2019-5-12 11:53 |
XRP Weekly Chart
XRP has been undergoing an extraordinarily long period of consolidation.
Despite the market leader Bitcoin recording a strong price performance this week with numerous 2019 highs formed, XRP has recorded a weak price performance in comparison.
XRP’s price has been consolidating just above $0.2475.
This level acted as an important level of resistance from May to December of 2017.
It was also the starting point for a phenomenal increase which took place in December of 2017.
This level is expected to act as an area of support if the sellers can push the price down to this point.
XRP Daily ChartHowever, XRP’s price has been more recently finding support at $0.28.
For the majority of this week, the price had been consolidating despite other major cryptocurrencies recording significant increases.
Its price did manage to record a significant appreciation of 8% yesterday but has started reversing these increases today after finding resistance at the 200 SMA (in black on the above chart).
The 50 SMA (in yellow on the above chart) has been trading flat reflecting the prolonged period of consolidation its price has been recording.
The seven-day return for XRP against BTC is negative 16.24% at the time of writing reflecting the underperformance of XRP in comparison to Bitcoin.
A failure to keep up with the rest of the market signals bearish price prospects ahead for XRP and indicates that its price is set up to underperform during the next downturn.
Stellar Lumens (XLM) Weekly ChartStellar Lumens (XLM) has similarly been underperforming Bitcoin recently.
The return against Bitcoin over the past seven days is negative 16.68% at the time of writing.
However, XLM has been recording more volatile movements than XRP recently.
XLM had recorded three consecutive weeks of losses prior to a Doji candle forming during last weeks price action.
Stellar Lumens (XLM) Daily ChartDespite starting off the week with declines, XLM recorded significant increases on both Friday and Saturday.
Similar to XRP, XLM is following up with a decline today after finding resistance at $0.108 and the daily 50 SMA.
The price has managed to find some support at $0.1 during today’s declines, an important psychological point for traders.
The price prospects for both XRP and XLM seem bearish given their failure to keep up with the price performances of other top cryptocurrencies.
While both may increase in terms of USD price given the general bullish trend of the market, it is likely both will depreciate in terms of their BTC price.
Key Takeaways: After months of consolidation, XRP is failing to keep up with the performance of other top cryptocurrencies. XLM had had more volatile trading but is similarly failing to keep up with the price performance of top cryptocurrencies. Both XRP and XLM recorded significant increases yesterday but are following up with losses today.XRP and Stellar Underperform While Bitcoin Surges [Price Analysis] was originally found on Cryptocurrency News | Tech, Privacy, Bitcoin & Blockchain | Blokt.
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