Can XRP outperform Bitcoin (BTC) and Ethereum (ETH) in terms of short-term growth?
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The bullish mood has mixed with the bearish one over the last day. Most of the Top 10 coins are now located in the green zone; however, there are also some gainers. Mainly, Bitcoin Cash (BCH) is rising by 5%.
As altcoins have been more volatile recently, the dominance rate of Bitcoin (BTC) has risen and now makes up 58.5%.
The relevant data for XRP looks the following way:
Market Cap: $11,412,956,748
Volume (24h): $1,928,290,513
Change (24h): -2.17%
The data is relevant at press time.
XRP/USD: Can XRP grow against the sideways market?
Yesterday, buyers were unable to overcome the $0.260 resistance and sellers were trapped by an upward trend line.
On the chart, indicators are in the overbought zone and suggest an impending decline. Moreover, the support of $0.250 may not be able to withstand the bearish onslaught. Most likely, the price will drop to the POC line ($0.244).
On the 4H time frame, XRP is about to break the $0.2570 level. It is likely that the trading volume remains at a relatively high level.
In addition, the RSI indicator has formed a bullish divergence, having confirmed buyers’ potential to keep pushing the rate of the altcoin higher. If bulls can fix above $0.26, the resistance at $0.2639 can be easily attained.
On the longer term, the situation is not so positive as XRP has not fixed above $0.26. The trading volume is going down against the rising price of the altcoin, which means that a correction is more likely than a drop on the long-term perspective. Thus, the cryptocurrency keeps trading in the falling channel. All in all, traders may expect to see XRP at the support level of $0.2390 soon.
XRP is trading at $0.2530 at press time.
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at [email protected]