XRP/USD is above early December values experienced in the wake of the spike downward which hit the broad cryptocurrency market slightly more than a week ago. Yet after recovering some of its value XPR/USD after that downturn, Ripple has not been able to muster a move higher that has challenged prices seen in late November or even through the 3rd of December. XPR/USD did manage to climb to a high of nearly 0.93850 yesterday, but headwinds became strong and the digital asset has reversed lower again.
As of this writing, XPR/USD is trading above the 0.83000 and has crucial mid-term lows again within sight. Yes, from the 4th through the 10th of December XRP/USD did trade below 0.80000 and touched a low of nearly 0.65500 during the flash crash on the 4th. Yet the bigger and perhaps more troubling aspect of the current territory XRP/USD is sustaining, is that the digital asset is also near prices it was trading on the 9th and 10th of August.
The rather durable track lower ETH/USD has generated since the 10th of November correlates with the broad cryptocurrency market and is beginning to have the feel of more than brief nervous selloff. XRP/USD has a strong habit of creating trends which are rather transparent and while reversals higher should certainly be expected by traders, the notion that XRP/USD may use the 0.80000 ratio as a critical inflection point should be given consideration.
Cautious traders may want to wait for slight moves up which show that resistance remains adequate. If the 0.85000 to 0.87000 levels remain pronounced and are able to push XRP/USD backwards, this may trigger additional selling which may feel headwinds are too strong. Ripple can be volatile and its move to a high within sight of the 0.94000 mark yesterday, and then subsequent drop to nearly 0.82000 early this morning was a large percentage move which highlights the need for the use of conservative amounts of leverage.
Bearish traders may believe XRP/USD has the capability to puncture the 0.81000 to 0.79000 ratios in the short term and make speculative wagers regarding these targets. If the broad cryptocurrency markets remains skittish in the near term and is not able to produce a strong move higher, XRP/USD may continue to experience downward momentum.
Ripple Short-Term Outlook
Current Resistance: 0.86700
Current Support: 0.80300
High Target: 0.93300
Low Target: 0.72400
As of this writing, XPR/USD is trading above the 0.83000 and has crucial mid-term lows again within sight. Yes, from the 4th through the 10th of December XRP/USD did trade below 0.80000 and touched a low of nearly 0.65500 during the flash crash on the 4th. Yet the bigger and perhaps more troubling aspect of the current territory XRP/USD is sustaining, is that the digital asset is also near prices it was trading on the 9th and 10th of August.
The rather durable track lower ETH/USD has generated since the 10th of November correlates with the broad cryptocurrency market and is beginning to have the feel of more than brief nervous selloff. XRP/USD has a strong habit of creating trends which are rather transparent and while reversals higher should certainly be expected by traders, the notion that XRP/USD may use the 0.80000 ratio as a critical inflection point should be given consideration.
Cautious traders may want to wait for slight moves up which show that resistance remains adequate. If the 0.85000 to 0.87000 levels remain pronounced and are able to push XRP/USD backwards, this may trigger additional selling which may feel headwinds are too strong. Ripple can be volatile and its move to a high within sight of the 0.94000 mark yesterday, and then subsequent drop to nearly 0.82000 early this morning was a large percentage move which highlights the need for the use of conservative amounts of leverage.
Bearish traders may believe XRP/USD has the capability to puncture the 0.81000 to 0.79000 ratios in the short term and make speculative wagers regarding these targets. If the broad cryptocurrency markets remains skittish in the near term and is not able to produce a strong move higher, XRP/USD may continue to experience downward momentum.
Ripple Short-Term Outlook
Current Resistance: 0.86700
Current Support: 0.80300
High Target: 0.93300
Low Target: 0.72400