Crypto market update: Recovery is finally here – Bitcoin, Ripple’s XRP and Ethereum set the pace
|- General market recovery extends from the weekend trading sessions.
- Bitcoin reverses the trend from the annual lows; Ripple and Ethereum follow the king.
The market is green on the first day of the week. The green color is a wave hope that the much awaited recovery is finally here with us. The investors in the industry have been hoping for a great Christmas and wonderful new year with the assets reversing the trend from the oversold levels. Bitcoin price is in the green with gains of more than 1% on the day. Ripple’s XRP is correcting higher by1.39% and Ethereum (ETH) is following closely by gains of 0.69% on Monday.
Bitcoin price technical picture
Bitcoin is seen trading at $3,240 in a bullish trend that is ongoing at the time of writing. Bitcoin has recovered after it broke the support at $3,200 on Friday last week. The declines broke down further as the asset explored new 2018 lows around $3,100. At present, BTC/USD is trading between the simple moving average support and resistance as observed in the chart below.
Ripple’s XRP price technical picture
Ripple, on the other hand, is trading at $0.294. There is a bullish trend that is ongoing at the time of writing. The asset has been correcting higher in over the last weekend after reversing the trend from the annual lows traded on Friday last week. The spike on Sunday lost momentum short of $0.2960. The declines that followed formed a short-term contracting triangle who break is what has ignited the current attack on the resistance at $0.2940. XRP/USD is trading above the moving averages on the 15’ chart to show that the bulls are here and have intentions to push for a correction above $0.30.
Ethereum (ETH) price technical picture
Lastly, Ethereum is still locked below $90.00 in spite of the reversal that has been going going on Since Saturday. The trading on Friday last week saw the bears embark on another crypto carnage sending assets like Ethereum to the rock bottom. ETH/USD brushed shoulders with $82.00 before a bounce that has been limited below $88.00. ETH/USD is changing at $87.55 while support by the 15’ simple moving average (see chart). Another support is highlight by the ascending trendline and the range support at $85 - $86.
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