Short

Ripple facing tremendous bearish pressure!

Ripple continues its drop and is seeing tremendous bearish pressure as it maintains its bearish channel formation. With continued bearish pressure, we see the first major level of resistance at 2.2225 (38.2% Fibonacci retracement, 50% Fibonacci retracement, horizontal overlap resistance, channel resistance) and a further drop could occur below this level towards first intermediate support at 1.5960 (61.8% Fibonacci retracement, horizontal swing low support) before major support at 1.2434 (78.6% Fibonacci retracement, horizontal pullback support).

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Tickmill

This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results

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