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XRP Is in Now-or-Never State, Here’s Why: Crypto Market Review, October 28



article image

Arman Shirinyan

XRP is losing to Ethereum after second biggest cryptocurrency on market shows almost 20% recovery

Contents

XRP’s price performance has not been showing any momentum after the pump we saw previously that was fueled by Ripple’s success in court against the SEC. The global market’s recovery only adds more fuel to the fire.

XRP avoids rebound

In the last four days, the market has been showing strong recovery signs, including double-digit growth on large caps like Ethereum. However, XRP missed the rally and remained in the consolidation it has been in since Oct. 20.

The main reason behind an anemic price performance is most likely tied to the lack of news and happenings in Ripple’s court case against the SEC. In addition to calm on the jurisdictional front, XRP has not shown any technical signs of a recovery that would attract investors.

Ads

The lack of bullish growth factors and XRP’s trading volume show that more investors are leaving the asset and are not willing to actively trade. A descending volume profile usually heralds an upcoming trend reversal. Since XRP has been moving in a short-term uptrend, the most likely outcome is a move down.

However, the situation may still turn out in favor of XRP investors if the desired golden cross between the 50- and 200-day moving averages happens. However, it will not be possible without a momentum spike that would push its price above the $0.47 level.

Dogecoin pumps further

Dogecoin’s price increase that seemed like a temporary rally and surge in positivity continued and now seems more like a full reversal attempt. The memecoin has reached the local resistance level reflected in the 200-day moving average. A successful breakout would be the first 200EMA breach in the last 380 days. Indicators like the Relative Strength Index are showing that a reversal will most likely take place in the foreseeable future.

Dogecoin Chart
Source: TradingView

Yet another breakout would signal a trend reversal and, considering the historical performance of the memecoin, it should start gaining even more traction on the market until large investors start to slowly drop their holdings.

Elon Musk’s Twitter deal finalization was most likely the main fuel for DOGE’s yet another price spike, as the entrepreneur might end up implementing the cryptocurrency in the social network’s ecosystem, creating one of the biggest use cases in the world.

However, it is too early to tell if DOGE will be able to maintain the current pace on the market as the weekend trading session usually acts as a cool-off for rallying assets. Monday’s opening should put everything in its place.

At press time, the memecoin is trading at $0.08, a price level the market has not seen since August, when the dog-themed coin made an attempt to break out but then suddenly reversed toward the lower border of the consolidation range.



Read More: XRP Is in Now-or-Never State, Here’s Why: Crypto Market Review, October 28

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