Ripple is fast approaching the bottom of the large range. Though this support of $0.56270 had broken down in end-March of this year, it did not find sellers at lower levels, and prices again climbed back into the range on April 12.
We believe that the bulls will again attempt to defend the $0.56 levels. If the lows hold, traders can expect the XRP/USD pair to rally to $0.93 and then to $1.22 levels in the medium term.
We suggest waiting for a few days to confirm that the decline has ended before buying because a fall below $0.56 can extend the decline to $0.45, below which the digital currency can plunge to $0.24.