¿Can Ripple (XRP) and Bitcoin Cash (BCH) keep their recent gains?
Ripple (XRP) and Bitcoin Cash (BCH) are exactly the kind of coins you could expect to make movements like these for no specific reason.
Surprisingly, both currencies today have more than two digits, Ripple increased 19% in the last 24 hours and Bitcoin Cash increased 18% in the last 24 hours at the time of writing. Every time something like this happens, Ripple becomes the favorite of the media.
Everybody starts talking about how Ripple (XRP) is the best currency to expect the most profits, even if Bitcoin (BTC) is the market leader.
Ripple has had many things underway, has signed partnership agreements (some of which the media reported), but many technological developments remain under the radar buried under the pile of hate directed against Ripple by the "champions of decentralization". However, the irony is that when Ripple gets such profits, everything is suddenly forgotten and even those who hate the coin start buying and talking about it in the online forums.
Developments like these give credence to the concerns raised by pioneers like Vitalik Buterin that people are more interested in profits and profits than in technology itself. Perhaps this is also the reason why a coin like Verge (XVG) appears in all the news three days in a row, but then you do not hear about it for weeks.
This brings us to our debate about whether Ripple (XRP) and Bitcoin Cash (BCH) can sustain their recent gains. For the most part, this depends on whether FOMO still governs logic and reason. The Bitcoin Cash (BCH) and Ripple (XRP) charts do not seem favorable for a new rally.
If this were another market, no sane investor would go much at this point. However, with cryptocurrencies you can not be sure if we consider that most of the gains occur in just a few days. It must be borne in mind that large losses also occur in a matter of days, so it is better to take profits and wait for a good entry point instead of staying with the stock market when the price bounces on a strong line of resistance and abruptly heads to lower levels. The RSI levels for both currencies are close to overbought levels and the most likely scenario would be a fall instead of an additional rise.
The altcoins have had a good run in recent days despite the Bitcoin (BTC) has been left behind and negotiated indecisively.
This shows that the excitement is there and investors are waiting to embark to start the next run. However, the rejection of critical levels also shows that institutional investors are not yet prepared to buy at these levels and that the market will probably re-test the lower levels to obtain support before new rallies.
The prices of Ripple (XRP) and Bitcoin Cash (BCH) seem to have surpassed for now and could start to fall slowly in the coming days, as Bitcoin (BTC) confirms a daily close below the logarithmic bearish trend line.