Home / Ethereum / $ 200B Broken, Ripple (XRP) Price Moons & Flips Ethereum (ETH)

$ 200B Broken, Ripple (XRP) Price Moons & Flips Ethereum (ETH)



Since yesterday, when the valuation of the market capitalization of cryptocurrencies was around the resistance of $ 200B, until now we have recorded an increase of over $ 24 billion since the valuation of market capitalization is currently equal to $ 224,815 .767.627.

  Cryptomage Price Market Watch

Looking at the global chart we can clearly see that the resistance has been broken with a strong upward impulse.

Bitcoin's dominance has decreased from 55.38% to 51.8% as the market gains confidence, arguing on my point of view this number as an indicator of market sentiment.

As a result, the market is green with an average percentage variation of around 6.8%. The biggest gainer so far is Ripple with an increase of over 85% from yesterday's opening price to $ 0.323, surpassing Ethereum in market capitalization and is currently ranked second in the rankings.

News

Although I strongly doubt At the moment, any news has an impact on the market, there are speculations about the fact that the cryptography market is recovering strongly while Switzerland has taken measures to help blockchain companies to access traditional banking services. As reported by investing.com The Swiss Bankers Association (SBA) has issued guidelines to help banks create accounts for digital money companies. The country has faced an exodus of blockchain projects, as companies leave because of the difficulty of gaining access to the basic needs of the banking business.

"We believe that with these guidelines, we will be able to establish a basis for discussion between banks and innovative startups, making dialogue simpler and facilitating the opening of accounts," said SBA strategic advisor Adrian Schatzmann at a press conference.

Ripple Price XRP / USD

As requested by readers I'm going to do an update on Ripple from yesterday's analysis when I recalled a retracement for the price of Ripple after seeing the 35% exponential recovery in a couple of days. Currently, the price of Ripple has increased up to $ 0.639, which is 72% higher than yesterday's resistance levels

Looking at the hourly chart we can see that the price has grown exponentially which in itself is unsustainable and probably caused by FOMO.

Zooming up to the 4h chart we can see that very similar to the price of the last time exponentially raised is only a corrective move that aims to test the previous resistance before the price can go down further. I do not think the price could rise any longer, but it could go up to where the primary wave W is around $ 0.92. What will happen most likely is that the price will break this small resistance on which it has been stopped and the Y-wave ends on $ 0.7.

To see how much more the price has room for growth I have enlarged the time of 15 minutes and I counted the waves.

First I inspected the interval again and counted the secondary wave to see if I made a mistake during the count. [19659012]

As you can see I was right in counting the start of an impulsive 12345 of a minor rank from the $ 0.253 level. After an impulsive move, there's a correction according to Elliott Wave Principle and that's exactly what happened to expect the correction to be over faster than I expected.

We are now witnessing another upward impulse move that broke the resistance level and pushed the price upward. To conclude how long the price could rise, we will examine the last section of the price action.

While I was writing this the price reached the expected Y level around $ 0.7 went over the peak up to $ 0.79 and is again below the new level leaving a wick on the 15-minute chart. This is interesting because at the beginning I said that I would have expected this level to be the optimal target for completing the doubling, and seeing the live price action being rejected beyond that asserts my points – the price has entered the territory of the sellers pushing it down under it quickly as it appeared.

Again, the price could rise to $ 0.92 to repeat the W wave starting off leaving a corrective structure in the opposite direction valid, but I think the recovery is losing momentum as the price is back over 16% compared to the 4-hour chart from its current peak.

Market Sentiment

Ripple is obviously in the buy zone on the hourly table as well as on the other time windows

Articulation points [19659012] S2 0.13163
S1 0.23331
P 0.34820
R1 0.44988
R2 0.56477
R3 0.78134

Conclusion

Undulation overcame Ethereum in the market capitalization of $ 2,400,000,000 and is currently in 2nd place, but I strongly doubt that this will go much longer as those cryptocurrencies are in the different phases of their market cycles – Ripple has been steadily declining since April 23rd and has hit the bottom, while Ethereum began its declining path on May 5, "late" behind it. That's why I think the tables will turn and ETH will be back in second place while Ripple is supposed to cool down while the price of Ethereum will recover.


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