- Ripple has placed a new monthly high and is now ranked 6th in the crypto market cap listing.
- Ripple price prediction remains choppy within a narrow trading range of 1.3504 – 1.1850 level.
- Forex trading market participants may look for buying trades over the $1.2450 level today.
The XRP/USD pair extended its previous-day bullish rally and took some further bids above the $1.32792 level. XRP was trading at $0.89852, up 10.08% on the day. The XRP/USD has been one of the most extensive gainers in the cryptocurrency market this month. The Ripple price prediction remains choppy within a narrow trading range of 1.3504 – 1.1850 level.
Check out our guide to trade XRP/USD with forex robots.
Ripple Price Review
Ripple has created new monthly highs and is now ranked 6th in the crypto market cap listing after its market capitalization exceeded $55 billion. Over the past seven days, XRP’s value has shot up by more than 55%. Thus, the XRP/USD pair is trading near the $1.32792 level and consolidating in a range between 1.25706 – 1.32792. The XRP is trading at its highest levels in the past three months.
After the July 20 fall, the ripple has been on a steady rise, and it is inching closer to reclaiming its all-time high. The bullish trend will lead to XRP retesting the upper resistance of $1.40. During intraday sessions in the past day, the Ripple went beyond $1.30 before a slight correction happened. However, the reason behind Ripple’s upward rally could be attributed to the increased activity of the Ripple blockchain.
A report by Santiment stated that developments on the Ripple blockchain had improved and that XRP was submitting the highest activity level in the coin’s history. Apart from this, the buying bias surrounding XRP prices could also be associated with the ongoing progress in the crypto market.
This was witnessed after the crypto market cap exceeded $2 trillion again as the altcoins went on a tear. Dogecoin rose by 16%, while SOL skyrocketed by 40%. Meanwhile, the BTC price started a sharp increase from the $45,500 support against the US dollar. BTC is expected to touch higher above the $49,000 resistance zone. On the flip side, the buying bias surrounding the greenback was seen as one of the major factors that kept the pressure on any extra gain in the XRP/USD coin pair.
Coronavirus Concerns Weigh on US Dollar
In the coronavirus-led situation in the US, hospitalizations for 30–39-year-olds in the US have jumped to a record high. Whereas, infections in Japan also recorded their all-time high on Sunday. Moreover, the key New South Wales state-reported all-time high infections in Australia, pushing the nation to the top since August with the 500 figure.
Therefore, the broad-based US dollar succeeded in maintaining its early-day bearish bias. However, it’s taking some bids after slumping the most in almost seven weeks.
As of now, the US dollar is gaining traction from its safe-haven demand, thanks to markers’ downbeat sentiment. Therefore, the upticks in the US dollar were seen as one of the leading factors that kept precious metal prices lower due to its inverse relationship with the US dollar.
Ripple Price Prediction – Daily Technical Analysis: 50 EMA Underpins at 1.2450
The Ripple price prediction is bullish above the $1.2450 support level. On the 4-hour timeframe, the XRP/USD pair has formed a series of doji and spinning top candles, suggesting indecision among investors.
On the 4-hour timeframe, the XRP/USD consolidates in a narrow trading range of 1.3500 – 1.2450 level. However, a bullish crossover at this level could extend the buying trend to the 1.4500 and 1.5154 levels. The violation of 1.1450 support could lead the pair towards a 38.2% Fibonacci retracement level of 1.1850 level.
The 50 days EMA (Exponential Moving Average – Red Line) is likely to support the buying trend above the $1.2450 level. On the one hand, the XRP/USD pair’s wide trading range of 1.3500 – 1.2450 is intact and a break out of this range could drive further trends in the market.
Forex trading market participants may look for buying trades over the $1.2450 level today. The initial targets are likely to be $1.3504 and $1.4500 levels. Alternatively, a breakout of the $ 1.2450 level could offer sell trades with a target of $ 1.1850. All the best!
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