Ripple dropped in the short term and now is located at 0.4833 at the time of writing. The price action signaled exhausted buyers, so a new downside movement is favored. A potential sell-off in BTC/USD should force the altcoin to drop deeper as well.
Ripple dropped by 4.02% from yesterday’s high of 0.4979 to 0.4779 today’s low. In the last 24 hours, XRP/USD is down by 1.79% and by 8.54% in the last 7 days.
XRP/USD 0.4812 Downside Obstacle!
As you can see on the H1 chart, the altcoin rebounded within an up channel. It has found resistance at 0.4975 and now it has turned to the downside, escaping from the flag pattern and signaling a new leg down.
Now, it challenges the former low of 0.4812 which represents a downside obstacle and target.
XRP/USD Forecast!
A valid breakdown below 0.4812 and closing below today’s low of 0.4779 activates more declines and is seen as a selling signal.
The material has been provided by InstaForex Company – www.instaforex.com
Ripple dropped in the short term and now is located at 0.4833 at the time of writing. The price action signaled exhausted buyers, so a new downside movement is favored. A potential sell-off in BTC/USD should force the altcoin to drop deeper as well.
Ripple dropped by 4.02% from yesterday’s high of 0.4979 to 0.4779 today’s low. In the last 24 hours, XRP/USD is down by 1.79% and by 8.54% in the last 7 days.
XRP/USD 0.4812 Downside Obstacle!
As you can see on the H1 chart, the altcoin rebounded within an up channel. It has found resistance at 0.4975 and now it has turned to the downside, escaping from the flag pattern and signaling a new leg down.
Now, it challenges the former low of 0.4812 which represents a downside obstacle and target.
XRP/USD Forecast!
A valid breakdown below 0.4812 and closing below today’s low of 0.4779 activates more declines and is seen as a selling signal.
The material has been provided by InstaForex Company – www.instaforex.com
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