Ralph Shedler from InstaForex talks Ripple (XRP) against US dollar
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Ripple is trading in the red at 0.4205 at the time of writing and it seems very heavy. Bitcoin's drop forced the altcoins to drop as well. XRP/USD dropped by 5.08% from today's high of 0.4340 to 0.4120 daily low.
In the last 24 hours, XRP/USD is down by 0.51% and by 7.37% in the last 7 days. Furthermore, it's down by 2.12% in the last hour.
XRP/USD Bearish Bias!
Technically, the rate escaped from the extended range between 0.4790 and 0.4402 levels. It stayed on the 150% Fibonacci line which represented a dynamic support, signaling an imminent breakdown.
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The former low of 0.4101 represents a major downside obstacle. Still, the price action needs to validate its breakdown through the 150% Fibonacci line. A new false breakdown may announce a new bullish movement.
XRP/USD Outlook!
Dropping and closing below 0.4101 activates more declines and is seen as a short signal.
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