Ripple outlook is bullish for today as the market set a higher high overnight and reached the 100-periods moving average. Therefore, we can expect XRP/USD to move even higher later today and try to reach the next resistance at $0.80.
XRP/USD traded in a range of $0.6658 – $0.7277 indicating a moderate amount of volatility. A trading volume has increased by 31.6 percent and totals $3.38 billion. Meanwhile, the total market cap stands at around $31 billion, ranking cryptocurrency in 7th place overall.
The overall market trades within a bearish price action over the past weeks as a new higher low was set around the $0.50 mark. From there, XRP/USD started to retrace over the past weeks as bulls looked to regain some of the loss.
Initially, $0.70 acts as resistance. However, after a slight retracement, Ripple pushed higher and set a higher high overnight. This price action development indicates that the market is ready to move higher later this week with the next target around the $0.80 mark. From there, Ripple could start heading towards the previous all-time high and regain further losses.
Alternatively, if the further downside is seen later today, XRP/USD will likely head towards the previous support of around $0.50. From there, a lot more downside could be expected over the next weeks as the several week bearish momentum continues.