Ripple Price Up By Over 14%; XRPUSD Clears $0.3200, $0.4500 Now Eyed

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Written By: Angeline Feliciano
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    Summary:
  • Ripple price is up by over 14% in the past 24 hours! Thanks to Fed Reserve Chairman Jerome Powell, XRPUSD may soon head to $0.4500.

Cryptos Surge on Jerome Powell’s Remarks

Ripple price joined the rest of its cryptocurrency counterparts in surging through the charts. XRPUSD finished yesterday’s trading with an 8.26% gain at $0.3053. As of this writing, ripple price is up by another 6.47% as it trades at $0.3256.

As reported by my colleague Nikolas Papas yesterday, the rally in cryptocurrencies can be attributed to remarks by Federal Reserve Chairman Jerome Powell. In his statement at Congress, he said that the central bank is exploring its options in creating a digital currency. He went so far as to say that “every major central bank is taking a deep look.” Consequently, cryptocurrencies like bitcoin, ethereum, and ripple price benefited from his statement.

Read our Best Trading Ideas for 2020.

Ripple Price Outlook

$0.3150 was a major resistance level for XRPUSD. The price served as support in late 2018 and resistance in October of 2019.  Now that it has been broken, along with resistance at the falling trend line, where will XRPUSD head to? A look at the weekly chart shows that the next major resistance level is around $0.4500 where ripple price peaked on Q3 2019.

However, as it often happens after a strong bullish run, we could see some pullback on XRPUSD before staging another rally. By connecting the lows of January 24, February 2, February 4, and February 11, we can see that the cryptocurrency can fall to $0.2870 and still maintain its uptrend.

Written By: Angeline Feliciano

Angeline Feliciano has been trading Forex for over ten years. She has invaluable experience working in FX education companies like BabyPips.com and Learn to Trade as a trader, currency analyst, trading coach, and presenter. Aside from these roles, she has also created intensive educational content on fundamental analysis which is heavily sought after by retail traders. She has taught hundreds of people how to trade the FX market in the Philippines and in Australia. When she is not trading, you can find her in the gym lifting weights.

Published by
Written By: Angeline Feliciano