Ripple idea plays out | Technical analysis by Whaleagents | 8.29.2018

If you read and followed our suggestion from the August 13 in regards to potential bounce in Ripple, you made some good money. We stated that "Those who are looking for a bounce, place your stops against the 161.8% extension zone. The first potential profit-taking zone can be 0.000560". The result? The coin went briefly below the 161.8% extension support, created a hammer ( bullish candlestick pattern) and rebounded to 0.000570, thus triggering your profit taking level. Hence, a move from the 0.000450 to 0.000560 should have made you some money. The coin briefly went below the 161.8% and as we always advise, your stops should be triggered only if there is a comfortable close, on a daily time frame, below the support zone . As this did not happen i.e. the coin closed just at the 161.8% extension support, it allowed the bulls to return and create a mini bounce.
So, what now? The bounce was finished at the horizontal resistance line, as envisaged. However, the coin did not continue to test the key trend line , which adds to the overall bearishness of the Ripple. Inability to test the trend line again means that new swing lows are probable. If this is the case, move to 0.000360 - 0.886% Fibonacci support - is on the cards.

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