XRP still ahead of Ethereum [ETH] as market recovers: Technical Analysis
The cryptocurrency market has been recovering steadily after the market crash, which saw $26 billion shaved off from its total valuation in less than 24 hours. Significant fluctuations have resulted in shifting positions on the global coin ladder. On Thursday, Ripple’s XRP overtook Ethereum as the second-most valuable cryptocurrency, data from CoinMarketCap showed.
Despite a falling market, XRP enthusiasts had much to cheer about as the crypto dethroned ETH for the first time since September-end. XRP had been riding a bullish wave prior to the market fallout, owing to Ripple setting up a new office in Dubai to affirm its focus on the Middle Eastern and South Asian markets.
XRP was the lone survivor when the initial hard fork tensions swelled in the market, causing other coins to decline. Though it eventually gave in, it did not take as severe a beating as some of the other cryptos. Now, it looks like XRP has managed to stabilize as the bears steadily retreat, and its price is slowly rising back to pre-crash levels. The token’s market cap was $100 million more than Ethereum’s a day ago and now, the gap has widened to over $700 million.
The virtual currency’s key resistance level stands at $0.557, which the coin breached early last month. The MACD shows that the crypto has recovered from its bearish phase and is now moving into the bullish zone. The 100 EMA line suggests that the token is in an uptrend.
The hourly RSI indicator currently stands at 53.68, which suggests increased buying interest in the coin. The trading range exhibited by XRP $0.478-$0.495, with the crypto trading on the lower end of the scale. At the time of writing, the altcoin gained 3.9% against the U.S. dollar to trade at $0.479.
The virtual currency has climbed 4.2% against the top crypto Bitcoin [BTC] and currently, one XRP is valued at 0.00008499 BTC.
The weekly volatility of the crypto was observed at a whopping $3.69 billion, with a weekly high of $21.12 billion prior to the crash and a weekly low of $17.34 billion at its worst point. On Thursday, XRP overtook ETH to gain the second spot on the coin ladder by market cap. Now that the bears have eased off, XRP has managed to widen the gap between its market cap and that of ETH to over $700 million. As of 1500 UTC on Thursday, XRP began to resurge, which pushed the market cap by 11.6% to $19.44 billion in less than nine hours. At press time, the market cap stood at $19.21 billion.