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 the 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.
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