Ripple still in bear territory

Ripple increased in the short term but bearish pressure remains high. It could drop anytime as long as it stays under the near-term resistance levels. Bitcoin's current throwback helped altcoins grow as well.

It was traded at 0.3466 at the time of writing. XRP/USD increased by 6.44 from last Friday's low of 0.3310 to yesterday's high of 0.3523.

In the short term, it could continue to move sideways. The quote is trapped between the 0.3592 and 0.3310 levels. The upper median line (uml) represents an upside obstacle and dynamic resistance.

As long as it stays below this level, the altcoin could drop deeper. This could be only a temporary growth. The rate could test and retest the near-term resistance levels before dropping again.

Registering false breakouts above the near-term resistance levels may announce a new sell-off. A larger downside movement could be validated by a new lower low after dropping and closing below 0.3310.