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Crypto analysis: Ripple and Bitcoin set the pace, Litecoin and Monero struggle to follow

Both Bitcoin and Ripple are stuck in the trend that has been directing them since their all-time highs. Picture should be clear soon.
Monero and Litecoin dangerously playing with supports, risking heavy falls if they don't hold.

Tomas Salles FXStreet

Two clear patterns show different technical outlooks between Cryptocurrencies

We are witnessing very interesting technical situations in the crypto sphere. The Cryptocurrency board had been moving as a block since the all-time highs in December, but the last steps of the current bearish action present two different scenarios. As we discussed yesterday, Ripple looks like the driving Cryptocurrency right now, and it actually was the best performer yesterday among the major Cryptos. Per our projections, XRP looks set to be in the driver's seat for the upcoming sessions.

But before we get to it, let's check first the struggling Cryptocurrencies:

Monero, at the base of a price compressing structure

Our forecast is that XMR/USD has a technical picture that doesn't leave much room to more falls. Any external event that might trigger an important capital outflow would put Monero in a very difficult position, with bearish continuation settled to last for several weeks.

XMR/USD 4H chart

Monero price is currently at less than $20 from getting into a new bearish ride. Below $290 we should reevaluate our XMR price predictions. On the upside, an in order to get to similar scenarios than BTC/USD or XRP/USD, the main target is located around $345.

MACD is trading in a negative area, but it has not reached too far from the equilibrium point. The current structure looks ready for a 'MACD failure', a situation that would open a bearish scenario. The attack angle of the average price relative to the signal confirms that high probability of such a scenario.

On the other hand, Directional Movement Index shows a pattern favorable to an increase in the buyers, but it's still lacking a confirmation move from the D-. Therefore, this diminishes the probability of another bearish scenario. Our projection recommends waiting and then react quickly to the price action. The bright spot in this situation is that the price is close to the trend, so there's not a lot of risk involved in taking new positions if we can execute the operations with quickness.

LTC/USD 4H chart

Litecoin shows a similar structure to the Monero, with a very similar risk-reward situation, so a very similar forecast.

MACD shows a similar structure to the XMR/USD, but with a bit more chance of possible bullishness.

Litecoin Directional Movement Index is in a more advanced phase than Monero's, but sellers are still in high levels while equilibrium between buyers and sellers is still far from being reached.

Ripple rising to leadership

XRP/USD 4H chart

Ripple is in the opposite scenario of the two Cryptocurrencies previously mentioned. Trading inside the same compressive structure, XRP/USD is stuck to the trendline, with high chances of breaking above it. That would open the doors for more rises.

MACD is crossed to the upside, just below 0. The fact that the indicator is crossed up combined with the XRP price closeness to the trendline favors the bullish projections.

Directional Movement Index is in a much more advanced zone, with buyers and sellers at an equilibrium point and ADX moving around levels that give room for another trend movement.

BTC/USD Daily chart

Bitcoin, just as Ripple is doing, is stuck to the trendline that acts as dynamic resistance. Given its leader condition, a leadership that is now starting to share with Ripple, if BTC breaks to the upside we forecast a cascade of bullish rides across the Cryptocurrency board.

MACD is crossed to the upside, just below 0. That's a very similar structure to the XRP one. The fact that this indicator is crosssed up and the price is very close to the trendline favors the bulls.

Bitcoin's Directional Movement Index doesn't present bullish rides as easy as the Ripple one, which is now technically ahead of the rest of Cryptos. We should expect that BTC takes more time to get into bullish status than XRP.

The current scenario presents a very interesting picture, as Cryptocurrencies have behaved very similarly up to now, but have recently really started to diverge in several groups. That's a change of paradigm. Expect Cryptocurrency traders to be much more selective when selecting the assets they trade from now on.

Author

Tomas Salles

FXStreet

Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland. He expanded his technical training following the guidance of great experts on the financial markets.

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