The price-performance of both the XRP coin as well as ETH is currently being determined more by the market bears. The two cryptos under focus have been analyzed using key technical indicators to see how resilient their current price movements are amidst the general crypto market volatility
The cryptocurrency market for the past week has experienced significant moves that have been bullish for most coins and at present, an impending retracement is obvious for most of the top 10 cryptocurrencies.
XRP Price Analysis
XRP price has not particularly taken advantage of the recent rise fueled by the surge in the price of BTC which experienced its highest high in 2020 in the past week. XRP has lost about 1.8% in the past 7 days according to Coingecko and this loss is further being compounded with another 2.2% drop in the past 24hr even though the price has started showing some corrections in the past hour by gaining barely 0.2%.
Source: Trading View XRP/USD
XRP coin’s chart on Trading View as seen below shows a 20-day Chaikin Money Flow (CMF) value of -0.01. This indicator signals that the balanced activity or momentum between the activities of the buyers and sellers in the market, has now shifted in the favor of the bears, although by a small amount. The short-term 20-day Moving Average at the price of XRP confirms the ongoing bear action. The coin’s movement is rather wavy with the current tilt trending downward suggesting the bears are overwhelming the market at this time.
With the price of XRP on the chart at $0.2464, the bulls are likely to try to push the price to retest the resistance line currently set at $0.25.
ETH Price Analysis
ETH did not just rank as the number 2 cryptocurrency by market capitalization after Bitcoin (BTC), it has remained one of the top gainers this year. The coin has surged by 115.2% year over year, and 10.4% in the past 30 days, according to Coingecko. The coin’s performance in the past 24 hours in which it has lost 3.3% has however placed it in the spotlight as one of the top losers for today.
Source: Trading View ETH/USD
Per the technicals, the ETH price movement has a positive Balance of Power (BOP) of -0.46, a comfortable dip into the bearish zone. The BOP data shows a weak strength of the buyers in the market with the bears having a solid grip on the market.
To get a better picture of the overall price trend, the 60-day Moving Average as seen in the chart is trending upward which therefore suggests a general longer-term bullish market run. ETH is currently trading at $391.04 at the time of writing.
There is a lot of hype surrounding the cryptocurrency market in recent times with more institutional interest in BTC, amongst others. For XRP and ETH, the movement of both coins may be determined by the advances in the respective companies backing them. While XRP coin’s Ripple Labs is mulling the idea of relocating outside of the United States, ETH’s Ethereum Foundation is working relentlessly to launch the scalable version of the Ethereum network dubbed Ethereum 2.0. These two events have the potential of changing the market expectations of both coins in the coming weeks.
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