Ripple fell a bit on Wednesday to lose over 6%. The market is currently threatening the $0.75 level, and now it looks as if we could begin to roll over. Unfortunately for Ripple, it continues to be affected by the momentum of Bitcoin in general. Bitcoin fell rather hard during the session as well, so it has a bit of a “knock-on effect” in this market. The market has gone up and down with the overall attitude of crypto as per usual.
The 50-day EMA is just above, and slicing through that during the trading session on Wednesday was a negative sign. But if the $0.75 level holds, that could be a positive turn of events. If we break it down below the $0.70 level, then Ripple would more than likely fall apart, perhaps sending the coin down to the $0.60 level. If that happens, then it looks as if we are trying to continue the overall consolidation area that we have been in, and this will open up the possibility of trading a range-bound system if you have it, as has been the case for some time.
Ripple is still stuck in the SEC lawsuit, so it will be interesting to see what happens with that going forward. At that point, the market is very likely to see a lot of back and forth and volatility based on the latest headline, and it is worth noting that lawsuits like this take quite some time. The overall attitude of the market has been one of sideways action, but if Bitcoin takes off again, that could have a certain amount of positive influence here. Obviously, the exact opposite is also the case as well.
It now looks as if the 0.90 level is a bit of a “double top” in this market. If we were to turn around and break above there, then the market is likely to go looking to the $1.00 level, which obviously has a lot of psychology attached to it. That being said, it looks like we are more likely than not going to continue seeing downward pressure overall. The markets will continue to be very volatile and choppy, and Ripple is a market that favors the investor over the short-term trader, unless you have time to sit and watch the charts very closely.
