Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View More
Cryptocurrency Market’s Heavy Losses; Ripple (XRP) Price Slump

Cryptocurrency Market’s Heavy Losses; Ripple (XRP) Price Slump

Nick Cawley, Senior Strategist

Cryptocurrency & Ripple News and Talking Points

- Cryptocurrency market a sea of red as sellers take control.

- Ripple slides through support with ease.

Cryptocurrency Market Hit by a Wave of Selling

A warning that future sales to the cryptocurrency mining community from GPU giant Nvidia has seemingly sparked a heavy sell-off in the market with double-digit losses common across the sector. While Nvidia said that demand for GPUs was stronger-than-expected in the first quarter, the company warned that sales to the crypto market will likely fall by around two-thirds in the current reporting period. The sell-off has caused the sector’s market capitalization to fall by $40 billion to just under $400 billion.

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

Ripple Continues to Fall – More Losses on the Horizon?

The third-largest cryptocurrency my market size, Ripple, continues to give back most of its April rally as support levels fail to hold. XRP is already under downside pressure on worries that the SEC may classify the token as a security, a situation that would further adoption of XRP by other exchanges unlikely. The April 25 swing low at $0.75 provided little support while on the four-hour chart the token currently trades below all its daily moving averages, another negative set-up. A gap on the April 12 candle around $0.60 is the next likely level of support.

We have also noted in the past that a heavy sell-off in Ripple may become self-fulfilling due to retail positioning.

Ripple (XRP) Price Chart in US Dollars(March 28 – May 11, 2018)

Cryptocurrency Trader Resources

If you are interested in trading Bitcoin, Bitcoin Cash or Ethereum we can offer you an informative Introduction to Bitcoin Trading Guide.

What’s your opinion on the latest cryptocurrency sell-off? 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.

DISCLOSURES