Ripple has grown in line with the latest crypto rally but today things look a little bit different. The most popular centralized digital currency has been dropping ever since the start of the trading day and has lost almost 15%.
The plunge started during Asian trading hours and the current daily low is $0.78. Several indicators fired off “sell” signals and we’ve picked one of them for a more detailed look – the MACD.
But the main thing that is happening on the chart of Ripple right now is the pattern that is unfolding before our eyes – a bearish engulfing candle will be formed if today’s closing price is below yesterday’s opening price.
We created a guide to this pattern not long ago, here’s a link to it for a more detailed look: https://youtu.be/AKOfdPMQJe8
We also identify the support and resistance levels on the daily and hourly charts to find out where there could be potential turnarounds and/or milestones for the week ahead.