Market Overview

XRP Puts The Action In An Environment Of Volatility At The Lows

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  • In low volatility environments, impulsive actions are exacerbated.
  • Bitcoin and Ethereum setups lengthen their passivity.
  • The current situation can go on for long weeks to come.

We arrive at the end of another soporific week for the once wild cryptocurrency market. Prices have moved up and down only to end up at the same price levels they were trading on Monday.

Yesterday, the new Constantinople update was activated in the Ethereum network, and at the time of writing, it seems that the migration has taken place without problems. The price of Ethereum against its main peers has not been influenced in any way.

The most bullish value among the three leaders is XRP, which rises 1.6% against the Dollar, while among the Top 20, Litecoin with 2.6% and IOTA with 4% stand out from the crowd. On the downside, the only value on our negative list is Bitcoin Gold, losing 0.8% against the green note.

There is no clear consensus on the future direction of the market in the short term, although, for the medium and long-term, the majority favors the upside.

BTC/USD 240 Minute Chart

The BTC/USD pair is currently trading at the $3,809 price level, lengthening the compression process between the EMA50 and the SMA100 and thus increasing tension between both sides of the market.

Above the current price, the first resistance level for the BTC/USD pair is at $3.824 (EMA50), then the second resistance level is at $3.890 (price congestion resistance), and the third resistance level is at $4.050 (price congestion resistance).

Below the current price, the first support level for the BTC/USD pair is at $3,778 (SMA100), then the second support level is at $3,690 (price congestion support), and the third support level is at $3,621 (SMA200).

btc_usd_93-636870336033657764.png

The MACD on the 4-hour chart continues to cross upward and retains a sharp bullish incline which is positive for the price. As a negative figure, the indicator is still in the bearish zone of the index. Besides, the pattern of behavior points to high probabilities of a fall in the price.

The DMI on the 4-hour chart shows how the bears have lost strength and move below the ADX line, which takes away their bearish power. The bears, on the other hand, remain at the same levels as yesterday but are not able to surpass the level 20 which indicates the existence of a trend in progress.

ETH/USD 240 Minute Chart

The ETH/USD pair is currently trading at the price level of $136.97, with no apparent influence from the launch of Constantinople.

Above the current price, the first resistance level for the ETH/USD pair is $137.6 (SMA100), then the second resistance level is $139.7 (EMA50), and the third resistance level is $142.50 (congestion resistance).

Below the current price, the first support level for the ETH/USD pair is at the $130 price level (price congestion support), then the second support level is at $123.9 (SMA200), and the third support level is at $120 (price congestion support).

eth_usd_76-636870336411247827.png

The MACD on the 4-hour chart shows a similar development to what we have seen on the BTC/USD pair. It is a potentially bullish structure but can turn down quickly.

The DMI on the 4-hour chart shows bears decreasing their trend strength and falling below the ADX line, which is positive for the price. On the other hand, the bulls also retreat and deepen their lack of trend force reaching the 12.8 level of the indicator.

XRP/USD 240 Minute Chart

The XRP/USD is currently trading at the $0.323 price level and improving yesterday's close by 1.8%. The case of the XRP is an exceptional case on the crypto-board. As I have commented in previous articles, the XRP should be considered as equity and reflect the repercussions of all the business of Ripple LTD in its price. Whether the regulators decide to put it on paper or not, I do not doubt that it should be so.

Above the current price, the first resistance level is at the price level of $0.328 (price congestion resistance), then the second resistance level is at $0.334 (price congestion resistance), and the third resistance level is at $0.39 (price congestion resistance).

Below the current price, the first level for the XRP/USD pair is at the price level between the EMA50 at $0.318 and the SMA100 at $0.316, while the price congestion support at $0.317 remains as a reinforcement. The second support level is also a reinforced level, with the SMA200 converging at $0.309 and a price congestion support level at $0.308. The third support level is at the $0.30 price level (price congestion support).

xrp_usd_81-636870336995552306.png

The MACD on the 4-hour chart shows how thanks to the recent upside it crosses back up but still fails to enter the positive zone of the indicator. The first cross attempt will occur today, and if it does, we can see the XRP fly high.

The DMI on the 4-hour ns chart shows the bulls outperforming the bears but by very little. The bears continue to retreat and keep for a concise time the condition of tendentially active. The ADX continues to indicate a gradual decrease in the general trend, which if extreme, will support a future explosive price reaction.

Posted-In: Bitcoin Ethereum FXStreetCryptocurrency Fintech News Markets General

 

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