XRP/USD is near important mid-term resistance levels as the digital currency has found speculative interest growing again.
XRP/USD has a long and complicated history within the cryptocurrency world. While the price of XRP/USD is now challenging mid-term resistance levels and is producing rather stable trading, it should be noted that Ripple has seen much higher values a long time ago. In late December of 2017, XRP/USD was trading near the 3.0000 mark. Since the recent surge in speculative energy within the cryptocurrency world, XRP/USD has essentially seen highs near the 0.6500 juncture, which is quite a difference from its loftier values almost three-and-a-half years ago.
XRP/USD is traversing near important short-term resistance levels which have challenged mid-term values since November. The current price of the digital asset is within sight of the 0.6000 mark, but traders need to understand that the value of XRP/USD usually moves in a very incremental manner. Yes, XRP/USD is certainly speculative and can experience swift changes in value, but traders need to be prepared for fractional movement.
Speculators who understand Ripple’s history know XRP/USD has been earmarked by the US government as a testing ground when calling into question the legal parameters XRP is defined under. However, from a speculative viewpoint, XRP/USD continues to attract plenty of wagers regarding its value whether it is defined as a true cryptocurrency or a security by the SEC. The current price of XRP/USD is near important resistance and the broad digital asset market has seen a wave of positive sentiment increase in the past few days.
XRP/USD correlates within the cryptocurrency market rather well and, as it touches important resistance, traders may be inclined to believe it has the capability to rise in value. Legal questions hovering over Ripple should be considered, but they should not stand in the way of technical traders who have a perception regarding direction for XRP/USD.
Short-term traders may be inclined to be buyers of XRP/USD based on the notion it has traversed its current values a few times in the past handful of months. Yes, XRP/USD has seen reversals downwards from these heights as resistance has proven difficult, but wagering on short-term bullish activity to continue within the speculative asset may prove a worthwhile endeavor for traders who believe another push higher is in the cards.
Ripple Short-Term Outlook:
Current Resistance: 0.59000
Current Support: 0.54900
High Target: 0.61700
Low Target: 0.50000