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XRP/USD is trading in the red at 0.4113 at the time of writing. The altcoin found strong resistance and now it drops as the price of Bitcoin slips lower as well. Today, it has dropped by 6.95% from 0.4400 daily high to today's low of 0.4094.
In the last 24 hours, XRP/USD is down by 0.09% and by 7.47% in the last 7 days. In the short term, BTC/USD is trading sideways, a deeper drop could force Ripple to approach and reach new lows.
Ripple retested the descending pitchfork's median line and now it is dropping like a rock. As you can see, the price made a false breakout through this dynamic resistance signalling strong sellers and a potential new sell-off.
0.3950 former low stands as a downside obstacle. A valid breakdown may signal more declines. As you already know, only a valid breakout above the median line (ML) could invalidate a further drop.
A valid breakdown below 0.3950 activates a potential sell-off towards 0.3336. This scenario could bring new selling opportunities.
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