Search ForexCrunch
  • XRP takes support at lower level.
  • Any further fall from there and it would be chaotic.

Ripple, wihch is trading deep in the red, has managed to bounce a bit from the lower levels but as long as it remains within the kissing distance of the lows of the year hit today, it would continue to be a red flag for the bulls.

XRP/USD is down 8 percent on day at $0.451 after making a low of $0.4437. On the hourly chart, the crypto took support exactly at the descending trendline and managed to bounce a bit. But what remains a worry for the bulls is the fact that it is still in a waving distance from that low and any small bounce would only be a selling opportunity for the bears.

If XRP manages to break below this low too, then all hell breaks would lose and it would be a long summar holiday for the bulls.

XRP/USD hourly chart: