From the look of things, it looks like things are back to horizontal trends not only for Ripple (XRP) but the whole cryptocurrency markets as very little progress has been witnessed over the past 24-hours. As it was this time yesterday, the total market cap is still hovering around the over 210 billion US dollars region, showing little or no signs of bouncing back to previous levels marking a lazy day in the cryptocurrency market.
Following its last Thursday dump of about 300 US dollars, Bitcoin has remained on a flat line fighting not to depreciate any further than that. Earlier this week, the number one ranked cryptocurrency undervalued to exchange at 6,300 US dollars and is now trading slightly above that level.
According to some cryptocurrency analysts, Bitcoin seems to be making a symmetrical triangle formation regarding its price trends, something that could lead to its breakout from the consolidation. In regards to its trade volumes, the number one digital currency has fallen back after the recent upward price surge that has seen trade volumes stabilize at about 4 billion US dollars. In regards to Ethereum, the digital coin is still week but is holding to its impressive 210 US dollar price tag currently, recording no change from yesterday.
Ripple (XRP) Making Headlines with Bullish Movements
Out of the many virtual currencies available in the crypto market, Ripple (XRP) is one of the few digital currencies that has been following up with bullish movement in recent time.
According to some cryptocurrency analysts, one of the reasons behind Ripple’s (XRP)’s impressive performance in the market is the recent positive publicity that RippleNet has been enjoying. RippleNet recently boarded Moneynetint to its long list of partners and users. While XRP as a digital currency does not have anything to do with RippleNet, XRP prices usually perform positively on positive reviews and news touching the Ripple Network.
During the last spike in September, XRP formed a bearish divergence – thanks to its formation of a series of lower lows. This latest price surge is coming close to breaking the series of lower lows that could have essentially changed the entire market structure. On Tuesday, Ripple prices appreciated by over 3 percent maintaining its upward momentum that was seen on Monday.
It has been an irregular past few sessions, as the crypto market continues to search for a stable, committed direction.
As from the last week of September, XRP/USD price action has been forming a bullish flag pattern that was instigated by the price surge that made way for a bull run. During Monday’s session, a breach from that flag was recorded, leaving the door open to a further upward trend.
Technically, following the recent breach from the pattern mentioned above, the current market is susceptible to XRP/USD further buying pressure. All eyes are on the potential of the bullish upper wick that has been expected to be filled from 15th October.
Other Ripple News
Weiss Rating recently engaged the Twitter community in on what they considered as the best cryptocurrency to invest in under the 1 US dollar mark. From the finding that was received, a majority of Twitter users consider Ripple (XRP) as the best digital coin to invest in and posses.
— CoinIdol (@CoinIdol) October 15, 2018
From the over 5,000 Twitter users who participated in the poll, more than 60 percent of them showed their confidence and preference towards the controversial digital asset that currently lacks good publicity in the cryptocurrency ecosystem due to its fundamental philosophy, Ripple (XRP).
Out of the four options that were offered for polling, Cardano (ADA) was the digital coin that managed to give Ripple (XRP) a run for its money, managing to garner about 25 percent of all the votes. The third and fourth placed cryptocurrencies were Stellar Lumens (XLM) and IOTA who managed to get 8 percent and 3 percent respectively in the Weiss rating poll.
At the time of writing, Ripple (XRP) is currently exchanging at around 0.46 US dollars and in the green.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Meineresterampe/PixaBay
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