2018-10-18 17:34 |
The market leader Bitcoin which represents 54% of the total market capitalization has consolidated for the last two days. Bitcoin formed a doji candle yesterday which is a candle with a small body showing indecision in the market. This has occurred after a spike on Monday which saw the market leader increase around 10% before retracing. However, after Ripple’s digital currency XRP added Moneynetint to the RippleNet, XRP has continued to appreciate.
XRP increased from $0.39 to an intraday high of $0.47 on Monday and retraced to close around $0.44. It continued its increase yesterday to close above $0.46. Although RippleNet does not incorporate Ripple’s XRP token, the token often appreciates on positive news such as the addition of a partner.
XRP had been undergoing a decline recently after a bearish divergence occurred between price and RSI. The bearish divergence resulted in price decreasing from $0.57 to a low of around $0.28. XRP formed consecutive lower lows on this decline, but it is close to forming a higher low with this recent rise. This would serve to show a more bullish market structure and may result in more investors and traders looking to buy XRP. The arrows on the below chart represent the lower lows. Both the MACD and RSI are also starting to increase showing a shift in momentum to buyers. XRP trades at around a 5% premium on Bitfinex given the drop in USD Tether to 0.96 against the dollar.
XRP Daily Chart – Source: Tradingview.com Key Takeaways: XRP outperforms yesterday amid news of new partner for RippleNet. RippleNet does not require XRP, but it is common for the digital currency to appreciate positive news regarding RippleNet. XRP close to changing market structure to a more a bullish structure by surpassing the lower low priced around $0.46. Bullish momentum is increasing with MACD and RSI increasing. 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.XRP Outperforms This Week With New Ripplenet Partner was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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