XRP/USD created upwards momentum yesterday as if correlated nicely with its major counterparts. Intriguingly for Ripple, the gains made yesterday were comfortable and not earth shattering, which means technically the higher move may produce less turbulence regarding potential volatility. Certainly there will be bumps and groans along the way while trading XRP/USD, but the lack of a bright spotlight on its path may keep a massive influx of speculators away which could allow for a smoother trading approach.
After starting yesterday’s trading near the 1.0800 vicinity, the ability of XRP to traverse towards a high of nearly 1.16500 was solid for bullish speculators. When XRP/USD was able to move past the 1.12500 juncture it created a rather quick pace upwards, until reaching the short-term high. Upon hitting the high of nearly 1.16500, a quick reversal lower ensued which saw the 1.12000 mark tested, but the ability of Ripple to hold this ground and then produce trading above this level was a good result and could prove to be a significant bullish indicator in the near term.
The broad cryptocurrency market is seeing a crowd of admirers build again as values in some of the major digital assets achieve highs. XRP/USD remains a major cryptocurrency via its market capitalization and it has a strong capability to correlate to behavioral sentiment. If the broad crypto sphere remains bullish, this will most likely help XRP/USD find a decent amount of support figuratively and literally. Current support for XRP/USD looks to be the 1.13300 to 1.13100 levels. If these values prove adequate, they can be used as a speculative area to buy XRP/USD while looking for upside momentum by cautious traders.
Going long XRP/USD appears to be a potentially worthwhile wager near term. Having attained a short-term high of approximately 1.16500 yesterday may prove to be a catalyst for speculative targets. However, traders are reminded not to be overly ambitious. While it is tantalizing to let profits run higher in bullish markets it is also wise to cash out winning positions. Traders need to use stop loss orders and are encouraged to practice the art of risk management. XRP/USD appears to have a solid bullish trend to pursue, and traders should remain diligent while keeping their perspectives realistic.
Ripple Short-Term Outlook
Current Resistance: 1.14650
Current Support: 1.13300
High Target: 1.16600
Low Target: 1.11800
