Ethereum Ousts XRP As Second Cryptocurrency; XRP Primed for Upside Break
Over recent weeks, as covered extensively by Ethereum World News, XRP, the go-to asset for fintech startup Ripple, began to underperform Ether (ETH). ETH began running in mid-December, outpacing a majority of other cryptocurrencies as it bounced off its year-to-date low at $81 to a multi-week high of ~$157 in a few days’ time.
And while the asset has since pulled back, along with the rest of this nascent market, Ether is still outperforming its peers, even its rival — XRP. Since getting listed on Binance as a base pair, the asset has embarked on a strong move downwards on Bittrex’s ETH/XRP pair. More specifically, since the all-time high at 0.00365 ETH was established on December 19th, the asset has moved lower and lower.
Potential Catalysts For Ether Rally
- Looming Constantinople Hard Fork: Ethereum’s Constantinople continues to loom nearer and nearer. Since the hard fork has been deemed long-term bullish by a number of analysts, due to the upgrade’s feature to reduce Ether issuance, the price action has been somewhat justified.
- ConsenSys is Doing Fine And Dandy: Joseph Lubin, the founder of Ethereum development consortium ConsenSys, has claimed that his firm — the backbone of the aforementioned network — is doing relatively fine and dandy, in spite of the rumored layoffs. This likely restored investors’ faith in ETH.
- Oversold Compared To Its Top 10 Counterparts: For most of 2018, Ether has been drastically oversold in comparison to its peers in the cryptocurrency top 10. In fact, at its low, the asset was down almost 95% from its all-time high, while BTC was only down 85.5%. This recovery is somewhat logical then, especially considering that ICO-backed projects were liquidating their Ether holdings seemingly without rhyme nor reason.
Ripple (XRP) Price Analysis: Primed for Upside Break
Overall, ripple price seems to be preparing for an upside break above the $0.3800 resistance. On the other hand, if there is a downside move in XRP, the price may find support near $0.3650 or $0.3620. Below this last, there are chances that the price may revisit the $0.3560 support base. The main support is positioned at $0.3550, below which the price could drop to $0.3300.
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