Cryptocurrency Analysis

[IFX_Selena]

Ripple breakout attempt


Ripple was traded at 0.8083 level at the time of writing. It challenged a dynamic upside obstacle, but an upwards movement is far from being confirmed. In the last 24 hours, XRP/USD is up by 4.79% but is down by 0.73% in the last 7 days.

In the short term, Bitcoin moves somehow sideways, that's why Ripple seems undecided. From a technical point of view, the downside seems limited after registering a false breakdown with great separation below the 0.7 psychological level.


XRP/USD downside seems to be over


Ripple continues to pressure the downtrend line. It's still trapped within the down-channel pattern. As long as it stays near the downtrend line, a breakout is imminent. The level of 0.7428 stands as a near-term downside obstacle.

A valid breakout above the downtrend line may announce a potential leg higher. Still, staying under the downtrend line could bring a new sell-off anytime.


Ripple prediction

0.7428 - 0.6520 is seen as a demand zone. Staying above it and making a valid breakout above the downtrend line, escaping from the down channel may announce a new swing higher. Jumping, closing, and stabilizing above the downtrend line and staying above 0.75 could bring new buying opportunities with a potential upside target around 1.0.






Ralph Shedler
Analytical expert of InstaForex
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