Tuesday, May 23, 2023
The price of Ripple is trading at 0.4598 at the time of writing. After its strong growth, a minor retreat was natural as the rate could try to test and retest the immediate support levels before jumping higher.
In the last 24 hours, XRP/USD is up by 0.16% and by 7.58% in the last 7 days. The altcoin rebounded even of BTC/USD is still undecided.
XRP/USD Imminent Breakout!
XRP/USD found support above the 61.8% retracement level of 0.4087 and now it has reached the downtrend line. This represents a dynamic resistance.
Technically, the down channel is seen as a bullish pattern. Staying near the downtrend line may announce an upside breakout.
XRP/USD Outlook!
A new higher high, a valid breakout through the downtrend line and above the 38.2% (0.4761) validates a larger growth.
The material has been provided by InstaForex Company - www.instaforex.comfrom Forex analysis review https://ift.tt/zPT7fMj
via IFTTT