XRP: price rises 6% on a weekly basis
Trading

XRP: price rises 6% on a weekly basis

By Federico Izzi - 12 Oct 2019

Chevron down

The price of Ripple (XRP) rises 6% on a weekly basis, making XRP one of the best performing cryptocurrencies in the last seven days.

This adds to the rebound that began in recent weeks and sees Ripple gain about 30% after hitting lows on September 24th. 

The price of XRP thus tries to recover part of the ground lost throughout 2019 with prices trying to return to 30 cents, a former support area that had rejected any bearish attack for the first 8 months of the year and then collapsed in the second half of August.

On a weekly basis, today there are two cryptocurrencies that score a double-digit rise. These are Chainlink (LINK), which is up 40%, and Cosmos (ATOM), which is up just over 10%.

At the same time, bitcoin records a modest +2% on a weekly basis, an increase that was mitigated by the decline that developed during the early hours of Friday morning.

Ethereum, on the other hand, recovers more than 5%: also in this case, it is a performance that until Thursday evening was close to 10%.

Among the best of the week, there is also 0x (ZRX), with a climb of about 30%. TRON (TRX) is also doing quite well, after the difficulties that have characterised it in recent months, this week gains more than 9%.

By contrast, among the worst, there is EDUcare (EKT) which loses 13%, followed by Leo who loses 5%, a decline that has been partly recovered in the last hours.

Source: COIN360.com

The week saw bitcoin lose part of its dominance, falling from 69 to 67%. Both Ethereum, which rose to the levels of last July at around 9%, and XRP which recovered 5.4% thanks to the price increase, are recovering ground.

The total market capitalisation continues to fluctuate just over 220 billion dollars with volumes that during the week were evident on Wednesday, marking the second day with the highest volumes since early October. 

Bitcoin chart by Tradingview

Bitcoin (BTC)

As far as technical analysis is concerned, bitcoin failed to break the $8,700 mark, with a lengthening that went even further, to $8,800, a euphoria that lasted only a few hours. 

In fact, the prices plunged back under the threshold of 8,450 dollars, which is a watershed in the short term.

Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum fails to extend beyond the bearish trend that is forcing the weak trend started at the end of June. It is important for ETH to return above $200 as soon as possible. 

If not, it will be important to stay above $165, as a drop below this last level would project prices to test the lows of the last six months, touched at the end of September. 

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. Since May 2017 he is officially a Bigbit technical analyst. He was interviewed as a #cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on #Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.