Ripple is attempting to bounce from the support line of the descending channel. It has been an outperformer during the recent decline as it is well above its year-to-date lows and RSI did not even enter the oversold territory.
A breakout above $0.385 can result in a move to the 20-day EMA, which might act as a resistance. If both the moving averages are crossed, the XRP/USD pair can rally to the resistance line of the channel. Traders can buy a close (UTC time frame) above $0.385 and keep the stop loss at $0.30. The target objective is an up move to $0.50. This is a risky trade, so we recommend to keep the position size about 40 percent of the usual.
Contrary to our expectation, if the price turns down and slides below $0.31123, a retest of $0.24508 is possible.