Ripple extends its sideways movement and is trading at 0.5160. In the short term, it could resume its range. You knew from my previous analysis that XRP/USD could drop deeper as the bias remains bearish.
Bitcoin’s downside continuation forces the altcoin to drop towards new lows as well. XRP/USD dropped by 4.75% from yesterday’s high of 0.5364 to 0.5110 today’s low.
XRP/USD Little Changed!
Technically, it is moving sideways between 0.5578 and 0.4835 levels. As long as the price stays below the downtrend line, the bias remains bearish. The rate found resistance at the weekly pivot point of 0.5350 and now it has dropped again.
I’ve told you in my previous analysis that only jumping above the downtrend line and making a new higher high indicates that the downside movement ended and that we have an upside reversal.
XRP/USD Forecast!
Staying below the downtrend line and taking out 0.4835 announces a deeper drop.
The material has been provided by InstaForex Company – www.instaforex.com
Ripple extends its sideways movement and is trading at 0.5160. In the short term, it could resume its range. You knew from my previous analysis that XRP/USD could drop deeper as the bias remains bearish.
Bitcoin’s downside continuation forces the altcoin to drop towards new lows as well. XRP/USD dropped by 4.75% from yesterday’s high of 0.5364 to 0.5110 today’s low.
XRP/USD Little Changed!
Technically, it is moving sideways between 0.5578 and 0.4835 levels. As long as the price stays below the downtrend line, the bias remains bearish. The rate found resistance at the weekly pivot point of 0.5350 and now it has dropped again.
I’ve told you in my previous analysis that only jumping above the downtrend line and making a new higher high indicates that the downside movement ended and that we have an upside reversal.
XRP/USD Forecast!
Staying below the downtrend line and taking out 0.4835 announces a deeper drop.
The material has been provided by InstaForex Company – www.instaforex.com
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