Market Update

Insights for the Asian Crypto trading session Friday 7/12/18

  • BTC/USD: Bitcoin critical demand area $3,500-$3,800 tested by bears

  • XRP/USD: Ripple needs to hold $0.32 or risks sell-off towards $0.20 - $0.25 cents

  • ETH/USD: Ethereum slumps, close below $100

  • BCHABC/USD: Bitcoin Cash loses 81% of value in one month

  • XLM/USD: Stellar tumbles lower, retest of 2017 lows in sight

Ripple Technical Analysis: XRP/USD if $0.32 is broken, longs will capitulate

  • XRP/USD bears are testing the recent lows at $0.32 cents

  • Breach of $0.32 will likely see a test of $0.20-$0.25 cent area

  • Should Ripple market cap be $4 billion higher than Ethereum? Or is XRP/USD mispriced?

XRP/USD  Daily chart

dec 7.png

Our forecast:

XRP/USD: Daily price has broken lower from the recent support zone around $0.35-$0.37 cents formed after the explosive rally towards $0.80 cents in mid September. XRP/USD price action via the 60-minute chart view can be seen moving within a bearish descending channel pattern and now challenging the $0.32 cent breakdown level. In our view should this support level be broken there should be a quick move lower towards the $0.20-$0.25 cent level as bulls capitulate. Only a break back above $0.37-$0.38 cent resistance will negate the immediate risk to the downside.

Daily Technical Analysis Summary: Strong Sell

Moving Averages: Strong Sell

Oscillators: Sell

Support 1:                 $0.3250

Support 2:                $0.3050

Resistance 1:             $0.3450

Resistance 2:            $0.3600