Ripple attempted a recovery above 0.56 earlier this week but it couldn’t sustain the attack and is currently trading at 0.4894.
Bulls were looking for a breakthrough that could recover part of the 77% lost since the beginning of the year and hoped that positive news about Ripple joining Hyperledger and potentially being part of a deal between Walmart and MoneyGram would spur it on.
But in the end the bears were left smiling as the price retreated and is down over 8% today.
In this technical analysis we’ll discuss why this was quite an important development and what it could mean for the price of Ripple in the coming weeks.
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