Ripple’s XRP Trades at Key Level After Bearish Movements
For the majority of 2018, Ethereum had been the largest altcoin by market cap. The bearish market movements which took place recently resulted in Ripple’s XRP overtaking it for the position of largest altcoin and second largest cryptocurrency by market cap.
While Ethereum was the largest altcoin, its movements mostly followed closely to those of the market leader Bitcoin. XRP seems to be also following this pattern. Bitcoin recorded bearish movements down to around $3750 but since retraced back up to a key level at $4000. XRP also recorded bearish movements to a low around $0.335 but has since retraced back above the key $0.35 level.
The outlook for XRP seems to be closely tied to that of Bitcoin which represents around 54% of the cryptocurrency market cap. Bitcoin now trades around $4000 which has marked itself as an important point after price action returning to it on numerous occasions.
Bitcoin has been recording more bullish movements recently but traders still appear cautious of a return to the extreme bearish condition seen recently. Just a few weeks ago, price moved from around $6400 to below $3500 over the space of two weeks.
We also have bearish statements being released from professional analysts in relation to Bitcoin. Martin Weiss, founder of Weiss ratings which regularly analyses and ranks what they consider the strongest cryptocurrencies had the following to say:
“Bitcoin has declined by more than 70% again, setting the stage for another major price rise likely to begin in 2019. However, there is one important difference this time: Bitcoin has not kept up with the latest advances in the Distributed Ledger Technology (DLT) that underlies cryptocurrencies.”
it should be noted that Bitcoin was ranked low on previous reports and rankings from Weiss Ratings but has managed to hold its value significantly better than those ranked above it.
- XRP seems to be following the movements of Bitcoin with recent price action. This is the same as what happened with Ethereum price action when it was the highest ranked altcoin.
- Bearish drop yesterday in both Bitcoin and XRP with a retracement up to a key trading level in both. XRP currently trades above the key $0.35 level.
- Bitcoin has had markedly more bullish price action recently but outlooks from analysts are bearish. Traders are likely cautious to drive prices up after the recent bearish movements.
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