XRPUSD Price Continues to Decline

The month of December last year opened with signs of a bearish reversal. One of the major signs was the formation of a double-top bearish reversal chart pattern at $0.4080. After a retest of $0.3960, the price dived to $0.3320. The speed of the decline in the created a gap in the swing of the Bearish displacement. The new year started with a pump in price after the Bulls signaled a takeoff with a rejection candle that stretched to $0.3150. The price of Ripple rose rapidly in January, from $0.3150 to $0.4230. A change of character (ChoCh) was well established in February. The market declined through a bearish parallel channel. The Fair Value gap resting at the discounted level of 78.6% has been filled up.

XRPUSD Key Levels:
Demand Levels:$0.3590, $0.3320, $0.3140
Supply Levels: $0.3960, $0.4080, $0.4230

What Are the Indicators Saying?
The Month of December last year opened with signs of a bearish reversal. Firstly, the Stochastic rested above 80 on the indicator phase to reveal the exhaustion of the Buyers in the market. The appearance of the Parabolic SAR (Stop and Reverse) indicator further confirmed the downward trend. The year closed when the Stochastic was oversold. The presence of the Parabolic SAR (Stop and Reverse) points aided the ascent to the oversold region at $0.4230 in January. Without a breakout of the Bearish channel to the upside, the price is expected to decline below $0.3540.

Learn from market wizards: Books to take your trading to the next level

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  IQ Option

• 

  Graham Neary

• 

  James Cummings

• 

  Matthew Davison