2018-11-14 19:24 |
Ripple’s XRP was forming a bullish structure with its recent price action but the market movements to start this week have led to a far more bearish outlook for the third largest cryptocurrency by market cap. XRP formed a higher low and looked set to form a higher high near the $0.55 mark but instead has depreciated from $0.525 to around $0.47 over the past two days.
Support may be coming in to play at the 50 EMA, but this will be unlikely to hold if we continue to see bearish movements across the cryptocurrency market. The entire cryptocurrency market cap is currently at $203 Billion, so the $200 Billion point is likely to be an important point for the outlook of the market. The market leader Bitcoin which represents over 53% of this market cap is also approaching the important $6000 price point, and a sharp break below here could mean even sharper declines across the altcoin market.
Today’s candle in XRP is forming a Marubozu candle showing strong bearish movement. A Marubozu candle is a candle with a long body, and little or no wicks indicative of strong movement is one direction.
Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: XRP’s bullish movements come to a halt with a sharp decline over the past two days. Support may be coming in to play around the 50 EMA, but continued bearish movements across the market will likely result in XRP breaking below here. The cryptocurrency market cap is approaching the $200 Billion point, and the market leader Bitcoin is approaching the important $6000 price. A sharp break below $6000 for Bitcoin will likely result in an even sharper decline across altcoins. 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 XRP Price Analysis: XRP Undergoes Sharp Two-Day Decline was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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