Channel Down emerging. Short.

Ripple has broken the previous top Triangle and resumed the commanding 1W downtrend (ADX = 34.310), developing a Channel Down on 1D (Highs/Lows = -0.0209, B/BP = -0.0262), which is now facing the first important support test (0.500 Fibonacci retrace) at 0.4500 - 0.4600. Breaking this level will see a quick test of the 0.618 Fibonacci level (0.41000) before the ultimate 1D Gap Fill at 0.27100. We don't expect this process to be a matter of just 1-2 weeks though, but remain bearish on XRPUSD nonetheless with TP = 0.27100.