FX.co ★ Ripple breaks short-term resistance

Ripple bulls have managed to recapture the $0.46 resistance level. Price continues to respect short-term support at $0.43 while bulls push price higher. Breaking above this resistance gives us target around $0.51 as we explained in previous posts. However the bigger picture remains unclear as XRPUSD is still vulnerable to a move lower as long as price is below $0.64-$0.75.

Red line - short-term support

Blue line -longer-term support

XRP/USD shows potential for another test of the double top resistance area of $0.64-$0.75. Price needs to hold above the blue support trend line otherwise we should expect a deep plunge towards the lows below $0.20. So far price actions seems constructive and we should expect more upside this week as price remains above $0.46.