Ripple increased a little today and it could jump much higher if it stays right above the near-term dynamic support. We’ll see what will really happen because a Bitcoin’s further drop will open the door for more drops in the upcoming period.
It is still premature to talk about a potential significant rebound because the rate maintains a bearish perspective. The crypto market remains bearish, so right now we may have only a temporary rebound.
You can see that the rate has dropped after the breakdown below the lower median line (LML) of the ascending pitchfork and has reached again the lower median line (lml) of the descending pitchfork. The downside movement, it was somehow expected after the failure to reach the median line (ml) of the descending pitchfork and after the failure to approach and reach the downside 50% Fibonacci line of the ascending pitchfork.
You can notice that it has moved away from the former downtrend line signaling a potential rebound, but we still need a confirmation that we’ll have an upside movement. Support can be found at the 150% Fibonacci line as well, but remains to see if the rate will stay above this dynamic support.
The major downside support remains at the 150% Fibonacci line of the descending pitchfork, you can see that the rate was rejected by this line in the past. Maybe the rate will increase a little and will approach and retest the downside 50% Fibonacci line of the descending pitchfork before it will drop and will try to take out the support from the 150% line of the ascending pitchfork.