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The bearish movements that occurred yesterday on the market led Ripple's XRP to detach itself from the descending model of the triangle it was forming and falling below two key levels.
Despite this bearish decline, XRP managed to outperform the Ethereum and claim the position of the largest market capitalization altcoin.
The Ripple CTO – David Schwartz – noted yesterday in a tweet the relationship between xRapid transactions and the exchange between XRP and fiat.
xRapid is the service provided by Ripple that requires the use of XRP and with increasing adoption as recently; this could play a role in the outperformance of XRP.
Any xRapid payment that succeeds involves a fiat sale for XRP and then a fiat purchase with XRP on one of the cryptographic exchanges that collaborates with us.
– David Schwartz (@JoelKatz) 10 January 2019
A descending triangle pattern is a bearish trend continuation model that was forming in XRP since late December.
The bearish decline in XRP led to a fall below the lower support line of this triangle and continuing to break below the expected support of around $ 0.335.
$ 0.335 was a previous downward liquidity area, but failed to hold up during yesterday's price action.
The price initially met support at $ 0.335 but failed to keep the new test as shown in the hourly chart above.
Since then the price has started to rise towards $ 0.335 and has already tested the level once.
Traders may want to take short positions at this point or they may be waiting for higher levels to see if the price can go up to $ 0.35.
Key Takeaways:
- XRP outperformed Ethereum during yesterday's bear drop and recovered its position as the largest competitor by market capitalization.
- Yesterday's downtrend led XRP to fall below two key levels: $ 0.35 and $ 0.335.
- Since then the price has started to rise to test $ 0.335.
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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