Yesterday, Ripple bounced off perfectly from the upper trend line acting as the top to the converging wedge formation, and most importantly, ended up breaking below 0.6796. This is a potential sign that the bears are taking charge, and while the price is rallying within the converging wedge formation, we expect a drastic decline in value and may extend beyond 0.5252 towards 0.4493 or even lower. Instead of going short now, conservative traders could wait for a pullback towards 0.6795 to pick a low risk short position with targets at 0.5252 and 0.4493 respectively.
We’re short towards 0.5252
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