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Ripple (XRP) Price Remains Positive Despite Latest Slump

Ripple (XRP) Price Remains Positive Despite Latest Slump

2018-09-25 09:09:00
Nick Cawley, Strategist
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Ripple (XRP): Price, Chart and Technical Analysis

  • Support needs to hold if Ripple (XRP) is to make further gains.
  • Cryptocurrency market a sea of red.

Ripple (XRP) Jump and Slump Nears Important Support

Ripple (XRP) volatility is very much abck with the crypto jumping from $0.30 to $0.75 in a mateer of a couple of days before slumping all the way back down to $0.45 in quick order. News that XRP technology had been adopted by a top US financial institution drove the rally but XRP the token is not being usedfor now. This difference between Ripple the company and Ripple the token continues to make putting any kind of valuation on XRP extremely difficultand the marekt may have to wait for the SEC decision on whether they see XRP as a security or not.

The latest Ripple sell-off has halted for now just above a reasonably important support zone between $0.34 and $0.425, and this needs to hold to give bulls a reason to re-enter the market. If this support is broken, expect XRP to trade back down to old support around $0.25.

One of our most popular articles on this subject explains Lower Highs/Higher Lows in more depth and how they change market sentiment – Buy the Higher Low and Sell the Lower High

Ripple Four Hour Price Chart (September 9 – September 25, 2018)

Ripple (XRP) Price Remains Positive Despite Latest Slump

Cryptocurrency Market – Losses Across the Board

The recent goodwill in the cryptocurrency space has disappeared with the market recording heavy losses across the board. The market capitalization has fallen by around $20 billion to $207 billion and may yet re-test the recent $187 billion low.

Ripple (XRP) Price Remains Positive Despite Latest Slump

IG Retail Sentimentshows that traders are 93.7% net-long of Ripple - a bearish contrarian signal – but recent daily and monthly changes give us a mixed trading bias.

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

If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account so you can practice trading this volatile asset class.

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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