Ethereum and Ripple’s XRP are likely to take advantage of the developments in their networks to boost the long-awaited altcoin season.
The dominance of Bitcoin (BTC) has been overwhelmingly bullish in 2019. At some point Bitcoin triumphantly rose against the altcoin park with a dominance that hit levels above 70%. Moreover, market performance since January has been predominantly linked to Bitcoin price action. Unfortunately, the craze surrounding the jaw-dropping performance in Bitcoin price came to a sad end in September. For over the last six weeks, the granddaddy of cryptocurrencies has posted consecutive losses to the extent of testing $7,300.
On the other hand, altcoins continue to push against Bitcoin as though they are fighting for independence. This has led cryptocurrency enthusiasts to have high hopes for a grand “altseason.” This is a season in the crypto market when altcoins post remarkable and quick gains not dependent on the price action of Bitcoin.
The current market structure shows that we are at the beginning of this vital season. However, it has not really taken off. Similar sentiments have been shared by paddystash, a crypto analyst popular on Twitter. He says that the altcoin season has been in its initial stages for over seven weeks and this is evident with the increase in altcoins’ dominance coupled with a subsequent decrease in Bitcoin’s dominance.
Since about the beginning of September, all the major alts have been moving higher against #bitcoin. Altcoin dominance is now on its 7th Consecutive GREEN week. THe locomotive is starting slow, but there is no denying its beginning. Here are some of the top alts to show you. pic.twitter.com/BL7sBUJ8N1
Igniting this altcoin season are the two largest altcoins; Ethereum and Ripple’s XRP. Ethereum is looking forward towards the launch of Ethereum 2.0. XRP on the other hand XRP is a product supported by Ripple’s blockchain systems like On-Demand Liquidity and RippleNet. Let us take a closer look at the two altcoin giants.
Ripple’s XRP price action has been impressive since the losses encountered in September. The daily chart shows XRP having sustained an uptrend within a rising channel until the recent drop on Wednesday, October 23. The bearish wave affected the entire crypto market but XRP has been able to graciously weather down the losses by bouncing off the support at $0.25. At the time of writing, XRP is teetering above $0.28. The Relative Strength Index (RSI) is almost hitting above the average. Continued upward movement of the RSI will encourage more buying entries towards $0.30.
Ethereum is hovering above $160 after recovering from the recent support at $155. In September the price plunge to the same levels before retracing to the area just below $200. The slide witnessed two days ago is a continuation from the failed attempt to break $230 in the same month of September. However, the crypto appears to have found a bottom with the formation of a double-bottom pattern. Reaction to this pattern could eventually push Ethereum to $200 besides indicators like the RSI are sending out bullish signals.