Ripple Potential For Reversal Uwards

Ripple is trading in the red but it seems a little oversold. It has slipped lower as the price of Bitcoin has dropped further. The bias is bearish right now, so we have to wait for fresh long opportunities.

Bitcoin's growth in the coming days from a major support zone could really bring a rebound on XRP/USD. Ripple is trading above a strong support zone, so it could start increasing anytime.

XRP/USD Seems Oversold!

analytics60f5ee7281d0f.jpg

Ripple is almost to reach the weekly S1 (0.5469) level which is seen as support. The pressure is high as long as it stays under the downtrend line. Only an upside breakout could really activate a new swing higher.

0.5096 is seen as major static support. It has moved away from the broken downtrend line, but this is not enough for us to consider going long. Going short around these levels is risky as the crypto could turn to the upside.

Forecast!

XRP/USD could offer is a great buying opportunity if it jumps and stabilizes above the downtrend line and beyond the weekly pivot point (0.6020).

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

Pages