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Ripple found strong demand in the short term and now it tries to rebound. It's trading at 0.6083 level at the time of writing. XTP/USD is up by 10.98% since yesterday's low of 0.5488 level.
In the last 24%, Ripple is up by 4.56% but is still down by 18.26% in the last 7 days. Bitcoin's current rebound helped the altcoin to grow as well. You already know from my analysis that when Bitcoin grows, XRP, ETH, BCH, LTC, etc. could increase as well because we have a positive correlation.
XRP/USD is trapped between 0.6276 and 0.5461 levels. Escaping from this range could bring fresh trading opportunities. In the short term, the bias remains bearish. Failing to retest the descending pitchfork's upper median line (UML) in the last attempt signaled strong sellers.
Technically, the 0.5461 stands as the immediate support, while the 0.5096 represents a major downside obstacle. Still, a valid upside breakout from the current range pattern could announce that the crypto could try to approach and reach the upper median line (UML).
In the short term, Ripple could continue to move sideways. A downside breakout from the current range, a new lower low could signal a downside continuation.
On the other hand, an extended sideways movement followed by a new higher high could signal a strong rebound towards the UML. A bullish reversal could be announced only by a valid breakout above the upper median line (UML).
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