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The largest altcoin by market capitalization, Ripple's XRP, has faithfully mirrored the performance of the Bitcoin market leader. Bitcoin, which represents about 54% of the entire market capitalization of cryptocurrency, has a great impact on altcoin with its movements. Ever since XRP has overtaken Ethereum for its larger altcoin position, it has been following the Bitcoin movements more closely.
Yesterday's price action led XRP to form a Doji on the daily chart. A Doji is where the opening is around the same point of closure and represents the indecision of traders. The XRP opened and closed yesterday around $ 0.365, but has shifted to $ 0.4 and $ 0.335. Yesterday's Doji candle is followed by a Marubozu candle that is formed today. A Marubozu candle is a candle with a longer body and little or no wicks showing a strong movement in one direction.
The decline in Bitcoin made the clear direction for XRP, and has since fallen to $ 0.325. If Bitcoin continues to form new 2018 lows that are a strong possibility, we will probably see the XRP pass at $ 0.3 and potentially below. Currently, the momentum is on the sellers side, and both the MACD and the RSI are diminishing to reflect this. The MACD is crossing the signal line downward, a bearish signal.
Key Takeaways:
- The bearish movements in Bitcoin are being reflected in XRP with a Marubozu candle that is formed today.
- If Bitcoin continues to fall to the lows of 2018, a decline below $ 0.3 represents a strong possibility for XRP.
- Momentum is currently on the side of sellers in XRP with the decline of both MACD and RSI. The MACD is crossing the signal line downward, a bearish signal.
| 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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