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The largest cryptocurrency altcoin and penny by market capitalization – Ripple's XRP – mirrored the performance of the crypto-currency Bitcoin market leader over the weekend.
Both bullish movements recorded were recorded on Saturday, but were followed by more bearish movements on Sunday, where prices fell to a key liquidity point for both.
While Bitcoin managed to overcome a key level during Saturday's rise, XRP met resistance at $ 0.335.
Bitcoin failed to close above the key level, and prices followed on Sunday with a significant decline that more than canceled Saturday's gains.
The XRP fell to about $ 0.312, which had previously been a point for both buyer liquidity and resistance.
This is now the lowest trading point in the last two weeks, making it an even more significant point for XRP trading.
Price action is currently forming a Doji candle on the daily chart.
A Doji candle is a candle where the opening and closing are around the same point and reflects the uncertainty on the side of the dealers.
The XRP price action has risen since falling to $ 0.312.
A series of higher peaks and lows were formed while the Bitcoin price action was consolidated, which forms a bear flag pattern that increases the likelihood of a fall.
However, if a drop takes place in Bitcoin, the XRP will probably follow despite form higher and lower highs and lows in the lower times.
Key takeaway:
- The XRP reflected the action of Bitcoin prices during the week with bullish movements on Saturday followed by downward movements on Sunday.
- Price action found liquidity at $ 0.312 and has since formed a series of higher highs and higher lows.
- With the Bitcoin market leader forming a more bearish model, it is likely to have an impact on XRP if it occurs.
Latest news from Ripple:
| NOTE: Investing or negotiating digital assets, such as those present here, is extremely speculative and carries considerable risks. This analysis should not be considered as an investment advice, but 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 the purchase, sale or storage and should not be considered as approval or recommendation of a particular activity. |
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