XRP price drops: -5%
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XRP price drops: -5%

By Federico Izzi - 7 Nov 2019

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The price of XRP drops today. Overall, this is a clear reversal of the trend in the cryptocurrency sector, which, unlike yesterday, sees a marked prevalence of red signs.

Source: COIN360.com

Among the first 20, there are only two green signs.

One is Chainlink (LINK), just above parity, +0.1%, with prices trying to recover 2.7 dollars. After a strong jump in the previous 24 hours, LINK once again went to crash into the wall of the bearish dynamic resistance at $2.80.

The lion’s share today is taken by Tezos (XTZ) who benefits from the announcement of Coinbase offering it as the first token with the possibility of obtaining interest by holding XTZ in the wallet. 

This new feature favours Tezos, which in 24 hours achieves a rise in the night, flying more than 40%. In the last few hours, it has reached a balance of 20%. With this move, Tezos revises its $1.30 quota, a level abandoned last August.

The rest of the sector travels in negative territory. 

Among the top 10, the one that suffers the most is Stellar, which loses 7%. After the week’s rises, XLM is seeing a retreat in these past 48 hours. At the moment it’s a simple retracement due to profit-taking, with prices returning to $0.072, levels to be maintained in the coming days. 

XRP chart by Tradingview

Disappointment for Ripple who after trying to break the 30 cents of the dollar yesterday, reaching even 31 cents for a few minutes, today is back below the technical and psychological threshold of 30 cents and reaches 28 cents. 

This is not a positive signal, especially in view of the Swell conference by Ripple taking place in Singapore. In the past, this event benefited Ripple’s prices, also because it coincided with the launch of new products that had a positive impact on prices.

Today, however, the price of XRP falls, marking a decisive reversal and losing 5%, among the most pronounced falls of the day.

This movement undermines the bullish trendline that has supported the XRP market since last September. For the price of Ripple, it is important to find the momentum to go over 30 cents. 

Among the best of the day emerges DXChain Token, with a rise of 21% that takes the 90th position in the ranking with a market cap of 46 million dollars. DX Token is based on the Ethereum platform.

Another noteworthy rise is that of 0x (ZRX), scoring 3.5%, as well as Crypto.com Coin, which scores a rise of nearly 7%.

Today’s weakness makes the total market cap suffer, which returns below $250 billion, losing the gains made in the last three days.

The dominance of bitcoin continues to hold the share of 67%, the same for Ethereum which is over 8%, whereas the strong weakness of Ripple brings down its market share close to 5%, a retreat that sees it lose about 1% of market share from levels at the end of October.

Bitcoin chart by Tradingview

Bitcoin (BTC) price

Bitcoin is retreating with a daily drop of about 1%. Prices are caged between 9,000 and 9,600 dollars with volatility that in the last 10 days is less than 2%, which usually is double and equal to 4%. 

The possibility of a strong explosive movement in the next few hours and days increases. Attention should be paid to the levels of the lateral band at the bottom of $9,000 and at the top of $9,600.

Ethereum chart by Tradingview

Ethereum (ETH) price

Ethereum suffers from generalised weakness. Its daily decline is as low as -2%. After yesterday’s attempt to extend prices beyond 190 dollars, today they test again the threshold of 185 dollars, already tested several times in the last two months. 

If this level is not maintained, there is a risk of a downward speculative movement towards 175 dollars

It is necessary for Ether not to go below the threshold of 165 dollars, whereas the rise is fundamental to break the threshold of 195-200 dollars in order to leave behind this nerve-wracking movement that is no longer offering the sympathisers of Ethereum the hopes of riding a directional movement upwards. 

 

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".

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