FX.co ★ Ripple in red again

Ripple is dropping like a rock in the short term after reaching the 0.3484 level. The bias remains bearish, so a new drop won't be a surprise. XRP/USD rebounded as the price of Bitcoin increased lately.

XRP/USD dropped by 5.86% from today's high of 0.3484 to 0.3280 daily low. The altcoin seems very heavy, so it could approach and reach new lows soon. Technically, Ripple moves somehow sideways, so we'll have to wait for a fresh trading opportunity.

XRP/USD Sell-Off!

XRP/USD found resistance at the ascending pitchfork's median line (ml) and now it has turned to the downside. Its failure to reach the descending pitchfork's upper median line (uml) signaled exhausted buyers.

Techncially, the lower median line (LML) of the ascending pitchfork and the 0.3055 represent downside obstacles. The price action signaled that the downside is limited. Personally, I've drawn the ascending pitchfork hoping that I'll catch a new leg higher.

XRP/USD Forecast!

As long as it stays above the ascending pitchfork's lower median line (LML), Ripple could still jump higher. Still, only a new higher high, jumping and closing above the 0.3585 could really activate a swing higher.