Most of the cryptocurrencies are consolidating as the market has turned red. Although it may not be a sign of a bearish trend, many coins are not gaining as they were yesterday. The exceptions in the regard as of now are Ripple [XRP], Stellar Lumen [XLM], NEM [XEM], Tether [USDT], Binance coin [BNB] and Verge [XVG] amongst the top 20 coins in the cryptocurrency market. All these coins have gained in the last 24 hours and are still looking green. Bitcoin is still maintaining above $8000 and is consolidating as seen at press time.
The sentiments of people from around the world say that that it was expected to happen as the hourly charts of most of the coins showed a tendency for them to consolidate. The Bitcoin dominance is slowly moving up to 42.5% as was seen at 10:27 AM UTC.
Our sentiment analysis segment provides you with sentiments of people from around the world which were gathered after having a discussion with people around the world to give you quality opinions on the current market trends. This segment is carefully structured after interviewing a group of investors, miners, skeptics, analysts, influencers and thereby framing their comments as it is. This analysis will be on the coin which is at the number 3 spot, Ripple [XRP].
Ripple, at 10:38 AM UTC was seen to be trading at $0.642 with a market capitalization of $25.149 billion. The coin has had a gain of 0.99% and it peaked at an intraday high of $0.708 at 10:30 AM UTC yesterday. Right now the coin is struggling to stay above the $0.65 mark which is crucial for the coin. Ripple ended yesterday at the price of $0.640 and right now the indicators on the hourly chart show that the coin is more likely to consolidate at this level or it may even go down. A 28.3% rally for the week was achieved by the coin with a 10.77% gain on Wednesday and a 19.24% gain on Thursday. Yesterday the coin dropped to an intraday low of $0.613 with a support of $0.541. The coin then peaked at an intraday high of $0.708 to test the day’s major resistance level at $0.703 before dropping to $0.60.
Walter Bryant, a Ripple investor from Washington says:
“Whenever I feel bad about my investment I just remind myself that there are people who bought Ripple for $3. XRP’ next target is $0.83 which may be reached by the coin after testing the resistance levels. The parabolic SAR indicates that the coin may drop in the next few hours which will not be to a great degree.”
Steven Sanders, an altcoin miner from Philadelphia says:
“On a larger picture, I would not be too excited about the current bounce in price as the bears are very much in control. I want to see the price close above the 100 EMA before I start thinking about buying back in. I strongly recommend patients to all of you so that you guys get the price that you want. Make sure that you use the market and not vice-versa.”
Timothy Parker, a financial advisor from Derby says:
“The chances for the coin to move up sky high cannot be ignored if it breaks on the upside. Right now it is difficult to say whether the coin will gain or lose. It is wise to HODL till major signs of a bullish or a bearish trend is seen for the coin.”
Andrew Susanto, a Ripple respondent from Surakarta says:
“Ripple will go up because of a lot of positive news like Santander’s launch of their blockchain partnership with Ripple and Apple will also use Ripple.”
To conclude, 57% of Ripple respondents feel bullish as the coin is famous for unprecedented breakouts. They are hoping for the coin to test the resistances and seek to reach the next targets. However, an equally bearish 43% are of the opinion that the coin will soon move into the red zone along with other coins in the market.