FX.co ★ Ripple finds strong demand

XRP/USD registered a strong downside movement but the sell-off seems to be over. It's trading at 0.4719 at the time of writing. After its sell-off, the altcoin could try to come back higher as the BTC/USD tries to extend its growth.

Ripple is up by 0.87% in the last 24 hours but it's down by 4.96% in the last 7 days. Technically, it's premature to talk about a larger upside movement as the downside pressure remains high.

XRP/USD False Breakdown!

XRP/USD registered a false breakdown with great separation below 0.4556 and through the uptrend line signaling that the sell-off is over.

Personally, I would like the rate to come back to test and retest the immediate support levels before jumping higher. Its failure to reach the lower median line (lml) announced the exhausted seller.

XRP/USD Outlook!

Registering a new false breakdown below the uptrend line and through 0.4556 should announce a new leg higher. This scenario should bring new long opportunities.