Ripple Skyrockets after $0.670 Resistance Breakout – A Quick Update - Forex News by FX Leaders
Ripple - XRP/USD Chart

Ripple Skyrockets after $0.670 Resistance Breakout – A Quick Update

Posted Wednesday, July 28, 2021 by
Arslan Butt • 2 min read

The XRP/USD coin pair managed to extend its bullish early-day rally, remaining well bid above the $0.73500 level. The XRP/USD Coin was trading at $0.73626 on Wednesday, at the time of writing, which was up by 15.62% on the day.

This upward move pushed Ripple’s market cap up to $30.91313B, or 2.01% of the total cryptocurrency market cap. The highest market cap so far for XRP was $83.44071B. The XRP/USD has traded in a range from $0.63123 to $0.74191 in the previous twenty-four hours. Ripple has gained 22.37% over the past seven days.

 

XRP/USD

The volume of XRP traded in the twenty-four hours up to time of writing was $2.81304B, or 2.90% of the total volume of all cryptocurrencies. Ripple has been trading in a range from $0.5611 to $0.74486 in the past seven days.However, the bullish bias surrounding the ripple coin could be tied to the latest news in the crypto market. Since Amazon said that it would continue with its plan to integrate crypto payments onto its platform, the crypto market has turned bullish, which was why the ripple coin gained attention.

Conversely, the bullish bias surrounding the US dollar turned out to be one of the key factors that kept a lid on any extra gains in the XRP/USD coin pair. On the USD front, the broad-based US dollar managed to extend its upward rally of the previous session, taking some further bids on Wednesday, as the downbeat market sentiment tends to underpin the safe-haven US dollar. The upticks in the US dollar limited the XRP/USD price gains.

Ripple (XRP/USD) Technical Outlook – Double Top Breakout $0.6670

On the technical front, the XRP/USD coin has violated the resistance level of 0.7114. On the 4-hour timeframe, the coin has formed a bullish engulfing candle that is supporting a buying trend in Ripple. The XRP/USD coin is likely to face the next resistance at 0.7680, and a bullish breakout at 0.8230, on the higher side.

Conversely, the support remains at levels of 0.6670 and 0.6140. The upward trendline supports the Ripple price at 0.6670, and it may keep the XRP/USD coin bullish above this level.

The MACD and RSI are also trading in a bullish zone; therefore, it would be a good idea to take a buy position over the 0.7000 level, to target 0.7679 and 0.8230 today. Good luck!

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