The US dollar has been trading with a bearish tone this week following the debt ceiling agreement. This has had a knock-on effect on the cryptocurrency market, with Ripple gaining more than 8%. As the month draws to a close, could Ripple be set for further gains?
The technical picture looks promising, with an inverse head and shoulders pattern forming just before the current market rally. A break above the $0.55 resistance level could be on the horizon, particularly if economic data from the US disappoints.
The key data to look out for is the Non-Farm Payrolls report due out on Friday. If the job market weakens, the Federal Reserve may put their interest rate plans on hold, resulting in further losses for the US dollar.
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