The crash yesterday in Wall Street trickled down to the cryptocurrency markets as well. BTCUSD fell 9.5%. Whenever Bitcoins falls, the effect is felt on the other top cryptos as well.
Ripple nosedived and experienced a much worse fall than BTCUSD. Ethereum also fell below the support levels, but it didn’t suffer as devastating a sell-off as XRPUSD.
XRPUSD technical analysis and price movement
Ripple is the third-largest cryptocurrency by Market capitalization. In the recent past, Ripple was accepted as a cross-border remittance tool.
However, the recent sentiments surrounding XRPUSD are pretty Bearish. Several cryptocurrency analysts claim that Ripple could go further down from here.
Published on: TradingView.com
The Technical Indicators for XRPUSD, both in the immediate and medium terms, are dull. The four-hour XRPUSD timeframe shows that Ripple broke below several key support zones. If it keeps going further down, Ripple will lose its status among the top three cryptos.
The RSI indicator for XRPUSD shows that Ripple entered deep into the oversold territory. Its sell-off was much more profound than Bitcoin and Ethereum. It has somewhat recovered since then. However, sellers are still pretty strong n this region.
Technical analysis of Ethereum [ETHUSD]
ETHUSD increased by almost 22% in the last month compared to Bitcoin’s increase of 6%. Thursday’s stock market crash brought an end to the Bull run for Ethereum.
The four-hour timeframe shows the large red candles signaling the sell-offs. ETHUSD is currently trading around $236.
The support levels for ETHUSD are at $230 and $223. The pivot is $240, while the crucial resistance levels are at $245 and $251. The RSI shows that there has been an emergence, and it could drive Ethereum higher.
MACD is still pretty Bearish. Overall, the conditions for the Altcoins are pretty harsh at the moment. The recovery could take substantial time from here.