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.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
