XRPUSD Price Continues to Decline

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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.

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