íàçâàíèå

Ripple Price Analysis: Will XRP Eventually Usurp Bitcoin’s Throne?

Ripple Price Analysis: Will XRP Eventually Usurp Bitcoin’s Throne?

Yesterday XRP overtook Ethereum and claimed the #2 spot on CoinMarketCap. Is Bitcoin next?


Market Overview

Its too early to determine whether the market has recovered from yesterdays unannounced slaughter. Despite this, analysts and savvy traders will be looking to see if any altcoins set a precedent by dislodging from the downturn caused by BCH and BTC. Perhaps as the BCH-ABC/BCH-SV civil hash war wraps up well see a new leader emerge from the chaos?

While XRP did take a knock during yesterdays pullback, it wasnt as extreme as BTC 00, and we feel like this warrants further inspection. XRP turned bearish, but it remains better situated when compared to its contemporaries. Bitcoin appears to be consolidating under $6,000 and perhaps a market-wide oversold bounce could bring the cryptocurrency and its neighbors above the most recently notched yearly lows but what is interesting is XRPs possible dislodging from BTC.


Daily Chart


Last week XRP moved above an important barrier at $0.50 and topped out slightly above $0.55. This was a significant achievement considering that XRP had been stuck in the $0.40s for about 18-days. In mid-September, XRP traded near $0.26 and a slew of frequent partnerships, adoption announcements and possible accumulation by institutional partners appear to be supporting the gradual price increase.

Its clear that XRP followed the general direction of the market and sharply declined from $0.51. There are support levels at $0.460 $0.44 and $0.40 and former supports at $0.50 $0.486 are now acting as resistance. XRP spent the day consolidating toward the 23.6% Fib retracement level at $0.46 and the 50% Fib level has served as a rejection point. The current outlook remains bearish but given the strength of the mid $0.40s supports an entry near $0.41 to $0.43 could possibly turn a quick profit if the market bounces back over the next week.

Stoch and RSI still angled down with the Stoch dipping into oversold territory but given the oversold state of the entire market, this setup appears less extreme when compared to BTC and ETH. XRP appears to be dislodging from BTC and analysts are already attempting to determine which tokens will lead the market forward in the event of continued malaise from Bitcoin.

Regardless of ones personal philosophy regarding centralization and decentralization, XRP has held fairly steady while other tokens were crushed during this weeks surprise correction. Day traders will probably find the $0.43 to $0.50 range quite lucrative.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for analysis are provided by TradingView.]

Why do you think XRP will quickly rebound to$0.50? Share your thoughts below!

Images courtesy of Shutterstock, Trading View. Market data sourced from Bitfinex.

The post Ripple Price Analysis: Will XRP Eventually Usurp Bitcoins Throne? appeared first on Bitcoinist.com.

15.11.2018 / 22:00 15
Bitcoin Price Analysis: Are Oversold Bounces Leading the Market Higher? Bitcoin Price Analysis: Are Oversold
Bitcoin is making a slow and steady recovery toward $7,000. Has bearish market sentiment alleviated? Or, are the current gains simply the result of a
Cryptocurrency Market Update: Altcoins Bounce From Yearly Lows Cryptocurrency Market Update: Altcoins
FOMO Moments Markets have bounced from yesterday’s low, Ethereum, Litecoin, Monero, VeChain recovering. There has been a bounce back from yesterdays
Ethereum Price Analysis: Under $270 and Falling Amid Altpocalypse Ethereum Price Analysis: Under $270 and
Its been a terribly rough two weeks for altcoins, and the situation doesnt appear to be getting any better. Nobody’s price is safe, including
Bitcoin Price Analysis: Bears Take the Bull by the Horns Bitcoin Price Analysis: Bears Take the
Bitcoins bullish reversal appears to be in peril as bearsunexpectedlyrocked up and grabbed the bull by the horns. Is today’s pullback caused by
Cryptocurrency Market Update: Monero Bounces From Eight Month Low Cryptocurrency Market Update: Monero
FOMO Moments A bounce has happened, altcoins recovering quickest include Monero, Ontology, Ethereum Classic and Decred. As expected some sort of
BTC, ETH See Small Growth After Yesterdays Fall To Monthly Lows BTC, ETH See Small Growth After
Top coins on CoinMarketCap see slight growth after yesterdays slump to monthly lows. After a drop in the crypto markets yesterday that brought
Comments (0)
Add a comment
Comment on