Ripple dropping strongly, watch for a pullback to resistance!

BITSTAMP:XRPUSD   Ripple / Dollar
Ripple is dropping really strongly and we watch for the pullback to our 1st resistance level at 1.1508 ( Fibonacci retracement , horizontal breakout resistance level ) where it could serve as a possible re-entry level for price to react off and make a push down to 0.8729 support ( Fibonacci extension , horizontal swing low support).

RSI (89) has made a bearish exit of our long term ascending support-turned-resistance line and also has broken below our 42% support opening a large downside move.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
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