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XRP/USD has come off of highs in the past day of trading, and the cryptocurrency also remains locked within a rather suspicious and seemingly nervous price range.
XRP/USD is trading a touch above the 36 cents level in early trading today. Â In early action yesterday Ripple approached the 37 and half cents level, but was not able to actually touch the value. After flirting with its near term high, which had not been seen since the 24th of June, XRP/USD began to selloff. It should be noted by technical traders that XRP/USD did hit the 38 and three/quarter cents level on the 24th of June.
However, before hitting this high water mark on the 24th, on the 23rd of June XRP/USD was barely trading above the 32 cents ratio. Â Ripple remains one of the biggest digital assets in the cryptocurrency speculative world and its results the past week of trading mirror the broad market.
Yesterday’s inability to hold onto its higher price range highlights that trading conditions remain nervous. Profit taking may have been a large part of yesterday’s price action, but it is also possible that bearish traders believed yesterday’s highs were a solid place to set speculative selling positions and look for reversals lower.
If XRP/USD is not able to sustain its value above the 36 cents level short term, this could be a signal additional selling could develop in Ripple. Trading within XRP/USD has been rather consolidated the past few days when a one month chart is considered, and it is clear Ripple is traversing values within the middle of its one month range.
The ability of XRP/USD to climb off of lows seen on the 18th of June, when the cryptocurrency traded below 29 cents momentarily is not a distant memory. Traders likely remain nervous about strong selling conditions suddenly reappearing again, and they cannot be blamed.
Speculative bullish traders looking for more upside momentum to develop should probably keep their targets within a realistic range. If the 36 cents mark holds in the short term, traders may be tempted to look for price action that looks for quick hitting trades seeking the 0.36250 to 0.36500 levels. However, unless serious price velocity is demonstrated, traders may want to consider values above these marks as an opportunity to look for reversals lower once again.
If the 36 cents level falters in the short term and the 0.35960 ratio is flirted with, this could be interpreted as a negative sign. A fall below the 0.35690 mark would be a negative indicator for XRP/USD and could mean nervous sentiment is about to raise its ugly head again with more selling pressure.
Ripple Short-Term Outlook
Current Resistance: 0.36450
Current Support: 0.35960
High Target: 0.37690
Low Target: 0.35280
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