- Ripple is among the biggest daily losers following the struggle that bore no fruits at $0.3800.
- Technical analysis show there is looming bear pressure that is likely to send Ripple further down.
Sellers are returning to the cryptocurrency market and this time, they have only one mission – to revenge. Ripple is among the biggest daily losers following the struggle that bore no fruits at $0.3800. The formation of a double-top pattern as observed on the 4-hour chart has seen buyers scatter as bears take over control.
A double top pattern is usually associated with a trend reversal especially in the market that has been moving upwards. XRP/USD could not find support at $0.36,00, $0.3400 and even at $0.3200. The price extended the declines to the area around $0.31188.
The 4-hour chart shows Ripple having recovered to $0.3384 and is sitting comfortably above the 200 Simple Moving Average (SMA). The growing bullish momentum must clear the resistance at $0.3400…
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