Ripple is not attracting buyers even at these levels. It has failed to break out of the downtrend line and reach the 20-day EMA in the past three days.
The only consolation is that it has not broken down of $0.45. Once the bulls sustain above the 20-day EMA, we anticipate a rally to $0.56, which should offer a stiff resistance.
The probability of a double bottom formation will increase once the XRP/USD pair sustains above $0.56. On the contrary, if the coin plummets below $0.4242, it will become very negative. We didn’t find any buy setups on the pair at the moment.