Ripple XRP Chart (daily)
Investing.com – That was it! Yesterday he couldn’t stop at the bottom. After all, the cryptocurrency rushed almost 20 percent. XRP is paying tribute to the false breakout via a symmetrical triangle and costs just $ 1.07, down from $ 1.41 at the beginning of the week. The chart is clearly battered, but panic is not in order.
As a rule, false outbreaks are followed by fast, dynamic movements in the opposite direction. This can currently be seen at Ripple, which came under massive pressure after the false break at the beginning of the week.
However, the 50-day line offered support at $ 0.98. Yesterday’s candle with its striking lower shadow also provides a first indication of a countermovement or consolidation. In addition, despite the price declines above the former breakout level, the Ripple price is holding at 1.00 dollars, which gives the thesis of a technical reaction in the area of the support mentioned above quite charm.
To bring the XRP bulls back into pole position, a brisk rise above the lower limit of the trading range established since mid-August at $ 1.10 is required, followed by a price stabilization in the form of a consolidation lasting several days above this hurdle.
If this does not succeed, the Ripple price threatens further losses. The smoothing lines of the last 50, 100 and 200 days can currently be identified as relevant supports on the underside. These range from $ 0.98 to $ 0.85.
Note: This article does not constitute investment advice or a solicitation to buy or sell any asset. Nor does it purport to predict the development of the XRP price. It is merely a subsequent comment on the XRP development, the Ripple investors about the latest crypto news and the technical starting position of the should inform.
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