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Ripple continues to trade in the narrow range of 2019

The crypto market has a mixed picture on Thursday morning. Bitcoin remains on a positive territory in the region of $ 5,387, while most of the Altcoins suffered losses for the past 7 days. The total market capitalization dropped to $ 175 billion from 177 billion on Monday. Average daily trading volumes were at $ 41 billion.

The biggest news currently is the new Cosmos Coin (ATOM) in the Top-20 cryptocurrencies. After the listing of Binance, Cosmos (ATOM) experienced a sudden increase in volumes and the price spiked more than 14% overnight. In recent weeks, ATOM has been added to some of the leading exchanges, but listing on the Binance with zero fees has increased the impact of the project and the trading activity. At the time of my writing, Cosmos is ranked 15th in the global cryptocurrency ranking with a market value of $ 834 million.

And the main cryptocurrency, Bitcoin, enjoyed a 22% growth in April and ended a third consecutive month with a rise for the first time since December 2017. This remarkable development has made experts in digital currencies wonder what to expect from the digital asset in the coming months. Look forward to our next, more detailed Bitcoin analysis to find out.

On the other hand, Ripple remains within the annoying trading range of 2019. Despite the positive news, XRP/USD fails to commit to a specific direction that continues to be the topic of the year. According to the latest news, South Africa-based iCE3X has announced the addition of XRP to Ripple as a new trading asset on its trading platform. XRP will be paired with the local currency, the South African rand, and Bitcoin also.

Since 1st of May, Nasdaq began sending real-time XRP data from Brave Coin to its Global Index Data Service. The index is known as the XRP Liquid Index, which is designed to provide a real-time spot on a reference rate that will be for the price of 1 XRP, quoted in US dollars.

Ripple remains under downside pressure

The XRP/USD pair has been having difficulty in 2019 with the breaking of the narrow range between 0.2810 – 0.3787. Earlier in April, there was hope with an upside momentum, but it was quite short-lived as the bears pushed the price back into the sluggish trading conditions.

For the past 24 hours, Ripple’s XRP is traded on a negative territory, losing around 0.23%. Bulls have failed to capitalize on Tuesday’s profits, and the hope of recovery seems to fade.

The technical levels for Ripple are intact

According to the technical analysis, the third largest coin has been trading in its range with bearish bias during the Asian session today. However, the Relative Strength Index (RSI) recovered to about 46 from the levels slightly above 30.00. The MACD indicator is trying to slope up and may soon move into positive territory. This means that there is still a chance for bulls to break through, at least until the technical indicators confirm it.

Ripple will have convincingly to correct above $ 0.3100 in order to come out of the intraday range between $ 0.2850 – $ 0.3100. If the price succeeds to correct above the highs of Wednesday and Tuesday at $ 0.03096 and 0.03122, the next target for the buyers will be $ 0.3200. However, 50- and 100-day SMA moving averages are likely to limit growth above $ 0.3200. A clear break above this level, however, may expand the upside movement to $ 0.3300 and $ 0.3500.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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