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Ripple (XRP) Bounce Back Should be Treated with Caution

Ripple (XRP) Bounce Back Should be Treated with Caution

Nick Cawley, Strategist

Ripple Chart and Talking Points

- Ripple lost 20% on Saturday before the third-largest cryptocurrency rallied back to pre-weekend levels.

- The re-test of three-month lows may point to further downside.

If you are interested in trading cryptocurrencies we have just released a new Guide to Day Trading Bitcoin and Other Cryptocurrencies to help you navigate the market.

Ripple (XRP) Needs Further Consolidation if it is to Push Higher

The volatile trade over the weekend saw Ripple drop form $0.68 to a low of $0.53 in a 24-hour period before rallying back to a current level of $0.65. The fall was part of a wider sell-off in the whole cryptocurrency space that saw the market’s capitalization hit a four-month low of $276 billion. Korean Won buyers were noticeable, trading at an average price of $0.678 at the Bithumb exchange.

The one-hour chart highlights the sharp rebound but still leaves the market undecided on the next move with lower prices still more likely with the green $0.58 to $0.68 one-hour candle vulnerable likely to be re-tested.

Ripple (XRP) Price Chart One Hour Time Frame (March 15 – 19, 2018)

Ripple (XRP) Bounce Back Should be Treated with Caution

We will be discussing a range of cryptocurrency charts and price set-ups at our Weekly Cryptocurrency Webinar every Wednesday at 12:00 GMT.

The daily Ripple chart still highlights strong resistance starting at $0.85/$0.86 area and is expected to hold unless market fundamentals change completely.

Ripple (XRP) Daily Price Chart in US Dollars (November 11, 2017 – March 19, 2018)

Ripple (XRP) Bounce Back Should be Treated with Caution

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Ethereum, Litecoin, Bitcoin Cash or Ripple we can offer you a range of free resources to help you. We have an Introduction to Bitcoin Trading Guide along with a Free Demo 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 – bullish or bearish? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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