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The uptrend in Ripple looks all set to continue and could very well take its price towards yearly highs ever since it took out the resistance at $0.50 level. The cross-border digital currency faces the next resistance at $0.60 and prices rising above this level could easily drive further strength.
At the time of writing, XRP is trading at around $0.55, after gaining as much as 5.26% during the previous session. Monday’s bullishness erased the 1.73% loss Ripple experienced during Sunday and has already gained more than 1.5% for the day so far on Tuesday.
For now, Ripple continues to trade bullish and the RSI also suggests room for further upside in this cryptocurrency. The daily chart of XRP/USD indicates the formation of an ascending triangle pattern, another key factor that points to the possibility of price breaking out higher in the coming sessions.
If XRP can overcome resistance at $0.65 and $0.75, it can easily set its sights to touch and take out its multi-year high above $1.10. However, if the price falls below $0.50, the 50 SMA and 100 SMA on the daily chart around $0.46 and $0.40 could work as the next support levels worth watching.
On the fundamental side, there seems to be some more encouraging news for Ripple which could provide further support to the bullish trend. In the ongoing lawsuit between the US SEC and the company behind XRP, the judge observed that XRP has a currency value and utility which make it less of a security.
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