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The price of Ripple extended its downside movement and now is trading at 0.4520 at the time of writing. In the short term, the price action developed a range formation, so only escaping from this pattern should bring new opportunities.
In the last 24 hours, Ripple is down by 2.28% and by 5.20% in the last 7 days. Bitcoin's drop forced the altcoin to drop as well.
As you can see on the H4 chart, the rate failed to take out the 0.4790 and now it has turned to the downside. Still, it's trapped between 0.4790 and 0.4402. It remains to see how it reacts after reaching 0.4402.
Its failure to stay within the ascending pitchfork's body (above the lower median line) signaled strong sellers.
Dropping and closing below 0.4402 activates further drop and is seen as a new selling signal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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