2018-10-26 17:58

After appreciating in response to the 0x Project listing to Coinbase Pro, Ripple’s digital currency XRP is back consolidating along with the rest of the market. Recent price action is trading around $0.45 and is holding above the 50 EMA. The 200 EMA is trading above and could act as resistance in the event of a rise.

The volatile movements in Ripple’s price action over the past few months have mostly taken place due to key announcements regarding Ripples services. A recent lack of announcements or developments has resulted in price action taking a sideways trajectory.

This trajectory is likely to continue unless the market tone shifts or more developments are announced regarding Ripple’s suite of services. The hopes of a listing to Coinbase Pro was definitely renewed after the recent listing of 0x Project, but the anticipation seems to be already priced into the market from the last rise.

XRP Daily Chart – Source: Tradingview.com

In terms of monitoring market movements, it is advisable to for traders to monitor the market leader Bitcoin. Bitcoin represents around 54% of the cryptocurrency market, and its performance is likely to have an impact on that of altcoins, including the largest cap altcoins such as Ethereum and XRP.

Bitcoin has been trading in a tight range since early last week and is approaching the end of a triangle pattern which has been forming since January. Volume is currently near the lowest levels seen for 2018 so until more volume enters the market, there are no clear signs to what direction the price of the market leader will be headed.

Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: Anticipation about XRP being listed to Coinbase Pro is likely already priced into the market after the most recent appreciation. Where XRP moves from here will depend mostly on overall market movements provided no key announcements are made regarding Ripple’s suite of services. Traders are advised to monitor the dominant market leader Bitcoin to gauge overall market movements. With trading volume near lows of 2018, there is no clear consensus on the future directions of Bitcoin. 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.

Where Does Ripple [XRP] Go From Here As Its Price Stagnates With Rest of the Market? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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