While Bitcoin, the world’s largest cryptocurrency, was happy to consolidate its position on the price charts, most of the altcoin market was witness to a bloodbath, with a host of cryptocurrencies depreciating significantly. XRP, understandably, was one of the worst-hit, with Dogecoin and Bitcoin SV following suit.
XRP, one of the crypto-market’s most popular altcoins, has been in the eye of the storm lately, especially after Ripple was charged by the United States’ SEC for violating the Securities Act. The said development had an almost catastrophic effect on XRP’s price, with its already-falling valuation falling even further. In fact, following the announcement, XRP fell by as much as 54% on the price charts, fueling speculations that the cryptocurrency may soon be de-listed from a host of exchanges and businesses.
However, some recovery was on the cards at press time, despite the same doing very little to reverse the bearish trend XRP’s market has been on lately.
Parabolic SAR’s dotted markers were well above the price candles and underlined the said bearishness; Chaikin Money Flow was still below zero, despite an attempted recovery, following a sharp fall after capital started flooding out of XRP market.
Ripple has been getting some support from some quarters though, with Cardano’s Hoskinson recently suggesting that given the presented facts and circumstances, XRP is not a security.
Bitcoin SV [BSV]
Like XRP, Bitcoin SV too fell on the charts over the last 7 days. Unlike XRP, however, its depreciation wasn’t as significant, with BSV falling by over 14% on the price charts. After a brief surge that accompanied BTC climbing to a new ATH, Bitcoin SV seemed to have reverted to a norm, with the crypto trading at a level well away from its local top.
Volatility in Bitcoin SV market was underlined by the widening Bollinger Bands. However, as per Awesome Oscillator, market momentum was minimal and didn’t side with either the bulls or the bears.
Despite being in the top-10, Bitcoin SV is still seen with skepticism by many. However, according to Calvin Ayre, 2021 will finally see BSV proving itself at the enterprise level.
Dogecoin, the crypto-market’s foremost meme-coin, has had quite a year. While on the development front there hasn’t been much to report, on the price front, DOGE has been active. In fact, on the back of the impetus given by Bitcoin’s bullish movement, DOGE surged incredibly after Elon Musk’s off-hand comment supporting Dogecoin on Twitter. While DOGE was quick to correct itself after the said hike had exhausted itself, it should be noted that at press time, DOGE was trading at levels last seen in July, a month that saw the crypto climb by 120% in just three days.
As far as the technical indicators are concerned, MACD line was well above the Signal line on the charts, and Relative Strength Index was mediating right between oversold and overbought zones.