Ripple dropped significantly in the last days after reaching the 1.3499 level. It has registered a 22% to 1.0520 today's low. Also, its volume decreased by 8.12% in the last 24H, while the market cap registered a 5.09% decline.
Technically, the price of Ripple is located in a support zone, a former resistance area. So, a bullish pattern printed here could really signal an upwards movement. The pressure is high, so we'll have to wait for confirmation.
XRP/USD dropped as the price of Bitcoin has dropped as well. Bitcoin is traded above a strong support zone as well. BTC/USD's rally in the coming hours and days could help Ripple to increase as well.
XRP/USD Strong Sell-Off!
Ripple has found support right on the 38.2% retracement level and on the first warning line (wl1) of the ascending pitchfork. Staying above the 1.1 psychological level and jumping above 1.1401 immediate high may signal a potential upwards movement.
Technically, a temporary decline was somehow expected after the impressive upwards movement. Personally, I believe that only a new lower low, to drop and close below 1.0520 today's low may signal a further decline and could invalidate an upside continuation.
Stabilizing above the weekly pivot point (1.1318) and beyond 1.1401 may signal potential growth in the upcoming period. 1.3000 psychological level is seen as an important upwards movement.
Consolidating below the 1.2 level could bring new long opportunities. A valid breakdown below the 38.2% 1.0641 could announce a larger drop.The material has been provided by InstaForex Company - www.instaforex.com