Ripple has been selling off impressively since late June and price went from $0.5 to a bit less than half ($0.25) in about two months. However, the strength and impulsive moves we saw early July are starting to clearly disappear, volatility is decreasing fast and more sideways movement is seen lately. This all shows that buyers are recovering or maybe a combination of that and sellers profit taking is happening. Also, notice the huge spikes that formed in price, meaning there is strong and powerful buying forces preventing that this market goes lower, which tells me something big is about to happen.
Long term bias is still bearish and the impulsive-corrective-impulsive pattern is still in play. If price keeps pushing down and breaks the key support level at $0.2368, chances are we start to see volatility increase again and bigger swings. Should price have a reaction from the support zone shown and break the minor resistance zone at $0.26, bias will switch to bullish short term and we could look for long trading setups at pullbacks into that level. Targets are $0.29, $0.35 and $0.37.
Let me know what you think in the comments below and thank you for reading!