Crypto Market Review, October 28

XRP’s price performance has shown no momentum after the pump we saw earlier fueled by Ripple’s success in court against the SEC. The global market’s rise only adds more fuel to the fire.

XRP avoids backlash

Over the past four days, the market has shown strong signs of recovery, including double-digit growth on major companies such as Ethereum. However, XRP missed the rally and remained in the consolidation it has been in since October 20th.

The main reason behind an anemic price performance is most likely related to the lack of news and events in Ripple’s lawsuit against the SEC. In addition to calm on the jurisdictional front, XRP has not shown any technical signs of an improvement that would attract investors.

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The lack of bullish growth factors and XRP’s trading volume show that more investors are abandoning the asset and are not willing to trade actively. A declining volume profile usually heralds an upcoming trend reversal. Since XRP has been moving in a short-term uptrend, the most likely outcome is a decline.

However, the situation could still turn in favor of XRP investors if the desired golden cross between the 50- and 200-day moving averages occurs. However, that will not be possible without a momentum spike that will push the price above the $0.47 level.

Dogecoin keeps pumping

Dogecoin’s price increase which seemed like a temporary upswing and increase in positivity continued and now seems more like a full reversal attempt. The memecoin has reached the local resistance level reflected in the 200-day moving average. A successful breakout will be the first 200EMA breach in the last 380 days. Indicators such as the Relative Strength Index show that a reversal is most likely to take place in the foreseeable future.

Another breakout will signal a trend reversal, and considering the historical performance of the memecoin, it should start to gain even more traction in the market until large investors slowly start shedding their holdings.

The completion of Elon Musk’s Twitter deal was most likely the main fuel for DOGE’s yet another price increase, as the entrepreneur could end up implementing the cryptocurrency into the social network’s ecosystem, creating one of the biggest use cases in the world.

However, it is too early to say whether DOGE will be able to maintain the current pace of the market, as the weekend trade usually acts as a cool-down to accumulate assets. Monday’s opening should put everything in place.

At press time, the memecoin is trading at $0.08, a price level the market has not seen since August, when the dog-themed coin made an attempt to break out, but then suddenly reversed toward the lower end of the consolidation range.