The weekend provided plenty of price action in XRP/USD, as the cryptocurrency hit prices tested early last week then moved lower, but has kept its higher price range alive.
As of this writing, Ripple is trading slightly below the 81 cents mark, this after falling to short term lows with a sudden spike to about the 78 and half cents mark. In the last three days of trading XRP/USD has moved within a rather polite price range of 77 and 82 and half cents. The recent overall trading in the broad cryptocurrency market among the major digital assets has shown a tendency to hold onto gains.
XRP/USD has in the short term sustained above the 80 cents level and if the cryptocurrency can continue to do this, may attract the attention of speculative bulls who still may feel that Ripple is oversold. However, after reaching a high on the 19th of March near the 82 and half cents level, XRP/USD has not shown the ability to retest this level. This leaves the door open to the potential Ripple is consolidating near the 81 cents juncture. If current trading levels can hold for XRP/USD it may signal another push up can develop.
Traders who want to test upside momentum may be able to use rather close stop loss ratios near the 80 and three/quarter cents level. If this support level were not able to prove durable, and prices fall to 80 and half cents this still may be within a rather optimistic stance which could give bulls a reason to seek a reversal higher. The broad cryptocurrency market has been able to display better technical support the past few days of trading without widespread violence to the downside.
Skeptical traders, who have been burned in the pocket, while looking for upside the past month of trading and continue to suffer from lower reversals, may want to reconsider the targets they are using as take profit orders. Overly ambitious long positions, which do not cash out profits may see them vanish into thin air is a danger. Until XRP/USD breaks through the 82 and half cents level and shows the ability to challenge the 83 cents mark, traders should remain quick triggered and not pursue huge upward trends being merely wished upon.
Certainly the broad cryptocurrency market continues to show nervous sentiment, but the past handful of days has shown a tendency to incrementally gain. Wagers on upside price action cannot be blamed, but a logical amount of leverage and solid risk management are needed while pursuing buying positions. Looking for XRP/USD to gain near term could prove to be the correct choice.
Current Resistance: 0.81250
Current Support: 0.80550
High Target: 0.82080
Low Target: 0.79610