Ripple price analysis: XRP/USD shows a bearish flag pattern, poised more declines
|- The bears retreat the price below the $0.700 level; price is lacking a fresh catalyst.
- The bulls’ failure to hold ground could see XRP/USD trade near the major support level.
There is a bearish bias that is shaping above the $0.68 level on the 30 minutes intraday chart. Ripple price exchanged hands above the $0.7000 level on Tuesday, but the bears retreated the price which is lacking a fresh catalyst to catapult it above the level again.
The cryptocurrency initiated a downside movement yesterday and shifted below $0.7000 level. It, however, found support near $0.6500 and $0.6600 levels. The price, therefore bounced back to trade above $0.7000.
On the upside, there is a major bearish trend forming at $0.68 level on the intraday chart. XRP/USD tested the major resistance level at $0.7200, although the efforts were unsuccessful and it declined below the 23.6% Fib retracement level with the previous swing high of $0.71 and a low of $0.65. The current status of the price is forming a bearish flag pattern. If the bulls continue to loosen their grip on the market, further declines could occur towards the previous support at $0.65.
XRP/USD price hourly chart
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