Ripple dropped in the short term but the bearish movement could be only a temporary one. It's traded at 0.7080 level at the time of writing. XRP/USD registered an 11.27% growth from 0.6688 yesterday's low to 0.7442 today's high.
In the last 24 hours, Ripple is up by 0.53% but it's down by 15.59% in the last 7 days. As long as the price of Bitcoin drops deeper, the altcoin could hit new lows.
XRP/USD Above Support!
As you can see on the h4 chart, the cryptocurrency found resistance at the ascending pitchfork's median line (ML) and now it hovers above the lower median line (LML). It has dropped within a down-channel pattern which could represent a bullish formation if the rate stays above the LML.
It has found support right below the channel's downside line signaling potential rebound. Still, the rebound was short-lived as the 0.7428 stopped the bullish momentum.
Ripple Outlook!
False breakdowns below the lower median line (LML), a bullish engulfing, or any other bullish pattern could announce a new leg higher. Also, staying above the LML and making a valid breakout above the downtrend line could announce a larger growth.
A valid breakdown below the lower median line (LML) and under 0.6520 could announce more declines and could invalidate the bullish scenario.
