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A bullish correction has "rippled" through the cryptocurrency market today, with the price of ripple (XRP) driving a very popular altcoin return.
Ripple Price Marches Back
The XRP / USD trading pair on Friday rose more than 16 percent, from 0.29065-fiat to 0.32853-fiat. The increase rises to 37 percent as the pair has set its minimum at 0.24711-fiat. At the same time, the XRP market capitalization has just fallen $ 13 billion.
The rally coincides with one of the latest announcements by Ripple Labs regarding their plans to strengthen xRapid, a cross-border banking solution. The company has appointed three "preferred" exchanges as their partners: Bittrex (USA), Bitso (Mexico) and Coin.Ph (Philippines), based on their high XRP portfolio. Therefore, the Ripple Labs member banks can now open an account at the aforementioned exchanges and exchange their local fiat for XRP, which can then be used to facilitate cross-border transactions at the top of Ripple Ledger. Once the XRP funds are transferred, from the United States to Mexico, the recipient will be able to convert the encryption to Mexican pesos using the Bitso exchange.
The announcement may have triggered a positive buying feeling among speculators – if not serious investors – which led to a 16% rally. However, the pair was in recovery mode from August 13 and the last price action could have only intensified it. Over a longer period of time, the ripple price continues to be in a long-term bearish trend, which could be reversed on the formation of a reverse Head & Shoulder model extended to 0.46936-fiat.
For now, the XRP / USD is currently pointing at 0.35428-fiat as a potential upside target, the basis of the current reverse H & S model, with its shoulder level aligned to 0.31282-fiat. Day traders should observe the upward channel formation for entry and exit positions, which further resonates with the short-term reverse H & S theory. However, it is essential to look for a support pause and set stop losses in the opposite direction of positions, such as risk management against potential inversions.
Technically, the XRP / USD is oversold and should provide for downward correction near -termin. The injury, meanwhile, remains to be done towards the bulls.
Bitcoin, Ripple's weakest Ethereum Price Rally
Compared to the ripple, other better currencies, including bitcoins and ethereum, have found their uptrend trends covered by strong levels of resistance. The BTC / USD rose by around 3% on Friday, while ETH / USD slightly improved with gains of five percent. Only EOS can compete up to XRP's interim to-the-moon race, showing a surge of 12 percent, respectively.
Bitcoin is stuck inside a narrow range below the $ 6,500 level, failing to extend its upward momentum as a "ripple". The BTC / USD continues to form a short-term upward line, which could be broken by both parties while the medium-term conflict of conflict intensifies. A move above $ 6550 could still influence a short run to $ 6.650, but an uptrend can only be confirmed if the $ 7,000 rise is achieved.
The uptrend ethereum is weak considering the currency was the most discussed resource during the last crypto selloff. Like the bitcoin, ETH / USD is also trying to hit a tenacious resistance level, at $ 300. The pair now points to $ 335 as a medium-term bullish target, while intermediate support can be found near $ 277.
The EOS / USD has further extended its rebound and is now testing $ 5.3 as a temporary resistance level while still holding its leg near $ 4.18, temporary support. The pair is already giving an oversold reading that could trigger a short-term bear correction phase.
Other currencies, including bitcoin, cardono, litecoin and stellar cash, have shown single-digit peaks in the last 24 hours. With this in mind, a potential correction phase has high probabilities.
Image in evidence from Shutterstock
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