FX.co ★ Ripple: 0.4101 as critical support

Ripple is trading in the red at 0.4205 at the time of writing and it seems very heavy. Bitcoin's drop forced the altcoins to drop as well. XRP/USD dropped by 5.08% from today's high of 0.4340 to 0.4120 daily low.

In the last 24 hours, XRP/USD is down by 0.51% and by 7.37% in the last 7 days. Furthermore, it's down by 2.12% in the last hour.

XRP/USD Bearish Bias!

Technically, the rate escaped from the extended range between 0.4790 and 0.4402 levels. It stayed on the 150% Fibonacci line which represented a dynamic support, signaling an imminent breakdown.

The former low of 0.4101 represents a major downside obstacle. Still, the price action needs to validate its breakdown through the 150% Fibonacci line. A new false breakdown may announce a new bullish movement.

XRP/USD Outlook!

Dropping and closing below 0.4101 activates more declines and is seen as a short signal.