Ripple/Ethereum Confrontation indicator
Updated
In 2018, Ripple demonstrated amazing resistance to decline. While most currencies were down all the year, Ripple managed to double its price. In addition, in 2018, market participants often focused on the fact that Ripple has a centralized foundation. If we compare the growth of Xrp/Eth and the entire market decline, we can say that Ripple, in reference to main cryptocurrencies, serves as a confidence indicator in traditional decentralized cryptocurrencies.
Let's have a look at Ripple in conjunction with Ethereum and Bitcoin.
The current situation on the Xrp/Eth chart demonstrates the level of 0.0039 at the top, where we still can get. Taking into consideration the inverse correlation of Eth/Usd to Xrp/Eth, and the Xrp/Eth pair striving to make a new high, the Eth/Usd pair will be testing the lower support levels, which are not many. If the recent lows are broken out and the price does not bounce from 82, then the target of decline will be the level of 65. The levels of 50, 46 and 42 will remain below.
Meanwhile, the current moment is perfect for the entire oversold market to break in.
Based upon the last “fading” peaks of volume and RSI divergence, it is possible that Ripple will fall against Ethereum soon. The decline will be faster if the bullish support lines are broken out ("Divider" pattern). The targets of decline are 0.31; 0.263; 0.215. In graphic form, it looks like this:
The fall of Ripple against Ethereum can be accompanied by simultaneous growth of both cryptocurrencies against USD. So, you can partially shift from Ripple to Ethereum now, adding positions on Ethereum when Xrp/Eth tests 0.0035 and 0.0039. Ethereum will have the best price at this moment, and it is likely to be the lowest price recently.
Since, in this case, Ethereum follows Bitcoin, the whole process described above can be accompanied by simultaneous BTC and ETH price movements, and it will probably mark the beginning of a growth cycle of the cryptocurrency market.
Follow the events! Have a popcorn bucket at hand.
Subscribe to our updates. We are going to inform you about relevant transactions under this review.
Do not forget to give us a thumbs-up! :)
Let's have a look at Ripple in conjunction with Ethereum and Bitcoin.
The current situation on the Xrp/Eth chart demonstrates the level of 0.0039 at the top, where we still can get. Taking into consideration the inverse correlation of Eth/Usd to Xrp/Eth, and the Xrp/Eth pair striving to make a new high, the Eth/Usd pair will be testing the lower support levels, which are not many. If the recent lows are broken out and the price does not bounce from 82, then the target of decline will be the level of 65. The levels of 50, 46 and 42 will remain below.
Meanwhile, the current moment is perfect for the entire oversold market to break in.
Based upon the last “fading” peaks of volume and RSI divergence, it is possible that Ripple will fall against Ethereum soon. The decline will be faster if the bullish support lines are broken out ("Divider" pattern). The targets of decline are 0.31; 0.263; 0.215. In graphic form, it looks like this:
The fall of Ripple against Ethereum can be accompanied by simultaneous growth of both cryptocurrencies against USD. So, you can partially shift from Ripple to Ethereum now, adding positions on Ethereum when Xrp/Eth tests 0.0035 and 0.0039. Ethereum will have the best price at this moment, and it is likely to be the lowest price recently.
Since, in this case, Ethereum follows Bitcoin, the whole process described above can be accompanied by simultaneous BTC and ETH price movements, and it will probably mark the beginning of a growth cycle of the cryptocurrency market.
Follow the events! Have a popcorn bucket at hand.
Subscribe to our updates. We are going to inform you about relevant transactions under this review.
Do not forget to give us a thumbs-up! :)
Trade closed: target reached
The target of 0,263 has been reached. The fall of XRP against Ethereum was caused by the growth of Eth relative to the entire market. The trend of Xrp falling against Eth can continue in the current situation, but everything depends on whether the pre-New Year rally keeps on. If the market turns down, Ethereum can fall faster than Ripple.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.