Home / Ripple / XRP sees 2% loss after a big announcement, Bitcoin shows a low volume

XRP sees 2% loss after a big announcement, Bitcoin shows a low volume


Ripple

Since the end of September, the low volume of Bitcoin has been a problem for the cryptocurrency trade. Although BTC expected to come out of the main resistance levels at $ 6,800 and $ 7,000, its low volume prevented an important upward movement.

Earlier on October 2, Ripple Labs introduced three partnerships with major banks, including Banco Santander's $ 80 billion banking giant. One Pay FX, a platform managed by Banco Santander, has become the world's first mobile application for cross-border payments powered by RippleNet.

After the announcement, the price of XRP decreased by about 3%. Since then, the price of XRP has started a slight recovery, minimizing its loss to 1%.

Equally stagnant market

Most investors in the cryptocurrency market were expecting the price of XRP to start a major short-term rally, as they did last week. However, Ripple's largest partnership in 2018 with Banco Santander had a minimal impact on the price movement of XRP.

The fight in the price of XRP at its annual high after an impressive 150% rise at the end of September can be attributed to two factors: the decline in the volume of the crypto market and the overbought conditions of Ripple fueled by its triple price increase 39th, beginning of September.

Aside from Bitcoin's attempt to test the $ 6,800 resistance level of September 28, the dominant cryptocurrency remained fairly stable in the $ 6,500 range for over a week. The price stability of Bitcoin has led technical analysts to hypothesize a potential short-term breakout.

However, in order for BTC to start a short-term rally, its volume must be accompanied by positive technical indicators that the asset has demonstrated over the past seven days.

Bitcoin's volume remains fairly low at around $ 4 billion, down more than 30% since mid-September. On Coincap, the cryptocurrency market data provider of the popular ShapeShift digital asset trading platform, which eliminates exchanges suspected of having false volumes, the daily trading volume of Bitcoin is estimated at around $ 2.6 billion

Currently, technical analysts are waiting for BTC to take a clear move towards the negative or upside. Some are waiting for BTC to close its weekly candle, which could confirm the short-term movement of the currency.

"Slowly slowing down in the range.The bulls do not want to see a hold through the support.If that happens, I would aim for the lower beam.I'm due to an unclear monthly and weekly closing, I stick to the scalping.Not reason to trade big size here ", technical analyst Don Alt he wrote.

Better to watch

In a period of stability, it is less risky to observe the market and simply wait for the main cryptocurrencies to show signs of rupture, especially for individual investors who exchange low-volume cryptocurrencies such as tokens.

Price trends of the first five cryptocurrencies, data provided by Coincap.io

It is possible that the cryptographic market will start a rally in the coming days if Bitcoin can repeat the $ 6.800 test in the next 24-48 hours, which seems unlikely due to its low volume. However, the volume of BTC can record a significant spike over a short period of time, so a potential breakout can not be ruled out.

Shutterstock foreground image. TradingView Charts.

Follow us on Telegram or subscribe to our newsletter here.

• Join the CCN crypto community for $ 9.99 a month, click here.
• Do you want exclusive analysis and in-depth analysis encrypted by Hacked.com? Click here.
• Open positions on CCN: sought-after full-time and part-time journalists.

Advertisement


Source link