cryptodailytrading.com

Ripple (XRP) Price Flashes Red: Cause for Concern or Consolidation Before the Next Rise?

  • Jack Thomas
    🤷 Opinions

    On a day of small green numbers and consolidation XRP is in the red… Is this indicative of bad things to come or simply a calm before a breakout? XRP has been struggling to break out of a price vacuum, but this small showing of losses after bouncing back could mean a number of things


Ripple (XRP) Price Flashes Red: Cause for Concern or Consolidation Before the Next Rise?
You may also like:
Contents

After facing a small dip across the market – which wreaked havoc with Ripple and its XRP token’s price resistance of $0.30 – there has been a bounce back and some fresh gains across the cryptocurrency space.

At the moment, most of the market is in consolidation, but the sentiment is positive with the majority of the top coins making small gains over the last 24 hours. However, the exception to that is XRP, which has flashed some red numbers today during this consolidation phase.

There are a few things that this could mean, but not too much should be read into this, rather a more holistic view should be taken of Ripple and how it has gone this past week. Having managed to quickly recover above $0.30, it has shown some fight, but the question is when will it break past $0.33.


Poised to strike

XRP is still sitting under a key resistance of $0.31, but in general it is showing more bullish sentiment. So, while it is down on the day, it is a very small loss and not one to take into much consideration in the long run.

Ripple price gained traction and settled above the $0.3030 pivot level. The price traded close to the $0.3100 resistance level, and it is currently consolidating. The price is likely to trade in a range above the $0.3030 and $0.3050 supports before a fresh increase.

While it may seem at the moment that its most recent ceiling of $0.33 is far out of reach, it is worth considering the coattails it could ride simply on the positive sentiment of the market alone. Positive bounces and the fact that Bitcoin is staying above $4,000 means that Ripple can break a few smaller resistance levels and potentially grow beyond its price vacuum on the back of its own upcoming positive news.

Interesting trends in the top 20

While Ripple’s red numbers may be something out of place in a majority green market, there are a few interesting things to note. Cardano, Bitcoin SV and Ethereum Classic are also showing signs of red numbers, but EOS, which is up 5.5 percent, has been trading nearly perfectly flat before this latest small rally which sent it rising.

Cover image via u.today
Join our Telegram channel to get news even faster!
👓 Recommended articles

Binance Coin Price Surge Indicates Huge Support for Binance Chain Mainnet — Is This the Future?


Binance Coin Price Surge Indicates Huge Support for Binance Chain Mainnet — Is This the Future?
You may also like:
Contents

On a day where the markets are predominantly in the red, but only slightly, it is interesting to note that Binance Coin is surging. The exchange token is up fiver percent, but it is totally understandable as to why there is so much positivity around the company.

The biggests news, which comes off the back of its decentralized platform, Binance DEX, is that the Binance Chain mainnet has been launched and that they will be executing their Mainnet Swap on April 23rd.


This means that Binance Coin will be shifting away from Ethereum, leaving questions open as to what this means for Ethereum, which has been under the pump to stay relevant in today’s crypto and blockchain space. This move will result in a migration of $3 billion worth of BNB being moved away from the Ethereum blockchain and onto the new Binance chain.

A positive investment

All the good news emanating out of Binance has not only helped the coin to climb in price when the rest of the market settles down – it is helping it head towards a new all time high. Binance, like many altcoins, reached its ATH in January of 2018 in that parabolic stage.

Binance Coin hit $24 back then, and now, it is at $21 and rising with the thoughts being that when the mainnet move takes place, there could well be an even bigger surge. It is also interesting to note that just a few months ago, at the end of last year, it hit lows of $4.50.

Competing with Ethereum?

The mainnet move is obviously good news for Binance, as the markets are suggesting, but is it equally bad news for Ethereum, which was the holder of $3 billion thanks to the exchange. Many people have speculated that this new blockchain platform will pose competition to Ethereum, but ultimately it will help diversify Binance Coin’s use cases while also increasing its utility.

So perhaps rather than being a direct competition to ETH, it is only going to strengthen Binance Coin and in doing so perhaps spell out the future of cryptocurrencies as there is good reason to believe that this token, with its added utility and use cases, will be a viable token for the world going forward.

Cover image via 123rf.com
In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.
👓 Recommended articles