Daily Chart
It’s clear: sellers are in charge and are not relenting as they snap back in trend validating the general bear break out trend set in motion by that high volume, bear candlestick of June 22.
While we were upbeat about XRP, the fact that they are trading below 45 cents hints at further losses. For affirmation, both set of traders-aggressive and conservatives-should be prepare to short on pull back once we see prices trending below 40 cents.
In line with our last XRP technical analysis, ideal bear targets would be 15 cents.
From the News
A Taiwanese cryptocurrency exchange, Bitrue will be offering trading pairs with XRP as base. By doing so, it is diverging from the tradition set by most exchanges whose base currencies are dominated by ETH and BTC. Besides, Bitrue are inclined to provide general transparency to the ICO market and to make sure that happens, they shall only list professionally selected ICO tokens. This is on top of collaborating with Wanchain, a cross chain platform.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.