Darryn Pollock

Ethereum, EOS, Bitcoin Cash Drop 5 Percent as Cryptocurrency Market Starts New Week in Freefall

It has not been a good start to the week with the cryptocurrency market dropping steeply; coins like Ethereum, EOS and Bitcoin Cash hit hard
Ethereum, EOS, Bitcoin Cash Drop 5 Percent as Cryptocurrency Market Starts New Week in Freefall
You may also like:

It has not been a promising start to the week for the cryptocurrency markets as Monday morning, GMT time, there was a rapid drop across the board, sending a number of key coins into losses that went has high as five percent.

At around 4am GMT, the drop occurred that saw Bitcoin wipe out about $100 worth of value as it fell from the $3,800 range back down to the $3,700 area. A similar drop was also seen in Bitcoin on Wednesday, however, that seemed to be an isolated event as the rest of the market did not react.

This time, the market has reacted with only one coin in the top 10 showing green numbers; Stellar is up a fraction of a percent, but that is only because it had its own spike and drop over Sunday evening.

The rest of the top 10 is all seeing losses, with Bitcoin Cash, EOS and Ethereum going as high as losing five percent in a matter of a few hours. While the drop is not massive, it is rapid, and it remains to be seen if the market will be able to bounce back with its new positive sentiment.

Big fall for big coins

The drop in $100 for Bitcoin only represents a two percent drop, but it is clear that the other coins have mostly mimicked the rapid fall in the market. Ethereum has fallen just under five percent in the last 24 hours while EOS is closer to losing six percent, and Bitcoin Cash is over the five percent mark for losses.

A few coins in the top 10 are in the red, but not showing a rapid drop. These include Binance Coin, which is showing steady growth across the last seven days, but is still down two percent in the last 24 hours.

XRP has also not succumbed to a major drop, but the Ripple-based coin is still in a downward trend with the latest hit sending it down a further 2.61 percent over the last 24 hours.

There has been no news or catalyst to explain the sudden and rapid drop, but based on its timing, it must have something to do with the Asian markets as the European markets would have not fully opened as of yet.

It will be interesting to see how the rest of the European and American markets react to the downtrend as there has been a slight change in sentiment across the markets since Bitcoin crossed the $4,000 mark last week.

There could be a situation where the rest of the globe pushes the markets up again, or this could be a trigger for bigger losses heading deeper into the week.

Subscribe to the official U.Today Telegram channel. Get news first!
👓 Recommended articles
Vera Thornpike

XRP Price Prediction: $0.36 Value for 12% Profit. Prepare Your Money, Traders!

📈📉XRP short-term price prediction: $0.36 Value Is Expected. How much will XRP cost in March?🤔 TradingView users give their opinion🌟
XRP Price Prediction: $0.36 Value for 12% Profit. Prepare Your Money, Traders!
You may also like:

Although it managed to survive through the crypto winter, XRP still cannot recover from the shock – its price continues ranging within $0.3-04. The crypto community has all eyes on it: when will the long-awaited breakout occur? Let’s ask tradingview users – they should know the answer.

Ripple is to push $0.36 – 12% profit is expected

We might witness 12% rise for Ripple

Ripple (XRP) price chart from crptonoob

XRP is currently in ascending channel moving upwards and bouncing off trend support and resistance lines. This is also an area to watch for likely larger breakouts as we move closer to Singapore Blockchain Summit. Thus, we can expect XRP to reach $0.36 pretty soon. If it manages to reach this threshold, traders might enjoy 12% profit.

This is a rare kind of accumulation

Ripple sees calm before the storm

Ripple (XRP) price chart from CryptoManiac101

Analyzing Ripple’s performance, user CryptoManiac101 has realized that the XRP price behavior we are observing now might be the precursor of major growth. Back in 2017, Ripple had also been growing by 1-2 cents before the traders saw a 38,000% increase in value.

But when is a breakout to happen? 

“As you see from my XRP TA analysis below, we should be very close to it, probably, days away. We have seen likely golden cross on 7H chart, we also see major 15 Month pattern which is coming to completion and has actually already completed on few other charts I did earlier and that breakout came with sideways accumulation. Well is that good news or no? With being unable to provide a 100% certain answer to this question all I can say is that I am leaning more bullish vs bearish.”

With Singapore Blockchain Summit and other events, that seems to be a real possibility. Besides, Ripple’s new achievements might accelerate the process.

XRP is to ripple

Look at the Bullish Reversal Pattern – it’s a good sign

Ripple (XRP) price chart from YMula

According to user YMula, the XRP price chart shows a clear Bullish Reversal Pattern, accumulating this range won't last too much longer. Maybe we’ll see XRP break out in March?

Ripple should stay above $0.315 to reach new heights

Won’t Ripple dive below $0.315 value?

Ripple (XRP) price chart from coinkilavuz

Isn’t XRP’s bullish trend at risk? What does coinkilavuz say? According to him, XRP should stay above $0.315 in order to reach $0.332 and higher levels. Up to the moment, Ripple is keeping away from this level.

For XRP, this period appeared to be harder than everyone expected. However, traders don't lose hope – it might break the resistance soon. There are great chances XRP will grow by 10% this month.

XRP/USD price chart on 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.

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.
👓 Recommended articles