Disappointing daily performance charts for Ripple (XRP) after so much hype in the media recently. Is it really “Time to give ripple the respect it deserves”? Considering this significant drop is it now time to take all our capital and dump it for the reverse?
If we rely on technical analysis we should not be pulling the trigger just yet.
Ripple has been showing one bearish signal after another and it looks like a reversal formation is showing. A complex double top pattern can be seen as price failed in its attempts to break past the 0.2000 barrier recently.
Price is still testing the neckline around the 0.1600 area and a break lower could send it down by an additional 0.0400. The 100 SMA has crossed below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In addition, these moving averages have held as dynamic resistance on the recent pop higher.
RSI is turning lower to reflect a return in selling pressure. Stochastic also looks ready to move down so Ripple might follow suit. Support is also located around the 0.1300 lows.
Oh Dear… looks like we have some ways to go before we bottom out on this crypto.