Ripple was trading at 1.1600 at the time of writing. The price bounced back but now it has found a temporary resistance again. XRP/USD registered a 43% drop in yesterday's session as the cryptocurrency market has crashed.
Ripple has found strong support, demand, right below the 1.0000 psychological level, and now is fighting hard to increase. Personally, I believe that XRP/USD may register a new decline soon, maybe to retest the immediate support levels before developing a swing higher.
XRP/USD Ended Its Sell-Off!
Ripple has been trapped inside a range. A valid breakout from this sideways mode will really bring a good trading opportunity. XRP/USD has registered only a false breakdown with great separation below the S2 (0.9994) signaling the current rebound at least until the S1 (1.2244).
Stabilizing above the descending pitchfork's upper median line (UML) could signal a potential growth towards the 150% Fibonacci line.
XRP/USD could continue to move sideways in the short term. Only a valid breakdown below the 50% retracement level and under the S2 (0.9994) may announce a downside breakout and a deeper decline.
Forecast!
Ripple could increase in the short term if it stays above the 50% retracement level and beyond the S2. The price could approach and reach the 150% Fibonacci line even if it moves sideways.
Personally, I believe that a valid breakout above the 150% dynamic resistance could signal that the rate will come back higher towards 1.7 area. I would like to see a consolidation above the 1.0000 level before the rate starts increasing again.
