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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)

We look at Bitcoin, and other cryptocurrencies, at our Weekly Cryptocurrency Webinar every Wednesday.

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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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