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The price of Ripple climbed as much as 0.5848 on Wednesday registering a new high. Now, it has retreated a little and is trading at 0.5343 at the time of writing. After its amazing rally, a retreat was natural.
In the last 7 days, XRP/USD is up by 25.41% but it's down by 0.53% in the last 24 hours. The bias is bullish despite temporary retreats.
Technically, the rate found resistance right above the ascending pitchfork's upper median line (uml) and beyond the weekly R2 (0.56). It has registered only false breakouts announcing exhausted buyers.
The 0.5097 historical level and the uptrend line represent downside obstacles. Testing and retesting these levels may announce a new bullish momentum.
False breakdowns below the immediate support levels may announce a new rally. This could represent the first long opportunity. In addition, a valid breakout through the upper median line (uml) validates a larger growth.
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