The crypto market’s steep selloff over the last few days has driven the total market capitalization of all cryptocurrencies from a high of $294.9 billion to lows of $249.1 billion this week. That’s a drop of over 15 percent in less than five days.
As a result, many coins – including large-caps – plummeted close to crucial support areas before enjoying a moderate recovery on Thursday.
Ripple (XRP/USD) Still Stuck in Range Accumulation
Ripple had a perfect opportunity to break out of accumulation and start its bull market on June 22 when market participants pushed the price above range resistance of $0.46. All the bulls needed to do was stay above that level for a few days to trigger the fireworks.
Unfortunately, there was no follow-through, and the failed breakout emboldened bears. This triggered a massive selloff that pushed the price to as low as $0.2825 on July 16.
The strength of the selloff was also its weakness. The steep drop to support of $0.29 put the market in oversold territory. Bulls have the chance to take advantage of this bearish exhaustion.
If you’re considering Ripple as an investment, buy as close to support of $0.29. Targets to look for are the range midpoint of $0.375 and range resistance of $0.46.
Bitcoin Cash (BCH/USD) Correction Finally Runs Out of Steam
Just like Ripple, Bitcoin Cash suffered a deep retracement after printing a 2019 high of $517.20 on June 22.