As we start the last week of September off and the last week of the third quarter, the bull camp certainly feels like the sentiment has changed. Last week’s XRP mega breakout rally reminded everyone of why we loved crypto in 2017. XRP’s epic run from .27 to .80 in the span of a few days brought out plenty of XRP fanboys and haters. The haters are saying that the move proves that XRP is centralized and was a pump engineering by the folks at Ripple. The fanboys, on the other hand, touted the launch of xRapid and Coil that XRP is getting closer to real-world adoption. Whether you’re an XRP hater or fanboy, the clear reason why we pumped so hard is FOMO. FOMO is very powerful in crypto land and we are glad to see it’s still alive and well in the crypto verse. In our opinion, this is the biggest crypto news of the month – the return of FOMO.
XRP price action
In looking at the XRP price action, we remain bullish on XRP as long as it remains above the 200-day moving average, which is at about .53 on this chart. A close below here would be short-term bearish in our opinion. We expect XRP to consolidate around the 200-day moving average before going on its next run.
Bitcoin needs to hold 6600 or else we will most likely dump to 6400. 6600 was previous resistance that we broke through last week. A drop below will put us back in the neutral zone of 6200 to 6500 that seems like purgatory for Bitcoin. The bears come out of hibernation and say that new lows are on the way and the pessimistic forecasts of $3k and lower starting hitting the headlines.
We do believe that sentiment has changed in the markets and that sentiment is favoring the bulls now. Last week, the market ignored the CVE vulnerability, which is not what a bear market does. In a bear market, any negative news drives prices lower and bullish news is overlooked. Likewise, in a bull market, negative news is ignored and bullish news keeps the momentum going.
Ethereum is the last one we can get bullish on. Matter of fact, if it wasn’t for XRP last week, ETH would probably be under $200 right now. ETH is only trading above its 20-day moving average right now and has the 50-day at 267. ETH is no one even close to its 200-day moving average, which signals to trend traders that the trend remains down and that rallies in ETH are to be sold. We are already witnessing this to start the week as ETH has sold off from 245 to lows of 231. A break below 230, which was prior resistance, and we will target 220 and below again.
Electroneum (ETN) is one of the more popular coins on Global Coin Report and matter of fact, our most popular article ever is on Electroneum. As you can see from the CoinMarketCap chart, ETN has been making a nice run in the last week.
My colleague Ali Qamar had this to say about why Electroneum is running:
Mobile micropayments are also at the heart of Electoneum’s goals, and the project recently released its mobile payment application, in a beta-testing stage. And it seems to be working very well as testers report good news from all over the world about the way the app works and delivers the service it’s supposed to do. All those good news are driving ETN’s price up.
Over on YouTube, Crypto Rich discussed Electroneum in further detail and has been a good source of information on Electroneum and interviewed CEO Richard Ells several times.
The best move right now is to watch closely and wait. Another pump is coming. When no one knows, but when it does, we will be ready.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Charts courtesy of Trading View
Globalcoinreport.com/ is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!