Ripple extended its growth as expected in the short term. You knew from my previous analysis that XRP/USD signaled strong buyers and an upside continuation. Now, it is traded at 0.4868, far below 0.5582 today's high.
The altcoin increased by 64.30% from Monday's low of 0.3398 to 0.5582 daily high. XRP/USD retreated which was natural after its amazing rally. It could test and retest the near-term support levels before jumping higher.
XRP/USD Temporary Retreat?
You knew from my previous analysis that XRP/USD could resume its upwards movement after coming back above 0.4098 and above the median line (ML). I've told you that a new higher high, a bullish closure above the R2 (0.4350) could activate more gains.
Now, it has found resistance at the first warning line (WL1) of the ascending pitchfork. It has registered only a false breakout with great separation before crashing.
XRP/USD Forecast!
The sell-off could be only a temporary one. The upper median line (UML), R3 (0.4730), and 0.4639 represent downside obstacles. Testing and retesting these levels, registering only false breakdowns could signal new bullish momentum. This scenario could bring new long opportunities.
Relevance up to 14:00 2022-09-24 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
