Extremely bearish movements took place in the market leader Bitcoin yesterday as it broke below key support levels at both $5000 and $4600. Ripple's XRP has outperformed the market leader. While Bitcoin has lost around 9% over the past 24 hours, Ripple's XRP has lost around 4%.
The bearish movements have also had their impact on XRP as it approached the $0.4 point for the second time today. Price quickly bounced from the point and currently trades around $0.46. the momentum is still with sellers both in XRP and most other cryptocurrencies, but with this being the second time XRP has bounced from $0.40, it shows it to be an important area for support and a point where buyers are likely to come in.
Both the decreasing RSI and MACD show momentum is on the side of sellers. The MACD is also approaching a centerline crossover to the downside, a bearish signal.
With altcoins relatively strong performance in the recent bearish market, it is now the largest altcoin by market cap. It overtook the long-time altcoin leader Ethereum for the position of number two ranked cryptocurrency by market cap.
Despite this position, altcoins movements still largely depend on those of the market leader Bitcoin. Bitcoin has been undergoing extremely bearish movements which have resulted in it breaking below numerous key support levels. It has priced in a 2018 low today around $4200. With momentum being strongly on the side of sellers, it may return to this point and could break below $4000. Traders in XRP should also monitor this as breaks below key levels such as $4000 will be likely to have an impact on XRP also.
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John Lee Quigley's background is as a trader in derivatives and equities. When John first came across cryptocurrencies, he was instantly intrigued and viewed the high levels of volatility that scare away most traders as a market that provides great opportunities. Since 2018, John has been focussing on cryptocurrencies and blockchain full-time and has co-built the Crypto Bay community in Lisbon, Portugal. John specializes in technical analysis and fundamental analysis of cryptocurrencies and crypto-related projects.
11/20/2018 / 15:39:07 Source: blokt