Ripple Down Channel Breakout Indicates Reversal!

Ripple has been trading sideways in the short term but it could soon turn to the upside after escaping from a major down channel. Bitcoin's decline has brought sellers to other cryptocurrencies, the altcoins are going down.

XRP/USD breakout above the downtrend line was validated, now we need a bullish spark to be able to identify long opportunities. The pressure is high in the short term as the crypto stands under the weekly pivot point.

XRP/USD Sideways Movement!

analytics60edb3246547e.jpg

XRP/USD has retested the 0.6411 pivot point and now it goes down. The next downside target is around the S1 (0.5865).

On the other hand, failing to approach and reach the S1 followed by a potential bullish fly above the pivot point could signal that the downside is limited and that the bulls could take the lead.

Forecast!

Jumping above 0.6574 high could be seen as a bullish signal. Failing to approach and reach the S1 could announce a bullish movement. XRP/USD has moved away from the broken downtrend line signaling that the buyers are still present.

The material has been provided by InstaForex Company - www.instaforex.com

Pages