Ripple continues to move lower against Bitcoin as it broke the 127.2% Fibonacci retracement level. On the 25th of October, it rejected the 200 Moving Average and stayed below since then.
Today XRP/BTC rejected the 127.2% Fibs and now it is acting as a resistance. It also broke below the previous low established on the 26th of October. Finally, Ripple rejected the middle trendline of the descending channel which is also treated as a resistance downtrend trendline.
Ripple is expected to move lower to test 161.8% Fibonacci retracement level at 2936 Satoshi. If it goes lower, downtrend might continue even further. Only a break above 3545 Satoshi could change the direction for Ripple, but until then, a bearish trend will remain valid.
