Ripple rebound continues

Last week was a difficult week for Ripple. The leading alt coin fell below the noted support level at 0.2290 and that set up a move to as low as 0.2196 last Thursday. Eventually though the price steadied and the weekend approached Ripple recovered and moved back above 0.24 again. There is little doubt here that levels approaching 0.20 offered much better value in the longer term and the move below 0.2290 was more about stops than it was about a significant new downside direction. That view has certainly been endorsed since the back end of last week and the price action seen over the weekend. The price did fall back a little yesterday, but it has recovered 0.24 again earlier today, rising above 0.2460 during the Asian session. Ripple is a little below that level right now but now that the move to 0.2290 and beyond has been recovered there is further upside potential. XRPUSD is just now trading at 0.2430