Ripple’s XRP and Stellar Lumens Underperform as Bitcoin Records New 2019 High [Price Analysis]
XRP Price Analysis
XRP recorded a poor price performance this week.
Despite the market leader bitcoin increasing to form new 2019 highs, XRP has only recovered a fraction of the losses it recorded last week.
$0.295 has been an important level in price action for XRP as far back as August 2019 and although the price dropped below this level last week, it rose back above today.
During the drop below last week, XRP found buying pressure close to $0.277.
It rose back above the level during price increases on Tuesday and has since retested the level as support.
It also tested former resistance level $0.313 to the upside.
The 4-hourly chart shows the price to be trading between $0.295 and $0.313.
With a failure to match the bullish price increases of bitcoin, we may see a longer consolidation in this range.
The longer-term monthly timeframe also demonstrates a long-term consolidation taking place.
Doji candles have formed on the monthly chart for the past several months and another Doji candle is so far forming this month.
This indicates high levels of trader uncertainty at the prices which XRP currently trades at.
Stellar Price Analysis:
Stellar Lumens (XLM) similarly recorded a weak price performance this week given that the market leader bitcoin went on to form new highs.
XLM also recovered only a fraction of the steep losses recorded last week.
XLM found buying pressure close to $0.092 last week, a former level of both resistance and support.
The lows of this week also found buying pressure close to this point but the price has since recovered to test a resistance level.
Price action has continued to test $0.10, an important psychological point for traders and also a former area of support.
Price action traded close to this point for the majority of the week but has failed to close above.
Any rises above during the week quickly found selling pressure.
Today’s candle is currently forming a Doji indicating traders are uncertain of future price prospects.
- Both XRP and XLM have recorded poor price performances this week, a week where market leader bitcoin went on to form new 2019 highs.
- XRP has been consolidating for the past several months and currently trades between support at $0.295 and resistance at $0.313.
- XLM has risen to test $0.10 after finding buying pressure close to $0.092.
Ripple’s XRP and Stellar Lumens Underperform as Bitcoin Records New 2019 High [Price Analysis] was originally found on copy trading cryptocurrency | Tech, Privacy, Bitcoin & Blockchain | Blokt.