THe daily chart with year high and all time low price showing a clear downtrend. The Fibonacci Retracement is indicating multiple pivot prices.
Ripple (XRP/BTC) was suffering a six-day losing streak since 09 February. XRP is in a medium term bearish pattern since end of the month of September last year. Ripple value plummeted -73% from the price 0.00001566BTC at 30 September to the new record low of 0.00000420 January 05, 2017.
According the coinmarketcap.com data, Ripple is the 3rd most market-capped altcoin and the 6th most active in daily trading volume. The market capitalization on last checked(February 17 2017) amounted $225,435,786 with daily volume exceeding 650-700BTC. The most active XRP markets are in BTC and USD, with most of the trades done in Poloniex and BitMex Futures.
Important XRP/BTC price levels to watch,
Year high – 0.00000920 (January 12 2017)
All time low – 0.00000420 (January 05 2017)
Ripple (XRP/BTC) was under heavy selling on yesterday, losing almost 10% in the process and closed at 0.00000571BTC (02/16/2017, 23:59 UTC) on Poloniex. The volume totaled over 108,150XRP the weekly highest.
Nevertheless, XRP price is still distanced away from the yearly low of 0.00000417 transacted on January 05, 2017. At the moment, the price is still not out of the wood yet and is battling around 0.00000585 level. The 3rd largest market cap ctyptocoin is in danger for further dump if the critical support zone of 0.00000580 failed to hold. This zone coincidentally is within psychologically important double bottom formation, yet the long and short range channels don’t indicating positive revival just yet.
But don’t rule out a Maidsafe Coin (MAID) spike. However, any swing below 0.00000640 would not transform much of its shorter term feeble sentiment. Any reversal trading could lulled at 0.00000600 or 0.00000620, two major support regions. At the moment, Ripple is more likely to follow Ethereum Classic and Litecoin gaits in exploring and finding the base.
Some Important XRP/BTC Price Levels for the Immediate Term based on 30 minutes chart
Important Resistance Levels
R1 – 0.00000600
R2 – 0.00000620
R3 – 0.00000640
Crucial Support Levels
S1 – 0.00000570
S2 – 0.00000550
Trading Idea : Keep tracking on the current double bottom and bullish candlesticks formation for potential turnaround. Otherwise, wait for the price swing higher towards double top level around 0.00000610-0.00000620 for the pullback trade setup
But remember set take profit and cut lose ratio to 3:1.
For more info of the Double Top/Bottom and Engulfing Candles Strateg trading setup, read here.
Trade The XRP/Bitcoin Futures on BitMex
Ripple (XRP7D) is tracking closely with Ripple price in other exchanges defying the BTC momentum.
The Ripple derivative is in the form of a Futures Contract and allows traders to speculate on the future value of the Ripple (XRP7D) exchange rate. Traders need not have Ripple to trade the futures contract as it only requires Bitcoin as margin.
Trade Ripple on BitMex Futures
** check below for other BTC/cryptocoin exchange options
BTC Exchanges With Ripple(XRP) Trading,
✘ BitMex Futures
Get Your Bitcoin with following websites,
✘ Local Bitcoins Direct Buy from online marketplace where users can trade Bitcoin for fiat cash directly with each other.
✘ Changelly Plus Other Cryptocurrencies.
✘ CEX.io, Buy/sell and trade bitcoins.
BTC Exchanges and Charts With Altcoin Trading,
✘ Hit BTC
✘ Simple FX
✘ Whale Club
Please let us know what your thoughts on this latest cryptocurrency sensation and update us if you have any insights in the comment section below.
chart via tradingview with data source from Poloniex and BitMex.
The author is a self-described cryptocurrency activist. Ironically, he is not involved directly on the development and mining. But a keen trader that specifically studying and analyzing the chart and prices based on zen principles of candlesticks price action techniques. And most importantly, he is always prone to deceiving price movements that can exposes to trading losses. So trading based on his personal opinions is extremely risky and not advisable.