XRP/USD outperformed expectations in August as it achieved a high of nearly 1.35000 on the 15th after trading near a low slightly below 70 cents when the month started.
XRP/USD has been able to maintain its solid mid-term value range after touching marks of nearly 1.35000 in the middle of August. Yes, Ripple has come off the highs, but the value gained from the start of August which was near 70 cents until the highs of the 15th of August was almost double, which is not a bad accomplishment and a profitable trade for speculators if they were able to partake in any of the climb higher.
Traders are reminded that it is nearly impossible to get in at the bottom and cash out at the top of any trade. They should not be frustrated with ‘only’ catching 60 percent of a move. Timing the market is always difficult, and traders should not be stubborn when legitimate profits have been made which match or exceed targets set out before their wager was pursued. XRP/USD certainly produced a whirlwind of higher momentum and even though it has stumbled slightly the past ten days of trading, the decline has not been violent and important support ratios remain a factor which could entice further speculative buying.
XRP/USD has correlated to the broad cryptocurrency market in a healthy manner, meaning its trading has not been accomplished on its own and it can be compared to the technical results of its major counterparts. The ability of XRP/USD to burst higher through the 1.00000 mark on the 13th of August which retested price levels achieved only a couple of days before but failed to build momentum, saw Ripple suddenly rocket upwards with a solid amount of velocity. After highs were attained on the 15th a low of nearly 1.03500 was exhibited only two days later, but importantly the support proved durable.
Ripple Outlook for September
Speculative price range for XRP/USD is 0.75000 to 1.50000.
If the current support ratios of 1.05000 to 1.00000 are able to sustain their values and not be challenged near term, this may be an indication further upside buying action is imminent. The broad cryptocurrency market performed remarkably positive in August across the board for many of the major digital assets, and while they have slipped from higher values, most including XRP/USD remain rather positive regarding their technical trends. As the month of September gets ready to start, if support ratios prove strong and incrementally are able to rise, speculators may be tempted to add to their buying positions.
XRP/USD is quite capable of producing sudden volatility and its ability to nearly double from lows to mid-August high underscores this warning. Speculators need to use their leverage wisely and this will also allow them to be more patient within their trading positions. If XRP/USD rises upwards and breaks resistance near the 1.20000 mark, this could spur on additional buyers who might begin to target the 1.25000 to 1.30000 marks with an optimistic outlook. The last time these higher levels were touched in a sustained manner was in May of this year.
Selling momentum may appear limited for the time being, but traders who continue to foster a speculative bearish notion may watch the 1.00000 mark carefully. If this level is punctured lower, XRP/USD could quickly challenge the 0.91000 support juncture which was last hit on the 12th of August. If for some reason this lower value proves vulnerable it would likely mean a strong shift in sentiment is underway and the 80 cents level could become a legitimate target. From the 1st of August until the 9th of August, a price range of 69 cents to 82 cents was the range. This should serve as a warning for traders who believe only a one-way ticket exist upwards, because XRP/USD remains a volatile speculative asset.