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Monday, 30 January 2023
XRP/USD: Ripple Reverses Lows and Continues to Rise

XRP/USD: Ripple Reverses Lows and Continues to Rise

2022-10-29

The cryptocurrency XRP/USD saw a lot of price action over the weekend, as it tested early last week’s highs before falling down, but maintaining its upper price range.

Ripple is trading slightly below 81 cents as of this writing, after plunging to short-term lows and then spiking to around 78 and a half cents. In the last three days of trade, the price of XRP/USD has fluctuated between 77 and 82 and half cents. The recent overall trading in the wide cryptocurrency market has showed a tendency to hold gains among the major digital assets. XRP/USD has held above the 80 cents barrier in the short term, and if the cryptocurrency can maintain this, it may attract the attention of speculative bulls who believe Ripple is still oversold. However, after achieving a high near the 82 and half cents mark on March 19th, XRP/USD has been unable to retest this level. This opens the possibility that Ripple is consolidating near the 81 cents level. If present trading levels for XRP/USD can be maintained, another push up could occur. Traders who wish to test upside momentum can employ stop loss ratios as low as 80 cents and as high as three quarters of a cent. If this support level fails to hold and prices fall to 80 cents, bulls may have cause to attempt a higher reversal. The overall cryptocurrency market has been able to show greater technical support in recent days of trade without experiencing widespread negative volatility.

Skeptical traders who have been burnt in the past month of trading while looking for upside and are still seeing lower reversals may want to reassess the take profit goals they are utilising.. Long bets that are overly aggressive and do not pay out profits risk disappearing into thin air. Traders should remain quick triggered until XRP/USD breaks through the 82 and half cents barrier and displays the potential to challenge the 83 cents mark, and not chase massive upward moves that are only wished for.

While the overall cryptocurrency market remains jittery, the last several days have exhibited a trend of gradual gains. Wagers on price action to the upside cannot be blamed, but when pursuing buying positions, a reasonable level of leverage and sound risk management are required. Investing in XRP/USD in the short term could prove to be a wise decision.

 

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