Cryptocurrency markets have seen their fair share of ups and downs. With rapid market swings it’s hard to predict which asset would stay at the top. The cryptocurrency that has been making a lot of news lately is Bitcoin.
Bitcoin’s price passed the $5000 threshold, and is currently weighing in at $5300. It recorded a 4.89% increase in value on 6 April. Analysts and reports suggest Bitcoin is presently venturing itself in a bullish state owing to dollars price drop and steady growth of China’s equity multiplier. If things go well for, Bitcoin’s price could hit the $6000 mark soon enough.
Bitcoin’s rising prices have brought considerable pressure to other cryptocurrencies in sight. Things didn’t seem good for XRP, as the cryptocurrency was at $0.344278 after losing 1.7% in USD on 4 April. XRP also measured an additional 3.39% loss in USD value.
In a fortunate turn of events, the past week saw a tremendous rise in trading values of XRP. As per reports, the currency is currently facing its highest trading volume since 2018, with 24 hours amounting to $1.49 billion. The currency recorded a 15.93% increase in its trading price. The XRP currently records market capitalization of $15.04 billion.
Present Market Scenario for XRP
A long hefty week of price drops and reversal finally came to an end this week with XRP recording significant price increases. This was quite a pleasant shock to consumers and industry traders alike.
Noted professional trader, Peter Brandt tweeted about a forthcoming consistent price drop on 22 March much to the disapproval of XRP supporters. The present week’s surge has increased XRP price above resistance at $0.313 with price currently trading near $0.36. The Moving Average Convergence and Divergence technical indicator (MACD) is now a little above the zero mark with Relative Strength Index playing in at the 80 level.
XRP’s price surge seems promising after the currency’s disappointing performance the past week with price drops weighing in at a surprising $0.277
Stellar Lumens (XLM) Price Analysis
Stellar Lumens (XLM) is a leading cryptocurrency which aims to foster mutual association between digital currency and fiat currencies thereby promoting crypto trading on all platforms. XLM has been delivering a better performance as compared to its crypto counterpart, XRP.
Currently, the cryptocurrency records a market capitalization of $2.57 billion. The 24-hour trading volume and asset from 6 to 7 April was measured in at $374 million. XLM saw an increase in price by 23.22% this past week.
There has been a sudden increase in prices weighing above $0.127. In the past week, the price surge on Wednesday dropped considerably closing in on Saturday at the initial level. The price currently markets at $0.13. XLM is most likely to rise above $0.127.
RSI and MACD technical indicators have indicated increased buying pressure since February.
Ethereum Price Analysis
Taking a closer look at Ethereum, the cryptocurrency weighed in at $189 following the market surge past Tuesday. It faced a minor setback leveling down to $155. The cryptocurrency is currently trading at $181.
Ethereum supporters were eyeing in on the $200 level but had to close up with $187.51. The current trading price takes the cryptocurrency back to November 2018 when it faced similar measures.
RSI is at the 64.44 mark while the MACD indicator values in at 9.22. Current market changes reflect Ethereum trading price to dangle above $180.
The recent Bitcoin price surge made it the “most overbought cryptocurrency” since its record run last November. Experts feel that the world’s favorite cryptocurrency still has steam in its belly for another bull run. It remains to be seen how a Bitcoin bull run will impact altcoins. The next couple of days will be interesting.