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In the last 24 hours, Ripple (XRP) has once again exceeded Ethereum with a price increase of 7%, reaching a market valuation of 24.28 billion dollars.
The market capitalization of Ethereum remains slightly below that of Ripple at $ 24.15 billion and based on the weak volume of XRP, it is likely that Ethereum will regain its position as the second most important short-term cryptocurrency.
Ripple noted Ethereum on three occasions in 2018, all of which occurred in the second half of September. After recording a triple price increase, many investors expected Ripple to come back and XRP to prove a minor correction due to oversold conditions shown by the market.
However, XRP continues to rapidly increase in value, competing directly with Ethereum for second place in the global cryptocurrency market.
Market trend
On 27 September, the cryptocurrency market seemed to be starting a strong corrective rally with Bitcoin which exceeded $ 6,700 and approached the $ 6,800 resistance level. However, on September 28, Bitcoin reported a slight decline in value to $ 6,500.
In the last hours Bitcoin has shown some momentum in the region of $ 6,000, after closing above the $ 6,550 on September 29th. The well-known cryptist Luke Martin wrote yesterday that the closing of Bitcoin at $ 6,550 will most likely lead to a short positive forward trend.
"It would be a bullish signal for BTC to get the daily closing above the $ 6,550 zone." Since they are still highly correlated it would also be good for the bads and could make the case that the recent lows were higher ", called Martin.
On Saturday, Bitcoin closed the $ 6,550 zone and rebounded to $ 6,630, which led most small cryptocurrencies to capitalize on the global market to recover.
"The BTC newspaper was able to close above the $ 6,550 zone, and it was a good idea to try again in the newspaper as mentioned above, which also gives the alts a good boost, a lot of good dealers early on Sunday," he added.
The positive short-term trend of Bitcoin could lead the market to record decent gains in the coming days, especially if the volume of BTC will increase over the next 12-24 hours. Compared to last week, the volume of the dominant cryptocurrency remains rather low and relative to the recovery of the volume of ETH and XRP, BTC has remained slightly behind.
ETH and XRP Rally
XRP has already recorded a strong 7 percent gain in the last 12 hours. But, based on volume and short-term price developments, ETH is ready for a corrective rally and in the coming days ETH is expected to record decent gains to challenge XRP.
Tokens did not show strong momentum despite the positive price movement of major cryptocurrencies including BTC, ETH and XRP, suggesting that alternative cryptocurrencies could engage in a major recovery in the coming weeks. In the short term, however, tokens will probably lag behind major digital assets.
Shutterstock foreground image.
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