Relevance up to 11:00 2022-08-19 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.
Ripple was traded at 0.3757 at the time of writing. In the short term, the altcoin seems undecided. It continues to move sideways even though Bitcoin announced a potential deeper drop.
XRP/USD is fighting hard to resume its leg higher but the near-term resistance levels stopped the bullish momentum. In the last 24 hours, Ripple has gone down by 0.62% and by 1.15% in the last 7 days.
XRP/USD Extends Its Sideways Movement
XRP/USD is trapped between 0.3870 and 0.3592 levels. The buyers seem exhausted after failing to take out the near-term upside obstacles. Still, as long as it stays above the uptrend line, the altcoin can try to resume its growth.
The descending pitchfork's upper median line (uml) represents dynamic resistance. Staying below it and making a new lower low may activate more declines.
XRP/USD Forecast
A new higher high and a valid breakout above the R1 (0.3920) may announce further growth and could bring new long opportunities.
On the other hand, making a valid breakdown through the uptrend line and below 0.3592 could activate more declines.
