Ripple (XRPUSD) craters as Bitcoin and Ethereum slide
It has been a while since there has been an update here on the progress of Ripple (XRPUSD). In that last update it was mentioned that since forming a very pronounced double top above 0.6400, the price had not been able to make any further progress. Well, that was back on February 13 and for the most part that was indeed the case. However, very early yesterday morning Ripple did spike to as high as 0.6482 which was just above that double top price. Now that suggests to me that this move was nothing more than stop loss hunting above the double top, particularly as there was no extension beyond 0.6500. Of course it was helped in that move by the surge in Bitcoin and Ether. However, since then it has been exactly the opposite as the price has simply cratered today. A short while ago it dropped to as low as 0.3707 which of course is suggestive of a market that has been caught completely flat footed by the break above 0.64. So, the near 45% drop from the high yesterday is not that usual perhaps given the moves we have seen already this year on Ripple, but it sure is no fun if you are long on the top. The price has steadied a little now, but remains way below the earlier high today which was at 0.5757. It is currently trading at 0.4225
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