Ripple is finally increasing again
Ripple is finally increasing again
Trading

Ripple is finally increasing again

By Federico Izzi - 5 Feb 2020

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After three days of slight declines, with the retracement of prices that started last Friday and lasted until yesterday, today there is a marked increase for the price of Ripple and a bullish momentum that cancels out the weakness of the last few days. 

XRP 20200205
XRP chart by Tradingview

The rise began with Ripple, which benefited from the news that officially confirmed its partnership with Intermex (International Money Express), a money transfer company operating in Latin America, particularly between the USA and Mexico, listed on the Nasdaq. 

This collaboration has propelled the value of XRP, which since the early hours of Wednesday has risen by more than 11%, with prices returning to 28 cents, something that hadn’t happened for three months, from the beginning of November. 

During the course of the day, the sector has turned upward and even altcoin prices have started to rise. Such is the case with EOS, which rose above $4.40, levels not recorded since August 2019. 

BCH 20200205

Bitcoin Cash (BCH) also achieved one of the biggest rises among the top 30 of the most capitalized and now rises by 12%, reaching $431, which it had abandoned in July 2019. 

Among the big names, Tezos (XTZ) rose by 8% to almost $2.19, the highest ever.

Scrolling through the list of the big ones, it is necessary to go beyond the 30th position to find a first red sign that today belongs to Icon (ICX). 

After the strong jumps of the past few days, today Icon loses 9%, a decrease that does not affect the strong increase that Icon has put in place since the beginning of the year, namely +400%.

The highest step of the podium is occupied by Lisk (LSK), which rises by 25%. Like yesterday, Hedera Hashgraph (HBAR) climbs 17% even today.

By contrast, among the few red signs, there is MaidSafeCoin (MAID) which loses 7% and Molecular Future (MOF) which loses 4%. 

coin360 20200205
Source: COIN360.com

The return of strength is accompanied by an increase in volumes returning above $105 billion traded in the last 24 hours, up more than 10% on a daily basis, which pushes total capitalization above $266 billion. These are levels that have not been recorded since early September. 

Although Bitcoin now climbs about 3% and is back to the highs recorded between Sunday and Monday in the $9,500 dollar area, it is falling back in terms of dominance to 64.5%, a level it has not seen since last July. 

This is benefiting Ethereum, which rises above 8.1% market share, which it had not seen since last December. Ripple’s growth brings it back to 4.5% dominance, the highest levels of the last three months which it temporarily saw at the beginning of January and then immediately lost.

BTC 20200205
Bitcoin chart by Tradingview

Bitcoin (BTC)

Bitcoin is back to attacking area 9,500. Now the support of new purchases to push over $9,600 area will be very important, a level violated upward in the early hours of last Monday coinciding with the opening of Chinese stock markets and the Shanghai Composite, whose sharp decline had propelled the crypto queen who had gone over $9,600 for the first time since November. 

This level is once again crucial from a technical point of view. In the event of a violation, it would go towards the psychological level of 10,000.

The first bearish wake-up call for BTC would only come with the return below $8,800.

ETH 20200205
Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum is at 197 dollars, one step away from the psychological threshold of 200 dollars, a threshold that three times between the end of October and November rejected the bullish attacks.

With this upward move, ETH cancels the negative phase of November and December 2019 and now finds itself facing the $200 psychological resistance. In the event of a breach, the next target is $220.

ETH has plenty of room for manoeuvre in the event of profit-taking that could push prices back. Only a return under $175 in the next few days would trigger a first faint alarm bell. A return under $155, a threshold 20% below current levels, would undermine the strong uptrend that has been going on since the mid-December lows and that has seen Ethereum’s prices gain more than 50% since the beginning of the year.

It is a performance that doubles that of Bitcoin which stops at +28%. Ripple has increased 40% since the beginning of the year and Bitcoin Cash strengthens the fourth position with a gain from January 1st that goes beyond 100%.

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. 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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