Ripple drops another 2% today: a descending triangle points to more downside
Ripple’s bearish momentum continues A descending triangle points to a drop to $0.4 A head and shoulders pattern paints a gloomy picture for Ripple There is no break from the bearish momentum in the cryptocurrency market. Unless you are invested in Bitcoin, the suffering from being on the long side of any other coin has been tremendous. Take Ripple (XRP/USD), for example. After spiking close to $1 during the summer, it quickly returned all its gains. Basically, a classic pump-and-dump price action, enough to attract late newcomers to the party, only to see their investment quickly disappear. More problematic is the recent price action. It gives no signs of the bearish pressure easing anytime soon. Just the opposite, as the market appears to form a bearish continuation pattern – a descending triangle . Ripple chart by TradingView Descending triangle points to a quick move to $0.5 As a bearish continuation patte...