Ripple has managed to increase after the price of Bitcoin has rebounded. Still, it is located under strong resistance levels. The price action has signaled that the downside seems limited and over.
It's still premature to talk about potential larger growth, we still need confirmation. The crypto has found strong support and now it has made a new higher high showing positive signs.
XRP/USD Below The Downtrend Line
Ripple failed to stabilize below the upper median line (UML) in its last attempt. Now it moves somehow sideways after failing to retest the UML. It's still trapped within a down channel, so only an upside breakout from this pattern confirms a strong growth.
It has made a new higher high signaling strong buyers, but it remains to see if it makes a breakout through the immediate resistance levels.
Outlook!
A valid breakout above 150% Fibonacci line and through the R1 (0.7824) could really signal an important swing higher.
The material has been provided by InstaForex Company - www.instaforex.com