FX.co ★ XRP/USD targeting 0.5578

Ripple edged higher and now is located at 0.5380 at the time of writing, right below today's high of 0.5491. It has registered an 8.52% growth today, from 0.5060 daily low to the daily high.

The altcoin exploded after changing little in the short term. It's up by 7.43% in the last 24 hours and by 5.48% in the last 7 days.

XRP/USD Strong Rally!

As you can see on the H4 chart, XRP/USD retested the 0.5068 broken resistance after escaping from the minor flag pattern before jumping higher.

Now, it has ignored the downtrend line and the weekly R1 (0.5230 static resistance). It has found temporary resistance and supply right above the R2 (0.5430).

XRP/USD Outlook!

The former high of 0.5578 represents a key upside obstacle. A new higher high, jumping and stabilizing above it may announce a larger swing higher.