The price of Ripple has settled at 0.9229 level far below today's high of 0.9936 after failing to make a new higher high. Technically, the cryptocurrency failed to validate further growth, so a potential drop is favored again. XRP/USD is vulnerable to slide further as the price of Bitcoin violated a support level.
BTC/USD potential drop may force XRP/USD to decline as well. Ripple moves sideways in the short term, that's why we have to wait for a fresh opportunity before taking action again. XRP/USD is up by 1.23% in the last 24 hours but it's still in the red in the last 7 days.
XRP/USD upside invalidated
Ripple registered a false breakout with great separation above the triangle's resistance, above the weekly pivot point (0.9503), and through the 50% retracement level. A downside breakout from the Triangle formation is in cards again even if yesterday's breakout was invalidated in the early morning.
Dropping and stabilizing under the minor uptrend line could indicate a further drop to the level of 61.8% (0.8579) at least, around the weekly S1 (0.8516) level. Its failure to reach and retest the median line (ml) signaled strong pressure.
Ripple forecast
After today's false breakout with great separation, XRP/USD is likely to slip lower. The psychological level of 0.8500 is seen as a potential downside target. The near-term major target is seen at the Descending Pitchfork's lower median line (lml).
The material has been provided by InstaForex Company - www.instaforex.com