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Ripple (XRP) Price Predicted to Push Higher After Bouncing Back from Below $0.30

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  • Alex Dovbnya
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    While XRP has been gripped in a bearish trend, the bulls took a bit of control as the token bounced back from below the $0.30 mark. The Ripple token tested the grounds of the $0.2920 mark but bounced back and looks like it could be set to rise up towards $0.31

Ripple (XRP) Price Predicted to Push Higher After Bouncing Back from Below $0.30
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It has been an up and down time for XRP and the company Ripple under which it falls in the cryptocurrency market. The coin looked to be caught in a bearish rut and was heading down below a key resistance point of $0.30, but it has managed to bounce back above that market and is destined to go higher.

XRP is up about three percent today, a day which is seeing gains almost totally across the board. That jump, which is being echoed across the market, has helped the coin get back into a slightly bullish mood.

The price tested the next key support near $0.2920 before the bounce back happened. Bulls took control and pushed the price above the $0.2980 and $0.3000 resistance levels in quick succession. The coin is now poised to break the $0.31 mark

A change in fortune

While XRP was looking decidedly bearish yesterday with the $0.30 mark hanging precariously close to being breached, the market boost has come at just the right time for Ripple. Bitcoin, Ethereum, and Litecoin also gained about 3 percent, while others, such as EOS and Cardano, are up over 10 percent.

Ripple would have been in a dangerous place had it continued to fall below the key support of $0.30, but now, with the bullis trend permeating through the market, the price of the token has pushed up to the upper reaches of $0.30 with $0.31 soon to be breached.

However, it does not look like there is any reason for XRP to explode further, and certainly no reason for it to break the $0.33 mark, where it has been keeping under for some time now.

In the short term, there could be a downside correction towards the $0.3030 or $0.3010 support levels. The next key resistance is near $0.3100.

Long-term future?

While XRP is stuck in a small range and struggling to break out, more often breaking down, the long-term future of the coin is still rather positive. Ripple has been doing good work to push the advancement of its cryptocurrency and there is a lot of potential circulating the company.

What affects the general market will also help XRP rise, as has been seen in this latest small spike of three percent for XRP. If the crypto spring can continue to bloom, then there is every chance that Ripple will be able to ride the wave.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin’s Domination May Rise According to One Analyst

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  • Vladislav Sopov
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    Famous analyst PlanB published an interesting chart showing the four stages of Bitcoin’s market dominance. It appears that he predicts hard times for the altcoins!

Bitcoin’s Domination May Rise According to One Analyst
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With the last days of 2019 right around the corner, analysts and traders are getting the audience pumped for 2020 forecasts. The third Bitcoin (BTC) halving and Ethereum's probable migration towards its Proof-of-Stake (PoS) consensus will be hot topics for the crypto community. Prominent trader PlanB decided to surf this wave by showing BTC's dominating traction.

Four Stages for Dominance

In the historical chart, PlanB has revealed one of the most important indicators of the crypto world - Bitcoin's market capitalization. This indicator shows the ratio of BTC's market capitalization to the capitalization of all other cryptocurrencies tracked publicly by the available services (4000+ coins). This is used as a sign of comparative demand for altcoins and BTC.

Bitcoin Dominance Historical Chart
Image by: https://twitter.com/100trillionUSD/status/1203012308513017856

Plan B showed the four stages of BTC's dominance, in which the graph is slipped vertically (bottom line indicates 100% BTC market dominance). The first stage, which lasted before April 2017, showed that BTC's dominance was more than 90%. The second stage (April-September 2017) showed that the figures were between 70% and 90%.

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Bitcoin Dominance Reaches 55 Percent, Sets Its New High This Year

Bitcoin Dominance Reaches 55 Percent, Sets Its New High This Year

The third and the fourth stages repeated twice from September 2017 to the present day. In the early days of 2018, the indicator was at an all-times-low of 35%. Now, the graph is about to re-enter BTC's second stage with a 70+% dominance.

Altcoin Annihilation?

PlanB surrounded his picture with the ironic hashtag #altcoinannililation. Therefore, PlanB interpreted this traction as bad sign for the altcoins. It should also be said that some of commentators in PlanB's open thread suggest that the four-stage cycle was launched by the previous BTC halving of July 9, 2016.

Furthermore, we can see that BTC's high price correlates with its low market dominance. With that said, the publication by PlanB forecasts an extremely bearish start for 2020.

Recently, BTC advocate Tuur Demeester claimed that the price of BTC will drop one more time to $5,000. This level will be reached due to the capitulation of "weak" investors prior to the long bull rally.

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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