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XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found
XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found

Cryptocurrency Market Turbulence is Behind Us; Keep Seatbelts Fastened and Remain Calm

  • Darryn Pollock
    📈 Price Predictions

    Bitcoin tests an important support level at $10,300. It’s time for the bears to return to their dens.

Cryptocurrency Market Turbulence is Behind Us; Keep Seatbelts Fastened and Remain Calm
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Let's start with the good news. It’s highly probable that on Wednesday we saw the end of the localized Bitcoin correction (and therefore, the entire cryptocurrency market correction). On  Feb. 22, the underlying asset arrived at better form than the day before. Although BTC price hasn’t fully rebounded from the fall, the impulse for the reversal has been given. Total market capitalization is $470 bln, which is nearly equal to the previous day’s value. Bitcoin dominance hasn’t changed either, remaining at 39.2 percent and likely to reach 40 percent soon.

Monero- an early sign of market growth

The current situation reminds us of the end of global correction on Feb. 5-6. While the market is just coming around, the early birds of future growth are already here. Monero became one of such precursors, having grown 7.5 percent during this difficult day and occupying the 11th position by market capitalization. The rest of the market is still in the red, with an average price decrease of three to four percent among the top 10 assets.

Positive mood and a special SegWit treat

The media is maintaining a moderately positive news cycle which doesn’t have a strong impact on prices, but also doesn’t prevent the market mechanisms from doing their work. Most outlets are discussing the necessity of cryptocurrency regulation in different countries, which is self-evident. The cherry on the cake is the launch of the SegWit protocol on Bitfinex and Coinbase exchanges, which should significantly reduce commissions and increase the speed of transactions on the Bitcoin network.

BTC/USD

Yesterday, we wrote about the possibility of Bitcoin's safe correction to $10,500, but the price went a bit further down to the $10,300 zone, where the strength of the ascending channel was tested. The support held, and we continue to move in the green corridor. This was a key level, its strength confirmed by two more instruments: the mirror level, as well as the 0.382 Fibonacci retracement.

Cryptocurrency Market Turbulence is Behind Us; Keep Seatbelts Fastened and Remain Calm

Judging by the decreasing sale volumes, the bears satisfied their hunger with a 13 percent price decrease and are ready to return to their dens. The emerging figure “head and shoulders” is somewhat alarming, but in order for it to be activated the price needs to return to $10,300, breaking the ascending channel. We don’t see this scenario as the primary one but continue to keep it in mind. In this case, BTC price can test the $9,800 level, formed by the boundary of the parallel channel the 0.5 Fibonacci retracement. A more likely scenario at the moment, however, is an increase toward the $10,800-$10,900 range, some lateral movement, and the second (and final) break through the resistance formed by the boundary of the descending channel.

XRM/USD

Recently, we have noted an increased interest in anonymous currencies in the crypto community, which includes Monero. To date, the asset looks better than the market as a whole, so it’s impossible to ignore it. At the time of writing, XMR is trading around $320, which is very close to fair price for the entire period since the beginning of 2018. The price is squeezed in a rather narrow ascending channel, but feels confident there and has already made a number of attempts to break through.

Cryptocurrency Market Turbulence is Behind Us; Keep Seatbelts Fastened and Remain Calm

We also took note of the initial purchase volume which contributed to the price increasing by 10 percent in a few hours. In our experience, such volumes indicate that big investors are growing long positions, confirming that the asset’s potential. The nearest growth target is determined by two Fibonacci harmonies and is set at the level of $350-$360. Further growth may be restrained by the mirror level, so investors who already have this asset in their portfolios might consider the possibility of partial sales. In case of negative development, at the moment the level of $280 looks to be a reliable support.

BCH/USD

Due to the activation of SegWit protocol on the Bitcoin network, BCH might be facing difficult times ahead. After all, low fees and high transaction speed were Roger Ver's main trump cards. In support of this prediction, the price of Bitcoin Cash has decreased more significantly compared to other assets and amounts to $1,300 at the time of writing.

Cryptocurrency Market Turbulence is Behind Us; Keep Seatbelts Fastened and Remain Calm

In this case, support was found at the 0.386 Fibonacci retracement, but trading volumes continue to decline and soon we may see a test of the 0.5 level, which corresponds to $1,200. The maximum volume for the period since Jan. 17 was traded at this price, and it’s critical for maintaining the growth potential. Given the current situation, we recommend readers to refrain from buying Bitcoin Cash.

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XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found

XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found
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Despite our hopes and beliefs, XRP fails to gain traction and stays about $0.32. Will it ever start growing, considering that BTC and altcoins are making considerable moves during the recent weeks? Let’s check out fresh Ripple XRP predictions to find out what to expect from it. tradingview users share their opinions and arguments about XRP price.

XRP reaches the point of consolidation

Watch XRP patterns closely

XRP price chart from CryptoManiac101

Look at the chart from CryptoManiac101: we can see there’s a strong pennant which might be considered by many to be a bear pattern. But after the formation of a pennant is over, there is a strong downtrend followed by heavy a consolidation phase which we're currently in. XRP seems to be bullish on this chart. However, before any considerable growth, we may see some more downtrend action.

This pattern is expected to break to upside or downside this month. Keep tabs on this technical indicator – it might help you to make further decisions.

A huge move is coming

XRP is about to go short

XRP price chart from russec2

A very interesting and detailed chart was proposed by russec2. Here, we see both short term and long-term perspectives. In the short term for XRP:

  • Looks like BTC before the last dump

  • Daily and 3D Stoch is falling

  • Energy lines are negative

  • Currently at the top of the big channel

As for the long term, daily RSI breakout has occurred and is now bouncing at the trendline. Thus, there’s a chance of XRP going short or higher. If Ripple goes short, BTC will do the same.

Is XRP finally triggering a breakout?

At least a $0.34 breakout should happen for XRP to grow

XRP price chart from DrDovetail

According to DrDovetail, there’s a Head & Shoulders pattern in the XRP chart, and the right shoulder is ending formation. The user anticipated the breakout point being right where this dotted green trendline converges with the neckline of the inverted head and shoulders pattern over a week ago. Finally, it seems to be closing, but first, we should see the price reach at least 34 cents to stay assured it is a legitimate breakout. We also need to watch for a good amount of bull volume.

XRP is going to $0.10?

XRP is very likely to drop to support

XRP price chart from AhmedAlii

AhdemAlii draws the following conclusion from the recent XRP behavior:

1. Bearish confirmation price to 0.28$ and 0.25$ is 0.304$. If you are more risk-prone and want to take advantage earlier, you can enter on a break of a 0.311$ price floor.

2. 0.32$ is current support and if EMA is used as support at this level, expect maximum upward activity to 0.335-0.34$ - a break above this level discredited lower high formation.

3. There is a chance we could be stuck in a range between 0.32$ and 0.35$ before any break.

4. Maximum upward potentials are at 0.35$ and 0.39$.

5. Final buy zones of 0.15-0.10$ are still in the books!

The current support price of 0.32$ was held up very well all in all and the price range was predicted very well with the ceiling coming in at 0.335$. Now we seem to be stuck.

So, what’s going to happen next?

1. XRP will most likely drop to supports at 0.32$ and thereafter, maximum upward capacity is to 0.377$ and even more so between 0.34-0.35$.

2. 0.304$ is still the bearish confirmation price to 0.28$ and 0.25$. The least conservative bearish confirmation price is 0.311$.

3. We are likely to test highs of 0.34-0.35$ conservative targets and even more so to 0.377$ increase before dropping to our downward targets of 0.28$ and 0.25$.

4. Our final buy zone still remains at 0.15-0.10$.

XRP/USD price chart from TradingView

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.

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