Market Analysis

XRP coin is taking the lead over the retreat of alternative currencies

XRP coin is taking the lead over the retreat of alternative currencies
Nov 9, 2018 by Rico Wise

The cryptomarket has seen its upside movement trends getting postponed. Other leaders of the preceding upside movement, such as XLM, BCH, and EOS have all experienced an abrupt pullback. Nevertheless, they succeeded in maintaining some of their profit in spite of their inability to maintain their dominating bullish magnitude.

The corrections in the cryptomarket aligned with the pullback session in the stock market of the United States. Major stock exchanges, such as Nasdaq, have rebounded from their upside movement, while USD became stronger prior to the Fed meeting. Whereas it is hard to set a correlation of the USD and the digital currency markets, the fact that both markets have registered a correction almost simultaneously is suspicious.

While the dominating alternative currencies hold above their mid-term support price levels, their fiat currency-enabled trading pairs might also be in the process of creating bull flags, meaning that a bearish correction might have been triggered by daily traders upon their exit from long positions, which suggests that a movement on the upside has to continue subsequent to finding an interim support – a level to perform a bounce back.

XRP currency, for example, turned into one of the digital currencies with the best performance subsequent to almost 27% growth, accounting for 0.570 USD. Later, the currency lost approximately 14% from its profits, currently trading at 0.507 USD, which is still above the growing channel support. The interim sentiment has to start favoring bearish market in case of a successful breakdown below the aforementioned level of rising support. Additionally, there were reports about the Ripple currency making a surge after the announcement about XRP’s integration into a worldwide payment standard – SWIFT, and making a correction after the agency busted the rumor.

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Stellar
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EOS
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