Ripple, although it was uncorrelated with bitcoin, still grew against the background of the rise of the cryptocurrency. Nevertheless, on the XRPUSD chart, this growth occurs within the narrow sideways.
The strengthening of the pair, supported by the movement of bitcoin, was stopped by the resistance level of 0.4769, held at the maximum values on February 5. And now the horizontal line 0.4532 has worked as a support level.
At the time of writing, an attempt to break through the support of 0.4532 has not yet been successful. However, it is also too early to say that the trade is finally over. Against this background, as usual in such technical situations, there are two possible options for further price movement.
If the attempt to break through the support of 0.4532 still turns out to be false, then XRPUSD has growth potential to the resistance level of 0.4769. And if the quotes are still fixed at 0.4532, there is a high probability of continuing to move south, where the target will be the horizontal 0.4348.
It is worth noting that the sidewalls are not wide, there is not enough room for maneuver, especially if you wait for the closing of one-hour/four-hour candles. If you want to trade in these corridors, it is better to switch to a lower timeframe, for example, a thirty-minute one, and look for entry points there, placing stop orders and take profits based on your trading strategy.
The material has been provided by InstaForex Company – www.instaforex.com
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