Price Action Is Pretty Choppy In the Cryptocurrency Market

By Steven Anderson July 29, 2019 0
crypto market

Bitcoin is considered to be the truest cryptocurrency by many.  Even Ethereum has been previously referred to as an alternative coin. 

A recent study from the SFOX, San Francisco Open Exchange suggested that it might not any longer be accurate to classify Ethereum as an altcoin.    This is because the correlation of Bitcoin might be significantly higher when compared to the correlation of Bitcoin to other coins.  A reported 0.788 is seen in the correlation between ETH and Bitcoin.

The XRP bears continue to test the 30 cents, and investors are wondering if it will break?  The XRP market continues to be indecisive.  The market is following a short-term symmetrical triangle pattern.  Reliable support is seen at $0.3 when a sudden price drop hit the overall cryptocurrency market.  If the bulls can gain control, there might be a potential price surge as indicated by the new symmetrical triangle pattern. Investors are imperatively watching out for the possible break of the symmetrical triangle formation. Since the market is currently at the horizon of the zero levels, the MACD the technical indicator readings are indecisive.

The XRP is showing a sideway movement on the RSI. It is now slightly moving down, and the price action is pretty choppy.

It now appears that TRON and Justin Sun are playing a sneaky 4-D chess game per Ran NeuNer.  Another news doing the rounds is that the Chinese government has found the lunch promotion of Sun to be pretty “Provocative” and something that will never occur.

The exact tweet read thus:  “Sources in China say the Chinese government believed that @justinsuntron “promoting” the Warren Buffett lunch was a “provocative” act given current trade tensions. He has been told not to pursue the lunch. My source believes the lunch won’t happen at all.”

The price of EOS de-escalated by 7% yesterday. Despite the ongoing downtrend, it was expected that the EOS would impress investors.  The token has been trying a lot to sustain its stability; however, it was not able to sustain past the month-long downfall.  The expectation continues to be high for EOS, and there are chances for improvement in the price of EOS in the upcoming months.  EOS is currently suffering the price drop. However, this trend is not expected to last.

Stellar Lumens is working on its ecosystem activities in order to improve on mass adoption.  XML is expected to gain strength to rise up to $0.120 in the next few weeks.

The Stellar Tweet read thus:  “Calling all SF #blockchain folks! SDF’s Developers and Partnerships Team will be speaking about building on #Stellar and the latest ecosystem activities at the SF Blockchain Center next Wednesday, July 31.”