FX.co ★ Ripple attracted by median line

The price of Ripple changed little in the short term. It was trading at 0.3262 at the time of writing and it maintains a bearish bias. BTC/USD is bearish despite temporary rebounds. So, Bitcoin's deeper drop could drag altcoins down as well.

In the last 7 days, XRP/USD is down by 5.21% but it's up by 1.71% in the last 24 hours. In the short term, it has rebounded but the price action signaled strong downside pressure, so more declines are in the cards.

XRP/USD Retests The Sellers!

XRP/USD escaped from a flag pattern signaling a bearish continuation. It has rebounded but it has registered only a false breakout with great separation above 0.3592 and through the upper median line (uml) signaling strong sellers.

Now, it has dropped below the 0.3310 static support. It has tested and retested this broken level and now it looks to trade lower.

XRP/USD Forecast!

Breaking below 0.3310 may announce more declines. This was seen as a short opportunity with a potential downside target at the median line (ml).