We went long on Ripple at $0.71, on March 19. Our suggested stop loss is $0.52, just below the March 18th lows. We took this trade because we anticipated a range bound action on the cryptocurrency.
However, for the past four days, the XRP/USD pair has been correcting back towards the critical support of $0.5627.
If the bulls are unable to recover prices within a day or two, a breakdown of the March 18th lows is possible. If the $0.5375 level breaks, the next support is only at $0.22.
On the upside, the cryptocurrency will pick up momentum above $0.75.