Ripple dropped in the short term and now is located at 0.5203 at the time of writing. After its strong rally, a short-term retreat was natural. Bitcoin’s retreat forced the altcoin to drop as well. Still, XRP/USD could only test and retest the immediate support levels before jumping higher.
The altcoin dropped by 5.84% from Tuesday’s high of 0.5480 to 0.5160 today’s low. In the last 24 hours, Ripple is down by 2.38% but it’s still up by 2.18% in the last 7 days.
XRP/USD Temporary Retreat?
As you can see on the H4 chart, the rate came back to retest the broken downtrend line after failing to reach the 0.5491 former high.
As long as it stays above the downtrend line and above 0.5068, the altcoin could try to develop a new leg higher.
XRP/USD Forecast!
Testing and retesting the immediate support levels may announce a new bullish momentum. A bullish closure above the former high is seen as a buying signal.
The material has been provided by InstaForex Company – www.instaforex.com
Ripple dropped in the short term and now is located at 0.5203 at the time of writing. After its strong rally, a short-term retreat was natural. Bitcoin’s retreat forced the altcoin to drop as well. Still, XRP/USD could only test and retest the immediate support levels before jumping higher.
The altcoin dropped by 5.84% from Tuesday’s high of 0.5480 to 0.5160 today’s low. In the last 24 hours, Ripple is down by 2.38% but it’s still up by 2.18% in the last 7 days.
XRP/USD Temporary Retreat?
As you can see on the H4 chart, the rate came back to retest the broken downtrend line after failing to reach the 0.5491 former high.
As long as it stays above the downtrend line and above 0.5068, the altcoin could try to develop a new leg higher.
XRP/USD Forecast!
Testing and retesting the immediate support levels may announce a new bullish momentum. A bullish closure above the former high is seen as a buying signal.
The material has been provided by InstaForex Company – www.instaforex.com
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