XRP, Ethereum, Dogecoin Price Analysis: 27 May
The XRP market has been responding to the updates in the ‘Ripple v SEC’ lawsuit. Although the proceedings seem like a never-ending game, XRP’s value has been striving to breach the $1 price level. Ethereum [ETH] was witnessing a period of low activity.
Meanwhile, Dogecoin [DOGE] has kept the traders on their toes as it once again prepares for a volatile market.
XRP’s price slipped to $0.6 during the massive fall engulfing the market. However, as price recovered XRP has been oscillating back and forth at the $1 price level. At the press time, XRP was trading at $0.9771 and as per the chart above, this was a highly tradable price level.
The Visible range indicator was noting that $1.006 was a point of high trade. As the price remained close to this level, XRP traders were actively participating. Despite increased interaction in the market, XRP was heading towards a bearish crossover. MACD line had already slipped under the signal line and the price has been trending lower since. 50 Moving average has also slipped above the candlesticks, noting the rise of bearishness.
Ethereum was following the dominant BTC trend. At the time of writing, ETH was trading at $2,748 while the 50 moving average acted as support at $2,697.
The Value of the digital asset was consolidating at $2,652 and may continue to move sideways. However, ADX at a value of 15 suggested that this trend was not strong enough to continue. Therefore, a shift in volatility in the market can be expected. The chart above also pointed at the reducing volume over time, while the momentum also dropped to the negative zone. This was the sign of evolving bearishness in the ETH market.
Despite hype driving the value of Dogecoin, it was currently trying to stabilize its price at $0.34. DOGE could not surpass resistance at $0.3477 and fell under the 50 moving average.
Despite recent volatility, volume can be seen remaining low. Relative Strength Index was suggesting a rise in buying pressure after the fall. The indicator remained at equilibrium suggesting the buying and selling pressures were even.
With more people entering the DOGE market, thanks to Elon Musk, more money is making its way into the ecosystem.