What has been an explosive week for many cryptocurrencies, has ended for most of them in a stalemate. Although most are still in the green, their gains are lower than what they were posting earlier. The market could be undergoing a correction hence the recent sudden drop after hitting respective resistance positions.
For Bitcoin, after hitting $5,200 and dropping to around $4,900, the coin has climbed back up to around $5,000. Its movement around this position remains unconvincing especially since volume has dropped in the last couple of hours to a little over $17 billion from over $20 billion.
The market correction has seen the total market cap slightly drag back to around $175 billion. The total trading volume from the last 24 hours despite a slight drop remains high and is at the time of press around $62 billion.
XRP Makes A Belated Surge
One coin is however still pushing up and could well trigger the rest of the market to rally. XRP which has been recording arguably lesser gains than most altcoins has continued to rally even as most cryptocurrencies slowed down and a few turned bearish. At the time of press, XRP is up by 10% and exchanging for $0.3639.
During the recent rally, XRP was able to hit a high of $0.37 before encountering major resistance and dropping to the $0.35 price range. The current momentum in the market makes it hard for XRP bulls to push prices and retest the $0.37. However, if XRP can establish a high support position, a market-wide trigger or positive development will definitely see it retest and surpass $0.37, possibly aim for $0.4
Slight Correction But Positive Sentiment Still Persists In The Market
The market is mixed up with some cryptocurrencies slightly sliding into the red zones while the majority have remained green, just barely. One positive from this late drop is that most coins seem to have found high support positions which will be a huge boost when the coins attempt to breakthrough recently established resistance positions.
In addition to high support positions, trading volume remains high and Bitcoin’s dominance is still down (around 50.4% at the time of press) which shows that investors are anticipating even more gains in the days to come.
