The new week started with a slow recovery for the cryptocurrencies and Ripple (XRP), Ethereum (ETH), and Litecoin (LTC) are also turning green for a tough period of the market. Let’s see here what the graphs show for the future.
Ripple (XRP) doesn’t get the expected appreciation
The news revolving around Ripple (XRP) remains for the moment that Ripple (XRP) has tried and failed to buy its listing into the Coinbase and Gemini exchanges, leaving itself vulnerable to further inconvenience.
The lack of inclusion in two of the largest exchanges of cryptocurrencies in the US and the consequent loss, if the story is true, will leave the falls as the path of least resistance.
Currently trading around $0.49 but a break and close below its December 22nd’s minimum of $0.42 could cause XRP to retreat to the start of the strong rebound at $0.20.
On the Ripple (XRP) bullish side, $0.57 should limit any positive movement.
Ethereum (ETH) is still bearish, despite its slight increase
The second largest cryptocurrency, ETH, has lost more than $100 billion in cryptocurrencies market capitalization since its peak on January 15th.
The Ethereum (ETH) chart shows how all the rallies have been sold, while the downward trend since mid-January continues to limit any upward movement.
The recent low of $357 seems to be under pressure again, which leaves a big drop to the two lows observed in October and November of 2017, $275 and $278, respectively.
Right now, the Ethereum (ETH) is trading at about $410, gaining approximately 3% in the last 24 hours but the sentiment is still bearish, in general.
Litecoin (LTC) shows only a small increase in the last 24 hours
Another cryptocurrency that fell heavily recently, Litecoin (LTC) has at least shown some signs of stabilization in the last 9 trading sessions.
Having fallen below the Fibonacci retracement at $118, LTC currently trades around $114.
LTC is also trading on both sides of the bearish trend from the December 19 high. To push up, the cryptocurrency needs a continuous consolidation in the coming days, which would open the way again to $137, and then to the $150 value.
A break below the minimum double would leave LTC vulnerable to higher losses with weak support between $70 and $72.
In conclusion, cryptocurrencies market turned green and all the assets show gains but the sentiment is still bearish regarding Ripple (XRP), Ethereum (ETH), and Litecoin (LTC).
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.