Bitcoin and Ripple extend losses, while Ethereum continues to rise
Using prices from the Bitstamp exchange, XRP has fallen a staggering 48% since the high posted at the start of this year.
Recent talks of South Korean regulators stepping in has caused cryptocurrencies to cool off a little and so far the declines this week don't look like stopping. XRP has fallen to under $2 today, while Bitcoin is under $14,000.
On the day, Ripple's XRP is down by over 15%. But technicals show that there is some form of support at current levels. Yesterday, Greg had a good post on the technical levels for both Bitcoin and Ripple here.
Looking at Ripple's hourly chart:
There's some form of support for traders looking into XRP right now as the low for today coincides with the 31 December low and sits near the 61.8 retracement level. While the chart remains bearish at this point, dip buyers may see this as an opportunity to get in.
But as Greg mentioned, for buyers to regain control - they have to work through the MAs on the chart, otherwise the bias is still to the downside.
