Ripple Price Forecast – Choppy Session in Play, Brace for a Breakout!
The XRP/USD closed at 1.40300 after placing a high of 1.41195 and a low of 1.35607. It extended its gains on Tuesday and rose above 1.4100
Arslan Butt•Thursday, April 29, 2021•2 min read
The XRP/USD closed at 1.40300 after placing a high of 1.41195 and a low of 1.35607. XRP/USD extended its gains on Tuesday and rose above 1.4100 level amid the recent surge in BITCOIN prices. Major altcoins reached new all-time highs after Bitcoin spiked over $55,000 on Tuesday. Bitcoin has been under pressure after reaching an all-time high of $60,000 on April 17. Over the last two weeks, the crypto market has dropped about three times and has dragged XRP prices down with it.
On Tuesday, Bitcoin was supported by the latest news that another bank in the U.S. was ready to introduce a cryptocurrency ETF. Bancorp would also serve as the administrator for a potential Bitcoin ETF to be offered by NYDIG, pending the regulatory approval of that offering. This came in after increased calls from customers for Bitcoin and cryptocurrency exposure.
Increased adoption of Bitcoin has raised its prices recently. Mastercard and Gemini also announced that they would be introducing a new credit card reward system with cryptocurrency on Tuesday. It means the users will be able to get cash offers in bitcoin by almost 3%. This news also supported Bitcoin prices. The surging prices of Bitcoin helped change the cryptocurrency market trend, followed by XRP/USD and many other cryptocurrencies. Ripple (XRP) surged on Tuesday following the spike in
BTC and the weakness in the U.S. dollar.
XRP/USD Daily Technical levels
Support Resistance
1.36873 1.42461
1.33446 1.44622
1.31285 1.48049
Pivot Point: 1.39034
The XRP/USD pair is trading at 1.3907 level, trading mostly sideways in between a narrow trading range of 1.4569 – 1.3013 levels. On the lower side, a bearish breakout of 1.3013 level can extend the selling trend until the next support area of 1.0908 level. The breakout of the 1.4569 level can lead XRP/USD towards a 1.7297 mark on the higher side. Let’s brace to trade a breakout today. Good luck!
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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