XRP Price Analysis – February 15

  • The XRP price is in a bearish momentum in the short and medium-term trend.
  • The crypto’s price consolidates at the $0.30 price level.

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 in a sideways trend. On February 8, a bullish candlestick broke the bearish trend line. It was assumed technically that the bearish trend is terminated. The assumption was that if a candlestick had broken a bearish trend line and the following candlestick closed on the opposite of it; the current trend is said to be terminated.

From the daily chart, these conditions were fulfilled. On February 11, after the trend line was broken the bears pulled back price. Later, we have candlesticks in a rectangular blocks that are consolidating daily at a price of $0.30. However, from every indication price may breakout from this range bound movement.

There will be a continuation of the bullish trend of February 8, 2019. If we have a price breakout, the crypto will rally at the $0.33 or $0.40 price level. Meanwhile, the stochastic indicator is out of the oversold region and below the 40 % range which indicates that the XRP price is in a bearish momentum and a sell signal.

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 after the downward correction. The 12-day EMA and the 26-day EMA are trending horizontally indicating that price is in a sideways trend. The crypto’s price is neither below nor above the 12-day EMA and the 26-day EMA indicating that the price is in a sideways in trend.

Meanwhile, the stochastic indicator is in the oversold region and below the 20 % range which indicates that the XRP price is in a strong bearish momentum and a sell signal.

 

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

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