Fundamental analysis and financial markets. Ripple Chart and Talking Points – Ripple lost 20% on Saturday before the third-largest cryptocurrency rallied back to pre-weekend levels.
– The re-test of three-month lows may point to further downside. If you are interested in trading cryptocurrencies we have just released a new Guide to Day Trading Bitcoin and Other Cryptocurrencies to help you navigate the market.
The volatile trade over the weekend saw Ripple drop form $0.68 to a low of $0.53 in a 24-hour period before rallying back to a current level of $0.65. The fall was part of a wider sell-off in the whole cryptocurrency space that saw the market’s capitalization hit a four-month low of $276 billion.
Korean Won buyers were noticeable, trading at an average price of $0.678 at the Bithumb exchange. The one-hour chart highlights the sharp rebound but still leaves the market undecided on the next move with lower prices still more likely with the green $0.58 to $0.68 one-hour candle vulnerable likely to be re-tested.
We will be discussing a range of cryptocurrency charts and price set-ups at our Weekly Cryptocurrency Webinar every Wednesday at 12:00 GMT. The daily Ripple chart still highlights strong resistance starting at $0.85/$0.86 area and is expected to hold unless market fundamentals change completely. Read more from dailyfx.com…
thumbnail courtesy of dailyfx.com