Ripple price is on a near-term correction phase as its hovering around $0.2580. However, XRP/USD on the long run has broken above the declining trend since last month and now formed a new trading area.
Ripple against The US Dollar – Holders are getting Happy!
Ripple price has experienced a furious drop on Oct 10 below from the formed high of above $0.2750 which mark in the past has represented an important barrier for any further value increase. But, now the price is on its correction and trying to recovery movement while it is trading on a declining closing-in triangle on the hourly chart of the XRP/USD chart.
While the value development is paired around the middle of any range bound it is not recommended to put any bet as the best way to handle the situation for quick-term profit makers here would be buy around the major supports which for now would the $0.2400 be and acting the other way at the most important resistance now – descending $0.2550 trend line.
The most important part in the current levels for Ripple price against the US Dollar now is that the previously acting resistance of $0.2400 is now an upside support meaning that the pair is forming its higher appreciated trading ground.
If we move a step back, and take a look the price development from May, Ripple was on a declining trend line for months which has been broken now and a possible move upwards is very much likely to $0.2800 and the $0.3000 in mid-term understanding.
Right now it is trading approx $0.2583 with $0.22% gain in the last 24-hours while almost 10% behind the BTC market.
When it comes to Ripple news, it is very important to keep ears open as its value is connected really close to the enterprise negotiation with financial entities for the use of the payment network that RIPPLE is offering.
Much to be awaited by the ‘fastest’ out there in the future.