Ripple is trading in the red at 0.3233 at the time of writing. Technically, the price action signaled exhausted buyers and a potential sell-off. XRP/USD dropped by 6.04% from today's high of 0.3430 to 0.3223 daily low.
Technically, the bias remains bearish, temporary rebounds could bring new short opportunities. In the last 24 hours, Ripple is down by 1.89% and by 0.00% in the last 7 days. The altcoin crashed as BTC/USD plunged.
XRP/USD Flag Formation!
Ripple failed to stabilize above the 0.3310 static resistance. It has registered a false breakout above the R1 (0.3400) and through the channel's upside line signaling strong downside pressure.
The flag pattern could signal a downside continuation. Still, we need strong confirmation before taking action.
XRP/USD Forecast!
The uptrend line and the S1 (0.3210) represent downside obstacles. Dropping and closing below the S1 could activate more declines and could bring new short opportunities.
