Against the U.S. dollar, valuations in the Ripple cryptocurrency (XRP/USD) look to be in the process of forming a higher range on the 4-hour charts. Thus far, November has been a very good month for those with long positions in Ripple. After a period of slight correction (retracement), XRP/USD has found near-term support which may work as a platform in sending the crypto pair higher. With the moving average cluster moving up to provide extra support under current levels, crypto traders can use these levels to initiate new buy positions near 0.49510.
Indicator readings in the CCI are actually showing a bullish divergence with the short-term thrust higher near 0.53000. This is another positive factor which strengthens the case for a retest of the November 6th high at 0.57000. This area is likely to encounter some profit-taking from those with long positions in XRP/USD. But if we do manage to break above these levels, traders are likely to begin focusing on the previous double-top resistance (which has formed at 0.62250).
On the downside, a break of support at 0.49510 will target a larger move into the lows which were posted at the end of October (near 0.48800). These lows mark a double-bottom formation which should provide some additional support if tested. At this stage, the focus remains on the topside, and this will continue to be the case as long as support levels at 0.49510 remain intact. Longer-term trends on the daily charts look to be based near current levels, and this strengthens the argument that markets are ready to make a push higher in the XRP/USD crypto pair.[fx-article-ad]