XRP/USD has kept its short-term bullish trend on a rather steady pace and upwards momentum grew in stature over the weekend.
XRP/USD is trading below the 75 cent mark as of this writing, but in late trading last night Ripple did in fact climb over this price level. XRP/USD has shown a solid amount of optimistic bullish sentiment since the 3rd of February, which mirrors the results from its major cryptocurrency counterparts in the broad market. XRP/USD is now traversing in territory last seen on the 20th of January.
While XRP/USD may in fact be within the lower realms of its mid-term range, the short term has turned bullish and Ripple has been able to produce solid gains. Since trading near a low of 55 cents on the 22nd and 24th of January, XRP/USD has been able to gain nearly twenty cents of value. This positive change in value is certainly alluring to speculators and if bullish traders feel momentum is beginning to show signs of a reversal in trend that can be sustained, then sentiment may be ready to make a profound shift.
XRP/USD has climbed from slightly below 59 cents on the 3rd of February until this writing. The gains made in Ripple in the past handful of days has been fast and traders who have been buyers based on the belief XRP/USD was oversold likely have done rather well. The question is if XRP/USD can sustain this reversal higher and now begin to attack a price range displayed from the 11th of January until the 17th.
During that stretch of time, XRP/USD was able to trade within the 75 to 80 cents range with a rather consolidated mode. If broad market sentiment continues to show signs of optimistic buying, XRP/USD will likely benefit from a change of behavioral sentiment. The 75 cents juncture which is nearby could prove crucial as a signal. If trading is able to be sustained over this ratio, it could trigger additional speculative buying.
Traders who do decide to jump onto the short term bullish trend which has been seen the past few days should remain realistic about their price targets. XRP/USD does have some technical resistance above the 75 cents level which it will have to fight through. Conservative speculators may simply want to target nearby values slightly above 75 cents and cash out via take profit orders. If XRP/USD is able to sustain it upwards momentum and flirt with the 75 and half cents value, this could be a signal additional buying may ready to come into Ripple.
Ripple Short-Term Outlook
Current Resistance: 0.74950
Current Support: 0.74050
High Target: 0.76450
Low Target: 0.72950
Source link
