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12.05.202319:34 Forex Analysis & Reviews: Ripple accumulates more bearish energy

Ripple changed little in the short term but the bias remains bearish. Temporary rebounds or sideways movements could bring us new short opportunities. It's trading at 0.4247 at the time of writing.

Bitcoin's sell-off forced the altcoin to erase some of today's gains. In the last 24 hours, Ripple is up by 1.34% but it's down by 8.26% in the last 7 days. BTC/USD's deeper drop should push XRP/USD towards new lows.

XRP/USD Retested The Sellers!

Exchange Rates 12.05.2023 analysis

The XRP/USD found support above 0.4101 and it has tried to rebound. It has tested and retested the broken 150% Fibonacci line. As you can see on the H4 chart, Ripple registered false breakouts through the immediate resistance levels signaling strong sellers.

It's trapped between the weekly S2 (0.4280) and S3 (0.4110) levels. The current range could represent a downside continuation pattern.

XRP/USD Outlook!

A valid breakdown below 0.4101 validates more declines. This represents a bearish signal.

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Ralph Shedler,
Analytical expert of InstaSpot
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