In today’s trading analysis, Ripple (XRP) stands out among the best cryptocurrencies, with the price rising +5% from yesterday morning levels.
Ripple benefits from the promotion of Coinbase, the most popular exchange on US territory, which yesterday officially announced that in the coming hours it will add to its selection the third largest and most important cryptocurrency, precisely XRP.
An important recognition for Ripple in a period in which doubts arise about its future, mainly because of JPM Coin. Among the major cryptocurrencies, Ripple today is the only one who manages to cancel the drop experienced on Sunday.
After a strong bearish movement on Sunday, roller coaster fans take a break waiting to see if it was a simple technical movement due to profit taking generated with the complicity of low volumes, or a bearish outbreak, a prelude to a more important retracement movement.
Today’s market sees alternating colours with oscillations around the parity level for most of the cryptocurrencies.
Only a few coins recorded changes of more than one percentage point, both in positive and in negative.
Trading Ripple (XRP): the price rises again
Looking back at the $0.34 level, the price of Ripple (XRP) comes into contact with a major resistance that since mid-January is proving to be a difficult bearish resistance.
The last test occurred yesterday afternoon is the sixth in 40 days, every attempt to climb above this level has failed. For this reason, it is essential to break this threshold to trigger the Stop-Losses placed just above the $0.3380-0.3450 area and accompany the movement to review the $0.40-0.45 area – levels abandoned last December. A return below 30 cents would strengthen the bearish trend that has been present since last September and which is characterising every pullback with lower highs.
Among the best of the day, there is also Bitcoin Cash (BSV) which celebrates its entry into the Coingate circuit with a 14% increase. Coingate is a payment gateway that accepts conversion among the major cryptocurrencies as well as fiat currencies.
After losing more than $15 billion in less than 12 hours, the total capitalisation attempts to stay hooked at $130 billion to try and set a new record of the year above the $140 billion level reached over the last weekend. Main crypto market shares remain unchanged with bitcoin at around 52% of dominance.
The Sunday drop arrived punctually to close the monthly cycle started in the first days of February. Despite the severe double-digit decline, the medium-term trend of bitcoin remains bullish.
If the closing lows remain the same as today, the monthly cycle returns to reverse the trend after a negative January which was preceded by a positive reaction that began in mid-December. In order not to witness the return of the Bears it is necessary to protect the support level of 3750 dollars. If this level breaks, it would attract downward speculation.
Ethereum prices are trying to recover the levels of the dynamic bullish trendline (red trendline on the chart) that hit the bottom last Sunday afternoon. The upward trend between Saturday and Sunday morning updated the highs of the new year but lacks the necessary confirmations to be a solid rise.
It is necessary to recover as soon as possible the 150 dollars area, otherwise the risk of revising the 115 dollars in the coming weeks increases. Moreover, the return of the volumes that last week accompanied the bullish push is also necessary.