Ripple is trading in the red on the H4 chart being located at the 1.4836 level. The price found temporary resistance again and now it is trading lower to test and retest the immediate support levels before jumping higher.
XRP/USD plunged on Monday, but invalidated a larger decline by developing a pin bar. Bitcoin increased in the short term, so altcoins turned to the upside as well. Technically, the bias remains bullish, so we could search for new long opportunities around the current levels.
XRP/USD Larger Drop Invalidated!
XRP/USD was rejected by the weekly pivot point (1.5378) and now it could test and retest the 1.4671 and 1.4200 static support levels before developing a new swing higher.
The false breakdown with great separation below the lower median line (lml) of the ascending pitchfork and through the S1 (1.3109) signaled that the downside movement is over.
The bias will remain bullish as long as the rate stays above the lower median line (lml).
Ripple Forecast!
A new false breakdown through the lower median line (lml) or a major bullish engulfing printed on this dynamic support could bring a new bullish momentum.
Moreover, a jump and fixation above the weekly pivot (1.5378) could represent a good long entry with a first upside target at the R1 (1.7624), around the median line (ml).
The material has been provided by InstaForex Company - www.instaforex.com