Market Update and Ripple XRP Price Analysis: March 25, 2019
The total crypto market cap decreased by $600 million since March 18 and now stands at $140.1. The top ten cryptocurrencies registered mixed gains for the 24-hour period with Binance Coin (BNB) once again leading the group with a 13 percent price increase.
Bitcoin was trading in the $4,028 to $4,083 range on the first day of the weekend and closed the trading session at $4,063, $20 higher. It made a similar move, but in the opposite direction on March 24 and ended the day trading at $4,041. The BTC/USD pair was flat for the seven-day period.
Ether, on the other hand, formed its second consecutive green candle on the Bitfinex daily chart on March 23 and moved higher to $139. On March 24, it erased gains from the previous session and moved lower to $137.8. The ETH/USD pair was 1.8 percent down for the week.
BitMEX CEO Arthur Hayes predicted a BTC price of $10,000 by the end of 2019. The co-founder of one of the most popular cryptocurrency derivative trading platform was particularly bullish in the latest edition of the BitMEX Crypto Trader Digest pointing that “2019 will be boring, but green shoots will appear towards year end” and we will see BTC cross the psychological level of $10,000 in Q4.
In the meantime, Bitcoin dominance dropped to its lowest level since August 2018 and now stands at 50.5 percent, suggesting a renewed interest in altcoins.
The Ripple company token experienced a significant drop in price on March 21 and moved lower to $0.315. The XRP/USD pair lost three percent of its value and broke below the $0.304 to $0.317 price range corridor. It was trading as low as $0.308 during the day session.
The coin remained flat on March 22 as neither bulls or bears were able to take control. The weekend of March 23 to 24 opened with a green candle to $0.316, but buyers struggled to keep one of the most popular altcoins in the uptrend channel.
On March 24, XRP lost another 1.2 percent and saw its price slide down to $0.311, closing the week with a 2.5 percent of losses.
Next target for bears will be to push the Ripple token towards the $0.31 level, which also coincides with the Fibonacci 61.80 percent line. It will likely find its short-term support there before moving South to $0.305 and $0.30. Bulls, on the other hand, will be looking to go back above the $0.316 to $0.317 price level (Fibonacci 50 percent) and then initiate a run towards $0.32 and $0.325.
During last week, commentators observed an increase in XRP trading volumes from $600 million on March 18, up to $1.4 billion on March 24.