XRP – Dead Cat Bounce for Ripple?

2018-11-28 12:41

After an extremely bearish weekend and start to the week, the market has been surging over the past 24 hours. Market leader Bitcoin has risen from its 2018 low of around $3500 to about $4000 today.

The largest altcoin by market cap, Ripple’s XRP, has been rising with the market and is currently trading around $0.37. After numerous tests of $0.4 last week, XRP broke sharply below and continued to trade near $0.3.

XRP has been bouncing with the market but is underperforming. Its largest cryptocurrency counterparts, Bitcoin and Ethereum, have both recorded greater increases over the past 24 hours. XRP has appreciated around 6% while both Bitcoin and Ethereum have appreciated approximately 8%.

Top Three Cryptocurrencies by Market Cap

With XRP underperforming on this rise, it is likely following the market direction. If the market leader Bitcoin can continue its upward movements, XRP is expected to follow. Even if this takes place, it is questionable whether XRP can rise above $0.4. $0.4 was a significant support point last week and may now act as a significant resistance point as XRP rises.

In addition to XRP underperforming compared to its major peers, there are other factors which indicate there is not much strength behind this rise. The rise is on low volume, showing a lack of buyers driving the move. The MACD has also been mostly diverging to the downside showing momentum remains on the side of sellers.

Overall, XRP is likely to follow the direction of the market. If the market leader Bitcoin rises from here, XRP is likely to follow suit. However, XRP is setting up more bearish than its peers and is expected to underperform on rises and more sharply decline if the market falls from here. In the event of a move downward from here, $0.3 will be a crucial level to monitor.

XRP Daily Chart – Source: Tradingview.com Key Takeaways: XRP has been increasing from lows near $0.3 but is setting up more bearish than its major peers Bitcoin and Ethereum Small amounts of volume for the past two days upward movements showing little strength behind the move XRP likely to follow the market but to underperform on both rises and falls $0.4 is a key resistance level to monitor $0.3 is a key level to monitor in the event of a fall from here DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

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