Ripple dropped in the short term as the price of Bitcoin slipped lower. It remains to see how it will react in the coming hours as the price is located above strong support levels.
It has dropped by around 9% since 0.7781 Sunday's high. Technically, a temporary decline was somehow expected after the last upside movement. The current decline could still be temporary.
XRP/USD Technical Analysis!
Ripple failed to stabilize above the ascending pitchfork's median line (ml) and now is located at 0.7061. It's pressuring the weekly pivot point (0.7028) level. 0.6928 is seen as support as well.
Staying above these levels could still bring a new upside momentum. Dropping and stabilizing under these obstacles could signal a deeper decline towards the S1 (0.6273) and down to the lower median line (lml).
Staying above the pivot point and above 0.6928 may bring us new long opportunities. False breakdowns or any other bullish pattern printed here may bring new bullish signals.
Also, coming back above the ascending pitchfork's median line (ml) may signal upside continuation.The material has been provided by InstaForex Company - www.instaforex.com