Ripple (XRP) Price Watch: Bearish Pullback in the Making
Ripple Price Key HighlightsRipple price recently fell through short-term consolidation to test the bottom of its channel.Support appears to be holding, so price could be due for a pullback to the descending channel resistance from here.The Fib retracement tool shows the potential correction levels where more bears might be waiting.Ripple price fell to the bottom of its descending channel on the 1-hour chart and might be due for a quick correction.Technical Indicators SignalsThe 100 SMA is below the longer-term 200 SMA to show that the path of least resistance is to the downside. In other words, the downtrend is more likely to resume than to reverse.RSI is already indicating oversold conditions or that sellers are feeling exhausted. Turning higher could bring more buyers in and allow the correction to unfold. Similarly stochastic appears to be making its way out of the oversold region to signal a pickup in bullish momentum.Both
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