Ripple technical reversal turns into weekend rout

Last week as Ripple (XRPUSD) was knocking on the door of $2, an update here noted the critically overbought position of the leading alt coin when it had reached a price around $1.96. That rise had constituted a more than 200% gain in a matter of just a few days. It has also pushed the relative strength index to unsustainable levels, hence the warning here. Well, it was already turning lower on Thursday and Friday and had traded back to as low as $1.42 for that very reason. What took place this weekend was an even nastier reversal as the price slumped from a rebound above $1.74, to as low as $1.1602 on Sunday. The non technical reason for the move lower seems to reside in the fact that the US SEC has seemingly not given up in its quest to ban the use of XRP by moving outside of US jurisdiction, to other countries to try and clamp down on the coin. Leaving that aside, XRP has rebounded today following the formation of a clearly defined double bottom just above 1.16 yesterday. That set up has helped the coin rise back above 1.50 in recent trading today. XRPUSD is currently trading at 1.5160