As we explained in our analysis on XRPUSD, price was forming a wedge pattern and a break to the downside was expected. The wedge pattern broke to the downside. Our target was $0.66 when price was trading at $0.75 inside the wedge pattern.
Price is now trading at $0.71 after making a pull back all the way to $0.69. Price is vulnerable to more downside as long as price is below $0.76. Our target remains at $0.66 for the pull back. However if bulls manage to break above $0.75 and stay above it, then we should expect XRPUSD to climb above $1. If XRPUSD continues making higher highs and higher lows, then the chances of a major low to be in already at $0.50 are increasing dramatically.
