Ripple Price Up By Over 4.30% on USD Weakness. Technicals Suggest It Could Extend Its Rally

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Written By: Angeline Feliciano

Jun 02, 2020, 04:46 BST 04:46

Ripple XRPUSD

Summary:

Just like most currencies, ripple price also benefited from the US dollar’s weakness. XRPUSD closed yesterday’s trading with a 4.33% profit.

Just like most currencies, ripple price also benefited from the US dollar’s weakness in yesterday’s trading. XRPUSD closed yesterday’s trading with a 4.33% profit when it closed at $0.2112. Now the question is, is there enough bullish momentum for the cryptocurrency to extend its rally?

Nationwide protests have weighed down on the US dollar especially after US President Donald Trump hinted that he could impose Martial Law. If dollar weakness continues, we could soon see ripple price trade to resistance around $0.2230. This price served as resistance from May 6 to May 9. It’s also noteworthy to point out that a double bottom chart pattern seems to have formed. This is considered as a bullish reversal indicator and is characterized by a market getting rejected at a support level twice. For ripple price, that level was $0.1910.

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The cryptocurrency is now trading above the neckline resistance which was at $0.2082. Technical analysts could argue that XRPUSD may continue to trade higher to its near-term resistance. However, be wary of a close below $0.2000 because it could mean that there may still be sellers left in the market. Should this happen, we could see ripple price fall to support around $0.1912.

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.