Ripple Price Could Make Another Attempt At Last Week's Highs

Summary:

Ripple price on the XRPUSD chart could be set for another breakout, if Monday's surge to all time highs by Bitcoin prices is anything to go by.

Ripple price on the XRPUSD chart has violated the 60 cents mark after last week’s colossal surge and accompanying correction. The correction was arrested at 0.45601, and buyers have re-entered the fray even as Bitcoin and several major altcoins are all rallying this Monday.

With Bitcoin prices touching off all-time highs as at the time of writing, Ripple price action remains strangely quiet. Could this be the calm before a major storm on XRPUSD?

Technical Levels to Watch

Monday’s resurgence in Bitcoin prices could fuel another bull run that could allow Ripple price retest last week’s highs. Presently, the progressively lower highs form support on the 4-hour chart from 27 November. Immediate resistance is at the triangle’s upper border at 0.65116.

Ripple price made a brief violation of the upper boundary of the triangle, but retreated shortly after. As a correlated asset to Bitcoin which has just made a new surge to all-time highs, there is great expectation that Ripple could make another attempt at a breakout. A break of this boundary completes the ascending triangle and sets the next target for bulls at 0.72136, with 0.74889 forming another of the immediate upside targets.

However, a decline below the triangle’s lower boundary puts the 29 November low at 0.59059 at risk, with downside targets at 0.50650 and 0.43990 forming the primary barriers to selling action.