Ripple (XRP) Leads Altcoin Retreat as Early-Week Rally Fizzles

Neutral Ripple (XRP) Leads Altcoin Retreat as Early-Week Rally Fizzles

Led by ripple (XRP), the bitcoin and the altcoin markets edged lower on Thursday after staying on the bulls' side for most of the week.

Ripple Price Headlines Pullback

The cryptocurrency market as a whole witnessed their uptrends getting stalled. Other top performers during the previous rally, including stellar (XLM), bitcoin cash (BCH) and EOS, underwent a sharp pullback action. However, they managed to hold on to some of their gains despite being unable to sustain their prevailing bullish momentum.

The crypto correction coincided with the pullback session of US stocks. The S&P 500 and the Nasdaq also rebounded from their rallies as dollar regained strength ahead of the Fed meeting. While a direct correlation between the dollar and crypto markets is difficult to establish, the fact that both the new and the old market corrected in sync with each other raises questions, anyway.

With the strongest altcoins holding above their medium-term supports, their fiat-enabled pairs could also be forming bull flags. It means that a bearish correction could have been caused by day traders exiting their long positions, suggesting that an upside trend should resume after locating an interim support - a bounce back level.

XRP, for instance, became one of the best performing crypto assets after rising 26.94 percent, from $0.449 to $0.570. The coin later erased circa 14 percent from its gains, now trading at $0.507, which also happens to be above the rising channel support, depicted in orange to the downside. The interim mood should start to favoring bears upon a successful breakdown action below the said rising support level.

There were also reports that XRP rallied after the news of its integration into a global payment standard SWIFT, and corrected after the agency dismissed the rumor altogether. Any such correlation could not be established by the time of this writing.

Bitcoin Upside Capped

The cryptocurrency locomotive bitcoin also found its rally capped by its 100-period simple moving average - the third time now. The average is depicted in sky blue in the daily chart above, defining bitcoin's inability to recapture the bulls near such resistance levels. Nevertheless, the pullback is not that severe, but can certainly extend towards the range support defined by $6,203. A breakout, on the other hand, puts the next resistance pressure on $6,600, followed by $6,750 and $7,000 in medium-term.

High Volume in BCH/USD Market

Unlike XRP and bitcoin, bitcoin cash is witnessing a surge in volume in the time of its pullback action. It should appear natural ahead of an impending fork event that would split the BCH blockchain into two separate networks. Traders are likely to hold BCH coins in hopes to receive airdropped tokens that may or may not have some value in the future.

As of now, bitcoin cash is looking to attempt a breakout action above the latest medium-term descending triangle resistance. It would allow the pair to test $663 as its potential upside target while eyeing $788 to confirm a longer bullish bias. To the downside, an extended pullback would pull the value towards the 100-period moving average (sky blue), a support level, while setting $407 as the primary downside target.

Stellar Strongest among Top 10

Stellar is comparatively stronger than the rest of the top coins, now trending sideways following the hint of a strong pullback action. The coin against the dollar has almost negated the losses it faced during the bearish correction. It is now hinting a sideways action while keeping its eyes on a potential selling action towards. Should that happen, the near-term rising trendline coinciding with the 100-period SMA could provide a decent support for a potential bounce back. A further break and the same pressure would fall on the medium-term support further below.

Disclaimer: The author currently holds bitcoin, bitcoin cash, and stellar for both short and long-term investments. Featured Image from Shutterstock. Charts from TradingView.

11/08/2018 / 23:17:16 Source: ccn

Altcoin Analysis | Altcoin Prices | News | Ripple News | Bitcoin Cash | ripple | Stellar | | XRP|Trading|Altcoin|BTC|Market
BTC
1 BTC=$4,527.53
ETH
1 ETH=$135.60
XUC
1 XUC=$3.19
BCH
1 BCH=$262.86
EOS
1 EOS=$3.85

News Feed 50

Blokt Neutral - Coinbase Reopens Bitcoin Cash [BCH] Trading With Prices Sharply Lower read more.
11/21/2018 / 15:19:48
Coindesk Neutral - In First Since 2015, Bitcoin’s Price Is Testing a 200-Week Average read more.
11/21/2018 / 15:15:16
Financemagnates Neutral - Manhattan Rich Kid Steals Cryptocurrency from Silicon Valley Executive read more.
11/21/2018 / 15:14:32
Cointelegraph Neutral - Crypto Mining Firm Giga Watt Files for Bankruptcy, Faces Eviction in Washington County read more.
11/21/2018 / 15:05:00
Blokt Neutral - Brief Respite from Bitcoins Bearish Price Movements read more.
11/21/2018 / 15:04:26
Themerkle Negative - Coinbase Officially Declares BCHABC to be the Only Bitcoin Cash read more.
11/21/2018 / 15:00:01
Cryptoglobe Neutral - BitPay's Merchants Can Now Settle Transactions With Paxos Standard Token (PAX) read more.
11/21/2018 / 15:00:00
Themerkle Neutral - Dogecoin Price Rally Postponed as all Markets Face Another Slump read more.
11/21/2018 / 14:50:28
Cryptopotato Neutral - Crypto Technical Analysis: Head and Shoulders Pattern, Triangles and Wedges read more.
11/21/2018 / 14:46:54
Trustnodes Neutral - There’s No “Let’s Be Evil” Button on the Blockchain Says Edward Snowden read more.
11/21/2018 / 14:42:48
Ccn Neutral - ‘Crypto Bubble Went Bust for Good’: Bitcoin-Bashing NYU Prof. Nouriel Roubini read more.
11/21/2018 / 14:38:04
Bitcoin.Com Negative - Bitcoin Isn’t Volatile – the World Is read more.
11/21/2018 / 14:30:29
Cryptoglobe Negative - #XRP Price Analysis – November 21 read more.
11/21/2018 / 14:30:00
Blokt Neutral - Paxos and BitPay Partner to Add PAX Support for Global Bitcoin Payment Service read more.
11/21/2018 / 14:29:10
Cointelegraph Neutral - Blockchain Capital Exec: Bear Markets ‘Do Bear Things,’ but BTC Has ‘Gigantic’ Potential read more.
11/21/2018 / 14:15:00
Cointelegraph Neutral - 21-Year Old American Purported SIM Swapper Arrested for Alleged Theft of $1 Mln in Crypto read more.
11/21/2018 / 14:05:00
Coindesk Neutral - Four More ICOs Hit with Cease-and-Desists by Colorado Securities Regulator read more.
11/21/2018 / 14:00:57
Cryptoglobe Neutral - XRP Struggles to Keep up With Big Gainers as Crypto Market Adds $6 Billion read more.
11/21/2018 / 14:00:39
Bitcoinist Neutral - Bitcoin Price Bounces as Cryptocurrency Market Sees Relief Rally read more.
11/21/2018 / 14:00:39
Newsbtc Neutral - What Could Have Caused The Year’s Biggest Crypto Crash? read more.
11/21/2018 / 14:00:14
Blokt Neutral - TransferWise Currently Not Interested in Blockchain Technology Until More Banks Use Ripple read more.
11/21/2018 / 13:59:08
Ccn Neutral - Bitcoin Price Rises From $4,050 to $4,560 Amid Extreme Volatility Following Bakkt Delay read more.
11/21/2018 / 13:42:22
Livebitcoinnews Neutral - VanEck Subsidiary Launches Bitcoin US OTC Spot Index read more.
11/21/2018 / 13:30:00
Cryptoglobe Neutral - #Bitcoin (BTC) Price Analysis – November 21 read more.
11/21/2018 / 13:30:00
Blokt Neutral - Regulators Investigate Last Year’s Record Highs for Bitcoin, Did Tether Prop up the Market? read more.
11/21/2018 / 13:29:52
Cointelegraph Neutral - Japanese Banking Giant, Others Donate $800K for Blockchain Course at University of Tokyo read more.
11/21/2018 / 13:20:00
Financemagnates Neutral - Singapore Sees First Bitcoin Trial: Were Bitcoin Trades Reversed? read more.
11/21/2018 / 13:16:26
Newsbtc Neutral - “Crypto King”: Bear Market Aside, Bitcoin (BTC) Still Has Inherent Value read more.
11/21/2018 / 13:00:56
Coindesk Neutral - Bitcoin Mining Firm Giga Watt Declares Bankruptcy Owing Millions read more.
11/21/2018 / 13:00:30
Ccn Neutral - Singapore’s First Legal Trial Over Bitcoin Trading Disputes Began Today read more.
11/21/2018 / 13:00:18
Blokt Neutral - Coinbase Announces It’s Attending the AWS re:Invent Conference in Las Vegas Next Week read more.
11/21/2018 / 12:59:46
Cointelegraph Neutral - South Korea Science, Food Ministries to Use Blockchain for Tracing Beef Supply Chain read more.
11/21/2018 / 12:56:00
Bitcoin.Com Neutral - SEC Investigates Salt Lending’s ICO, Huobi Advises Russian Bank on DLT read more.
11/21/2018 / 12:30:38
Cryptoglobe Neutral - Head of Digital Asset at Susquehanna on Bitcoin: 'Every Great Idea Is Volatile' read more.
11/21/2018 / 12:30:00
Blokt Neutral - Bitcoin Inches Back up After Falling 23.8% in 2 Days; Sets New Record Low for 2018 read more.
11/21/2018 / 12:29:43
Coinspeaker Neutral - Paxos Standard Stablecoin Wins a Spot at BitPay on Its Way Towards Broader Usage read more.
11/21/2018 / 12:25:36
Cryptonewsreview Neutral - CoinGeek boss proposes truce in Bitcoin Cash war that would see the end of BCH read more.
11/21/2018 / 12:08:54
Coinspeaker Neutral - Amid Crypto Market Sharp Downturn, Traditional Stock Markets Seem to Collapse as Well read more.
11/21/2018 / 12:05:23
Cointelegraph Neutral - Ex-SEC Commissioner and Investment Banking Veteran Join Bitfury Team read more.
11/21/2018 / 12:02:00
Coindesk Negative - The Crypto Insurance Market May Total $6 Billion. That’s Nowhere Near Enough read more.
11/21/2018 / 12:00:35
Newsbtc Neutral - ICOs Yet to Liquidate All of Their Ethereum, Could Another Drop be Imminent? read more.
11/21/2018 / 12:00:19
Livebitcoinnews Neutral - VeChain Based eSports Start-up Plair Raises $22 Million in ICO read more.
11/21/2018 / 12:00:13
Cryptoglobe Neutral - Spain's Authorities Aim to Collect Taxes from 15,000 Cryptocurrency-related Businesses read more.
11/21/2018 / 12:00:00
Financemagnates Neutral - Cryptology Launches Margin Trading & P2P Lending Services read more.
11/21/2018 / 11:44:03
Ccn Neutral - Singapore Exchange Reveals Expectations For Listed Companies Conducting ICOs read more.
11/21/2018 / 11:42:57
Cointelegraph Neutral - South Korea: Messaging Giant Kakao to Attract Crypto Investments in Singapore read more.
11/21/2018 / 11:31:00
Blokt Neutral - Make-A-Wish Website Infected With Cryptojacking Malware CoinImp Via Dupalgeddon 2 Vulnerability read more.
11/21/2018 / 11:29:35
Cointelegraph Neutral - Amazon: How E-Commerce Giant Chose Blockchain Over Bitcoin read more.
11/21/2018 / 11:25:00
Financemagnates Neutral - Bitfury Group Adds Antoine Dresch to its Board of Directors read more.
11/21/2018 / 11:22:12
Cryptoglobe Neutral - #EOS Price Analysis – November 21 read more.
11/21/2018 / 11:15:00
Negative
3.8%
Neutral
94.8%
Positive
1.2%
Mixed
0.1%

Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
Any chance to go out? To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage
2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.