FX.co ★ Ripple Hovers Above Dynamic Support!

Ripple dropped again as BTC/USD slipped lower. The altcoin was traded at 0.3170 at the time of writing. In the short term, XRP/USD developed a range pattern. The bias remains bearish, so this formation could bring a downside continuation.

XRP/USD dropped by 10.86% from yesterday's high of 0.3470 to today's low of 0.3093. In the last 24 hours, Ripple has increased by 2.60% but it was in the red in the last 7 days. Technically, the altcoin found support but it's premature to talk about a larger rebound. In the short term, the short-living throwbacks could bring new short opportunities.

XRP/USD New Range Pattern!

As you can see on the H4 chart, Ripple found support on the descending pitchfork's median line (ML). Now, it's trapped between the 0.2933 and 0.3470 levels. Only escaping from this pattern could bring fresh opportunities.

Technically, the bearish pressure remains high after registering only a false breakout above the 0.3336 level. Only BTC/USD's rebound could help the altcoin to develop a new leg higher.

XRP/USD Outlook!

A new lower low, a valid breakdown below 0.2933 and below the median line (ML) could activate more declines. Staying above these downside obstacles, a new higher high, and a valid breakout above 0.3470 could bring long opportunities.