required to clear the hurdle at $ 0.3380. Unfortunately, further upside will be the head of the region between $ 0.3481 – $ 0.3515.

On the flipside, XRP is XRP fails to maintain growth to the upside and deflates to the key support at $ 0.31, it will find support at $ 0.3074.

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