- Summary:
- The Bitcoin cash and Ripple price have been gaining in the past few days but it seems like a divergence is happening. Here are my thoughts.
The Bitcoin Cash and Ripple prices are flying high today as part of the massive cryptocurrency rally. The BCH and XRP prices have risen by more than 10% in the past 24 hours, bringing their total market cap to more than $14.3 billion and $21 billion, respectively.
News: The Ripple and Bitcoin Cash prices are not the only ones rallying. Indeed, the price of Bitcoin, Polkadot, and other digital currencies has rallied in the past 12 hours. That has brought the total market cap of digital currencies tracked by CoinMarketCap to more than $1.3 trillion. Bitcoin itself is now valued at more than $880 billion.
The BTC has jumped after Tesla announced that it was acquiring Bitcoin worth more than $1.5 billion. As such, investors believe that acceptance has come to the crypto market, which will also push other currencies higher.
Ripple price prediction
The XRP price has been relatively resilient recently. In December, it dropped to a multi-year low of $0.1740 after the SEC launched a major investigation. Many exchanges suspended it.
It then rebounded in January as part of the Wall Street Bets euphoria and reached a high of $0.7556. As this euphoria waned, the Ripple price tumbled to $0.34, a 54% decline. Since then, it has been attempting to rebound and is now trading at $0.47.
Unfortunately, the current rebound of XRP will likely not last based on technical patterns. The daily chart shows that it has formed a bearish flag pattern that is shown in blue. Therefore, in the near term, the price will likely resume falling, as shown below.
XRP price chart
Bitcoin cash price prediction
On the four-hour chart, we see that the BCH price has been on an uptrend. It has formed an ascending channel that is shown in blue. And today, it managed to move above this channel. Also, the price is being supported by the 25-day and 15-day smoothed moving averages. Therefore, I suspect that the BCH will continue rebounding as bulls target the resistance at $550.
BCH price chart