Ripple recorded some good gains last week before we saw the selling volume overpower the bulls.
The market action has left us with a confirmed double top on the 4 hour candle chart. In this kind of setup I am bearish, with the pressure on the bulls to push us past $0.85 and back into the $0.90 zones.
Current resistance is strong above $0.85 and the $0.80 support zone is getting tested as I write this report. We can also see that the indicators are confirming the bearish momentum, for the time being.
Support is between $0.60 – $0.70 in my opinion on the shorter time frame.
Lets take a quick look at the XRP vs BTC market.
Here we can see a similar situation with the double top being a bit obscured on a slanted angle, bearish action none the less.
We could see a bit of a dead cat bounce here to the 9500 sat range, however I expect the bleeding to continue should the market consolidate below this.
Support on the very near term is around 8800 sat, I am a bear on the market with possible shorts in mind should we consolidate below this. Safe trades.