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Friday's ripple suffered a massive appreciation against the US dollar, rising to 45% from its intra-day low
. Ripple Labs expressed strong fundamentals during the last week. To begin with, the San Francisco company behind the XRP token has signed a strategic partnership with the National Commercial Bank, the first national bank of Saudi Arabia. They also have close ties with SBI Holdings, the Japanese financial giant, and with British Transfer. Ripple has also been included in a top ten US bank as a member of RippleNet. All partnerships will use Ripple's underlying blockchain structure – reportedly.
The XRP / USD today has been started with the goal of continuing its prevailing bullish sentiment. The pair opened the Asian trading session to form minimum corrections to 0.42362-fiat on a pullback from its intraday high near 0.50295-fiat. The upward sentiment, however, gained momentum with the maturation of the day. At the start of the European session, the XRP / USD had set maximums below 0.48008-fiat. At the time of writing this article, the pair is in lateral trend in the short term.
XRP / USD Technical Analysis
The XRP / USD undoubtedly in its upside gold. The pair is repeating its July highs in hopes of extending the bullish momentum to 0.52542-fiat and a stable upward trendline. A breakout scenario could replicate the rally starting in April of this year, where the price recorded a gain of 110% compared to the US dollar. A pullback, meanwhile, should also be a consideration for a potential landfill, if sellers start to come out of their long close to new highs, causing a reversal of trend.
If this were to happen, the pair could be supported by their 200H, 100H and 50H MA which are now under the current XRP / USD position. The RSI and stochastic indicators are already inside their overbought areas, which could mean imminent correction.
In any XRP / USD position move, we should be prepared with our intraday strategy to reduce maximum profits.
XRP / USD Intraday Analysis
The XRP / USD is now closer to attempting a breakout / pullback action compared to the Fibonacci 0% retracement level of the 0.26648- swing low and 0.48115-high. Our intraday strategy allows us to be prepared for the planned price actions. That said, in the event of a breakout, in such a way that the pair exceeds the value of 0.48115-fiat, we will put a long position towards 0.50284-fiat, our high and temporary uptrend intraday. A stop loss somewhere at 3 pips below the entry position will define our risk. Notice that 1 pip, in this case, represents a 0.00100-fiat move.
Likewise, a withdrawal from 0.48115-fiat will make us put a short to a 0.43049-fiat away just because we expect an intense sale at any time. However, a stop loss of only 2 pips above the entry position will define our risk as well. We will abstain from entering long positions on a downward trend. You can not trust the price action!
Safe trade!
Close-up image of Shutterstock. TradingView Charts.
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