Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Ripple's XRP Keeps 8% Of Gains After Spike While Bitcoin Erases Most

Published 10/15/2018, 11:50 PM
Updated 07/09/2023, 06:31 AM


Majority of cryptocurrencies saw a spike on Monday with Bitcoin leading the way. Most cryptos erased the majority of the gains by the end of New York's trading session. But Ripple’s XRP was able to keep above 8% of the gains. This is impressive compared to Bitcoin’s 4% and Ethereum’s 5% in the top 3 major cryptos by market cap. The spike in these cryptos may have been as a result of a selloff in Tether’s USDT, which ended up being the only altcoin in the red on Monday. Another big winner on Monday was Tezos (XTZ) which gained over 9% on the news that the crypto exchange, Kraken, has added the coin to its list.

Comparing Ripple and Bitcoin on the Charts

Now let’s take a look at Bitcoin and Ripple ’s price action on the daily chart, to see if their respective gains today were correlated from a technical point of view. BTC/USD’s spike was unable to confirm a break above the daily Ichimoku cloud, and the key pivot level of $6,722.

Meanwhile, XRP/USD is already above the daily Ichimoku cloud, and the door for further gains already opened on September 20th when XRP started a new uptrend. Ripple's XRP is now supported by the Ichimoku cloud, and even though it began to pull back on Tuesday, it still hasn't shown signs of a bearish reversal.

This comparison is interesting because up until this point, most cryptocurrencies have merely ridden on Bitcoin’s wave when it comes to price action. But Ripple may be ready to break this pattern. More specifically, while Ripple has already broken a key resistance level, Bitcoin still needs a solid bullish confirmation for long-term strategies.

*This article was originally published here

Latest comments

hello
hi
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.