- Ripple defends key support as bullish momentum pushes the price above $0.4600.
- XRP/USD has within the last week stepped above various key barriers marking the beginning of a bullish phase.
XRP/USD trading pair is has joined the major cryptocurrencies forming a sold green belt. Ripple just like Bitcoin and Ethereum defended the key support at $0.4200 yesterday following the retracement from the high that had formed at $0.4600. A correction from this support congestion zone gave way for a reversal above $0.4600 where XRP/USD has hit an intraday high of $0.4712.
Looking at the confluence detector tool, the critical levels that were limiting upside correction are now behind the price. If anything, they will now function as strong support levels. Marginally above the current price at $0.4635 is the first hurdle at $0.4566. The growing bullish trend is likely to correct above $0.4700 but growth will be hindered at $0.4703. Further correction towards $0.5000 will face acute resistance at $0.4800 and $0.4896. If the buyers manage to send XRP/USD above this level, were are likely to see a correction above $0.5000 with the next focus on $0.6000.
As mentioned, XRP/USD has within the last week stepped above various key barriers that will now function as support levels. The first support is just below the current value at $0.4607 (buyer congestion zone) while the next support target is shown by the confluence at $0.4414. In the event declines clear these two levels, XRP/USD will take advantage of other support levels like at $0.4318, $0.4270 and $0.4222. Moreover, major support has been established at 0.4077 as the confluence detector tool.
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