As correctly predicted on the August 6, Ripple failed against the key trend line . The coin nearly touched the trend line again, however, the bears pushed it down before the contact has been made. Ripple has now made 8 consecutive bearish red candles which speaks for itself. It flushed through the 127.2% extension support and it is currently closing down on the big level - 161.8% Fibonacci support zone . The move has started around 0.0000620 and it is now approaching the support zone around 0.0000450. Given the magnitude and pace of the move, it is to be expected that a bounce will happen. 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, which represents a former horizontal support, now resistance.
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