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Ripple is trading in the green at 0.4151 on the H4 chart but the bias remains bearish. In the short term, XRP/USD is trading somehow sideways after ending its temporary rebound. The bias remains bearish, so a deeper drop is still in cards.
The altcoin tries to grow as the price of Bitcoin is fighting hard to stay higher. In the last 24 hours, Ripple is down by 0.82% but it's up by 9.84% in the last 7 days.
Ripple tested and retested the descending pitchfork's median line (ML) which represented a dynamic resistance. 0.3950 former low stands as a static downside obstacle. Dropping and stabilizing below this level may signal more declines.
On the other hand, a valid breakout above the median line (ML) could signal a larger rebound. Technically, the rebound was natural after its massive drop. Bitcoin's deeper drop could push Ripple towards new lows.
Ripple could activate a new sell-off if it drops and closes below the 0.3950 static support, if it makes a new lower low. 0.3336 low stands as a potential downside obstacle if the crypto drops again.
Only a valid breakout above the median line (ML) could invalidate the bearish scenario and could signal a broader rebound.
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