Ripple dropped after reaching a dynamic resistance. At the moment of writing, it was almost to reach the 0.8642 static support. It was traded at 0.8813 level at the time of writing far below the 0.9558 yesterday's high.
XRP/USD registered a 14.98% drop from last week's high of 1.0200 to 0.8672 today's low. BTC/USD's sell-off forced the altcoins to lose altitude as well. Bitcoin's growth could help the price of Ripple to start increasing again.
XRP/USD hovers above support
Ripple found strong resistance at the Descending Pitchfork's upper median line (UML). As I've mentioned in my previous analysis, the upper median line is seen as a potential upside target.
The level of 0.8642 represents the immediate downside obstacle. Staying above this level and moving sideways could announce an imminent breakout above the Descending Pitchfork's upper median line (UML).
XRP/USD outlook
As long as it stays above the 0.8642 level, XRP/USD could accumulate more bullish energy before resuming its upwards movement. Coming back towards the upper median line (UML) and staying near this dynamic resistance could announce an imminent upside breakout.
A valid breakout above the upper median line (UML) may activate and confirm a broader swing higher.
