Ripple has formed lower highs and found support at the .3065 mark to create a descending triangle pattern on its 1-hour time frame. Resistance seems to be holding quite well so a move back to support might be due.
The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, resistance is more likely to hold than to break. The 200 SMA also lines up with the top of the triangle to add to its strength as resistance.
RSI is heading lower to indicate that selling pressure is in play. This oscillator is on middle ground so it has some room to go before indicating oversold conditions. Stochastic is also heading south so price could follow suit until oversold conditions are seen.
Ripple appears to be behind some of its peers in joining the rallies over the past weeks, but the fact remains that bulls are defending support quite well. Although Ripple has been on solid footing with a good platform and several partnerships with big companies, there is some concern about…