The XRP/USD dropped a little in the short term and was located at 0.6277 at the time of writing. After its strong rally, the retreat was natural. It could try to test and retest the near-term support levels before jumping higher again.
Ripple dropped by 6.29% from yesterday’s high of 0.6655 to 0.6237 today’s low. Bitcoin’s sell-off forced the altcoin to turn to the downside as well.
XRP/USD falling wedge
Technically, the altcoin escaped from the Falling Wedge pattern, but a new swing higher is far from being confirmed.
The broken downtrend line and the 0.6100 level represent downside obstacles. As long as it stays above these levels, the crypto could develop an upwards movement.
XRP/USD outlook
False breakdowns below 0.6100 may announce a new bullish momentum. Also, jumping and stabilizing above 0.6656 activates a larger growth.
The material has been provided by InstaForex Company – www.instaforex.com
The XRP/USD dropped a little in the short term and was located at 0.6277 at the time of writing. After its strong rally, the retreat was natural. It could try to test and retest the near-term support levels before jumping higher again.
Ripple dropped by 6.29% from yesterday’s high of 0.6655 to 0.6237 today’s low. Bitcoin’s sell-off forced the altcoin to turn to the downside as well.
XRP/USD falling wedge
Technically, the altcoin escaped from the Falling Wedge pattern, but a new swing higher is far from being confirmed.
The broken downtrend line and the 0.6100 level represent downside obstacles. As long as it stays above these levels, the crypto could develop an upwards movement.
XRP/USD outlook
False breakdowns below 0.6100 may announce a new bullish momentum. Also, jumping and stabilizing above 0.6656 activates a larger growth.
The material has been provided by InstaForex Company – www.instaforex.com
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