Ripple Price Breaks Down but Bulls Can Still Recover the Damage
In my last Ripple price analysis, I noted that the coin had found support at the 50-day moving average and would look to test the highs again. That move higher ran out of steam and the coin has fallen back through the bottom of price triangle support.
Ripple’s XRP coin is up almost 2% on Monday after Bitcoin was able to get above the $10,400 level with a move of over 3%. BTC is again being driven by weakness in the U.S. dollar with the greenback 0.40% lower on the day.
A crypto analytics firm recently said that XRP could lead the market as they work with governments on regulation and compliance. Crypto Whale said in a series of tweets:
The only project in the entire market that is pushing for Crypto Regulations is $XRP. They know that once these regulations are added, it will completely annihilate almost every other altcoin, and make XRP’s demand skyrocket.
The analysis added, that many criticize XRP for being “too centralized, but that transparency is what governments want. This is a timely reminder on the growing government influence in the space, where EU finance ministers from five of the largest economies have recently pushed the EU commission to introduce tougher regulation on stablecoins.
Ripple Price Technical Outlook
Ripple’s XRP coin was trading in a triangle pattern and break out usually signals a new trend. For Ripple bull it is now important to get back above the uptrend support that now lines up at $02.600 if they want to see further gains in the coin. The 50 moving average at $0.2800 and the highs at $0.3000 would be targets. Traders seeking to learn more about price patterns should try the Forex Trading Course.