Ripple’s XRP Continues to Mirror Bitcoin With a Return to Bearish Movement
Ripple’s XRP has been closely mirroring the performance of market leader Bitcoin since it became the largest altcoin by market cap. The return to bearish market conditions over the past few days has not been any different. Both XRP and Bitcoin have declined 7% over the past 24 hours.
The return to bearish conditions in the market had resulted in XRP dropping below the key $0.3 level to an intraday low of around $0.29. It has since returned back above $0.3, but momentum is strongly with the sellers. Both the MACD and RSI continue to decrease reflecting the seller momentum.
Today’s candle has been forming a Doji. A Doji is a candle where the open and close are around the same point. A Doji typically represents uncertainty from traders and has also been formed for the Bitcoin daily candle today. There is a strong possibility that the next significant move will be to the downside given the strong seller momentum and overall bearish market conditions.
While Bitcoin has formed a 2018 low over the past 24 hours, XRP is still trading about 20% above its 2018 low which is around $0.25. A continuation of these conditions is likely to result in XRP returning to this point.
- XRP mirrors Bitcoin with both losing around 7% over the past 24 hours.
- XRP drops below the key $0.3 level but trades back above. Seller momentum is strong making it likely that price action will drop back below.
- XRP trades around 20% above 2018 lows but may return to this point if bearish market conditions continue.
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