- Ripple is another 3% lower on Wednesday as sentiment remains weak.
- The intraday charts have shown a bearish pattern break.
XRP/USD 1-hour chart
Ripple has been trading pretty bearishly over the weekend leading into this week. The price did its best to recover and form a base formation but now it seems the price might be heading back to the lows. The Fibonacci from the swing high of 0.24700 to the low of 0.19901 gave us the 38.2% retracement level. When the price retraced higher it found some resistance there and has now pulled back lower to trade near 0.2069. The key area will be the psychological 0.200 level as the market has found support there in the past. If the chart pattern is anything to go by then it seems the bears will be looking to test it again. From an alternative standpoint, the price could be looking to make a new lower high for a move up. This theory is unconfirmed and we will need more time to see what transpires.