FX.co ★ 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!

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.