Price Analysis

Bitcoin and Ripple Make Continuous Efforts to Trade Above Nearest Support Levels

Bitcoin and Ripple, the major drivers of crypto market have been seen dealing with profit after BTC price has been pushed beyond $9,000.

The 24-hour movement of both the coins have been quite satisfactory as BTC and XRP currently trade around $9,200 and $0.29 respectively. However, important to note that the 1-day movement took BTC and XRP to trade around their major supports at $9,068.30 and $0.288 respectively.

Also, both Bitcoin and XRP are trading under ‘strong buy’ phase signaling out good time for the investors. All the short-term and long-term moving averages point out towards the profit-potential of both the coins.

 Bitcoin vs Ripple Price Analysis:

BTC to USD Price Chart
Bitcoin Chart by TradingView

Analyzing the one-day movement of BTC, we see that the coin took a downward directional stride, yesterday. It plunged by 3.33%, trading from $9,381.61 to $9,068.30 while, currently trades within the mid-range at $9,216.99. However, the coin did not slip below $9,000 and continued to trade around the major support area persistently. The current trading price is 1.63% higher and 1.75% lower than the respective lowest and the highest marked price of the said time frame.

The current trading price notably hovers around its 10-day MA ($9279.66) but has a slight upper edge when compared with the current trading price. While, the 50-day MA ($8707.07) is way below its current trading price and therefore, here the current trading price has an upper edge throwing strong ‘buy’ signals.

The MACD of the coin is slightly below zero and the MACD line and the signal line has a concurrent motion, while RSI shows no extremities.

XRP to USD Price Chart
XRP Chart by TradingView

While comparing the 24-hour movement of XRP we see an almost similar trend but not as defined as that of Bitcoin. Ripple price fell from $0.2966 to $0.2884 by 2.76%. the current trading price is 1.35% above from the lowest in the said time frame. Here, the short-term moving average i.e. the 10-day MA ($0.29521) gives out a ‘sell’ signal for the coin as it is above the current trading price. While the long-term moving average i.e. the 50-day MA ($0.27726) is notably below the current trading price, fetching the long-term investors good amount of profits.

The MACD of ETH just like BTC runs adjacent to zero and the MACD line and the signal line has a concurrent motion, while RSI shows no extremities.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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