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Ripple (XRP) Price Analysis: Charts Point to Further Losses

Ripple (XRP) Price Analysis: Charts Point to Further Losses

2018-11-23 10:30:00
Nick Cawley, Analyst
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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)

Ripple (XRP) Price Analysis: Charts Point to Further Losses

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.

Ripple (XRP) Price Analysis: Charts Point to Further Losses

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.

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 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 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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