FX.co ★ Ripple: imminent breakout

Ripple continues to move sideways as the price of Bitcoin is trapped within an extended range pattern. XRP/USD is traded at 0.3999 at the time of writing, standing right above the 0.3950 critical support.

In the last 24 hours, XRP/USD is down by 0.92% and by 1.86% in the last 7 days. Personally, I'm waiting for BTC/USD to escape from its range before taking action on altcoins. Bitcoin's drop could force Ripple to drop as well.

XRP/USD Triangle Pattern!

As you can see on the h4 chart, XRP/USD failed to stay above the descending pitchfork's median line (ML) signaling strong sellers. The price action developed a triangle pattern, so we'll have to wait for a valid breakout.

Escaping from this pattern could bring new trading opportunities. The bias remains bearish after failing to make a new higher high. Only a valid breakout above the triangle's resistance could signal a larger rebound.

XRP/USD Forecast!

A new lower low, dropping and closing below 0.3900 may activate more declines towards the 0.3336 key level.

An upside breakout from this triangle could signal a larger growth in the short term.