XRP has clearly broken down from a head and shoulders
pattern, as price failed miserably to recover above the 61.8% Fibonacci retracement
level in green. The size of this head and shoulders
pattern is large enough to yield a price target in the 0.09 area. However, there is significant support between the current price level and 0.09. Specifically, the bottom of the falling wedge
(in blue) is where the biggest support is. Based on this price action, it's clear that the downtrend remains intact. Therefore, the price target remains at the bottom of the falling blue wedge
, in the 0.15-0.16 range.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***