Cryptocurrency market update: Ripple, NEO and Monero dump as altcoins' short-lived boom takes a breather


  • Altcoins rejoin Bitcoin in the red after the bullish fave fizzled out.
  • Ripple price is struggling to stay above $0.30; further recovery will be an uphill task.
  • NEO and Monero corrected lower 3.94 and 3.6% respectively as the bears grab the joystick.

The cryptocurrency market is back to the recent default settings; painted red everywhere. This comes after corrected higher three days in arrow. Ethereum, the largest altcoin in the market tested $215 resistance after a period of being lethargic between $190 and $180. Ripple broke above several resistance levels to trade close to $0.32 while Bitcoin Cash hit new September highs above $320.

Ripple price update

Among the biggest daily losers on Thursday during the Asian session is Ripple. The crypto left $0.32 untested during the unique rally staged earlier in the week. Failing to break the above resistance level left a gap that the bears are wasting no time to explore. After opening the session at $0.3137, the selling action hit a low at $0.2956. A minor correction adjusted the price to the current $0.3045 but Ripple is still faced with a 3.94% loss on the day.

NEO price update

NEO was not left behind by what was termed as the beginning of the altcoin season. However, just as quickly and surprising the gains hit the market, it is the same way a retreat has grappled NEO. A significant increase in trading volumes has been witnessed from $221 million on Sunday to the current $354 million. Although, the market capitalization rose to $716 million it has corrected to $691 perhaps to the current drop in price.

NEO is currently trading at $9.75 following a 3.6% lower correction on the day. It hit highs of $10.15 on Wednesday amid the general bullish pressure among the altcoins. For now, the path of least resistance is to the south. However, a correction above $10 will ensure NEO avoids further drop.

Monero price update

Monero, on the other hand, is also caught up in the retracement from the short-lived recovery. Down 3.96% on the day, the crypto is exchanging hands at $77.93. XMR touched highs around $81.65 before extending the bearish arm to lows of $77.21. The prevailing trend is generally bullish with the buyers fighting to pull back above the key $80.00 level.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Flat, Cryptocurrencies on a Positive Tone

Cryptocurrencies were slightly positive during the last 24 hours, except for Bitcoin, who failed to cross the $8,300 level and created a large candle down to $8.150, tho, then, move back to the $8,200 range. 

More Bitcoin News

Ripple price analysis: XRP/USD grinds to a halt ahead triangle breakout

Ripple performance in October has been relatively better compared to other major digital currencies. The world’s third-largest crypto is stepped above $0.30 last week but failed in sustaining gains towards $0.31.

More Ripple News

Ethereum market update: ETH/USD slips back inside the range, $180.00 still out of reach

ETH/USD hit $178.28 on Monday and retreated to $174.57 by press time. The second-largest coin is moving inside a tight range amid slow trading activity in sync with the market. 

More Ethereum News

NEO price analysis: NEO/USD on recovery track, still below critical resistance of $7.80

NEO, currently the 21st largest coin with the total market value of $527 million, has gained about 1.7% in recent 24 hours to trade at $7.5 at the time of writing. Since the beginning of Tuesday, NEO/USD has gained about 1%.

More NEO News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast

BTC

ETH

XRP