Does Ripple (XRP/USD) Move As Expected This Time?

Ripple Has The Potential To Appreciate An Upward Rally

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?

Exchange Rates 23.09.2022 analysis

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.

Read more: https://www.instaforex.eu/forex_analysis/294017

 
Ripple Has The Potential To Appreciate An Upward Rally

InstaForex Analysis

Instant Trading EU Ltd. is the CFD broker operating under the brand instaforex.eu, regulated by CySec with license number 266/15.

Besides CySEC, Instant Trading EU Ltd. is also supervised by the Czech National Bank (CNB), the Slovak National Bank (SNB), and the Polish Financial Supervision Authority (KNF). InstaForex.eu has branches in the Czech Republic, Slovakia, and Poland, where it provides support in local languages. InstaForex.eu is a member of the Investor Compensation Fund (I.C.F) which is an additional security for the client's funds.

InstaForex.eu offers access to around 2,500 instruments (CFDs in Stocks, ETFs, Indices, Commodities, Forex, Cryptocurrencies, US Synthetic Stocks) and the MT4 and MT5 platforms,trading accounts in EUR, USD, PLN, CZK, GBP.

More information at: www.instaforex.eu

 

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.44%. of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.