XRP/USD has exploded higher and through short- and mid-term resistance levels as it begins to assert its bullish momentum.
XRP/USD has built on its recent positive bullish momentum and brushed aside all mid-term resistance and has long-term values in sight. The ability of XRP/USD to surpass the one-dollar mark the past two days should be given consideration by speculators. Experienced traders in cryptocurrencies likely know Ripple has enjoyed a long time presence in the digital currency world, and its ability to achieve values above 1.00000 is important.
Yes, XRP/USD did move lower in trading this morning and is now within the vicinity of ninety cents. However, if XRP/USD is able to sustain the gains it has produced since the 5th of April and maintain values above the junctures of 0.85800, it may prove to be an ignition for speculators who have always kept their eyes on XRP/USD as a legitimate cryptocurrency which has languished in some respects compared to the results historically of its major counterparts.
XRP/USD should be watched carefully and, if support proves strong within the junctures of 0.90000 to 0.85000, this could elevate what is already strong speculative fever within Ripple. Having touched the 1.12000 mark yesterday will make technical traders search for long-term charts of XRP/USD. They will notice the last time Ripple touched this value was in February of 2018. Intriguingly, XRP/USD was able to smash through April 2018 values relatively easy the past two days.
XRP/USD is set up for an engaging short-term trading battle, particularly if it stays within sight of the 1.00000 mark. Psychologically, the one-dollar value obviously is important, but if XRP/USD is able to surpass this price and sustain higher levels above, speculative interest could potentially grow. Importantly for traders, if the levels of 1.23000 to 1.25000 prove vulnerable as resistance, traders could begin to dream about loftier values for XRP/USD which was seen during the first wave of cryptocurrency speculative exuberance in late 2017.
XRP/USD first must be able to break through important short-term resistance levels which have now been generated because of the bullish movement made the past two days. However, traders of XRP/USD may be optimistic and continue to purse upwards price action, particularly if current short-term support levels prove adequate. Buying XRP/USD in the current market conditions may be a worthwhile speculative wager.
Ripple Short-Term Outlook:
Current Resistance: 1.00000
Current Support: 0.84450
High Target: 1.22000
Low Target: 0.77500