The cryptocurrency market has been on a bull run since Friday, last week. All the coins have had a major gain and the prices have hiked all the way up. All the coins have followed Bitcoin [BTC] in its hike and the coin is currently trading well above $8500 mark. At 10:30 AM UTC, Bitcoin was seen to be trading at $8892.01 with a market capitalization of $151.114 billion. Analysts are of the opinion that the coin may cross the $9000 mark by the end of this week.
In the last 7 days, Bitcoin’s gain stands at 10.64%. The major gainers for the last 7 days are Bitcoin Private and Bitcoin Cash. Bitcoin Cash’s gain stands at 84.49% and Bitcoin Private gained 123.96%. Bitcoin Cash, at 10:42 AM UTC, was seen to be trading at $1.402.37 and it gained 19.48% in the last 24 hours. Bitcoin Private, at the same time, was seen to be trading at $56.28 with a 9.98% gain.
The sentiment analysis segment is carefully structured after interviewing a group of analysts, investors, skeptics, miners, influencers, and their valuable comments are published as it is. The sentiments of people from around the world are recorded to ensure that our readers get a wholesome picture. The analysis includes expert comments of people on the current market trends and the possible outcomes of the coins. This analysis is focused on the 3rd most important coin in the world: Ripple [XRP].
The positive momentum for Ripple seems to have faded away as it was trading above $0.90 on Sunday but the gain was reversed today with a 2.31% loss in the last 24 hours. At 11:05 AM UTC, the coin was seen to be trading at $0.875 with a market capitalization of $34.236 billion. The bearish trend kicked in yesterday at 9:59 PM UTC and it took the coin down to $0.867.
There is a chance for a short-term correction. The targets set for the coin is $0.90 and $1. The sentiments show positive signs as long as the coin stays above the $0.66 mark which also serve as a support now. The coin peaked at a monthly high at $0.940 and due to a downside correction, the price went below the support at $0.85.
Emma Cox, a Ripple investor from Nevada says:
“The price is trading well above the 200 and 100 SMA and the indicators show that there is a chance for the coin to consolidate above the support in the short term. The MACD indicator does not indicate a bullish momentum in the 4 hour chart.”
Patrick Torres, a Computer Engineer from Phoenix says:
“XRP reached the targets easily but the logical decline target for the coin is $0.77. The possibility of this happening is high if the investors fail to maintain a minor level at $0.83. There is a bullish triangle formation for the coin and the targets are most likely to be achieved through a correction.”
Neil Long, an Economics lecturer from Saint John says:
“There is a cup and handle formation for the coin and let us wait till coin breaks out of the handle. If it does, then we can expect a breakout and the price will go up above the $1 mark and reach $1.27 by the end of this month. The handle is forming a descending boarding wedge which typically breaks bullishly upward.”
To conclude, 78% of Ripple respondents are bullish and are of the opinion that the coin will break the $1 mark in the subsequent days. Another minor 22% of the Ripple respondents feel bearish as they are of the opinion that the bullish momentum that died out will not kick in anytime soon.
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