Ripple dropped in the last hours after reaching strong static resistance. It's trading in the red at the 0.5770 level pressuring the broken downtrend line. The cryptocurrency has slipped lower as the price of Bitcoin has found temporary resistance as well.
BTC/USD's further growth could help the price of Ripple to resume its rebound as well. Ripple has shown strong bullish signs, but we still need confirmation before going long.
XRP/USD Validates Its Breakout!
Ripple rebounded after failing to reach 0.5096 static support. It has managed to jump above the immediate downtrend line. Now it has decreased to retest it. Staying above this broken dynamic resistance and making a valid breakout above the weekly pivot point (0.6020) brings a great buying opportunity.
Failing to stay above the broken line leads to a new drop towards the S1 (0.5465) and down to the lower median line (lml).
Outlook!
A bullish closure above 0.6092 today's high could signal further growth at least until the ascending pitchfork's median line (ml).
The material has been provided by InstaForex Company - www.instaforex.com