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The Ripple XRP digital currency underperformed Bitcoin for most of this year. Yesterday, in line with most of the altcoins, XRP managed to outperform. The XRP continues to trade in a range despite this increase and could have a much greater downside risk than the upside potential.
The price of XRP is currently trading around $ 0.45, after rising from about $ 0.44 yesterday. The price action was traded in a range of around $ 0.425 to $ 0.475. There is a potential resistance around $ 0.49, which has been a significant business activity in the past, so there may be a greater chance that XRP will break down the range compared to the upside. Just a few weeks ago, before the official listing of the 0x project on Coinbase Pro, the XRP was trading close to $ 0.29. This demonstrates the potential of sellers on the market to lower the price at these points.
With Bitcoin representing 54% of the entire cryptocurrency market capitalization, its movements have a significant impact on those of the altcoins. If Bitcoin makes upward movements, there would be a much increased chance of XRP breaking its upward range. With Bitcoin approaching the end of a triangular model that has been forming since March, XRP traders should monitor both the price action of XRP and the price action of the Bitcoin market leader.
Key Takeaways:
- The XRP has better performance than yesterday, but continues to operate in a range.
- There are some factors that indicate a greater likelihood that XRP price action will break its downward trading range relative to the upside.
- XRP operators should monitor both developments in the price of XRP, but also developments in Bitcoin price action.
| NOTE: Investing or negotiating digital assets, such as those present here, is extremely speculative and involves considerable risks. This analysis should not be considered an investment advice, use it for information purposes only. The historical performance of the assets discussed is not indicative of future results. Statements, analyzes and information on blokt and associated or associated sites do not necessarily correspond to the opinion of blokt. This analysis should not be interpreted as advice for purchase, sale or storage and should not be taken as approval or recommendation of a particular asset. |
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