FX.co ★ Ripple: upside scenario taking shape

Ripple rallied in the last hours and now is located at 0.5354 at the time of writing. You knew from my previous analyses that the altcoin developed a bullish formation. Now, the price action really signaled a potential upside reversal.

XRP/USD increased by 7.28% from today's low of 0.5119 to 0.5491 daily high. The altcoin is up by 3.00% in the last 24 hours and by 4.06% in the last 7 days.

XRP/USD Downtrend Line Violated!

XRP/USD is still trapped between the 0.4835 and 0.5578 levels. Now, it has jumped above the downtrend line signaling a new leg higher.

After its strong growth, we cannot exclude a minor retreat as the rate could try to retest the broken downtrend line.

XRP/USD Outlook!

Jumping and closing above 0.5578 activates further growth and is seen as a buying signal.