- Bitcoin whales are not behind the erratic up and down movements of the cryptocurrency market.
- Ripple is the best performer once again as recovery adds sparks to the gasoline.
The market is rising steadily following the landslide declines that hit the market yesterday. The widespread declines saw the market lose $16 billion in a single day. The high volatility has come after an elongated period of consolidation and calm. As reported by FXStreet on Thursday, a report of a research done by Chainalysis shows reckons contrary to popular belief that Bitcoin whales are not behind the erratic up and down movements of the cryptocurrency market. In fact, the report emphasized that the large holders of Bitcoin help the market to stabilize in the wake of a storm.
Meanwhile, Ripple continued with the slide below the support we discussed in yesterday’s price analysis at $0.4. XRP/USD formed a low at $0.3756 (swing low) allowing the bulls to come in and push for a comeback. The trading on Friday has not been mundane and XRP has made a good recovery past the trendline resistance and the broken support at $0.4. Moreover, there has been movement above the 61.8% Fib retracement level with the last swing high of $0.47 and a swing low of $0.3756.
Ripple has traded intraday highs of $0.4451, although it is currently changing at $0.43. Following a 12% surge in less than 12 hours, the buyers are intent on making higher corrections to reclaim $0.5 in the medium-term. Applied indicators like the RSI is ranging at 65% while the MACD has not only retreated from the oversold region and is now at +0.01. Importantly, Ripple must find a support above $0.42 to avoid trimming the gains accrued today.
XRP/USD 15-minutes chart