Ethereum, Zilliqa and Ripple – European Wrap 10 May

Ethereum price has sealed its bearish fate after breaching the consolidation pattern’s lower trend line on May 6. This development has worsened the situation and caused a steep correction for ETH.

 

Zilliqa price is in a relief rally after undergoing a massive sell-off since April 1. This move, like many others, is likely to be temporary due to the overall negative market outlook and the way the technicals are positioned.

 

ZIL/USDT 1-day chart

Ripple (XRP) price has sharply declined since last week as markets got shaken by disappointing and mixed earnings, as well as more geopolitical tensions. With that pressure, XRP price tanked from $0.65 to $0.48 and saw the Relative Strength Index (RSI) shoot deeply into oversold territory. A sharp rebound is materialising this morning as the dollar backs off, and several central banks are doing market interventions to support their local currencies against the dollar, which opens a window of opportunity for XRP price to reclaim a few levels and travel back to $0.65 by the end of this week.

XRP/USD daily chart

 

 

 

 


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