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The Ripple XRP has faithfully mirrored the performance of the Bitcoin market leader since it became the largest altcoin by market capitalization. The return to bearish market conditions in the last few days has not been different. Both XRP and Bitcoin have decreased by 7% in the last 24 hours.
The return to bearish conditions in the market led to a fall in the price of XRP below the key level of $ 0.3 at an intra-day low of around $ 0.29. Since then he has returned back above $ 0.3, but the momentum is strongly with the sellers. Both the MACD and the RSI continue to decline reflecting the seller's impulse.
Today's candle has formed a Doji. A Doji is a candle in which the opening and closing are around the same point. A Doji generally represents the uncertainty of traders and was formed even today for the daily Bitcoin candle. There is a strong possibility that the next significant move will be bearish given the strong dynamics of the seller and the general market conditions on the downside.
While Bitcoin has reached a low of 2018 in the last 24 hours, XRP is still trading at around 20% above the 2018 low, which is about $ 0.25. A continuation of these conditions is likely to result in the return of XRP at this point.
Key Takeaways:
- Bitcoin XRP mirrors both lose about 7% in the last 24 hours.
- The XRP falls below the key level of $ 0.3 but returns above. The momentum of sellers is strong, so it is likely that price action will fall again below.
- The XRP is around 20% above the lows of 2018, but it could return at this point if the bearish market conditions continue.
| 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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