Crypto Market Review, October 19
Despite positive performance throughout the month, XRP has already lost half of its gains
The market is still going through tough times despite some improvement at the beginning of the week. Most assets are losing what they gained in the last week and XRP is on track to lose 50% of the rally we saw at the beginning of the month.
XRP nose diving
Despite the success of the cryptocurrency in recent weeks, the lack of positive news from the court and the poor state of the digital asset market in general led to an expected reversal. Over the past seven days, XRP has lost more than 7% of its value, showing that investors are not ready to support the uptrend.
Earlier we mentioned how important it is for the coin to gain a foothold above the 200-day moving average, as it would lead to a cross between two lines that would signal a trend reversal. Unfortunately, the lack of momentum led to a quick reversal of the asset and XRP has already reached the local low of $0.45.
When the coin falls below the 200 EMA, the 50-day moving average will also reverse shortly, making a bullish cross impossible. In the event of a breakdown below the aforementioned support level, XRP will officially return to the downtrend it has been in for almost two years.
Advertisements
Bitcoin’s path does not change
Despite being squeezed between two technical levels, BTC shows no signs of an upcoming volatility breakout, which is a negative factor for the cryptocurrency as it was one of the few factors that helped it gain momentum in the bullrun.
However, most industry experts believe that the period of low volatility is finally over and that the digital gold will soon show us an improvement. One of the main factors is critically low volatility, increased currency outflows and a decline in risk assets.
Earlier, Peter Schiff noted how Bitcoin is showing a lack of momentum despite the positivity of risk assets. However, it is important to note that BTC has slowly decoupled from the stock market, which explains the lack of movement while some financial assets are gathering in the background.
Today’s crypto
Aptos is the cryptocurrency that has received the most attention from the cryptocurrency market. Compared to ETH or BTC, Aptos showed 30% more social volume. The main reason is an extremely volatile price performance.
Since listing on Binance, the asset has lost more than half of its value due to a series of mistakes made by the team behind the project. After the sudden airdrop announcement, traders noticed the appearance of a sell order for 180,000 in the Binance order book, which means that the project has most likely experienced a Sybil attack that allows a user to claim a reward multiple times. In addition to the issue with the airdrop, users strongly criticized the tokenomics that developers shared recently.
The price of the token recovered slowly, reaching the $8 level in just a few hours. At press time, Aptos is trading at $7.7, losing 8% over the past 24 hours.
