The Ripple price recovery is fading fast. XRP has not only reversed Friday’s rally but looks in danger of going even lower.
XRP was still recovering from one crash when it was hit with a second, and more violent wave of selling.
The Ripple price had been on a tear in April. After breaking above $0.6350 on the 5th of April, it went on to add a further 205% over the next nine days and set a multi-year record at $1.9637.
The following nine days were not as fortunate, and the Ripple price sunk to $0.8737 after giving back 56% from the high.
The next month of trading was volatile, to say the least. A +100% rally was followed by a 32% decline, which was then reversed by a 42% rise.
This left XRP trading at $1.6435 on the 18th of May.
The 19th of May will go down in history as the day that wiped 1 Trillion dollars from the total cryptocurrency market cap.
Although the price lost 50% in the sell-off, it had only taken it back to the level it was trading at a month earlier. XRP bounced from the low at $0.8290 and by Friday was back at $1.2200.
Yesterday’s bounce failed to achieve any follow-though momentum and the price is once again turning lower. Furthermore, it looks like this time around it might exceed the April lows by a considerable amount.
If the price has any chance of recovering soon, it needs to hold above Wednesdays low at $0.8290. If the Ripple price starts to trade below this level it’s possible that the next stop will be $0.6500.
The price will be supported at $0.6500 by a trend line that has been in place from the January lows. I would consider this to be a strong area of support. On that basis, if this trend also gives way, the price could head much lower.
However, as long as the price stays above $0.8290 it might have a chance of recovering. The next day or two will tell us if the crypto crash is finished or only just beginning.
Ripple Price Daily Chart
Follow Elliott on Twitter.