Cryptocurrency market update: Bitcoin price slides lower; Ripple stays above key support
|- The market stays in the red as Bitcoin refreshes the lows below $3,500.
- XRP/USD defends support at $0.32 after breaking beneath narrow range.
The bears continue to rule the cryptocurrency universe as far as price performance is concerned. While the market began the trading this week trending higher, the bulls have not been able to sustain the trend in a positive direction. There has been a correction from the highs traded at the end of last week. For instance, Bitcoin price was rejected from trading marginally above $4,000 to the extent that it dipped below $3,500. The same declines have been recorded across the board especially for the altcoins with bigger market value.
Bitcoin price overview
The market leader is marginally in the green on the day according to the live stream data provided by FXStreet. As predicted in yesterday’s price analysis, Bitcoin broke below the bullish flag pattern support. This move caused further breakdown that saw the asset lose at least $120 in a single day. The buyers took refuge at $3,560 which allowed a bounce above $3,600. However, as mentioned above, the bears are not stopping any time soon. In fact, there has been a slide where BTC is now trading at $3,584 and below the 15’ Simple Moving Averages (SMA). It is likely that the Bitcoin value will continue to depreciate throughout the sessions today.
BTC/USD 15’ chart
Ripple’s XRP price overview
As discussed yesterday, XRP/USD corrected lower below the narrow range resistance zone. In addition to that, the price also broke below the short-term bullish flag pattern support. While a fall ensued, it was not as big as that of Bitcoin. XRP took refuge around $0.3229. At press time, XRP is trading at $0.32 with the immediate upside limited by both the 50-day SMA and the 100-day SMA. The slight correction in progress is likely to continue in the near term as the buyers look forward to $0.35.
XRP/USD 1-hour chart
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