Ripple price analysis: Breaks down on the short term charts, long term turns shaky too; UPbit raid having a domino effect
|- Ripple crashes off the cliff.
- Long term charts on the verge of turning bearish.
- South Korea's exchange UPbit raided, affects sentiment.
Ripple broke down of a critical levels on the short term chart, very support it was sitting at on Thursday and bulls tried all they could to hold on to it. This breakdown point was a make or break point (read earlier related story here) and this now results in long term trend nearing a critical point.
XRP/USD is down more than 10 percent in Friday's trading at $0.671 near day's low of $0.648. Immediate support for the bulls to cling on to is around $0.60 which was XRP's earlier swing low in April and as long as this low holds, bulls do have some hopes of recovery.
Among the news that had an impact is the raid on South Korea's largest crypto exchange UPbit on fraud charges. UPbit is world's fourth largest crypto exchange and hence if operations at UPbit gets affected it does affect sentiments negatively.
XRP/USD 120-minute chart:
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