XRP’s most recent success in court did not last as long as some investors would have hoped, and the cryptocurrency is rapidly losing around 6% of its value in the past few hours, showing that the bulls are losing the control of the asset in the market.
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Has the summit been reached?
In our previous market review, we highlighted the importance of the 200-day moving average, which acts as a barrier for assets moving in the downtrend. The XRP bulls had no choice but to push the price of the asset higher in order to avoid an even lower drop.
Unfortunately, the lack of trading volume and gradually diminishing inflows led to an 18% reversal from the local high of $0.56. If the bulls are unable to keep the value of the asset above the aforementioned moving average, we will most likely see the return to the downtrend the asset has been in for a year.
In the shorter term, the asset looks more positive as it broke through important local resistance levels. However, with the price performance of the asset showing a deteriorating trend, XRP will fall below support levels on shorter timeframes.
Unexpected 40% LUNC recovery
Luna Classic’s price performance has been a real rollercoaster with its implementation of the burn mechanism and the initial rejection received by Binance and other major centralized cryptocurrency exchanges and an unexpected agreement to implement the fee. of transactions.
Thanks to this positive move, LUNC recorded a massive price increase of 40%, as the asset will most likely turn deflationary if trading fees work as expected. Previously, the developers of LUNC proposed the establishment of a commission of 1.2% on each transaction on the network.
The coins taken from each operation will immediately go to the burn address, creating pressure on the circulating supply of the token and easing the pressure on the market.
However, most analysts do not believe in the long-term growth of LUNC as the token does not have much use outside of speculation, which is why deflation cannot become a solution to the poor performance of LUNC. LUNC in the future.
Bitcoin is still in trouble
Despite the rally we have seen in the market recently, bitcoin still remains in bad shape as the premier cryptocurrency faces huge selling pressure caused by the massive rally in the US Dollar.
The currency hit a 20-year high in a disruptive fashion, gaining almost 4% in less than a month despite most analysts’ forecasts betting on the short-term correction against a range of foreign currencies.
For now, the $19,000 support level still holds, but the bulls are not rushing to invest new capital to push the price of the first cryptocurrency higher. Prolonged consolidation from here is the most likely scenario given the market conditions we are experiencing today.
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Crypto Market Review, September 26
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