It was on 13th June when Bitcoin crossed 8000 USD price mark after a long wait. The BTC price has again tapped on a bearish trend and is currently trading below 7800 USD. Here, crypto-analysts have termed the short term Bitcoin slump as a ‘healthy’ price drop.
Ripple, on the other hand, is also going through a rough patch as it is trading bearishly where its price has bottomed to 0.39 USD, which was as high as 0.43 USD on 7th June.
Ripple and Bitcoin Price Current Statistics:
|Ripple (XRP)||Bitcoin (BTC)|
|1,627,955,433 USD||17,626,087,279 USD|
|Circulating Supply||42,238,947,941 XRP|
|Return on Investment (RoI)||6,545.49%|
XRP and BTC Price Chart:
Yesterday, initially, XRP price had gradually decreased to 0.40 USD, which then took a sharp price fall, reaching as low as 0.37 USD. Here it broke the support level at 0.38 USD. Notably, at 0.37 USD, Ripple had its 7-day low price point. Contrary to XRP price momentum at the time, Bitcoin didn’t saw such significant price slump.
As XRP started to rebound slowly, it saw a bit price fluctuation as given in the chart. In the last 24 hours, XRP had decreased to 4.81%; meanwhile, BTC has declined to 2.83%.
Prediction and Conclusion:
If we look at the Fibonacci retracement given in the chart, XRP may see resistance at 0.40 USD and 0.41 USD. Similarly, BTC may face resistance at 7745.31 USD and 7798.75 USD.
The price chart also shows an Inverse Head and Shoulders pattern in both the cryptocurrencies, which indicates that XRP and BTC prices are expected to move upwards.