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22.03.202320:37 Forex Analysis & Reviews: Ripple sell-off to be over soon

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Ripple climbed as much as 0.4940 yesterday, registering a new high. Now, it has dropped and is trading at 0.4380. The altcoin increased by 32.74% from Monday's low of 0.3721 to yesterday's high.

Now, it has dropped by 12.35% from yesterday's high to 0.4330 today's low. After its amazing rally, a retreat was natural. The rate could test and retest the immediate support levels before developing a new leg higher.

XRP/USD Broader Retreat!

As you can see on the H4 chart, XRP/USD failed to stay above the median line (ml). The breakout was invalidated and now it could approach and reach the weekly R2 (0.4270) and the 0.4183.

These are seen as immediate downside obstacles. Also, the inside sliding line (sl) stands as a dynamic support.

XRP/USD Outlook!

Coming back to test and retest the mentioned downside obstacles could bring new long opportunities.

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