Ripple’s XRP overhauls Ethereum, bitcoin short trash

In recent days there has been a renewed short-term “bloodbath” that has caused a sharp drop in almost all cryptocurrencies. For now, however, the market seems to have calmed down. Meanwhile, XRP Ethereum has finished second in the ranking of the largest digital currencies.

Cryptographic market experts attributed these developments to the uncertainty surrounding Bitcoin Cash Hard Fork, which has left many investors anxious to sleep. Meanwhile, some rest seems to have returned and the prices stabilize.

It is striking that XRP has placed itself in front of Ethereum overnight and can now claim second place. The market capitalization of XRP is just under 500 million higher (16,765 billion euros) than Ethereum (16,294 billion euros).

Ethereum was not always able to keep up with the promises he had made lately, as Ethereum developer Justin Drake had to admit. Ripple, on the other hand, was able to continuously inspire new partners for its software solutions xCurrent, xRapid and xVia in recent weeks. More and more banks from all over the world have recognized the potential of blockchain technology and are testing the possibilities of using their own company for cross-border payments. Only the day before yesterday another big bank from Asia joined the RippleNet.

Brian Kelly: Bitcoin course drop short-lived

CEO of crypto-investment firm BKCM Brian Kelly is confident that the “correction” will be brief as investors have been insured for the BCH Hard Forks (freely translated):

People are worried that both the markets Bitcoin and Bitcoin Cash – their networks could slow down. They may not work so well. This software update may not go through, or if it does, we’ll get a bit messy.

The people began to sell. That triggered stops. Everyone was worried, and that’s what happened today – the entire market is sold out. In my view – very short-term nature of the event. I think that’s probably a chance.

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Ethereum (ETH) Price Watch: Next Downside Targets

 

Ethereum Price Key Highlights

  • Ethereum broke below its latest consolidation pattern, indicating that losses are in the cards.
  • Price is still trading inside a descending channel on the daily chart and looks ready for a test of support.
  • But first, the mid-channel area of interest could attract some buyers since it’s close to the long-term lows at $150.

Ethereum price could be in for more declines as it bounced off the descending channel resistance and is making its way back down.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is likely to gain traction. In that case, ethereum could head for the bottom of the channel around $50 or at least until the lows at the $150 area of interest.

Stochastic is heading south so ethereum price could follow suit while sellers have the upper hand. This oscillator has plenty of room before reaching oversold conditions or indicating exhaustion among sellers, so bearish pressure could stay in play for longer. RSI also has some room to head lower but looks ready to turn back up, possibly signaling a pickup in bullish pressure enough for another test of the channel top.

Risk sentiment hasn’t been in favor of cryptocurrency gains in the past few days and it doesn’t help that regulatory developments are spelling grim odds for further progress either. There have also been jitters ahead of Nouriel Roubini’s testimony in Congress this week as he is known for taking a critical stance against cryptocurrencies and repeatedly calling bubbles.

With that, his remarks could continue to keep a lid on ethereum and its peers, unless there are any major positive developments before the week comes to a close.

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