- Bears retain firm control of pushing XRP/USD lower, eyes on possible break of support zone, $0.66-0.62.
- 2017 sell-off may not be over yet for the cryptocurrency market in general.
The Ripple price is seen down again on Tuesday, some 2.7%, as the market bears remain in control of taking XRP/USD to the south. It has been a soft start to the week so far for much of the cryptocurrency market, after the bull run failed to sustain momentum.
Many were speculating as to whether the market was out of the bearish trend lower, that had been seen for much of 2017. There was hope after a decent bounce in the market seen at the start of April, XRP/USD has jumped around 100%. The price started to lose momentum and re-entered the bear market on the 5th May.
Technically, XRP/USD is trading just within a buying zone, tracking from around $0.62 to $0.66, this area does not appear to be very firm, so could be vulnerable to a breach. Should the price slip below, eyes will then the mid $0.50 will likely come back into play. Resistance to the upside should be noted at; $0.70, $0.75 and $0.78.
XRP/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.