FX.co ★ Ripple at resistance, new sell-off?

Ripple at resistance, new sell-off?

The price of Ripple registered a massive drop as the price of Bitcoin plunged. When BTC/USD drops, the altcoins could drop as well. XRP/USD increased by 39.05% from yesterday's low of 0.3336 to 0.4639 today's high.

Technically, the rebound could be only a temporary one. In the short term, after its massive drop, a rebound was expected. In the last 24 hours, XRP/USD is up by 28.19% but it's down by 25.33% in the last 7 days.

XRP/USD Natural Rebound!

See also: Start Forex trading with a European level broker!
Ripple at resistance, new sell-off?

Technically, the price rebounded but the bias remains bearish as long as it says under the descending pitchfork's median line (ML). As you can see on the H4 chart, XRP/USD reached the median line and now it has retreated a little. 0.5009 - 0.5461 area represents a resistance zone.

Registering only false breakouts above the median line (ML) could signal a new sell-off. The current rebound could bring new great selling opportunities.

XRP/USD Forecast!

Staying below the median line (ML), testing and retesting it, and registering only false breakouts could announce a new sell-off. Also, coming higher to retest the 0.5096 static resistance could bring new short opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account