The Ripple bounced off the horizontal support line in mid-August. However, the coin did not continue to test the key trend line
, which added to the overall bearishness of the Ripple. Inability to test the trend line
again means that new swing lows are probable. Currently, we are still wedging and space is getting tighter and tighter. In a few days, there will be no more space to move sideways, hence the investors will decide whether we see Ripple marching higher above the down slipping trend line
that has kept the price below it for more than 9 months, or below the horizontal support that has kept the price action above it for more than 10 months. Thus, the decision time is looming. As no bigger correction took place in the last couple of months, the chances for a break down are higher. If we break the horizontal support, watch out for the 88.6% Fibonacci support couple with another horizontal support. All in all, wait for the break on either side before committing to a trade.