XRP Daily Chart – Source: Tradingview.com
In a lot of ways, XRP has not met expectations after being listed to Coinbase.
Listing expectations have been discussed continuously since 2017, and the listing finally became a reality when Coinbase made the official announcement on the 25th that they will be listing XRP.
XRP 4-Hour Chart – Source: Tradingview.com
XRP did appreciate on the announcement and outperformed other top cryptocurrencies.
However, the price increase failed to form a higher high and has since started to reverse.
The reversal has failed to be followed up with a second wave of buying, and it seems that the impact of a listing to Coinbase for XRP was overhyped.
XRP has dropped to meet support at $0.313.
The daily candle for XRP is currently forming a Doji which reflects uncertainty from traders.
If the price drops below support at $0.313, the next support area to monitor is $0.295.
The next resistance level to monitor is at $0.336.
The failure to form a higher high despite bullish news released is an overall bearish sign for the market structure of XRP.
Bitcoin Daily Chart – Source: Tradingview.com
The last two daily candles for Bitcoin have been forming as small-bodied candles showing the price trading within a relatively tight range.
Price initially had a small recovery after the significant market crash that took place on Sunday, but it has since been consolidating.
The drop which took place on Sunday resulted in the price failing to surpass the point of the last high for Bitcoin resulting in a bearish market structure.
This along with the consolidation being seen likely leads to more bearish price prospects for Bitcoin from here.
Bitcoin Weekly Chart – Source: Tradingview.com
The price, however, has also been forming higher lows on the weekly chart and meeting support at the weekly 200 SMA.
This area should be monitored for strong support if the price drops.
A break and candle close below this point would likely result in extremely bearish price action.
Bitcoin 4-Hours Chart – Source: Tradingview.com
On the shorter-term 4-hour timeframe, the price seems to have risen to a point where it is meeting resistance at $3831.
The next key resistance level to monitor above this point is $3902 and the next support level to monitor from current price is $3724 which is where the price dropped to on Sunday.
Key Takeaways:
- XRP fails to form a higher high after increasing on news of listing to Coinbase.
- XRP has since reversed to support and has failed to follow up with another wave of buying.
- The daily candle for XRP is forming a Doji reflecting uncertainty from traders.
- Market leader Bitcoin has been trading in a relatively tight range and has formed a more bearish market structure after Sunday’s drop.
- The most significant point to monitor for Bitcoin is the weekly 200 SMA as support.
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| DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset. |
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