Ripple's XRP: Still the dud player
- XRP continues its underperformance even as others drag down.
- Small bounces are imminent, larger trend remains down.
Ripple's XRP the crypto that briefly took over the thrones of second largest crypto last year from Ethereum, continues to stay lower and underperforms larger crypto market in a week that saw prices of all the cryptocurrencies fall off the cliff edge.
XRP/USD up about eight cents of a percent at $0.334 in a less than 2 percent range for the day, adding to the signs of XRP's consolidation. On the daily chart, as pointed by this author last week (read here), XRP continues to play southwards in a downward sloping parallel channel whose lower end is around $0.23 currently.
Although XRP is currently trading at lower end of the bollinger bands and small bounces can't be ruled out from here, larger trend still remains lower and any major bounce towards $0.40 will get sold into.
XRP/USD daily chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
