Like the rest of the crypto market, ripple (XRP) has dropped after news of the Bancor decentralized exchange hack hit the headlines. In the last 12 hours, ripple (XRP) has been trading in a range after it broke below the 21-day moving average support.
Consolidation below a support level is usually a sign that there is more room for a price drop, and points to sellers’ consolidation. In this case, if the current range is a seller’s consolidation, then ripple (XRP) could test $0.40, which is the next support level.
However, in crypto things change fast. If there is a sudden jump in volumes, ripple (XRP) could retest its recent high of $0.51. The only factor that would hold down ripple (XRP) at the moment is the looming issue of the SEC, and the uncertainty of whether XRP will be declared a security or not. From a pure technicals perspective, ripple (XRP) looks set to hit $0.40, then possibly bounce back up from that point on, provided the rest of the market, especially bitcoin (BTC) starts to rise too.
Ethereum Classic (ETC)
Ethereum classic is one of the most promising cryptos today. In the day, it is trading above the 55-day moving average, even after the Bancor hack that saw the crypto market lose over $20 billion. This goes to show that Ethereum Classic (ETC) has some strong fundamentals supporting it. The key factor supporting Ethereum Classic is the upcoming Coinbase listing. There is expectation in the market that this listing will push up the value of ETC, due to an upsurge in volumes in the U.S market. Looking at ETC in the day, specifically in the last 6 hours, Ethereum Classic is consolidating along the 100-day moving average, a sign that it could be headed for a bullish breakout.
A surge in volumes could see it test $18. Signs of such an upside move are already there with the 12 hour chart showing a stable range above a key support level along the 55-day moving average. Ethereum Classic (ETC) clearly looks set to lead market recovery after the Bancor hack caused a market wide drop in prices.
Tron (TRX) has dropped hard after news of the Bancor exchange hack, dropping from $0.036 to a low of $0.031. However, its price seems to have stabilized at the $0.034 level for the last 24 hours. Looking at the Tron (TRX) price action in the last 12 hours, it has been trading in a tight range below the $0.037 support level.
This is an indicator of bearish accumulation, and Tron could break out lower. Such a break would see it drop to the $0.030 support level. However, in case of a sudden surge in market-wide buying volumes, Tron (TRX) could test $0.038 within the day. It’s the level at which, Tron (TRX) has experienced some resistance in the past.