Ripples (XRP/USD) Builds Impulsive Bearish Wave 3
|Meta description: Ripples (XRP/USD) made a strong bearish breakout below the support trend line and descending wedge patternand is aiming for -72.2% Fibonacci at 0.2379.
XRP/USD
Daily
Ripples (XRP/USD) made a strong bearish breakout below the support trend line and descending wedge chart pattern as expected in our previous analysis on XRP/USD. The bearish breakout could indicate that a potential downtrend continuation towards the -72.2% Fibonacci target at 0.2379.
XRP/USD is in a sold downtrend and the weak and choppy bullish price action did not indicate that any bullish reversal was likely. The bearish breakout eventually did take place and price seems to be building a breakout, pullback and continuation.
4 hour
XRP/USD seems to have built a bearish wave 3 (purple). Price could still be in the wave 3 and extend it to lower lows but if price does build a correction, then this could be a wave 4 (purple). Waves 4 are usually shallow retracement and often create chart patterns. A bull flag chart pattern up to the 38.2% Fibonacci is the most likely scenario. A bearish bounce and breakout could confirm the wave 4-5 pattern.
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