FX.co ★ XRPUSD tests major support at $1.

XRPUSD remains under pressure. Price is making lower lows and lower highs. Bears remain in control of the trend as long as price is below $1.08. Price has formed a descending triangle pattern. This is a bearish pattern that usually provides a new sell signal by breaking below support.

Blue rectangle -horizontal support

XRPUSD is challenging the horizontal support area around $1. Price remains below the key red downward sloping resistance trend line. Bulls need to break above $1.08 in order to break this resistance and give the first reversal sign. So far the blue rectangle support area at $1 has been tested several times but each time the bounce that followed, was shorter than before. This is a sign of weakness and most probably we will see price eventually break below $1 towards $0.80.