XRPUSD in its second leg lower.

XRPUSD has broken short-term support and is moving lower. Price remains in a bearish trend. Price is now at $0.91 and our target remains at $0.86 area. In our previous analysis we warned XRP bulls that the current price action was giving us signs of weakness and that a break below $1 would be confirmation that the next leg down has started.

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Green lines - Fibonacci retracements

XRPUSD is now approaching our target at the 61.8% Fibonacci retracement. This is important support. Breaking below it, will open the way for a move lower towards $0.70. Bears remain in control of the trend. There is no sign of a bottom or a possible reversal. More downside should be expected.




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Alexandros Yfantis
Analytical expert of InstaForex
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