Ripple crashed in the short term as the BTC/USD extended its sell-off. It was trading at 0.4730 at the time of writing, and it seemed very heavy. Bitcoin’s deeper should force the altcoins to drop as well. XRP/USD dropped by 18.41% from Tuesday’s high of 0.5650 to yesterday’s low of 0.4610.
In the last 24 hours, the altcoin is down by 5.61% and by 9.33% in the last 7 days. The downside pressure is high, so more declines are favored.
XRP/USD towards 0.44
As you can see on the H4 chart, the XRP/USD failed to stay above the 0.5466 static resistance, signaling exhausted buyers. Now, it has dropped below the lower median line (lml) and below the weekly pivot point (0.4850) activating a potential downside reversal.
It has retested the weekly pivot point of 0.4850 confirming the breakdown. After such a massive drop, a minor rebound was natural.
XRP/USD outlook
Breaking below the lower median line (lml) and through the pivot point activated more declines towards the warning line (wl1). This was seen as a short opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
Ripple crashed in the short term as the BTC/USD extended its sell-off. It was trading at 0.4730 at the time of writing, and it seemed very heavy. Bitcoin’s deeper should force the altcoins to drop as well. XRP/USD dropped by 18.41% from Tuesday’s high of 0.5650 to yesterday’s low of 0.4610.
In the last 24 hours, the altcoin is down by 5.61% and by 9.33% in the last 7 days. The downside pressure is high, so more declines are favored.
XRP/USD towards 0.44
As you can see on the H4 chart, the XRP/USD failed to stay above the 0.5466 static resistance, signaling exhausted buyers. Now, it has dropped below the lower median line (lml) and below the weekly pivot point (0.4850) activating a potential downside reversal.
It has retested the weekly pivot point of 0.4850 confirming the breakdown. After such a massive drop, a minor rebound was natural.
XRP/USD outlook
Breaking below the lower median line (lml) and through the pivot point activated more declines towards the warning line (wl1). This was seen as a short opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: