BTC dominance raising, XRP - Bleeding ?! + BAKKT announcement
Hello traders,
Here's a XRP USD chart on a 4 hour time-frame. After posting the BTC analysis and knowing that the BTC dominance has raised tremendously (around 70%) I'd liked to make an update about how that can affect XRP.
While having a slow week so far, xrp has managed to keep moving in-between 2 key levels 0.265 and 0.255.
The price is currently sitting just above the .255 support which is actually correlating well with the 10150 level from the BTC article that I posted yesterday.
It made a small push to the upside just like BTC did, and it now came back to test this level one more time, thus forming a small ascending trend-line which it looks like its holding pretty good so far.
While it's currently a sloppy sideways marked and I wouldn't advice trading on this type of market. It's all coming down to the BTC movements so far. If you read the last article I posted you should know that BTC is also in a crucial level of support which is weakened day by day. A break of that level like I said would take BTC to 9.7 or even lower, and that kind of movement will have a much worse effect on XRP, as it always tends to move faster than BTC .
The first downside targets if all of this gets confirmed would be .251 and .245, but it could get much lower if you compare the price action with the fundamentals, which I'll get into it in a second.
Now, from the fundamental point of view we have Bakkt that has announced the coming launch of its much-anticipated platform for daily and monthly futures in the United States in a blog post on Aug. 16. Having received approval from the necessary regulators, the launch is scheduled for Sept. 23 which could be the catalyst for BTC’s trend.
And by past experience we all know that the BTC price will always tumble so the big players can enter in the market with a much more affordable price, and it looks like this could be the case for now.
Here's a XRP USD chart on a 4 hour time-frame. After posting the BTC analysis and knowing that the BTC dominance has raised tremendously (around 70%) I'd liked to make an update about how that can affect XRP.
While having a slow week so far, xrp has managed to keep moving in-between 2 key levels 0.265 and 0.255.
The price is currently sitting just above the .255 support which is actually correlating well with the 10150 level from the BTC article that I posted yesterday.
It made a small push to the upside just like BTC did, and it now came back to test this level one more time, thus forming a small ascending trend-line which it looks like its holding pretty good so far.
While it's currently a sloppy sideways marked and I wouldn't advice trading on this type of market. It's all coming down to the BTC movements so far. If you read the last article I posted you should know that BTC is also in a crucial level of support which is weakened day by day. A break of that level like I said would take BTC to 9.7 or even lower, and that kind of movement will have a much worse effect on XRP, as it always tends to move faster than BTC .
The first downside targets if all of this gets confirmed would be .251 and .245, but it could get much lower if you compare the price action with the fundamentals, which I'll get into it in a second.
Now, from the fundamental point of view we have Bakkt that has announced the coming launch of its much-anticipated platform for daily and monthly futures in the United States in a blog post on Aug. 16. Having received approval from the necessary regulators, the launch is scheduled for Sept. 23 which could be the catalyst for BTC’s trend.
And by past experience we all know that the BTC price will always tumble so the big players can enter in the market with a much more affordable price, and it looks like this could be the case for now.
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