Ripple dropped today and resumed yesterday’s bearish candle. It remains to see what will really happen in the upcoming hours because the rate has squeezed a little and tries to stay above two very important dynamic support lines.
XRP/USD decreased as the Bitcoin dropped significantly as well. I’ve told you in the previous weeks that the Ripple could drop again after the temporary rebound if the Bitcoin will make a valid breakdown below the 6000 psychological level.
As you already know, Bitcoin has started an aggressive sell-off and today has reached the 4411.0 level and it seems unstoppable. The crypto market is expected to crash if the Bitcoin will resume the bearish momentum.
You can see that the rate has failed to reach and retest the median line (ml) of the descending pitchfork, so technically, a further drop is favored. It has also failed to get back to test and retest the downside 50% Fibonacci line of the ascending pitchfork, so the current drop is natural.
It is pressuring the lower median line (LML) and the downside 50% Fibonacci line of the descending pitchfork, a valid breakdown through the confluence formed at the intersection between the mentioned dynamic support lines it will accelerate the sell-off.
Personally, I believe that only a false breakdown below the LML it will signal a potential upside movement on the Daily chart. It is very important to see what will really happen on the Bitcoin because the crypto could rebound a little on the short term before it will drop further.
XRP/USD moves sideways on the short-term, but you should be ready for a significant movement soon because the rate cannot move like this too long.