Analysis
XRP, BAT, OKEx’s OKB endure another price drop as Bitcoin dips below $7k
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editor-in-chief
At the time of writing, Bitcoin, the world’s largest cryptocurrency, was priced at $6938, well below the levels, its price was consolidating at over the past few days. In fact, Bitcoin’s drop below the $7k mark was drastic, and thanks to the high correlation the king coin shares with other cryptocurrencies, other alts fell too.
XRP
Source: XRP/USD on TradingView
Like other alts, XRP was recording a resurgence of sorts this month. However, XRP too was quick to follow Bitcoin down the charts. At press time, XRP was priced at $0.191, with a resistance marked at $0.204 and support marked at $0.175, having recorded a fall of over 3% in the last 8 hours.
However, since Bitcoin’s fall had been stopped at the time of writing, it is unlikely that XRP will breach any supports or resistances today. Such movement, really, is yet another reflection of the uncertainty that prevails over the XRP ecosystem, especially in light of the fact that there’s no clear answer on the status and nature of XRP yet.
According to the Parabolic SAR, the bearish trend in the market is likely to continue since the dotted markers were observed to be under the price candles. Further, the RSI was falling too, suggesting that the token was nearing the oversold zone.
Basic Attention Token [BAT]
Source: BAT/USD on TradingView
Like XRP, Basic Attention Token or BAT’s fall was accentuated by the fall of the king coin. However, all is not lost as BAT has been prospering on the on-chain metrics front. Just a few days ago, after the Winklevoss-owned Gemini announced that it was listing BAT, the number of active addresses and active transfers on the network surged.
The technical indicators, however, weren’t as hopeful, with the Bollinger Bands highlighting increasing volatility in the market while the Chaikin Money Flow pointed to falling capital inflows in the market, with the indicator close to the zero-mark.
OKB
Source: OKB/USD on TradingView
OKEx’s OKB, like Binance’s Binance Coin, is native to one of the market’s biggest crypto-exchanges – OKEx. However, unlike its counterpart, OKB was failing to record much in trading volume or momentum. At the time of writing, the token was down by over 4% in 10 hours, with OKB’s trading price recorded to be $5.48.
The lack of volume and momentum was reflected by the Awesome Oscillator, while the MACD indicator saw the signal line hovering over the MACD line, highlighting the bearishness in the OKB market.
