The largest altcoin and penny cryptocurrency by market cap – Ripple’s XRP – mirrored the performance of the cryptocurrency market leader Bitcoin over the weekend.
Both recorded bullish movements on Saturday but followed this up with more bearish movements on Sunday where the prices dropped to a key point of liquidity for both.
While Bitcoin managed to overcome a key level during Saturday’s rise, XRP met resistance at the $0.335 level.
Bitcoin failed to close above its key level, and prices followed up on Sunday with a significant drop that more than erased Saturday’s gains.
XRP dropped to around $0.312 which has formerly been a point of both buyer liquidity and of resistance.
This is now the low point of trade for the past two weeks price action making it an even more significant point for XRP trading.
Price action is currently forming a Doji candle on the daily chart.
A Doji candle is a candle where the open and the close are around the same point and reflects uncertainty from the side of traders.
The price action of XRP has been performing bullish since dropping to $0.312.
It has been forming a series of higher highs, and higher lows whereas the price action in Bitcoin has been consolidating which forms a bear flag pattern increasing the likelihood of a drop.
However, if a drop takes place in Bitcoin, XRP will likely follow despite forming higher highs and higher lows on the lower timeframes.
- XRP has mirrored the price action of Bitcoin over the week with bullish movements on Saturday followed by bearish movements on Sunday.
- Price action has found liquidity at $0.312 and has since been forming a series of higher highs and higher lows.
- With market leader Bitcoin forming a more bearish pattern, this is likely to have an impact on XRP if it plays out.
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