XRP price recovers!
November 19, 2018 6:12 am,
After the Wednesday’s crash which saw the prices slide by an average of 12%, XRP is back above $0.50. At its lowest point during the price drop, it fell to $0.43. However, Sunday’s trading second-ranked cryptocurrency up by more than seven percent. This swift recovery is yet another reason for Ripple enthusiasts to tout the merits of the token. Both Ripple and the token appear to a major topic across the virtual currency and blockchain technology spectrum with multiple adoption use cases.
With Ripple upstaging the Ethereum to claim the second spot based on market capitalization, it may become the top-ranked altcoin in the market.
When Bitcoin price flatlined near $6500, in mid-October, many crypto analysts predicted that the bears had finally become winded the following a market downturn that has persisted for nearly a year. But, Willy Woo does not believe in this rosy future of BTC. He says that he does not expect the BTC price to find a floor until the 2nd quarter of 2019, meaning that the market could face another 7 months of downward pressure before conditions improve.
The dip below $400 is showing lower levels. However, it is facing overhead resistance from both moving averages which indicates that buying dries up at higher levels. Positional traders should avoid trading when the ranger is tight and shrinking.
Presently, BTC maintains 52.5% dominance. A large well-defined range provides an opportunity to buy low and sell high, however, the BTC/USD pair is not allowing such an opportunity. If the bull pushes the price above $6,831.99, the currency is likely to invite short covering, propelling the price further to $7400 and above that to $8,400. On the other hand, if the bear breaks below the critical support of $5,900, it might result in panic selling dragging the pair to lower levels of $5000 – $5450. Therefore traders can keep the stop loss on their long positions at $5900.
Ethereum isn’t showing any signs of a trend. The investors aren’t looking to trade at the current levels and the new money doesn’t want to enter until there is a trend. So the price the moving averages and the RSI are all flat. The 1st sign of trend will be it to escape the tight range of $188.35-$249.93. An upside breakout will indicate that the bulls have the upper hand and new uptrend is likely.
Ripple is finding sustenance just above the moving averages, which is a positive sign. The moving averages continue to gradient up, with the RSI in the positive territory.
Bitcoin cash has dragged back from the overhead resistance at $660.0753. If it breaks $500, the upward move will lose strength.