Ripple price analysis: XRP/USD forms a bullish flag pattern in readiness for a breakout

• Finder.com Ripple October prediction indicates an 8% decline by the end of 2018.
• Ripple bulls are losing their grip on the price with each passing day.

Ripple broke the week-long support established at $0.50 over the last weekend. As predicted by finder.com expert panelists, Ripple has started deflating. The panel of analysts in there October report said that Ripple (XRP) will drop 8% by the end of 2018. The current declines come in the wake of a Ripple price surge that saw the asset brush shoulders with $0.7.

The bulls are losing their grip on the price with each passing day. Besides, the weekend declines broke another support at $0.475 before forming a low of $0.467. A support was established at $0.465 resulting in a bounce that stepped above the 23.6% Fib retracement level between a high of $0.51 and $0.467. The price lacked the momentum to correct further up towards $0.50. This allowed the sellers to enter and XRP began trimming the gains on Monday.

At the time of writing, XRP/USD has formed a bullish flag pattern with a support at $0.48. An upside breakout is expected to zoom above $0.50. Meanwhile, Ripple is trading within the moving average support and resistance where the 50SMA is hindering growth while the 100SMA is offering support. The current trend is bearish with the RSI advancing south into the oversold region.

Looking at the chart, a breakout is imminent in the short-term but the short-term support at $0.48 must be defended to avoid a breakdown towards the next support target at $0.465.

XRP/USD 15′ chart