FX.co ★ Ripple: bullish formation to be confirmed

Ripple continues to move sideways and now is located at 0.5264 at the time of writing. It has changed little and it could resume its range. In the short term, it has retreated as the price of Bitcoin slipped lower.

XRP/USD is down by 0.54% in the last 24 hours but it's up by 0.20% in the last 7 days. Bitcoin's upside continuation after its temporary drop should help the altcoin to jump higher as well.

XRP/USD Extended Sideways Movement!

As you can see on the H1 chart, the price of Ripple jumped above the downtrend line signaling a potential leg higher. You knew from my previous analysis that the sell-off could be over but we still need strong confirmation.

It's trapped between 0.5029 and 0.5578 levels. After registering a strong rally, a minor retreat was natural. Now, it has stabilized above the weekly pivot point of 0.5220.

XRP/USD Forecast!

As long as it stays above 0.5029, the rate could develop a new leg higher. Consolidating above the weekly pivot point of 0.5220 may announce a new bullish momentum. Still, only a new higher high, a bullish closure above the 0.5578 could really confirm a border leg higher. This is seen as a new long opportunity.