The price of Ripple edged higher in the short term and now is trading at 0.3724 at the time of writing. You knew from my previous analyses that the XRP/USD signaled a potential new leg higher after registering a major pin bar.
XRP/USD increased by 9.23% from yesterday's low of 0.3431 to 0.3748 today's high. Still, it remains to see how it will react after this strong rally. We cannot exclude a temporary retreat before extending its growth.
XRP/USD Larger Rebound!
XRP/USD ignored the 0.3550 static resistance and now it has reached the 0.3730 former high which stands as an upside obstacle. The weekly R1 of 0.3660 was taken out as well signaling strong buyers.
The upper median line (uml) of the ascending pitchfork represents an upside obstacle as well. After taking out the downtrend line and 0.3550, Ripple signaled a broader rebound.
XRP/USD Forecast!
A valid breakout through 0.3730 and above the upper median line (uml) could activate further growth. This could bring new longs. Also, coming back to test and retest 0.3550 could announce a new bullish momentum.
