With Blockchain week in full swing and several announcements buoying the market, the overall capitalization surged over $245 billion for the first time in months. At the head of this rally is XRP, which is making immense gains after trailing competing coins for most of 2019.
Not far behind the second largest altcoin in the market are Ethereum [ETH], TRON [TRX], Cardano [ADA] and Stellar Lumens [XLM]. The Consensus bulls, as it did over previous years, have pushed the market up while announcements from Bakkt and Coinbase have also spurred growth.
XRP, on the back of Coinbase approving the cryptocurrency for New York trading, surged by over 5 percent in an hour, earlier today. At press time, it still led the market with a 12.08 percent gain over a 24-hour period. Beginning to rise at 0030 UTC on 14 May, the coin was priced at $0.323 and pumped by 20.69 percent to reach $0.414, before falling back to $0.384.
The next surge began at 2100 on the same day, with the coin pushing up from $0.384 to $0.438. The market cap of the cryptocurrency rose by $4.5 billion and at press time, stood at $18.22 billion. BW.com took the top spot for XRP volume by holding 11.22 percent, while Binance, the only exchange in the top 10 with “real volume,” took the ninth spot with only 2.05 percent XRP trade volume.
Ethereum, following last week’s massive pump over a rumored CFTC blessing regarding the ETF, began this week with an 8.94 percent pump against the US Dollar. Over the next two days, Ether breached $200 on the back of a 34.73 percent rise and was priced at $225.30, with a market cap of $24.17 billion. ZBG took the top spot in ETH volume, accounting for 4.27 percent of total volume, while Binance held the highest “real volume,” at the 27th spot with 1.28 percent ETH trade.
Following Justin Sun’s Tesla promise ‘fulfilment,’ Tron joined the market pump and rose by 9.64 percent. After dropping to $0.022 on May 10, TRX surged by 27.2 percent and was trading at $0.0288. The market cap of the coin stood at $1.92 billion. CoinTiger was the top exchange in terms of TRX volume, with the pair ETH/TRX accounting for 8.43 percent of the global volume. Binance, once again, is the highest ranking “real” exchange, on the 12th spot and holding 2.75 percent of volume in the USDT pair.
Cardano and Stellar Lumens were other top gainers in the market, recording 8.45 percent and 8.96 percent gains over a 24-hour period. Ranked 9th and 10th respectively, the two coins were separated by only $70 million market cap. Stellar was trading at $0.121, while ADA’s press time price was $0.086.
It should be noted that the only non-stablecoin that is trading in the red in the top-10 is Bitcoin Cash, which is likely down to correction since the cryptocurrency saw a massive rise over the past 48 hours.
XRP and Stellar Lumens [XLM] Price Analysis: XLM remains bullish while XRP sides with the bears
XRP and Stellar Lumens [XLM] collectively fell prey to price corrections, with the tokens plummeting in valuation. At press time, XRP had suffered a 0.16 percent decline and was priced at $0.395. The market capitalization was relatively unaffected and stood at $16.6 billion, at press time.
XLM suffered a similar fate after it experienced a decline of 1.02 percent against the US Dollar. The trade volume was healthy and amounted to $458 million, with the token valued at $0.133.
XRP one-day chart
On XRP’s one-day chart, the token had undergone sideways movement between the resistances at $0.367 and $0.291, prior to them being breached. The uptrend extended from $0.335 to $0.454, and the new resistance was at $0.455.
The Bollinger Bands indicated a highly volatile period for the token
The Fisher Transform line witnessed a bearish trend for the token as the red line remained above the blue line
The Awesome Oscillator exhibited trend reversal and strong bearish momentum since red bars appeared in the chart
XLM one-day chart
XLM’s one-day chart exhibited a major uptrend, extending from $0.087 to $0.133, followed by another from $0.125 to $0.142. The new resistance line remained at $0.143 and the support line was at $0.074.
The Parabolic SAR indicated a bullish trend as the dotted markers were found below the candlesticks
The Relative Strength Index indicated that the buying pressure dominated selling pressure
The Chaikin Money Flow line was above the zero line, indicating that the capital entering the market was significant and more than the capital flowing out of the market
Despite the minor fall at press time, indicators suggested a bullish trend for Stellar Lumens [XLM]. However, XRP recorded a trend reversal and was projected to be bearish in the near term.
XRP/USD vs Stellar Lumens [XLM/USD] Price Analysis: XLM remains bullish as XRP continues recovery
In a long list of the fluctuating fortunes of cryptocurrencies, XRP saw a major spike this month, trading from $0.322 to $0.456. The coin had maintained a sideways trajectory across the year. On the opposite end of spectrum, Stellar Lumens [XLM] recently marked its high at $0.142, making it one of the few altcoins to witness a successful recovery after the crypto-winter.
The one-day reading for XRP/USD showed a negligible change of 0.02%, placing the coin’s value at $0.397. Although the altcoin’s recent bull run was short-lived, the third-ranking cryptocurrency delivered commendable returns for early buyers, recently. Additionally, the crypto held a market cap of $16.7 billion and a 24-hour trading volume of $2.6 billion, at press time.
Support 1: $0.305
MACD: Since the MACD line was positioned way over the signal line, a strong bull market for XRP was projected.
Awesome Oscillator: A green histogram indicated bullish momentum for the coin.
Chaikin Money Flow: The CMF indicator’s comfortable position above the zero line suggested growing inflow of capital into XRP market.
Stellar Lumens [XLM/USD] 1-Day
Stellar Lumens’ one-day chart showcased a fairly bullish trend through the year. The crypto was down by 1.28%, placing its trading value at $0.135208, at press time. Like XRP, XLM had also broken its previous resistances. Further, the coin was threatening to take Tether’s position, with a market cap of $2.59 billion and a 24-hour trading volume of $484 million, at press time.
Support 1: $0.098
Relative Strength Index: RSI indicated extremely high buying pressure for the XRP market
Bollinger Bands: Similarly, the divergence of the bands indicated extremely high market volatility.
Parabolic SAR: The dotted markers were below the candlesticks, which also indicated an immediate bullish trend for the XLM market.
XRP continued to recover after a dry run, while XLM maintained its growth trajectory.
XRP closes bullish week breaking 200-day MA; on the doorsteps of the Golden Cross
On the back of the most successful week for XRP, the second largest altcoin in the market has broken, what could be equated to the first inkling of the Bitcoin [BTC] bull run. Following Coinbase’s greenlight to its New York customer to engage in XRP trading, the altcoin shattered its 200-day moving average.
Bitcoin, prior to the April 2 ascendance, which was trading at just over $4,000 and on the back of a slew of reasons, broke the $4,623 200-day moving average (at the time) creating an impetus for a prolonged pump. XRP, following the mammoth 41 percent price rise on 14-15 May, has mirrored the king coin’s rise.
The 200-day MA of XRP, which, at press time, stood at $0.352 was shattered at around 0300 UTC on 14 May, where the cryptocurrency saw a massive 25.59 percent daily gain. Continuing to ride the Coinbase bulls, the cryptocurrency added another 12.27 percent daily price rise the following day, ending its slumping streak which persisted for much of 2019.
Interestingly, the XRP price rise could not have come at a more opportunistic time. During the early days of May, when Bitcoin was breaking resistance after resistance, and anchoring an XRP-less altcoin rise, Ripple’s cryptocurrency was in a slump. In fact, the other digital asset that aims to attract an XRP-esque market, Stellar Lumens [XLM] was also in a slump prior to last week’s rise.
On a year-to-date analysis, the two cryptocurrencies jointly referred to as the “Bank Coins,” contrastingly declined by over 12 percent each, as other coins like Litecoin [LTC], Binance Coin [BNB] and even Bitcoin [BTC] saw triple-digit gains. To answer back to their crypto-contemporaries, XRP and XLM were, by far, the highest gainers during the aforementioned period, wiping clear their slumping trends.
Another key indicator for the Bitcoin price rally lasting almost two months now was the realization of the “Golden Cross.” On April 23, the king coin saw its 50-day MA cross-over its 200-day MA as the price rose above $5,350, confirming the coming of the BTC bears, which have since pushed Bitcoin’s price over $8,000.
XRP is on the verge of realizing its very own Golden Cross. Following its May 14 rise and the current green candle-stick, albeit with a major anchoring role played by Bitcoin’s ascendance, the 50-day MA for the altcoin has been broken. If the current trajectory continues, like BTC, XRP could see the 50-day surge above the 200-day and begin a major bullish swing, if Bitcoin’s prices are to go by.