Technical analysis
The daily time frame shows that the XRPUSD pair continues to maintain a bullish breakout from a falling wedge pattern, despite suffering heavy weekly losses.
The MACD on the daily time frame continues to show significant amounts of bullish price divergence. The RSI indicator on the mentioned time frame has just formed a bullish double-pattern.
What the possible outcomes are
In our most likely scenario, the XRPUSD pair will start to stabilize above the 0.5500 resistance level as a meaningful recovery from the current weekly low starts to gather momentum.
Alternatively, the XRPUSD pair will continue its create bearish lower lows on the daily time frame, and eventually fall back towards the 0.4850 support level over the coming trading sessions.
Key levels
Support 0.5500 0.6500
Resistance 0.4850 0.4000
