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Ripple resumed its rebound and now it's trading at 1.0059 level. Still, after its rally, XRP/USD could come back to test and retest the immediate support levels before resuming its upside journey.
Technically, the price action signaled that the downside movement is over and that the buyers could take full control. I've told you in my previous analysis that XRP/USD developed a bullish pattern, a reversal pattern.
In the last 24 hours, the crypto is up by 2.20% but is in the red by 3.19% in the last 7 days. It remains to see if the price will have enough energy to stabilize above the 1.0 psychological level.
XRP/USD registered only false breakouts below the 0.9000 psychological level signaling an oversold. It has developed a Falling Wedge pattern and now it has managed to escape from this chart formation.
As long as it stays above the 50% (0.9637) retracement level and above the 0.9765, Ripple could extend its upwards movement.
A minor consolidation above 1.0 psychological level could signal an upside continuation and could bring new long opportunities. After failing to approach and reach the median line (ML), XRP/USD could be attracted by the upper median line (UML).
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