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Forex Analysis & Reviews: Ripple ends its retreat, aims at 0.5582
time 30.09.2022 05:33 PM
time Relevance up to, 01.10.2022 05:33 PM

Ripple rallied after ending its temporary correction. It has dropped as much as 0.4170 on Wednesday where it has found support. You knew from my previous analysis that XRP/USD could give birth to a new leg higher soon.

It has increased by 19.10% from Wednesday's low to 0.4967 today's high. In the last 24 hours, XRP/USD is up by 11.34% but it's down by 1.67% in the last 7 days. Bitcoin's potential rally could help the altcoins to jump higher.

XRP/USD Attracts More Buyers!

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Ripple failed to reach the median line (ML) and the 0.4098 downside obstacles signaling strong upside pressure. It has escaped from the minor down channel which represented a bullish pattern.

Now, it challenges the upper median line (UML), this is seen as a dynamic resistance. 0.5095 represents an upside obstacle as well. Technically, it could resume its growth as long as it stays above the 0.4639 historical level and above the weekly pivot point of 0.4630.

XRP/USD Prediction!

Jumping and closing above 0.5095 could announce further growth towards 0.5582. A new higher high may activate a larger upwards movement. This scenario brings long opportunities.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2022
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