0
📈 Price Predictions
1315 views

Confrontation in Cryptocurrency Market Continues, Bitcoin Price Finds Foothold at $8,100

  • Dmitry Cake
    📈 Price Predictions

    The waiting game: Bitcoin is stuck at $8,100 as parties are gathering strength for the next move

Confrontation in Cryptocurrency Market Continues, Bitcoin Price Finds Foothold at $8,100
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

It feels like by the end of the week the opposing sides are exhausted- a great deal of effort has been expended already, but bulls and bears will only get their deserved rest upon achieving their goals.

So far, no one is getting anywhere and the main market parameters remain the same- just like yesterday, capitalization is at $325 mln, Bitcoin dominance is 42.5 percent, and its price is held within narrow (as compared to previous volatility) borders between $7,900 and $8,400.

The lateral movement of Bitcoin price creates a good opportunity for the altcoins to prove themselves. Of course, during an ongoing global correction, one cannot expect miracles from the coins- it’s good enough that they are not falling.

Some assets may occasionally stand out from the rest like Ripple did today with a growth of eight percent. The other members of the top 10 show more modest results with increases around two percent. In addition to XRP, Litecoin is still looking better than the rest of the market, and XEM is in the worst situation, having rolled back to 12th place.

Upcoming news may shake the market

The media is hashing over the news about the Google cryptocurrency and ICO advertising ban as if that alone provoked the drop in the market. Of course, the price takes into account all factors, but we encourage our readers to think critically- if we were seeing market growth right now, the news would be swallowed up and forgotten the next day.

The results of the G20 deliberations between representatives of central banks and finance ministers may turn out to be a much more fundamental factor for the crypto industry. Questions regarding the possibilities and the security of Blockchain technologies in general, as well as cryptocurrency regulation and anti-money laundering, measures will not just be put on the agenda- special meetings will be dedicated to these issues. We will certainly return to this topic and follow the market reaction to the statements of the participants.

BTC/USD

At the time of writing, Bitcoin is trading at $8,200, where it has found temporary shelter. The fall was suspended at $7,700, upon reaching the lower boundary of the parallel descending channel, one of the many mirror levels, as well as the 1.618 Fibonacci retracement from the last growth wave.

It’s essential to understand that despite reaching a local minimum and making a small rebound, the trend remains bearish, and seller’s goals have not yet been achieved.

However, we wouldn’t rule out a slow turn from the current values. Buyers are beginning to put up resistance to the decline (this is evident from the long candle shadows, of which we are seeing more and more), but are unable to break the trend- bears are not allowing the price to gain a foothold above $8,400.

Confrontation in Cryptocurrency Market Continues

The further direction of the movement largely depends on the resources still available to bulls and bears. In this situation, bulls have a greater challenge, growth without volumes often ends badly, while bears are aided by the trend and by gravity. Big players may want to wait for the results of the G20, so the period of uncertainty might drag out. In the current situation, this is to the benefit of the sellers.

Further decline targets have been discussed here before- it’s the level of $7,200 with multiple confirmations. As for trying to break the trend, bulls need to get a comfortable foothold above $8,400, which they have not been able to do. 

XRP/USD

Yesterday, Ripple was falling harder than other coins in the top 10, so today, with the permission of Bitcoin as it sticks in place, we can see a slight recovery of lost positions. Growth is limited by the 0.786 Fibonacci retracement, and under the current conditions of uncertainty, buyers can’t seem to overcome it. Besides, XRP continues to move within the downward channel formed on March 5 after an unsuccessful attempt to break the resistance.

Confrontation in Cryptocurrency Market Continues

If market decline continues, buyers are likely to support the asset only at the $0.57 level, which corresponds to the previous minimum of the February correction. A surge in buyer’s activity is not only possible but also necessary. This level is critical, beyond it lies the road to $0.50 and $0.43, and those are values we haven’t seen since the middle of December 2017.

Right now Ripple is looking like an abandoned child, but this impression can be misleading. Compared to the middle of February, trading volumes almost doubled, so it’s likely that we are seeing a phase of accumulation before explosive growth. Ripple is quite capable of this, as we had the opportunity to confirm at the end of 2017.

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Dmitry is a professional trader fascinated by the opportunities that crypto industry provides. His experience is backed by writing skills and the Master's degree in Economics. Dmitry's passion is to show crypto enthusiasts how beautiful and precise the technical analysis can be.

👓 Recommended articles
0
📰 News
129 views

XRP Currently Bringing 80% of Total Trading Volume on Ripple-Funded Bitso Exchange

  • Yuri Molchan
    📰 News

    A major XRP community member shares data that XRP is generating 80% of volume on Bitso exchange that is Ripple’s partner at introducing On-Demand Liquidity in Mexico

 XRP Currently Bringing 80% of Total Trading Volume on Ripple-Funded Bitso Exchange
Cover image via www.123rf.com

After Ripple had rebranded its xRapid product as On-Demand Liquidity (ODL) and partnered with the largest Mexican exchange Bitso, the introduction of ODL in cooperation with MoneyGram starts bringing its first fruits. As part of the collaboration, Ripple has invested in Bitso and got them to add one of its top executives to the board of directors.

 

On-Demand Liquidity successfully integrated on Bitso

A member of the XRP community @XrpCenter reports that things are looking good for XRP on the largest Mexican exchange Bitso and for Ripple’s ODL product. ODL was introduced there after the crypto giant invested an undisclosed amount in the trading platform.

The chart in the tweet shows that the XRP/MXN pair now accounts for 80 percent of the overall trading volume of Bitso.

Bitso became the key partner of Ripple and MoneyGram at introducing On-Demand Liquidity to the Mexican market. So far, the implementation has been going successfully.

This has not impacted the XRP price much though, since over the last 24 hours it rose merely by 0.54 percent. Unlike it, BTC and its forks – BCH and BSV – have posted much higher gains, as reported by U.Today earlier.

XRP price
Image via Coinmarketcap

👉MUST READ

Ripple Dispels XRP FUD Allegations, Q3 Report Blames Twitter Bots

Ripple Dispels XRP FUD Allegations, Q3 Report Blames Twitter Bots

Ripple releases its Q3 report

At the end of last week, Friday, Ripple issued its regular report on the results of Q3. In the document, Ripple covered several major issues, such as movements of XRP from escrow and back to it, recent Ripple’s partnerships with Logos, Algrim and other startups, Coinme crypto ATM network.

Ripple also addressed the issues of FUD (fear, uncertainty, doubt) that has been recently actively spreading around the company and its XRP asset.

Ripple Q3 report
Image via www.ripple.com

What are your thoughts on the Ripple expanding XRP use in Mexico? Share them in the comments section below!

Subscribe to U.Today on Twitter,and get involved in all top daily crypto news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings