Until Sunday, the bearish momentum seemed to be over in the crypto market, but yesterday, cryptocurrencies resumed the decline, which continued earlier today as well, with some fresh lows being posted. Bitcoin fell to $40,000, while Ethereum fell to $2,800. Ripple and Algorand were also declining, but it seems like they are bouncing now.
Ripple Coin Forecast – XRP/USD Finding Support at the 200 SMA
Ripple stalling at the 200 daily SMA after today’s tumble
Ripple coin has given signs in both directions in recent weeks. We have seen some bullish momentum, particularly in the first half of August and early September, while during the declines in the crypto market, Ripple was the first to tumble lower.
Ripple (XRP) lost nearly 35% during the flash crash two weeks ago, and yesterday we saw another dive lower. The 200 SMA (purple) held the first decline on the daily chart, while the 50 SMA was pushing the lows higher in XRP/USD. Today, it seems like the 100 SMA (green) has taken over that job.
The price fell to $0.8750 early this morning, but the 100 moving average held well, and now the price has bounced to $0.95. The legal battle with the US SEC (Securities and Exchange Commission) is ongoing, and it is also affecting Ripple, especially during declines, inflating them further, hence the 40% loss so far.
Algorand Coin Forecast – ALGO/USD Finding Support at the 20 SMA
The 200 SMA holding as support for ALGO/USD
Algorand made a strong jump in the second week of September, rising from around $1 to $2.55, while the rest of the market was stagnating. Then, when the market turned bearish, ALGO/USD was consolidating above the support, which stood at $1.90.
That was another bullish signal, but yesterday’s crash finally caught up with Algorand as well. ALGO/USD dived down to $1.5350s, but that’s where the 20 daily SMA (gray) was standing. Now the price has bounced to $1.80, so we are witnessing a bounce in this crypto and the rest of the crypto market.
I am looking at buying Algorand, which you can find on our Forex signals page, while we are already long on Ripple, which also seems very tempting to buy during this dip. However, we are already long on Ripple coin, so we won’t take another trade there.