Bitcoin (BTC), Ripple (XRP) curb heavy losses with the return of volatility

Price, analysis and chart of Bitcoin (BTC / USD) and Ripple (XRP / USD):

• Bitcoin plummets $ 3,000 in 24 hours as volatility increases.
• Ripple’s volatility at a two-year high.

The cryptocurrency market has come under severe selling pressure in the past 24 hours, sending the market into a lower spiral. Market leader Bitcoin (BTC) fell from a high of just under $ 19,500 to around $ 16,300, returning 10 days of earnings in one day. BTC was only a couple of hundred dollars less than hitting a new all-time high, and the sell-off was not driven by market-shifting news or events. Despite this sharp downward move, market expectations are that Bitcoin will soon make a new ATH and that today’s flush offers buyers a chance to enter the market at a better level. Whether or not, Bitcoin’s volatility has jumped to multi-month highs in recent days and further wild swings in prices cannot be discounted.

Bitcoin Daily Price Chart (BTC / USD) (March – November 26, 2020)

After doing nothing for months, Ripple took off at the end of last week, going from around $ 0.30 to a high of $ 0.78 on Tuesday with strong turnover. Sentiment from IG customers has been highlighting for months that retail has been heavily long versus XRP and recent revenue shows that retail has returned to the market in large numbers. Although Ripple has returned much of its recent gains, it remains around 70% more than last Friday, and if it manages to consolidate these gains, a return to Tuesday’s high could be expected.

Ripple Daily Price Chart (XRPUSD) (March – November 26, 2020)

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What is your point of view Bitcoin (BTC) and Ripple (XRP) – bullish or bearish? You can let us know via the form at the end of this piece or you can contact the author via Twitter @ nickcawley1.