Ripple Price Chart Flashes Warning Signs
Ripple Price (XRP) News and Talking Points
- Cryptocurrency sell-off drags Ripple (XRP) sharply lower.
- Losses may rack-up if technical support levels are breached.
Ripple Price Likely to Crumble if Important Chart Support Fails
Ripple has fallen into an important technical trading zone with further losses likely if support fails to hold. The latest price action continues to show market exhaustion with traders moving out of Ripple after its recent stellar gains. We have looked extensively at Ripple in our weekly cryptocurrency webinars and have repeatedly highlighted the support offered between $0.86 and $0.92, made up of a combination of highs and lows from mid-December 2017 onwards. This zone also includes the important 78.6% Fibonacci retracement level of the December 7 – January 4 rally at $0.865.
The latest daily chart also shows a series of lower highs being made - a negative chart set-up - while the stochastic indicator at the bottom of the chart is pointing sharply lower indicating further losses. If support fails, the next level on the downside comes in around $0.70 ahead of the February 6 low of $0.58.
Ripple Price Chart Daily Time Frame (November 2017 – February 22, 2018)
Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars
If you are interested in trading Bitcoin, Ethereum, Ripple or Litecoin we can offer you a wide range of free resources to help you. We have an Introduction to Bitcoin Trading Guide along with a Free Practice Account. In addition we run a Weekly Bitcoin Webinar and have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.
What’s your opinion on Ripple and the latest sell-off? Share your thoughts with us using the comments section at the end of the article or you can contact the author via email at Nicholas.firstname.lastname@example.org or via Twitter @nickcawley1.
--- Written by Nick Cawley, Analyst.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.