empty
 
 
fr
Assistance
Ouverture rapide de compte
Plateforme de trading
Déposer / Retirer

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.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ralph Shedler,
Analytical expert of InstaSpot
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaSpot
Download MetaTrader 4 and open your first trade
Can't speak right now?
Ask your question in the chat.