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Extremely bearish movements occurred yesterday in the Bitcoin market leader as it broke below key support levels at $ 5000 and $ 4600. Ripple's XRP outperformed the market leader. While Bitcoin lost around 9% in the last 24 hours, Ripple's XRP lost around 4%.
The downward movements also had their impact on XRP as it approached the $ 0.4 point for the second time today. The price has quickly risen from the point and currently trades around $ 0.46. the moment is still with sellers in both XRP and most other cryptocurrencies, but being the second time that XRP has rebounded from $ 0.40, it shows that it is an important area for support and a point where buyers are likely to enter.
Both the decline in RSI and the MACD show momentum on the sellers side. The MACD is also approaching the crossover of the central line downwards, a bearish signal.
With the relatively strong performance of the altcoins in the recent bear market, it is now the largest altcoin by market capitalization. It has overtaken the longstanding leader Ethereum for the position of cryptocurrency number two in the ranking by market capitalization.
Despite this position, altcoin movements still depend to a large extent on those of the Bitcoin market leader. Bitcoin has been the subject of extremely bearish movements that led to its rupture below many key support levels. Today it has a low price of 2018 around $ 4200. With the momentum that is strongly on the sellers side, it could come back to this point and could break under $ 4000. XRP traders should also monitor it, as the breaks below the levels key like $ 4000 will probably have an impact on XRP too.
Key Takeaways:
- The XRP has rebounded from around $ 0.4 for the second time.
- The XRP is outperforming the market leader by losing 4% in the last 24 hours while Bitcoin has depreciated by around 9%.
- Bitcoin has surpassed the key levels and has reached a minimum price of 2018 of about $ 4200. A return below this level and a move below $ 4000 will probably have a bearish impact on XRP.
| 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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