XRP has taken a beating since its high of $3.28 on February 4 this year. With the market bouncing where is XRP headed?
XRP has continued to bleed since reaching it's peak losing some 90% of it's price since February. August 14th lead to the lowest price yet for XRP as it bounced off $0.24 after wicking below support. This led to the lowest RSI reading for XRP since December 2016. With the market adding billions after a long crypto-winter and XRP back above $0.29 the bears are beginning to look exhausted. Though things are looking positive traders are encouraged to wait for XRP to stabilize and show a clear break of the downward trend before taking new positions. A daily close above $0.44 would indicate that bullishness is returning to XRP and a subsequent move up to $0.65 becomes likely.
We will look for a more reliable buy set-up with a better risk/reward ratio before taking any new positions.