XRP/USD has continued to build solid momentum since the start of March after coming off of last month’s higher values.
XRP/USD continues to incrementally nudge upwards in March. Over the weekend, Ripple was able to touch values it has not sincerely traded since the third week in February. After hitting a high of nearly 0.75000 on the 1st of February, XRP/USD has not been able to sustain it higher values like other major cryptocurrencies.
However, in the aftermath of the surge higher at the end of January and as February opened, XRP/USD has shown an ability of maintaining its stature since falling to 0.35000 on the 2nd of February. Ripple is still among the major cryptocurrencies and, in terms of market capitalization, it currently ranks as the seventh biggest digital currency. Speculators can certainly look at technical charts and believe there is a sincere range higher that XRP/USD can test which has been seen before. Traders should also know that Ripple does continue to have some questions shadowing its value as legal proceedings with the Securities Exchange Commission of the US are being played out via a lawsuit.
However, while in the midst of legal maneuvers, XRP/USD does continue to find a slew of traders and its value has done relatively well since the first couple of turbulent days in the beginning of February. The past week of trading from the 16th of March until today has essentially seen XRT/USD move within a tight value between 0.45000 to 0.54900 and the cryptocurrency has produced a genuine incremental rise regarding support levels.
Traders of XRP/USD may want to keep their ears open to the potential of developing news, but from a technical viewpoint Ripple continues to look like it has the capability to challenge higher values. The broad cryptocurrency market has been rather steady the past week and XRP/USD has also reflected this via its technical charts. Intriguingly, the ability of XRP/USD to touch short-term highs this weekend and fall back slightly may attract speculators who believe that current support levels appear attractive as buying opportunities.
Traders may want to be cautious and wait for slight pullbacks within XRP/USD, but the current price range of Ripple actually looks tempting enough to try to buy the cryptocurrency at its current values and aim for nearby resistance as take-profit targets.
Ripple Short-Term Outlook:
Current Resistance: 0.55000
Current Support: 0.49800
High Target: 0.59000
Low Target: 0.42000