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Ripple (XRP) Chart Remains Negative; Little Technical Support

Ripple (XRP) Chart Remains Negative; Little Technical Support

Nick Cawley, Strategist

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 Sentimentshows 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 (XRP) Price Battles with Technical Resistance; Where Next?

Ripple Price Chart Four Hour Time Frame (May – June 18, 2018)

Ripple (XRP) Chart Remains Negative; Little Technical Support

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

If you are interested in trading Bitcoin, Bitcoin Cash or Ethereum 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 Demo Account. In addition we run a Weekly Bitcoin Webinar to help you keep in touch with the market and make more informed trading decisions.

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 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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