In the past 3 weeks, Ripple (XRPUSD) has given up roughly two-thirds of the gains since mid last year. Today, XRPUSD breached the psychologically key whole figure level of 1, only to bounce back by the time of writing from an oversold daily and 4hr RSI, Stochastics range and from the 78.6% Fib retrace (of the rally since mid last year). The current bounce has also been off downchannel support (on the 4hr and daily chart), and may see upside towards the same downchannel's resistance line in the next day or so. Given how quickly XRPUSD moves, and the relatively brief history of its massive rally in last year's 2nd half, there isn't much point in reading too much into the weekly RSI, Stochastics and MACD which introduce lags into any trading signals. Nevertheless, with the weekly MACD histogram starting to fall, a negative crossover in the next few weeks should not be ruled out.
Ripple (XRPUSD) Weekly/Daily/4hr
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Before the launch of Tradable Patterns, Darren Chu, CFA, served as IntercontinentalExchange | NYSE Liffe's country manager for Australia, India, and the UAE between July 2010 and January 2014, expanding his role to look after Liffe business development in APAC ex-Japan/Korea until his departure mid April 2014. His primary remit was developing relationships with Liffe clients, prospects and partners in the buyside (traditional and alternative asset managers), proprietary trading (high frequency algo as well as manual, point and click traders), bank, broker (institutional and retail), commodity trader and ISV community. Key futures and options promoted included European/London rate benchmarks such as the Euribor, Short Sterling, Gilts, London/European index futures including the FTSE and CAC, London soft commodities (Robusta Coffee, Cocoa, White Sugar), Paris (MATIF) markets (Milling Wheat, Rapeseed), and NYSE Liffe US markets with the MSCI EM, MSCI EAFE, gold/silver, Eurodollar, US Treasury and GCF Repo futures being the focus.
Previously, Darren was with the TMX Group | Montreal Exchange for 4 years, marketing Canadian futures and options across North America, London, Singapore and Hong Kong. Darren also launched and managed CMC Markets Canada's Chinese marketing and sales team, along with educational offering. On the academic trail, Darren has been a frequent guest speaker at Canadian universities as well as an author of content for 3 derivatives courses offered by Canadian Securities Institute and mandatory for licensing of Canadian derivatives industry professionals.