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Ripple (XRP) Price Stuck in a Short-Term Downtrend

Ripple (XRP) Price Stuck in a Short-Term Downtrend

2018-10-08 09:21:00
Nick Cawley, Strategist
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Ripple (XRP) Price, Chart and Analysis

  • Ripple loses 10% of its value over the weekend.
  • Support around $0.43 cuts across the downtrend channel.

Ripple (XRP) Giving Back Recent Gains

The late September surge in Ripple that saw it touch a near five-month high at $0.78 continues to be eroded as buyers dry up and sellers take back control of the market. Ripple now trades below its 200- and 20-day moving average and remains in a downtrend started off the September 30 high at $0.62. Horizontal support cuts across the downtrend around $0.43 and this level needs to hold to stem further losses. Below here the 50-day moving average at $0.39 comes into play.

IG Sentiment Data show how retail traders are positioned in various cryptocurrencies and how changes in holdings can affect market sentiment. Retail are 95.5% net-long XRP – a bearish contrarian indicator – but recent daily and weekly sentiment shifts currently give us a mixed trading bias.

Ripple (XRP) Daily Price Chart (March – October 8, 2018)

Ripple (XRP) Price Stuck in a Short-Term Downtrend

Trading volume has also dried since the late September spike, leaving the market vulnerable to further falls as buyers remain on the sidelines. To push higher, Ripple needs a combination of increased turnover/volume along with high prices otherwise all of the recent spike - from $0.32 to $0.77 - is likely to be retraced.

Ripple One-Month Volume Chart – October 8, 2018

Ripple (XRP) Price Stuck in a Short-Term Downtrend

(Chart – Coinmarketcap.com)

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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 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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