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The price of Ripple extended its downside movement as the price of Bitcoin dropped deeper as well. XRP/USD is traded at 0.6179 level at the time of writing and seems very heavy. BTC/USD's further drop may force the altcoins to drop as well.
Ripple dropped by 13.26% from Tuesday's high of 0.7061 to 0.6124 today's low. Technically, the bias is bearish, so more declines are favored.
As you can see on the h4 chart, XRP/USD failed to reach and retest the descending pitchfork's upper median line (UML) signaling strong downside pressure. Ignoring 0.6520 indicated a potential drop at least towards the 0.6215 key level.
Now, it has dropped below 0.6215 signaling a downside continuation. Still, it remains to see if the altcoin will confirm its breakdown. Only false breakdowns below this downside obstacle may signal a potential rebound.
Ripple could extend its drop if it stabilizes below the 0.6215 broken support. Staying below it, testing, and retesting it could bring new short opportunities. Personally, I would like to see strong distribution before taking action.
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