Can Ripple’s XRP Overtake Ether [ETH] Again?
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.
The 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.
- 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
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