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Cryptographic update: the market stabilizes with the Ripple Craze fading

The major cryptocurrencies have had a crazy Friday, with the Ripple skyrocketing in the center of attention. The XRP has more than doubled in 24 hours and the currency has increased 3 times compared to the minimum prior to the beginning of this month, before entering a correction in the second half of the day. Ripple briefly hired Ethereum as the second largest market capitalization coin, although ETH also hit a maximum of nearly three weeks amid the broad segment rally.

XRP / USDT, 4-hour chart analysis

XRP deposited above the $ 0.50 level close to the market capitalization of the ETH, but in the short term the currency is grossly overbought and a return the zone from $ 0.42 to $ 0.46 is still very probable even if the currency manages to keep its stellar earnings and enter long-rising ascendancy. For now, a long-term trend change is not confirmed, despite the huge uptrend move, with most of the segment still in long-term bearish trends.

That said, the short-term purchase signal is still intact in our trend model, and if overwhelming readings are canceled, traders could re-enter new positions. Support levels are close to $ 0.54, $ 0.51, while resistance is close to $ 0.57, $ 0.64 and $ 0.75.

BTC / USD, 4-hour chart analysis

Bitcoin yesterday earned up to $ 6750, but so far it has not managed to overcome the resistance zone near that price level, and the currency is now trading in a short, shallow correction period. BTC must remain above the $ 6500 support to keep the break-out that followed the wave of Ripple and remain on a buy signal in our trend model.

The fact that correlations are still declining among currencies is a positive sign, but the general downtrend in the segment and Bitcoin's proximity to the key long-term zone still deserves attention here. Other resistance zones are now close to $ 7,000 and between $ 7200 and $ 7300, while support below $ 6500 is still at $ 6275, $ 6000 and close to $ 5850.

Altcoins Pull back with Ripple, installation at short-term still promising

ETH / Analysis of the 4-hour chart in USD

Ethereum eventually surpassed the support / resistance level of $ 235 thanks to the broad rally of yesterday, and the currency reached the next resistance zone near $ 260 as expected after the bullish move. Now the dominant declining trend lines are not far off, so traders should reduce their positions, since the long-term trend is still clearly bearish.

A test of the lows is still in the cards in the coming weeks, and the currency remains on a long-term sales signal despite the short-term rally. Support stands close to $ 200, $ 180, idling near $ 170 and $ 160, while further resistance is ahead between $ 275 and $ 280 and $ 300

Stellar / USDT, 4-hour chart analysis

Stellar was among the strongest currencies during yesterday's rally, after Ripple higher, but is now testing the key support / resistance zone between $ 0.2375 and $ 0.25 after entering a correction along with the broader market.

That said, the break-out is intact in Stellar, and traders could keep their positions here. Support levels are close to $ 0.21, $ 0.1930 and $ 0.1830, while further resistance levels are close to $ 0.2650 and $ 0.2850.

Featured image from Shutterstock

Disclaimer: The analyst possesses cryptocurrencies. It holds investment positions in the currencies, but does not carry out short or daily transactions, nor holds short positions on any of the currencies.

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