The tight range in Ripple has resolved to the upside. This shows that the bulls have the upper hand in the short-term. We expect the virtual currency to resume its upward move and reach $0.62, with minor resistance at $0.55. Therefore, we suggested a buy on a breakout and close (UTC time frame) above $0.48.
We wait for a strong close because in a downtrending market, this strategy keeps us away from fake breakouts. However, when the markets become bullish, we will change the strategy and buy the breakouts, as waiting for the price to close above a certain level can result in missed trades.
The 50-day SMA is trending up, and the 20-day EMA has also started to turn up. The RSI has also risen into positive territory. All these indicators point to a possible rally in the XRP/USD pair. Our bullish view will be invalidated if the bears sink the price below $0.425.