FX.co ★ Ripple: minor flag pattern

The price of Ripple retreated a little in the short term and now is trading at 0.5017 at the time of writing. After the last rally, a retreat was somehow expected. The price action signaled that the downside movement could be over.

Still, we need strong confirmation before considering going long. Bitcoin's upside movement due to bearish USD could drag the altcoin higher as well.

XRP/USD In Buyers' Territory!

XRP/USD failed to retest the 0.4556 static support in the last attempt signaling exhausted sellers.

Also, it has registered only false breakdowns below the major uptrend line, so the altcoin could try to develop a new leg higher. The minor flag is seen as a bullish pattern.

XRP/USD Outlook!

A valid breakout above the downtrend line and through 0.5068 could bring us a new buying opportunity.