XRP/USD has reversed higher the past two days of trading and has sustained its short-term upwards momentum early this morning.
XRP/USD is trading within sight of the 1.00000 ratio in early trading this morning, and the last time Ripple traded above this juncture was on the 1st of December. Like its major counterparts in cryptocurrency, XRP/USD has seen some sluggish trading activity with downwards momentum during the past couple of weeks. A low of nearly 0.65000 was demonstrated on the 4th of December and while the current price of nearly 0.97000 is a significant climb upwards, it has not come without a fight.
On the 17th of December, XRP/USD was trading near the 0.78000 ratio, since then it has produced an incremental move higher. Yesterday’s trading produced a low of nearly 82 cents, but a reversal higher has been dominant since then and this move correlates rather well to upside price action seen in Bitcoin and Ethereum the past day.
The 1.00000 is an obvious key resistance level for XRP/USD; if this barrier can be penetrated upwards today this could cause a reactionary buying wave to be embraced by speculators. The concern some technical traders may have, however, is the notion that the recent upwards climb may prove to be a false flag. XRP/USD has been within a rather choppy trading range over the past half year, a simple look at 3 and 6 month charts will deliver evidence. However, short-term traders of XRP/USD may want to concern themselves with short and near term trends only.
The ability of XRP/USD to produce a bullish trajectory since the 17th of December may prove to be tempting for optimistic bullish speculators. Conservative traders may want to see more upside momentum displayed before they attempt to step into a buying position. If the 1.00000 can be broken and prices are able to be sustained above this key inflection point, traders may aim for 1.05000 as their short term targets.
Ripple, like all other cryptocurrencies, can provide plenty of volatility. Moves can emerge which surprise even experienced traders. Wagering on XRP/USD should be done with a careful amount of leverage and adequate risk management to protect against sudden spikes. Optimistic speculators may want to buy XRP/USD on limited downside action to spark their buying positions set below the current market price. If support levels around the 0.93000 realm prove strong, Ripple could see further upside action near term.
Ripple Short-Term Outlook
Current Resistance: 0.99300
Current Support: 0.92900
High Target: 1.05200
Low Target: 0.84800
Source link
