FX.co ★ Ripple: larger rebound seems confirmed

The price of Ripple was trading in the green at 0.4265 at the time of writing and it seems determined to approach and reach new highs. Technically, the price action signaled exhausted sellers and a potential upside movement. XRP/USD increased by 27.58% from Monday's low of 0.3398 to 0.4335 yesterday's low.

Ripple is up by 5.30% in the last 24 hours and by 26.09% in the last 7 days. Still, a larger growth needs strong confirmation.

XRP/USD Downside Is Over!

As you can see on the H4 chart, the price came back above the ascending pitchfork's median line (ML) and above the 0.4098 static resistance signaling strong upside pressure. Personally, I've drawn the ascending pitchfork hoping that I'll catch a long opportunity.

The price retested the lower median line (LML) validating the pitchfork. Stabilizing above these broken levels mays signal further growth.

XRP/USD Forecast!

Coming back to test and retest 0.4098 and the median line (ML), registering false breakdowns could announce a fresh bullish momentum from above these broken resistance levels. This scenario could bring long opportunities. Also, a bullish closure above the R2 (0.4350) could activate further growth towards the upper median line (UML).