- Bitcoin instigated rally revived formidable gains across the board.
- A reversal above $0.4 will allow the bulls to regain confidence and push for gains towards $0.5.
Ripple along with other major cryptocurrency fell in Bitcoin’s bear trap. The Bitcoin instigated rally revived formidable gains across the board. Ripple and Ethereum easily became the most improved altcoins on the market. Ethereum corrected towards $300 while Ripple approached $0.5.
The entire crypto market corrected upwards with the market cap rising to $250 billion on May 16 while the 24-hour trading volume at $119 billion. Due to the sell off and investors cashing in for profits, the market cap has thinned to $236 billion. Bitcoin’s dominance on the market has also decreased to 56.3% after almost hitting 60% in the last few days. Ripple’s market cap also corrected higher hitting $19 billion on Thursday with its trading volume rising to $5.8 billion. Both the market cap and the trading volume have since decreased to $16 billion and $4.3 billion respectively at press time.
Ripple has been a victim to the selloff in the market with declines testing the levels below $0.40. Meanwhile, the rising trendline is preventing further dips that are likely to lead to more breakdown below $0.36. In spite of break down, Ripple is trading above both the 50 Simple Moving Average (SMA) and the 100 SMA 4-hour.
Looking at the chart, we see Ripple continuing to make losses in the coming sessions. The slow stochastic oscillator is entering the oversold region to show the bears have full control. A reversal above $0.4 will allow the bulls to regain confidence and push for gains towards $0.5 once more.