Ripple dropped deeper as expected and now it is trading at 0.3384. It has dropped as much as 0.3337 today where it found temporary support. Technically, the bias remains bearish, so temporary rebounds could bring new selling opportunities.
The altcoin dropped by 6.67% from yesterday’s high of 0.3576 to today’s low of 0.3337. Personally, I talked about a deeper drop in yesterday’s analysis.
XRP/USD Temporary Rebound?
Technically, XRP/USD resumed its sell-off after taking out the 0.3421 static support, after escaping from the minor range pattern.
The bias remains bearish as long as it stays within the down channel’s body, below the downtrend line. It found support above the weekly S1 of 0.3340.
Testing and retesting of the downtrend line may announce a new sell-off. A valid breakdown below the S1 and through 0.3321 activates further drop ahead.
The material has been provided by InstaForex Company – www.instaforex.com