FX.co ★ Ripple: upside continuation pattern

Ripple is trading sideways in the short term but the bias remains bullish. Technically, after its amazing rally, a retreat was natural, the rate could test and retest the immediate support levels before jumping higher.

It's trading at 0.5057 at the time of writing. In the last 24 hours, XRP/USD is down by 3.35% and by 1.09% in the last 7 days.

XRP/USD Bullish Bias Intact!

As you can see on the H4 chart, the rate is trapped between the 0.4980 and 0.5290 levels. Now, it has retested and retested the median line (ml) of the ascending pitchfork which represents a dynamic support.

As long as it stays above it and above 0.4980, XRP/USD could try to resume its growth. Only a downside breakout from the current range could invalidate the upside scenario.

XRP/USD Outlook!

A valid breakdown below 0.4980 activates more declines and is seen as a short opportunity.

A new higher high activates further growth towards the upper median line (uml).