Ripple has started to recover after falling towards the 0.5500 support level over the weekend as a bearish head and shoulders pattern played out. The XRPUSD pair may have formed an important price floor and could recover higher if Bitcoin starts to find strength this week. Negative MACD price divergence continues to warn that the XRPUSD pair could rebound to the 0.8000 level.
The XRPUSD pair is only bullish while trading above the 0.6500 level, key resistance is found at the 0.7000 and the 0.8000 levels.
If the XRPUSD pair trades below the 0.6500 level, sellers may test the 0.5800 and 0.5500 levels.
