Analysis Cryptos Support & Resistance

Ripple: major bullish sign

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The price of Ripple dropped as much as 0.30000 where it found strong demand and now it has turned to the upside. It’s trading at 0.3502 at the time of writing below Monday’s high of 0.3550.

XRP/USD increased by 17.42% from Monday’s low of 0.30000 to 0.3522 today’s high. The altcoin rallied as BTC/USD and ETH/USD turned to the upside. Technically, the price action signaled that Ripple could try to develop a new leg higher.

XRP/USD Oversold!


As you can see on the H4 chart, the rate printed a major pin bar (a false breakdown with great separation) signaling that the sellers are exhausted and that the bulls could take the lead again.

Still, the altcoin is located below strong upside obstacles, so we need strong confirmation before taking action again.

XRP/USD Forecast!

A valid breakout above 0.3550 and through the downtrend line could announce a new larger rebound as this price action offers new long opportunities.

The material has been provided by InstaForex Company –