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Ethereum and XRP Price Analysis
Ethereum and XRP Price Analysis
Trading

Ethereum and XRP Price Analysis

By R.L. Bryer - 8 Jun 2021

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Ethereum Analysis

ETHER [-10.46%] for the last 24 hours is outperforming bitcoin [-9.61%] at the time of writing.

BTC and ETH have each done over $30 billion in volume over the last 24 hours..

Nothing’s really slowed ETH price action for the last 12 months at all. Not even Vitalik Buterin’s admission on Lex Fridman’s podcast [released on 6/3/21] that ETH 2.0 won’t launch until at least 2022 seems to worry ETH enthusiasts.

The amount of ETH staked continues to climb despite ‘the merge’ from ETH’s PoW chain to their new PoS chain being months and maybe years off still.

When the merge occurs Ethereum will move to ETH 2.0 PoS Beacon Chain. 

ETHER had a daily candle close of $2,595 on Monday. ETH bulls will try to keep the price above $2,500 as prices below that level will increase the likelihood of seeing the psychological support level of $2k challenged again.

XRP Analysis

XRP’s [-11%] recorded $3.8 billion in trade volume over the last 24 hours at the time of writing. 

Once the world’s number #3 cryptocurrency by market capitalization XRP has slidden down to #7 by market cap. The XRP market capitalization is $39 billion and XRP is -18% for the last 7 days.

Despite being +359% for the last 12 months, XRP is still -77% from it’s all-time high made on 1/7/18. Holders that bought the XRP top in January 2018 haven’t even come within 40% of that ATH since the asset bottomed in the last bear market.

Although the price action’s arguably been a bit lacking, the XRP community has remained pretty strong even in the wake of the SEC halting trading on the Ripple Labs token inside United States territory.

Just last week Ripple filed a motion requesting that the SEC share their documents on how their token is differentiated from other assets in the space. 

The SEC ruled that unlike BTC and ETHER, XRP is a in fact a security and therefore hasn’t been compliant with U.S. law on securities. 

XRP’s 24 hour range is $.925-$.974. XRP’s 7 day LOW is $.923 and HIGH is $1.05. XRP’s closed Monday’s daily candle at $.864.

R.L. Bryer
R.L. Bryer

Since 2009, the onset of the bitcoin network, R.L. Bryer has been covering the space. He is the author of Blockchain: Project Renaissance Volume I and II. He's also been the guest of countless bitcoin and cryptocurrency related podcasts throughout the world. Every opportunity, he speaks on or writes about Austrian Economics and how bitcoin is the world's preeminent money.

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