Yahoo Finance Ripple Technical Analysis – Hitting Choppy Waters 22/02/2018
Key Highlights
Ripple’s XRP slid to an intraday low $0.93088 on Wednesday, before recovering to end the day down 7.29% at $0.95095.
Wednesday’s fall followed on from an 8.09% fall on Tuesday that left Ripple just managing to hold on to $1.00.
A bearish trend through the week has continued, in spite of some of the cryptocurrencies enjoying a more positive first half of the week.
This morning, Ripple has yet to test its first major support and resistance levels,
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Ripple’s XRP slid 7.29% on Wednesday, to leave the crypto down more than 10% for the week, with Ripple giving up $1.00 levels on Wednesday and has been struggling to recover since.
Having broken through its first major support level on Wednesday and tested its second major support level, there was some buying interest in the early part of this morning, after hitting an intraday low $0.92988, with Ripple moving through its 61.8% FIB Retracement of $0.9884 to an intraday high $1.0047 before resistance kicked in and Ripple’s XRP pulled back to $0.9594.
In spite of the pullback, Ripple has managed to hold above its 23.6% FIB Retracement level of $0.9528, though having fallen back through the 61.8% and 38.2% FIB Retracement levels, we will expect Ripple to remain under pressure, with any fall back below $0.9600 continuing to support the bearish trend formed during the weekend.
A pullback through Ripple’s 23.8% FIB Retracement level of $0.9528 and we could see Ripple begin to test its first major support level, though we wouldn’t expect a fall to sub-$0.90 levels through the day, while $1.00 levels also look to be out of reach for now.
At the time of writing, Ripple’s XRP was up 1.7% to $0.9639 in what has been a choppy morning.
With Ripple’s first major support and resistance levels sitting well off current levels, investor sentiment towards Ripple will continue to be the key driver. While market sentiment has seen some improvement early in the day, the majors have fallen off their intraday highs, with a lack of a catalyst leaving investors fence sitting through the morning.
Positive regulatory chatter has done little to support Ripple, with the cryptocurrencies that are likely to be classified as true cryptocurrencies finding more support and justifiably so, from a regulatory classification standpoint.
There’s still a lot that can change and nothing is cast in stone, but with Ripple yet to have found any major support from the Ripple team’s successes in the real world, investor sentiment towards the likely effects of a shift in regulations will continue to be a major influence.
Looking at the Technical Indicators
Major Support Level: $0.9082
Major Resistance Level: $1.0164
Fib 23.6% Retracement Level: $0.9528
Fib 38% Retracement Level: $0.9664
Fib 62% Retracement Level: $0.9884
This article was originally posted on FX Empire
