- Ripple price prediction remains bullish above 0.8047 level as the upward trendline supports the pair on the 4-hour timeframe.
- XRP/USD pair has formed a triple bottom level that’s supporting Ripple at $0.8047 level.
- Forex trading market participants may look for buying trades over $ 0.8047 level today.
A day before, the XRP/USD closed at $0.81724 after placing a high of $0.82748 and a low of $0.76058. XRP/USD resumed its bullish trend and turned green amid the recently improved sentiment in the crypto market. Ripple price prediction remains bullish above 0.8047 level as the upward trendline supports the pair on the 4-hour timeframe.
Check out our guide to trade XRP/USD with forex robots.
Cryptocurrencies on a Bullish Mode – Ripple Following the Trend
The environment around the cryptocurrency market improved as the leading currency, and Bitcoin rose this week. The Ripple token XRP followed the trend set by leading cryptocurrency and reached higher.
The CEO of Ripple, Brad Garlinghouse, did not pull any punches when talking about the SEC’s perceived lack of clarity on cryptocurrencies. The SEC has sued Ripple, claiming that XRP was a security. Garlinghouse is a defendant in the SEC case and said that the crypto industry has been asking for clarity for years. Now the whole industry has heard it clear.
The lack of clarity around applying securities laws to digital assets and trading is something favorable to the XRP token. The developments surrounding the Ripple vs. SEC case were moving in favor of Ripple. Therefore, this fact kept the token higher in the cryptocurrency market and pushed XRP/USD towards the $0.8300 level.
Stronger Dollar Weight on the Ripple (XRP/USD)
The gains in XRP/USD diminished as the US dollar was high on board. The strength of the US dollar was driven by the hawkish comments from two fed officials. Raphael Bostic stated that he would be looking at the progress in the fourth quarter, and then he will decide about the tapering of asset purchases.
On the other hand, Tom Barkin commented about two goals set for the threshold of starting tapering of asset purchases and increasing the interest rates. One of the above goals has already been achieved, and that’s 2% inflation. However, full employment is yet to be achieved, and it’s showing improvement. Consequently, traders depicted sooner than expected economic growth and rate hike, which kept the US dollar higher and continues to cape XRP/USD gains.
Ripple Price Prediction – Technical Levels
Support Resistance
0.77572 0.84346
0.73398 0.86946
0.70798 0.91120
Pivot Point: 0.80172
Ripple Price Prediction – Daily Technical Analysis: Symmetrical Triangle
Ripple price prediction is bullish above the $0.8047 support level. On the 4-hour timeframe, the XRP/USD pair has formed a triple bottom level that’s supporting Ripple at $0.8047 level. At the same level, the symmetrical triangle pattern is also providing support to Ripple.
Bearish crossover below the $0.8047 level can give us more room for selling until $0.7683 and $0.7400 support levels. Conversely, buying trend is likely to remain strong over the $0.8047 level. The resistance can be found around 0.8405 level, and a bullish breakout of this level can lead the Ripple price towards 0.8658 level.
On the 4-hour timeframe, the 50 days EMA (Exponential Moving Average – Red Line) is likely to support buying trend above the $0.8047 level. Overall, the XRP/USD pair’s wide trading range of $ 0.8405 – $ 0.7685 is intact, and a break out of this range can drive further trends in the market.
Forex trading market participants may look for buying trades over $ 0.8047 level today. The initial targets are likely to be $ 0.8405 and $ 0.8658 levels. Alternatively, sell trades can be taken below the $ 0.8047 level to target $ 0.7683. All the best!
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