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Yesterday, XRP passed Ethereum and claimed second place on CoinMarketCap. Next is Bitcoin?
Market overview
It is too early to determine if the market has "recovered" from yesterday's unannounced massacre. Despite this, analysts and expert traders will try to see if any alt-lines establish a precedent by dislodging the recession caused by BCH and BTC. Perhaps when the civilian civil-society hash war BCH-ABC / BCH-SV ends we will see a new leader emerge from the chaos?
While XRP took a shot during yesterday's withdrawal, it was not as extreme as BTC 00and we believe this deserves a further inspection. The XRP has become bearish, but remains in a better position than its contemporaries. Bitcoin seems to consolidate below $ 6,000, and perhaps an oversold market-wide rebound could bring cryptocurrency and its neighbors above the most recent annual lows. What is interesting, however, is the possible displacement of XRP from BTC.
Daily chart
Last week XRP overcame a major barrier at $ 0.50 and surpassed slightly above $ 0.55. This was a significant result considering that XRP had stuck in $ 0.40 for around 18 days. In mid-September, XRP traded around $ 0.26 and a handful of frequent partnerships, adoption announcements and possible accumulation by institutional partners appear to support the gradual rise in prices.
It is clear that XRP followed the general direction of the market and suffered a sharp decline from $ 0.51. There are support levels at $ 0.460 $ 0.44 and $ 0.40, as well as the former supports at $ 0.50 $ 0.486 which now serve as resistance. XRP spent the day consolidating towards the Fib retracement level of 23.6% to $ 0.46 and the 50% Fib level served as a rejection point. The current outlook remains bearish, but given the strength of the media at half $ 0.40, an entry close to $ 0.41 to $ 0.43 could possibly turn a quick profit if the market recovers over the course of the year. next week.
Stoch and RSI were still inclined downward with the Stoch plunging into the hyperverent territory. Given the oversold state of the entire market, this configuration appears to be less extreme than BTC and ETH. The XRP seems to be disused by BTC and analysts are already trying to determine which tokens will bring the market forward in the event of a continued malaise by Bitcoin.
Regardless of the personal philosophy of centralization and decentralization, XRP remained fairly stable while other tokens were crushed during this week's surprise correction. Day traders will probably find the range from $ 0.43 to $ 0.50 rather profitable.
[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for analysis are provided by TradingView.]
Why do you think the XRP will bounce quickly to $ 0.50? Share your thoughts below!
Images courtesy of Shutterstock, Trading View. Market data from Bitfinex.
