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!

This image is no longer relevant

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
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

EUR/USD: upside invalidated, new sell-off in play

The EUR/USD pair crashed in the last hour and now is trading at 1.0342 at the time of writing far below the 1.0399 today high. The Dollar Index rallied, that's

Ralph Shedler 16:39 2022-11-30 UTC+2

AUD/USD: imminent upside breakout

As you can see on the H1 chart, the rate moves sideways in the short term. Now, it has developed a triangle pattern. It's trapped between 0.6747 and 0.6644 levels

Ralph Shedler 16:13 2022-11-30 UTC+2

CAD/JPY: downside seems over, upside reversal in play

The CAD/JPY pair registered a strong upside movement and now is trading at 103.12. As you can see on the H1 chart, the rate failed to stay below the channel's

Ralph Shedler 15:33 2022-11-30 UTC+2

Dollar index remains vulnerable to making new lower lows.

The Dollar index is still in a bearish short-term trend. Price continues making lower lows and lower highs inside the short-term bearish channel. Price is at 106.40 just above

Alexandros Yfantis 15:02 2022-11-30 UTC+2

EUR/USD. November 30. Investors guessing what Powell may say today

On Tuesday, the EUR/USD pair reversed to the downside and resumed to fall towards 1.0315. However, the price failed to hit this level and started to move upwards

Samir Klishi 14:37 2022-11-30 UTC+2

AUD/USD Technical Analysis and Trading Tips for November 30, 2022

The Australian dollar and the AUD/USD pair are rising today. As of writing, AUD/USD was trading near 0.6722, in the short-term bull market zone, above the support levels 0.6690 (200

Jurij Tolin 14:30 2022-11-30 UTC+2

Ichimoku cloud indicator analysis on Gold for November 30th, 2022.

Gold price is trading around $1,763 and is showing signs of strength. Price is breaking above the Ichimoku cloud (Kumo). The tenkan-sen (red line indicator) is crossing above the kijun-sen

Alexandros Yfantis 14:28 2022-11-30 UTC+2

NVDA stock price technical analysis update.

Back in October when NVDA stock price was trading around $110-$120 we mentioned that there were increased chances of a trend reversal and bounce higher. In our November update

Alexandros Yfantis 14:24 2022-11-30 UTC+2

Bitcoin rallies as expected

Bitcoin rallied in the short term after invalidating more declines. Now, it's trading at 16,871 below 17,072 today's high. You knew from my previous analysis that the BTC/USD could

Ralph Shedler 14:16 2022-11-30 UTC+2

Ethereum attracts more buyers

The price of Ethereum edged higher after ignoring the immediate resistance levels. It has climbed as much as 1,282 today registering a new high. Now, it has retreated a little

Ralph Shedler 14:14 2022-11-30 UTC+2
Can't speak right now?
Ask your question in the chat.