- The XRP/USD is trading at $0.7093 on Thursday, losing 3.51% on the day.
- Ripple coin is stuck in between a narrow trading range of $0.7500 – $0.6900 level.
- XRP traders may look for buying trades over 0.6946 level today with initial targets of 0.7505 and 0.7850.
The XRP/USD pair managed to extend its early-day bullish rally as it trades near the $0.73500 level. Ripple price forecast remains neutral despite a surge in Bitcoin and its peer cryptocurrencies.
Check out our guide to trade XRP/USD with forex robots.
XRP/USD – Quick Price Review
The XRP/USD is trading at $0.7093 on Thursday, losing 3.51% on the day. Recently, this upward move pushed Ripple’s market cap up to $30.91313B, or 2.01% of the total cryptocurrency market cap. At its highest, XRP’s market cap was $83.44071B. The XRP/USD had traded in a range of $0.63123 to $0.74191 in the previous twenty-four hours.
The bullish bias surrounding the ripple coins could be tied to the latest progress in the crypto market. Since Amazon says that it is ready to carry forth with its plan to integrate crypto payments onto its platform, the crypto market turned bullish. This is why the ripple coin gained attention.
Conversely, the bullish bias surrounding the U.S. dollar turned out to be one of the key factors that kept the lid on any extra gain in the XRP/USD coin pair.
At the USD front, the broad-based U.S. dollar managed to extend its previous-session upward rally and took some further bids on Wednesday, as downbeat market sentiment tends to underpin the safe-haven U.S. dollar. Thus, the upticks in the greenback kept the XRP/USD price gains limited.
Ripple Price Forecast – Daily Technical Analysis: Upward Channel Supports at $0.6945
Ripple price forecast remains slightly bullish above the $0.6945 support level. The XRP/USD pair’s next resistance stays at the $0.7400 level, and a bullish breakout of this level can extend buying trend until the $0.7800 level.
On the 4-hour timeframe, the XRP/USD pair has formed an upward channel that’s supporting a bullish trend in Ripple. Besides, the 50 EMA (Exponential Moving Average – Red Line) is also supporting buying trend in Ripple.
The XRP/USD coin is stuck in between a narrow trading range of 0.7500 – 0.6900 level, and break out of this range can drive further trends in the market.
Forex trading market participants may look for buying trades over 0.6946 level today. The initial targets are likely to be 0.7505 and 0.7850 levels. Alternatively, sell trades can be taken below the $0.6940 level to target $0.6600. All the best!
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