FX.co ★ Ripple in range pattern, 0.5578 as key level

Ripple moves sideways in the short term as BTC/USD is ranging as well. After its amazing drop, the altcoin could try to rebound and recover. Still, a larger growth is still far from being confirmed. It's trading at 0.5229 at the time of writing.

In the last 24 hours, Ripple is up by 2.22% but it's down by 11.94% in the last 7 days. Bitcoin's rebound should help the altcoin to come back higher.

XRP/USD Oversold?

Technically, XRP/USD is trapped between 0.4835 and 0.5578 levels. It has crashed within a down channel, so as long as it stays below the downtrend line, the altcoin maintains a bearish bias.

Registering a false breakdown below the channel's downside line signaled an oversold situation and announced a potential rebound.

XRP/USD Outlook!

A valid breakout above the downtrend line and through 0.5578 validates a larger rebound and brings new longs.