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10.02.202112:58 Forex Analysis & Reviews: Ripple to continue trading upwards

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As expected, XRP/USD traded sideways. In particular, around 0.4532 - 0.4769. But after that, Ripple broke through the upper border, climbing towards 0.5110, which was the high last January 30 (red dotted line).

According to analyses, if the price jumps higher, XRP/USD could reach 0.5564. There, the cryptocurrency could either undergo a breakout or a rebound downwards.

But at the time of writing, Ripple is trading at a rather strong resistance level, in which if the quote fails to break above it, price can turn downwards. Of course, this scenario is very unlikely, but there is a chance that it could happen.

Ekaterina Kiseleva
Analytical expert of InstaForex
© 2007-2024

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