Ripple has a short-term trading bias, with the XRP / USD pair now trading at its highest level since early January this year.
The four-hour time frame shows that buyers have now invalidated the large pattern, with XRP / USD pair now trading well above the .
Technical indicators across the four-hour time frame have turned and continue to issue a strong buy signal.
Traders should note that the 0.4600 level now offers the strongest form of short-term technical resistance, now that the pattern has been invalidated.
Relative Strength Index
The indicator is on the four-hour time frame, although it has moved into extreme overbought territory.
The indicator has turned on the four-hour time frame and is still generating a buy signal.
XRP’s momentum is supported by the announcement that Germany’s second-biggest stock exchange, Boerse Stuttgart, will be listing XRP exchange-traded notes (ETNs).
In addition, Coinbase has introduced XRP trading for New residents, which may signify that a decision regarding its status as a security is more concrete (and positive).
This will likely increase awareness of the cryptocurrency for investors, and could generate additional interest in Ripple.
Ripple / USD Medium-term price analysis
Ripple has a medium-term trading outlook, with the XRP / USD pair trading above its key 200-day moving average for the first time this year.
The daily time frame shows that a major breakout has occurred, with the XRP / USD pair moving above a that has been in play for all of 2019.
Indicators on the daily time frame have turned and show scope for further upside.
XRP / USD by TradingView
Traders should note that the overall upside protection of the breakout would take the XRP / USD pair towards the 0.6000 level.
Relative Strength Index
The indicator on the daily time frame is , although it is approaching overbought territory.
The indicator on the daily time frame has turned and shows scope for further upside.
Although Ripple continues to build partnerships with financial institutions around the world, its progress with adoption of xRapid is still quite slow. xRapid directly utilizes XRP for cross-border transaction payments, and its success or failure will have an immense impact on the value of the token.
Ripple has staged a strong technical reversal after previously languishing towards the worst trading levels of the year around the 0.3000 level.
Both the four-hour and daily time frame show breakouts underway, with the 0.4600 and 0.6000 highlighted as initial upside target for the XRP / USD pair.