Market Overview

Ripple Takes Ethereum's Place As The No. 2 Crypto, But Could Drop Again Soon

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While the cryptocurrency market as a whole is losing its market cap value, Ripple’s XRP managed to take over Ethereum as Ether’s coin market cap dropped to around $11.2 billion. Ripple’s market cap was sitting at $14.2 billion during Monday’s late-afternoon trading session.

Technical Analysis

Looking at the price action on the charts though, we have a bit of a mixed signal. XRP/USD appears to be in the process of forming a Double Top chart pattern and it is right now testing the pattern’s neckline, which falls on a key pivot level at 38 cents. A confirmation of a break below this level could increase the chances of further losses in the crypto/fiat pair.

Other indicators such as the Ichimoku Kinko Hyo are also pointing to further declines, as the future Ichimoku cloud. appears to be bearish. If these indications are confirmed, we could see XRP/USD to drop back to the levels from back in August at around 26 cents, which is where Ripple’s price was at before its sudden surge end of September.

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The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: contributor contributors ETH XRPCryptocurrency Markets

 

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