The cryptocurrency market continued to rise this week, amid all the recent controversies. The total market cap of all the coins has reached above $400 billion and currently is at $415 billion.
Ripple
After weeks of dips, Ripple performed very well the last 7 days. The coin’s demand again grew in the Korean market as against KRW, around 69 percent XRP was traded. The total trading volume in the last 24 hours was $2.39 billion. Ripple now holds $41.4 billion in market cap.
Since the beginning of the week, Ripple was geared up. The coin faced some resistance between $0.78 to $0.80 after recovering from $0.57. But strong support was also present around $0.72. With a sudden rage, the coin jumped from $0.74 to $1.16 in just 24 hours.
However, the peak resistance did not let the value to stay at the weekly peak for long and resulted in an instant pullback. Though XRP/USD dropped to $0.90, the price level also acted as a pivot and the price rebounded. With a steady bullish trend, XRP is currently trading at $1.03.
All the technical indicators are indicating positive movement. Stoch and RSI both are running bullish, so is MACD. RSI is currently at 60 percent. Because of the weekly gain, 100 SMA went over 200 SMA after a long period, indicating the dominance of the bull. The price curve is currently approaching 38.2 percent Fibonacci level.
DASH
DASH was developed with an aim to add more features to Bitcoin and the team was very successful in doing so. The coin also performed very well on the exchange last year and returned a very good value to its investors. But 2018 was not so good for the coin. DASH continued its bearish run and is trading at half of its peak value. Still, the coin holds $4.8 billion in market cap. In the recovering cryptocurrency market, DASH gained 5.74 percent on the daily chart and 14 percent on the weekly.
Considering the weekly chart, DASH gained 71 percent after reaching the lowest value in the market crash, as the coin went up from $389 to $666. The coin had a strong bullish trend that supported its gain. But the coin had a classic pullback because of the peak resistance and it dipped to $560. However, the value rebounded and is now trading around $607. There is a resistance at $613 and DASH is testing this level with support present at $593.
Because of the presence of the resistance, the oscillators are giving mixed signals. On one hand, Stoch is going up, but on the other, RSI is running flat at 57 percent. Also, the price of the coin is hovering at the borderline of 23.6 percent Fibonacci level.
Market Update
The controversy around the Italian exchange Bitgrail is also rising as the exchange lost 17 million of Nano (XRB) worth $170 million.
Ripple has announced a partnership with UAE Exchange, one of the world’s largest remittance and foreign exchange companies. More specifically, UAE Exchange will be using the RippleNet, a platform that uses blockchain to instantaneously send and receive cross-border payments.
After Coincheck hack, Japan’s Financial Services Agency (FSA) is reportedly examining the security measures of local crypto exchanges
Conclusion
After a few bearish weeks, the market is back on track. This might be the best time to grab some coins at a discounted price, as we have seen earlier, the market always rebounds at a tremendous pace.
