MagicPoopCannon

More Downside Likely for Ripple!

KRAKEN:XRPUSD   Ripple / Dollar
223 0 2
Looking at the four hour chart for Ripple, we can see that a large bear flag has formed, as XRP fell to the 38.2% retracement level, after reaching an alltime high. We can see that volume has fallen, signaling exhaustion in XRP. In addition, the MACD is trending lower, confirming the loss of momentum. If the bear flag is broken to the downside, Ripple should fall to the top of the ascending channel (green dashes.) Based on the size of the bear flag , there is a high possibility that price action could fall back into the ascending channel . It would then be met by the 50 EMA in orange, then the 50% retracement level, around $1.35.

Remember, when you want accurate analysis, turn to your trusty ol' friend, the MagicPoopCannon.

Happy New Year!

I'm out.

-JD-
Comment: ***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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