empty
 
 
29.04.2022 06:31 PM
Ripple: breakdown and further sell-offs

The price of Ripple extended its downside movement as the price of Bitcoin dropped deeper as well. XRP/USD is traded at 0.6179 level at the time of writing and seems very heavy. BTC/USD's further drop may force the altcoins to drop as well.

Ripple dropped by 13.26% from Tuesday's high of 0.7061 to 0.6124 today's low. Technically, the bias is bearish, so more declines are favored.

XRP/USD Deeper Drop!

This image is no longer relevant

As you can see on the h4 chart, XRP/USD failed to reach and retest the descending pitchfork's upper median line (UML) signaling strong downside pressure. Ignoring 0.6520 indicated a potential drop at least towards the 0.6215 key level.

Now, it has dropped below 0.6215 signaling a downside continuation. Still, it remains to see if the altcoin will confirm its breakdown. Only false breakdowns below this downside obstacle may signal a potential rebound.

XRP/USD Outlook!

Ripple could extend its drop if it stabilizes below the 0.6215 broken support. Staying below it, testing, and retesting it could bring new short opportunities. Personally, I would like to see strong distribution before taking action.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In October we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback