Ripple climbed as much as 0.5860 today, registering a new high. Now, the altcoin erased some of today's gains and now is located at 0.5500 at the time of writing. Bitcoin's rally forced the altcoin to extend its leg higher.
Still, after such an impressive growth, a retreat was natural. In the last 24 hours, XRP/USD is up by 4.28% and by 13.41% in the last 7 days.
XRP/USD Bullish Bias!
Technically, the altcoin is trapped between 0.45900 and 0.5578 levels. As you can see on the h4 chart, the rate stands above the median line (ml) and it is challenging the range's resistance.
As long as it stays above the median line, the bias remains bullish in the short term. Staying near the range's resistance indicates an imminent breakout.
XRP/USD Outlook!
Closing and consolidating above 0.5578 indicates more gains ahead. This could represent a long opportunity.
