XRP Price Analysis – February 14

  • The crypto continues its range at the low of $0.30 after the downward correction.
  • A price breakout will enable the bulls to take price to the highs of $0.33 and $0.40.
  • A price breakdown will depreciate the crypto to find support at the lows of $0.28 and $0.29.

Ripple, XRPUSDXRP Chart By Trading View

XRPUSD Medium-term Trend: Ranging

  • Resistance Levels: $0.56, $0.58, $ 0.60
  • Support Levels: $0.29, $0.27, $0.25

The XRPUSD pair is still trading at the $0.30 price level after the downward correction. On February 12, the bulls were making attempt to complete the breaking of the 12-day EMA and the 26-day EMA but the bulls failed. On February 11, the crypto’s price completed the downward trend correction.

Then followed by the appearance of small body candlesticks like the Doji and spinning tops which are above the 12-day EMA. These small body candlesticks describe the indecision of buyers and sellers at the $0.30 price level. On the upside, if the crypto’s price has a price breakout the bulls are likely to take price to the highs of $0.33 and $0.40.

On the downside, if the crypto’s price has a price breakdown, the crypto will find support at the lows of $0.28 and $0.29. Meanwhile, the Relative Strength Index period 14 is level 43 which indicates that price is in a sideways trend.

XRPUSD Short-term Trend: Ranging

Ripple, XRPUSDXRP Chart By Trading View

On the 4-hour chart, the XRP price was in a sideways trend zone. The 12-day EMA and the 26-day EMA are trending horizontally indicating the sideways trend. The crypto’s price has been fluctuating below and above the 12-day EMA and the 26-day EMA. The price bars are below the EMAs indicating the lows of $0.30 arising from the daily trading of the cryptocurrency.

Meanwhile, the stochastic is below the 40 % range which indicates that the XRP price is in a bearish momentum and a sell signal.

 

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Little-Known Cryptocurrency Pumps 500x in Four Days. Are Altcoins Back?

Colin Muller

Micro-cap altcoin Opyn yCurve Insurance (OCRV) saw a monstrous surge last week, evoking reminders from bygone eras of the cryptoasset industry.

chart.pngSource: Livecoinwatch

Between May 19 and May 23, cryptocurrency price trackers registered a price jump from $0.0055 to $2.84—or about 500x—on OCRV. The cryptocurrency appears to only be trading on the decentralized exchange Uniswap.

The unreal price fluctuation seems to have been caused by “shilling” of the coin on 4chan. OCRV itself is a token powering the Opyn platform’s DeFi insurance system.

Altcoins Return?

Such dramatic events in the altcoin space may be signalling strength in the alt market. Generally speaking, high levels of investment in altcoins signals increased risk-taking in the crypto markets, and is a sign of confidence.

rising altcoins -- still?BTC chart by TradingView

We have seen a general increase in altcoin market share since about September 2019, depicted above. This trend took a big hit in February and March of 2020, as the coronavirus spread around the globe and hit financial markets—including crypto markets.

In a general sense, the trend seems to have remained intact, consistently rising from 5 to 8% in the six months depicted. The flip side is Bitcoin's dominance, which if rising signals a reluctance for risk taking (and often a falling Bitcoin price). This had been consistently ebbing since last September, but now seems stuck in the mid-60s.

In a decimated global economy, nobody quite knows what to expect from the cryptoasset industry. With some hints of altcoin strength, though, the prospects remain interesting.

Featured Image Credit: Photo via Pixabay.com