2018-11-16 18:30 |
The bearish week which has been taking place in the cryptocurrency market has resulted in Ripple’s XRP becoming the largest altcoin by market cap. XRP overtook Ethereum for the number 2 spot during the decline of the last two days.
Some cryptocurrencies are rising today, and XRP is widening the market cap gap between itself and Ethereum. XRP has been one of the better performing cryptocurrencies during this drop and even saw some price appreciation yesterday.
XRP priced a low just above $0.4 during Wednesdays drop and currently trades around $0.47. This price is above the 50 EMA which may serve to act as some support, but there is also the $0.49 level above price which may act as some resistance. While many cryptocurrencies have exhibited similar price action by bouncing from the recent lows formed, XRP is performing in a more bullish manner and managed to record a gain yesterday.
XRP Daily Chart – Source: Tradingview.comThe outlook is difficult to assess for XRP. Although it is now the largest altcoin by market cap, it will still be subject to the movements of the overall market. If Bitcoin were to undergo bearish movements from here, it would be very likely that XRP would exhibit similar price behavior.
Bitcoins current price action makes it likely that its next significant move will be to the downside with a bear flag setting up. A bear flag is where a drop in price is followed by some sideways or range trading which is then followed by another drop. Bitcoin is currently at the range trading stage and the next few days will reveal whether the final part of the bear flag will execute.
Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: XRP overtakes Ethereum for the spot of largest altcoin by market cap. XRP formed a lo just above $0.4 this week but has since recovered to around $0.47 recording a gain yesterday. Price currently trades above the 50 EMA which may act as some support, but the $0.49 level may also act as resistance. Despite being the largest altcoin by market cap, the movements of the market leader bitcoin are still likely to have a significant impact on those of XRP and the market leader is currently forming a bearish set-up. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Ripple’s XRP Is One of the Best Performers by Price During a Bearish Week was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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