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CoinMarketCap reported that the total value of the digital currencies dropped more than 50% during the first quarter of 2018. During this period, cryptos have been struggling due to regulatory concerns, uncertainty and the fear of cryptocurrency hacks.
If we pay attention to the top cryptocurrencies filtered by market capitalization, we may see that the Ripple had the worst performance compared to other cryptos. According to CoinMarketCap, this year, Ripple fell more than 74%. Moreover, CoinMarketCap illustrates that the leading cryptos, Bitcoin (BTC) and Ethereum (ETH), seem to present a bearish appetite too, as their performance dropped by 40%.
In addition, CoinMarketCap highlights that due to regulatory concerns and the advertising crackdown, the total market capitalization of cryptos had a huge hit by falling more than 50% during this year. Ripple responded to this situation by launching the development of a token (XRP) for fast payments worldwide, which can be used by financial institutions on the network to make fast transactions. The XRP market cap is expected to be above $21 billion. It is already included in a large number of exchanges, but it has not been included in the Coinbase yet.
According to CNBC, Joe DiPasquale, CEO of BitBull Capital, stated that “crypto-specific events including Facebook and Google cracking down on advertising, and initial coin offering ‘fatigue’ as reasons for the broader digital cryptocurrency sell-off”. In addition, DiPasquale said that "We believe the macroeconomic factors and regulatory factors and time to market with many crypto products will take the rest of the year to settle out".
Technical View on Ripple- 30 March 2018
Today, in accordance with the Ichimoku system, Ripple seems to be bearish. It could be noticed that the price appears below the Kumo cloud, the Tekan Sen and Kijun Sen seem to be in a bear formation, and the Chikou Span line appears below the price. In case the price bounces on Kijun Sen, we could start looking for potential bearish signals.
About the Author:
Marios Athinodorou is TeleTrade’s market analyst and commentator. Apart from being an experienced trader, Marios is an advanced technical analyst and is interested in trading psychology. He has 7 years of trading expertise in Forex and CFDs, providing insights to share with all kinds of traders, from beginners to experts. Among others, Marios is delivering weekly trading webinars. Sign up for upcoming webinars, here.
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