XRP/USD has endured lower price action and after slipping again this weekend is testing support levels which are creating speculative opportunities.
XRP/USD is within the lower part of its one month price range. Having attained a high above 91 cents on the 28th of March, Ripple now is below 74 cents in rather quick trading. Nervous conditions are driving the broad cryptocurrency market again and XRP/USD is feeling the heat. The current price of Ripple is touching a price it last experienced on the 15th, this morning’s price action has not calmed XRP/USD, instead it looks like more fuel has been thrown into the trading sphere.
Traders are advised to compare the prices quoted in this report to the actual market. In the past hour XRP/USD and other major cryptos have seen their support levels become fragile. Important values in the lower depths of mid-term price ranges are being tested. If XRP/USD continues to falter and breaks below current depths, it may cause speculators to believe the entire bullish parade upwards which started in the first week of March may be about to end for Ripple.
Ripple is affected by rumblings via its U.S court case which is still being fought with government regulators periodically. XRP/USD is also affected by mechanisms within its banking business which serves as a way to transfer money internationally.
However, XRP/USD remains a volatile cryptocurrency like all others. Having touched a low of nearly 62 cents on the 24th of February, the climb created by Ripple which touched late March highs above 91 cent created a significant percentage gain. The problem for traders who remain bullish is that support levels are once again acting like magnets. Hopes that the long term bearish trend within the broad cryptocurrency market may have evaporated is beginning to look like wishful thinking, as trading has remained negative for nearly three full weeks.
Sellers of XRP/USD may be making the logical decision in the near term. Cautious leverage amounts and stop loss ratios should be considered carefully. If XRP/USD is able to break through the 73 cents support level and see its price sustained below this juncture, this would be a negative signal. Even if XRP/USD remains below the 74 cents mark, this could add to nervous sentiment and cause speculators to remain unoptimistic as this week of trading begins. The 72 to 71 cents ratios may prove to capable targets lower sooner rather than later.
Ripple Short-Term Outlook
Current Resistance: 0.76160
Current Support: 0.73250
High Target: 0.77630
Low Target: 0.71690
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