Altcoins
XRP Price Slips Below $0.5: What’s Happening?
XRP price has been in a freefall for the past few days as macroeconomic factors eclipse the euphoria around Ethereum’s Shapella upgrade. At press time, XRP was changing hands at $0.4707. The altcoin’s total market cap has crashed 4.73% to $24.3 billion over the last day, while the total volume of XRP increased slightly higher. XRP currently ranks as the 6th largest cryptocurrency after the USD Coin and ahead of Cardano.
Fundamentals
XRP price has been under intense pressure for the past few days on the back of the recent bearish sentiment in the crypto market. The global crypto market has been ticking lower for the past few days as crypto leaders, Bitcoin and Ethereum, led the losses. Statistics by Coinmarketcap show that the global crypto market cap has slipped to $1.19 trillion, a 2.30% decrease over the last day.
Bitcoin, the largest cryptocurrency by market cap, has 2.84% in the past 24 hours to $28,042, while Ethereum, the largest altcoin, fell 2.02% to $1,918.15. The performance of BTC and Ether largely influences the performance of other cryptocurrencies. The decline in crypto prices has been linked to the increase in selling pressure and profit-taking by investors.
Additionally, the uncertainty over the Fed’s monetary policy, as well as concerns about the global economy, have been outweighing post-Shapella gains. Markets have been pricing in a potential interest rate hike by the Federal Reserve. Markets anticipate a 25-basis point interest rate hike in the Fed’s next policy meeting in May. Higher interest rates tend to be bearish for risk assets such as cryptocurrencies.
The US Dollar index has been ticking higher over the past few days, hinting at a strengthening dollar. At the time of writing, the greenback was slightly higher at 101.885. A stronger dollar is usually a bearish factor for cryptocurrencies as investors tend to shift to traditional financial alternatives.
XRP Price Forecast
XRP price has been on a sharp decline for the past few days, falling more than 8% in the past week but 38.83% higher in the YTD. XRP has managed to retain its position above the 50-day and 100-day moving averages, as well as the 50-day and 200-day exponential moving averages. The Moving Average Convergence Divergence (MACD) indicator is bearish, while its Relative Strength Index (RSI) has slipped below the neutral zone.
Therefore, I expect the XRP price to continue falling in the medium term as macroeconomic concerns increase. If this happens, bears will be eyeing the next logical support level along the 200-day EMA at $0.4330. However, a move above the important resistance level at $0.4986 will invalidate this view.
XRP Price Chart
Ethereum price has been in consolidation mode for the past few days as macroeconomic concerns send investors into conservation mode. At the time of writing, Ethereum was trading slightly higher at $1,832.32. ETH’s total market cap, as well as its total volume, have increased over the past 24 hours. It currently has a market capitalization of $220 billion.
Fundamental Analysis
Ethereum price has been moving sideways for the past few days, in tandem with the global cryptocurrency market as investors shift their focus to US debt ceiling talks and Fed’s monetary policy outlook. The global crypto market cap has increased by 1.30% over the last day to $1.13 trillion, while the total crypto market volume fell by more than 7%.
The cryptocurrency market has been moving sideways for the past few days characterized by a mix of bullish and bearish trading sessions. The recent trend in the cryptocurrency market has been amid the uncertainty around the outcome of the US debt ceiling talks and the prospect of a US government default. With less than a week to default, investors have shifted to conservation mode, especially around risk assets such as cryptocurrencies.
Potential interest rate hikes by the US Federal Reserve have also been weighing on the markets. Traders have ramped up bets of an interest rate hike in the Fed’s next meeting in June after several policymakers sounded their support. According to a gauge released on Friday,…
Polkadot price has been under intense pressure for the past few days amid the recent bearish sentiment in the crypto market. At the time of writing, DOT was barely unchanged, trading at $5.351. The altcoin has dipped more than 25% for the past month but remains 24.23% higher in the year to date. The asset’s total market cap has slipped over the last day to $6.343 billion, ranking it the 13th largest cryptocurrency.
Is the Worst Yet to Come?
Polkadot price has been consolidating for the past few days amid the recent sell-off in the crypto market. Statistics by Coinmarketcap show that the global crypto market cap has dropped 1.29% over the last day to $1.13 trillion, while the total crypto market volume decreased by nearly 7%.
The biggest cryptocurrencies, Bitcoin and Ethereum, have been in a freefall for the past few days, falling to $26,880 and $1,807, respectively. Most altcoins, including BNB, Cardano, Solana, Shiba Inu, and Avalanche, have plunged seeing that most altcoins move in tandem with the performance of heavyweights Bitcoin and Ethereum.
Looking ahead at the global market mayhem with the US debt ceiling debate and the US banking crisis, investors expect more downside in the crypto market. The US dollar has continued growing stronger, hovering around a six-month high against the Yen, as optimism around the US debt ceiling talks in Washington raised expectations of higher-for-longer interest rates.
Two…
Ethereum price has been in the green for two consecutive days but is not out of the woods yet, as the altcoin remains below the crucial $1,900 level. At the time of writing, ETH was trading 1.51% higher at $1,826.50. Despite the current slight improvement in the asset’s price, Ethereum remains 2.38% lower in the past week and 15% below its highest level this year. The asset’s total market cap, as well as its volume, has improved over the last day.
Fundamentals
Ethereum price has been setting the path for both major and minor altcoins in the crypto market, seeing that most altcoins move in tandem with ETH’s performance. The Ethereum price has been trading around $1,800 for the past few days amid uncertainty regarding where the market would go. Ethereum, the largest altcoin by market cap, has plunged more than 10% in the past few days.
Concerns by investors about the coin’s losses could have driven the ETH price lower. Even so, optimism in the market has outweighed fear, preventing a drastic downfall of the asset. Most of the fear in the market was visible in the whales, who seemed to have bolted at the first sight of a potential downward trajectory.
The cryptocurrency market was in the green on Monday, hinting at a recovery on the back of a weak US Dollar. Data by Coinmarketcap shows that the global crypto market cap…
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