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It’s unusual, to say the least, to see a top 10 market cap cryptocurrency double in value in days, however, XRP has truly accomplished this feat. In fact, XRP has gone parabolic in the past few days, one of the most sought after patterns by traders. Conversely, Synthetix tested its endurance level but was unable to surpass it in the face of enormous selling pressure. Finally, Crypto.com Coin has stopped its downtrend and could see a period of consolidation in the short term.
XRP
Source: XRP / USD on TradingView
As it was highlighted, XRP went parabolic a few days ago. The price of the cryptocurrency has doubled from $ 0.23 to $ 0.46 over the span of three weeks, with most of the gains being made in the past week.
Indeed, the price of the cryptocurrency rose as high as $ 0.49, but it faced a lot of selling pressure. There was a psychological resistance level at $ 0.5 and another resistance level at $ 0.51.
While XRP traders would be elated after such a round and expect further gains, caution may be advised. Since the price reached $ 0.46 and saw a tail wick as low as $ 0.4, the trading volume decreased, while the price remained steady at $ 0.46.
Another price hike for XRP should be supported by heavy trading volume, or there is a likelihood that bearish and take profit traders will eventually push the price to a low of $ 0.35 in the coming days.
Synthetix [SNX]
Source: SNX / USDT on TradingView
SNX tested the resistance level at $ 5.6 for the past few days, but was unable to break out of it despite the selling pressure.
The OBV it showed falling purchase volumes even as the price increased. This bearish divergence between price and volume saw SNX drop from $ 5.6 to test support at $ 5, before a strong rebound to $ 5.34.
The 20-period moving average (white) was moving above the 50 SMA (yellow) to highlight the recent bullish momentum. The moving averages can also be expected to act as a support for the price in the coming days.
Still, unless the OBV sees a rally to the upside to indicate a wave of new buyers, SNX could see a drop below the $ 5 support level.
Crypto.com Coin [CRO]
Source: CRO / USDT on TradingView
Crypto.com Coin appeared to have blocked its previous downtrend, without actually reversing it. It saw a rebound from $ 0.0636 to $ 0.077 and was trading at $ 0.071 at press time.
Until recently, the CSR he was well under the age of 50 for a period of a few weeks. If the RSI continues to fluctuate around that level, a consolidation period for the token is in store. At the time of writing, he emphasized a neutral momentum.
