2019-1-4 19:39 |
XRP Daily Chart – Source: Tradingview.com
After holding its value far better than Ether during the bearish conditions which started in mid-November’s, Ripple’s XRP overtook Ether to become the second largest cryptocurrency by market cap.
It has since returned to the third position after Ether outperformed during bullish market movements which started in mid-December.
The cryptocurrency market has once again started moving downward but this time Ether is outperforming Ripple’s XRP.
There is also bearish patterns forming on the XRP daily chart making it more likely that Ether will continue to outperform and maintain its position in second.
A descending triangle has been forming for XRP. A descending triangle is a bearish continuation pattern, and price action for XRP is currently trading at the $0.35 support level forming the triangle.
The MACD is also starting to decrease and cross its centerline and its signal line to the downside – all bearish signs and reflective of increasing seller momentum.
XRP 4-hour Chart – Source: Tradingview.comThe RSI and MACD on the shorter-term four-hour chart are also decreasing showing short-term momentum is also with the sellers.
Price action is currently trading below the support line. It has previously dropped below but has retraced each time.
However – if the momentum stays with the sellers and the overall market continues to decline – a sharp drop below $0.35 is a strong possibility.
Key Takeaways: XRP underperforms Ether and looks unlikely to reclaim the position of second largest cryptocurrency by market cap. Descending triangle forming on the daily which is a bearish trend continuation pattern. Momentum is with the sellers on both the daily chart and the 4-hour with both the RSI and MACD decreasing on the two timeframes. Latest Ripple News:Ripple’s XRP Falls to Third Largest Cryptocurrency After Ethereum’s Outperformance
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.Can Ripple’s XRP Overtake Ether [ETH] Again? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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