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Ripple - where it can find resistance again

Ripple has risen to as high as 0.9794 today. The bias is still bullish after jumping by over 15% in today's session. The cryptocurrency has increased along with the bitcoin price.

XRP/USD has broken out strong and important resistance levels. Most likely, it will approach and reach the 1.0 psychological level soon. It remains to see how it will react around this level. Breaking above it and consolidating could signal further growth ahead.

XRP/USD Amazing Rally

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Ripple ignored the ascending pitchfork's upper median line (uml) and the weekly R2 (0.9188) level. Technically, it was somehow expected to increase after escaping from the down channel pattern.

The weekly R3 (0.9962) is seen as the first upside target. The 1.0 psychological level and the first warning line (wl1) represent important obstacles and targets as well. Personally, I would like to see a temporary decline to retest the broken levels.

We cannot exclude a potential decline after the current amazing rally. A potential consolidation here could signal further growth towards 1.1 psychological level, a higher high.

Outlook

Ripple is bullish, so further growth is natural and somehow expected. Only consolidation or a minor retreat could help us to identify a new great long opportunity. It's risky to buy it here even if the price resumes its growth, as XRP/USD could slip lower after the current rally.

The material has been provided by InstaForex Company - www.instaforex.com