Cryptocurrency market update: Ripple still fighting for 0.16 amid broad sell-off, high volatility

Top 3 coins’ price overview

• Bitcoin (BTC/USD) is seen reversing the latest leg down to 5860 lows, as the bulls fight back control to recover ground above the 6000 level. However, it looks like a dead cat bounce, with the technical set up still remaining in favor of the bears. The most dominant cryptocurrency is down nearly 1%, struggling with the recovery once again around 6150 while enjoying a market capitalization of $112.02 billion.
• Ethereum (ETH/USD), with a current market capitalization of $14.41 billion, remains the least favorite amongst the top 3 widely traded crypto coins. Amid a fresh rebound seen across the crypto space, the No. 2 coin retested the 133 mark only to fall back quickly to near 131.50, where it now wavers. As explained here, ‘sell the bounce’ remains the key trading strategy for ETH traders, as a test of 115 levels remains on the cards. Despite shedding 10% over the last 24 hours, the coin is likely to book a 1.50% weekly gain.
• Ripple (XRP/USD) stalled the latest bounce near 0.1575 region and now reverts to the familiar range around 0.1550, reporting a 0.60% loss on the day. A test of the 0.16 handle still appears elusive, as a cautious sentiment prevails across the market amid looming coronavirus risks. At the press time, the No. 3 coin has formed a Doji candle on the daily sticks, suggesting a lack of clear directional bias and therefore, likely remains vulnerable.