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  • Ripple price rises a whopping 6.88% on Tuesday defying the stability in the market.
  • XRP/USD technical signals are positive while bulls look forward to clocking $0.6.

In the wake of the announcement that Ripple is touching base in the Middle East using a base office to be set up in Dubai, more on the story here. The asset has in the past few weeks been trading in range amidst widespread stability in the market. However, last Sunday Ripple (XRP) ousted the stability as it ushered in the much anticipated volatility, especially for the speculators.

XRP/USD broke the range to the upside at $0.47. The crypto opened the trading on Monday at $0.469 and closed the day’s trading above the key resistance we explored yesterday at $0.50. As predicted in the price analysis, Ripple has extended the gains past $0.50 forming highs of $0.528 on Tuesday. At the time of writing the markets third largest crypto is exchanging at $0.5233.

Looking at the hourly timeframe chart of XRP/USD, technical indicators are sending strong buy signals. The RSI is swinging inside the overbought levels while the MACD signal line is moving upwards, although its currently at +0.014. The buyers have a task to defend the short-term support at $0.52. This will allow them to gather momentum before attacking levels heading to $0.6. If the price dips below $0.50, further breakdown is likely trigger a reversal pattern toward $0.45. Ripple’s other support areas include $0.48 and $0.46.

XRP/USD 60′ chart