XRP/USD rises to $05 as USD weakens

  • The US dollar is trading with a negative tone following the agreement on the debt ceiling
  • Ripple has gained over 8% in just one week
  • The technical outlook is optimistic as the $0.55 resistance level is approaching

The announcement over the weekend that an agreement has been reached on the debt ceiling has put pressure on the US dollar, which is visible not only in traditional financial markets but also in the cryptocurrency market.

In particular, Ripple is trading with a positive tone. It gained over 8% in just one week and has recovered the $0.5 level.

With only one full trading day remaining in the month, can Ripple make further gains?

Chart of Ripple by TradingView

However, this time may be different.

An inverse head and shoulders pattern is a bullish reversal pattern that forms just before the current market rally. It is not uncommon for the market to make a new higher high after such a pattern appears, and therefore, a break above the resistance level should not surprise anyone.

This is particularly possible if economic data from the United States disappoints. On Friday, the NFP report is crucial for interpreting what the Federal Reserve will do next with interest rates. A weakening job market could put the Fed on hold and thus trigger another downward move for the US dollar.

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