- Ripple’s XRP continues to cool as the bulls fail to maintain any upside momentum.
- XRP/USD bears are gunning for another firm break of the psychological $0.3000 mark.
Ripple’s XRP price is seen trading in minor negative territory in the latter part of trading on Friday, nursing losses of just some 0.30%. XRP/USD running towards its third consecutive session in the red and heading for a negative weekly close.
Since breaking out to the upside from a daily containing descending wedge formation, the bulls have failed to sustain upside momentum. The price has dropped around 7% since the breakout on 7th February.
Looking at the daily confluence detector for key areas of support; $0.3014, weekly 61.8% Fibonacci, 0.2982, daily pivot point support, $0.2920, monthly pivot point support. Aside from these noted levels, there is a large known demand area, that tracks from $0.3000 down to $0.2500.
XRP/USD daily chart
XRP/USD daily confluence detector