Bitcoin (BTC/USD) and Ripple (XRP/USD) Price, Analysis and Chart:
- Bitcoin continues to rally hard.
- Ripple up another 15%
Without wanting to blow my own trumpet too loud, I have been bullish on the cryptocurrency space for a while now, and I continue to remain positive as a wide range of coins continue to make fresh highs. Yesterday I noted that Ethereum looked set to make a new high, which it has done, while Ripple looked to have woken up and that further gains were on the cards. In addition the Coinbase listing on Nasdaq on Wednesday should bring renewed interest in the cryptocurrency space.
Bitcoin has been overtaken in performance terms by a range of other cryptocurrencies this year with BTC’s market dominance near a two-year low and down from 72.5% in January to 56% today. It remains to be seen if Bitcoin can outperform the rest of the market over the next few months, especially with the seemingly limitless demand for the alt-coin space.
Bitcoin Market Dominance Chart – Via TradingView.Com
The daily BTC/USD chart highlights the positive sentiment and strength in the market. Today’s candle has pushed through the prior record-high with ease, and the chart continues to show an unbroken series of higher lows and higher highs, supported by all three simple moving averages. The CCI indicator is just in overbought territory, which may slow down the latest rally, but is unlikely to send prices lower. As in recent weeks, any reasonable set-back, and as long as the previous lower low is not broken, may offer further opportunity.
Bitcoin (BTC/USD) Daily Price Chart (October 2020 – April 13, 2021)
Ripple continues to rally hard and continues to push to multi-month highs with the eventual target the January 2018 high print at $3.30. The daily candles over the last week have shown that buyers continue to control the market with any sell-off bought back the next day. Saturday’s candle, a rally of over 35%, was particularly impressive with Ripple ending the session just off the high of the day. Sunday’s mild sell-off was bought back on Monday, with the candle again ending the time period at its high of the day suggesting that buyers remain.
Ripple (XRP/USD) Daily Price Chart (November 2020 – April 13, 2021)
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What are your views on Bitcoin (BTC) and Ripple (XRP) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.