Ripple (XRP) Chart Remains Negative; Little Technical Support
Ripple Price, Analysis and Chart
- The question of Ripple’s regulatory status continues to fuel the bear's case.
- Technical support becoming weak with little in the way of a full re-trace back to $0.20.
IG Client Sentiment shows clients remain heavily long XRP and are further net-long than last week giving us a stronger bearish contrarian trading bias.
Ripple (XRP) Classification Debate Ongoing
The third-largest crypto by market capitalization, Ripple, continues to leak lower with investors rattled by the ongoing debate as to whether XRP is a security or not. The SEC recently said that Bitcoin (BTC) and Ether (ETH) were not securities but suggested that a large portion of the crypto-market may well be. If a crypto-token is classified as a security, then un-registered exchanges will likely drop trading them otherwise they will come under official US regulation. And last week Western Union said that while they are still trialing Ripple’s xRapid product, results so far show no financial benefits or cost savings.
Ripple is currently nearing trading between $0.505 and $0.545 with the downside currently being tested. A break below would open a move back to the April low’s around $0.455 before the December spike low at $0.407. Below here a complete retrace of the December 7 – January rally back to $0.20 is possible.
Ripple Price Chart Four Hour Time Frame (May – June 18, 2018)
Cryptocurrency Trader Resources
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What’s your opinion on Ripple? 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 firstname.lastname@example.org.
--- Written by Nick Cawley, Analyst.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.