Ripple Price Declines Through a Falling Wedge

Ripple Key Levels
Demand Levels: $0.340, $0.320, $0.300
Supply Levels: $0.400, $0.420, $0.450

After sweeping the major high at $0.420, Ripple has turned bearish. A bearish displacement to $0.320 created a fair value gap on the daily chart.  After the bearish displacement to $0.320, the market retraced to $0.420. A double-top pattern with rejection candles formed below the supply level in December. In January, the price of Ripple rose    rapidly. The bearish trendline got broken to signify a new uptrend. The market rose to sweep the previous major  high   in November but failed to   test the large order block at $0.450. The price is currently falling as the daily candles bounce back and forth within a descending channel. The price  is expected to fall to $0.340.

 

What Are the Indicators Saying?
The bearish displacement to $0.320 sent the market to the oversold region on XRPUSD. The retracement prepared the market for another selloff. The upper Bollinger band resisted the market’s ascent as the Stochastic was overbought for the second time in November. The decline in price into the oversold region in December was very sensitive. The Bulls took advantage of the discounted price. The buying pressure from the oversold level opened the new year with a volatile bullish breakout. The market has turned bearish once again as the daily candles are assembling below the Bollinger Bands midpoint. The market is expected to decline to the $0.340 support level.

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