FX.co ★ Ripple: fresh bullish pattern

Ripple extended its sell-off in the short term after BTC/USD's deeper drop. Now, the altcoin seem determined to rebound as the price of bitcoin turns to the upside. It's located at 0.4838 at the time of writing, far above Monday's low of 0.4590.

XRP/USD is up by 0.25% in the last 24 hours, but it's down by 2.81% in the last 7 days. The bias remains bearish, so we need strong confirmation before taking action again.

XRP/USD 0.4563 Key Support!

As you can see on the H4 chart, XRP/USD escaped from the major down channel and now it has printed a flag pattern which is seen as a bullish formation.

From the technical point of view, the 0.4563 historical level represents a key downside obstacle.

XRP/USD Forecast!

A valid breakout through the flag's resistance activates a potential leg higher.