After testing the important 80 cents support level again on the 11th of June, XRP/USD has again shown it has the ability to produce a slight climb higher. Ripple has battled the 80 cents support ratio a few times since late May, but has achieved a move higher each time. The question speculators will be asking is if this particular cycle of gains will actually continue to build momentum higher or face strong headwinds.
XRP/USD remains an intriguing barometer within the broad cryptocurrency market because of its legion of Ripple backers who are often in disagreement with its detractors. Technically, XRP/USD has produced dynamic price gains like the broad cryptocurrency market the past seven months, only to watch a significant amount of the value evaporate.
Technically, the 90 cents ratio is now an important resistance level for XRP/USD. Ripple did manage to move above this juncture a few of days ago on the 10th of June, but XRP/USD has not been able to sustain values above this level for a comfortable amount of time. Until XRP/USD is able to move past the 90 cents level and challenge prices from the 7th of June when it traded above 94 cents, traders may want to remain cautious.
However, the broad cryptocurrency market has seemingly found a dose of support the past couple of days after producing nervous sentiment beforehand. Speculators who are skeptical may view the gains made the past couple of days as a way to allure buyers into the cryptocurrency landscape in order to launch a new round of selling. Wagering on direction for XRP/USD in the short term should be done with quick-hitting trades in mind. Conservative traders who believe XRP/USD will find more momentum upwards may want to be buyers on slight pullbacks towards existing support. The junctures of 89 and 88-and-a-half cents may prove opportunistic for those looking to go long.
Traders are encouraged to use limit orders while speculating on XRP/USD in the short term. Some semblance of tranquility seems to have entered the cryptocurrency market, and support levels have proven rather adequate the past couple of weeks near the lower part of existing price ranges. Speculators who have a bullish outlook for XRP/USD may view current prices as cheap and an opportunity to catch a move higher if it develops.
Ripple Short-Term Outlook:
Current Resistance: 0.90350
Current Support: 0.88500
High Target: 0.94500
Low Target: 0.86120
