XRP down 1.83%
One XRP token is, at time of writing, fetching an average of $0.443925, down 1.83% in 24 hours, having dipped considerably about a week and a half ago from a peak of close to $0.50 a coin.
Since then, XRP has been pretty stagnant which suggests that most Ripple holders aren’t selling their ‘bag’, so to speak, but they aren’t buying either.
Indeed, cautiously holding seems to be the order of the day in recent weeks/months, not just for XRP but for most other coins as well.
It’s likely that the XRP/USD pair will only make a significant directional move (up or down) once a breakout or breakdown of the large range of $0.4242 – $0.51978 occurs.
However, the positive divergence on the RSI (see above image) is promising so that’s one positive to take away from the coins recent activity!
CoinMarketCap’s top 100
A swift scroll through CoinMarketCap’s top 100 cryptos (ranked by market capitalization) reveals a seemingly endless stream of red which is, admittedly, a familiar sight, of late.
Further down the list, there are glimmers of green, though they are few and far between.
Notable exceptions to the unrelenting downswing that the cryptocurrency market appears to be locked into include Ethereum Classic (ETC), up 1.58% in 24 hours, and Augur (REP), up 3.69% in 24 hours, respectively.
Crypto market yet to recover
Indeed, the market is yet to fully recover from the Bitcoin crash of last Christmas which saw the world’s number one cryptocurrency close in on $20,000 per coin before toppling to around $6,000 and taking most altcoins down with it.
Generally speaking, most altcoins tend, at least to a certain degree, to ape the movements of Bitcoin.
So, until we see genuine movement from BTC, it is unlikely that many altcoins will experience the kind of lucrative growth that, for a short while, became the norm back in 2017.