Ripple (XRP) Price Analysis: Charts Point to Further Losses
Ripple (XRP) Price, Chart and Analysis
- Lower highs dominate the chart and the downtrend remains intact.
- Cryptocurrency market capitalization off nearly $700 billion from its high.
Ripple (XRP) Downtrend Remains in Play
The latest Ripple daily chart shows further weakness in the second-largest crypto-coin after the latest support level gave way. Ripple had held up slightly better than its peers in the recent market sell-off but is now sliding lower and towards support at $0.375. A series of six lower high candles in a row confirms the bearish outlook, while XRP now trades below all three moving averages, highlighting weak market sentiment. A break below the next support level ($0.375) opens the way to the August 14 low of $0.247.
Ripple (XRP) Daily Price Chart (May – November 23, 2018)
Cryptocurrency Market Capitalization Falls Further
The cryptocurrency market is currently worth just over $141 billion, nearly $700 billion lower than its peak valuation of $830 billion+ in early January this year. The overall market capitalization is now back at a level last seen in early October 2017, just a few weeks before the market surged in value.
Investors remain net-long Ripple (96.1%) – and they have remained heavily net-long for months - but recent positional changes give us a mixed trading bias. You can register to the IG Client Sentiment Indicator for free to get updated positioning data.
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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 view on Ripple – Bullish or Bearish? 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.