FX.co ★ Ripple: upside scenario taking shape

The price of Ripple is located at 0.5614 at the time of writing. As you already know from my previous analysis, the altcoin is bullish in the short term as BTC/USD rallied. XRP/USD increased by 5.29% from yesterday's low of 0.5405 to 0.5691 today's high.

Ripple is up by 16.16% in the last 7 days and by 1.42% in the last 24 hours. Bitcoin's upside continuation should drag the altcoin towards new highs.

XRP/USD In Buyers' Territory!

From the technical point of view, XRP/USD retested the median line (ml) and the weekly R1 (0.5440) and now it has jumped above the 0.5578 resistance again.

You knew from my previous analysis that the bias is bullish as long as it stays above the median line (ml). Now, it challenges the R2 (0.5650) static resistance.

XRP/USD Outlook!

A bullish closure above today's high of 0.5691 is seen as a buying opportunity as the rate could extend its leg higher.