Home Tech Ripple Eyes Retreat After Record Price Highs

Ripple Eyes Retreat After Record Price Highs

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Ripple’s XRP token may have found a short-term top and there’s potential for a sustained pullback in prices, price charts suggest.

As per data source OnChainFX, the world’s second largest cryptocurrency by market value is down 15 percent from a record high of $3.84 set yesterday. Over 24 hours, XRP is down 10 percent.

A look at the top 10 ripple markets shows that the sharp retreat from the yesterday’s high is mainly due to losses in theĀ XRP/KRW (Ripple-Korean won) pair. Also, profit taking in XRP/BTC (Ripple-bitcoin) may have played a role in dragging down XRP.

While the price action looks toppy, the technical charts indicate there is scope for a deeper pullback. As of writing, XRP is trading below $3.00 on western exchanges, while, in Asia, the price is still well above $3.50 levels.

Ripple chart

A doji candle indicating bull market exhaustion.

A potential bearish doji reversal. A close (as per UTC) today below $2.512 (previous day’s low) would confirm a short-term bullish-to-bearish trend change.

The relative strength index (RSI) shows overbought conditions

Source:www.coindesk.com