Big investments are pouring into the cryptocurrency market and the bulls are eating up the gap that was left by the long-term bearish trend that had crept into the market since the last week of March. It was truly an unexpected breakout that happened in April when the sentiments about the market from around the world were not positive.
The cryptocurrency market looks green in the last 24-hour picture and the total market capitalization had reached $426.552 billion at 2:15 PM UTC. Bitcoin is trading above $9000 mark and the gain in the last 24 hour stands at 4.03%. Most of the coins were trading at an overbought position and there seems to be an indication of the buyers getting exhausted.
Our sentiment analysis segment comprises of crypto-related sentiments of people from around the world on the current market trends and the possible outcomes of the coins. The expert opinions of people are recorded and presented as it is to ensure that our readers get a wholesome picture of the coins and the market trends.
For this purpose, a group of investors, skeptics, miners, analysts, and influencers were interviewed and their valuable comments are thereby recorded. This analysis is focused on the 3rd coin in the rankings which is Ripple [XRP]
At 2:27 PM UTC, Ripple was seen to be trading at $0.912 with a market capitalization of 35.705 billion. The coin has had a gain of 4.03% in the last 24 hours which helped it cross the $0.90 mark. It was trading at $0.87 level when a bullish gain took it above the $0.90 mark and since then the coin has not dropped below that mark.
The coin peaked at an intraday high of $0.932 which is the highest since the drop from $1 mark in the first week of March. The immediate target of the coin is at $1 and the next is at $1.09 and then $1.20 with a support at $0.87. The bullish momentum has been going on for two days and if it continues, by tomorrow the coin will reach the $1 mark. The coin now appears to be consolidating above the $0.90 mark with an uptrend within its reach.
Kevin Ignatius, a Mechanical Engineer from Leeds says:
“The MACD indicator is in favour of the coin and they are about to cross in the 4 hour chart for the coin. The Stochastic RSI is at an overbought position and there is a buying pressure for the coin. The parabolic SAR also indicates a bullish momentum and the coin is likely to move up if it breaks out of the narrow Bollinger Bands.”
Markus Walker, a Ripple Investor from Indiana says:
“XRP is currently trading inside a bull flag and if it breaks out of it, it could break the resistance at $1.0850 and then move up. The coin can retrace the previous high by the end of this year and then there is no stopping it. The bears seem to be hibernating at the moment and the community hopes that it does not wake up.”
Jennifer Perry, a banker from Frankfurt says:
“If this bullish momentum continues, it can take the coin above the $3.2 mark and even higher. In the short term, the coin can reach the $1.8 mark and easily consolidate it. The current price looks good to buy if it breaks through the $1.08 mark buy again.”
Michael Kleven a Private Placement Agent responds:
“The coin will continue to go up and it is my favourite coin amongst the other cryptocurrencies.”
To conclude, 75% of Ripple respondents feel bullish as they feel that the momentum is strong enough to break the previous high. Another 25% of Ripple respondents are however bearish as they feel that the coin may drop down for a while before going back up.
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