This week, the crypto market is experiencing a wave of fundamental pressure affecting previous price gains and any new attempts for a steady recovery.
The Bitcoin BTC fell on Wednesday following reports of Binance exchange being hacked. The U.S Security and Exchange Commission issued a statement requesting platforms trading digital assets to register as exchanges in compliance with security laws. Ripple XRP dipped more than 10 percent after Coinbase refuted rumors of a possible XRP integration.
Stellar Lumens XLM vs Cardano ADA vs Ripple XRP Price Analysis and charts
Stellar Lumens and Ripple are quite similar, with the two having the same founder. The major difference that separates the two is the underlying technology. Ripple is a centralized token based on the Consensus (Proof-of-Work) and the source code of XRP is privately owned Ripple, while Stellar (XLM) is based on Stellar Consensus Protocol (SCP) a decentralized system. On the other hand, Cardano uses the Recursive InterNetwork Architecture (RINA) which is based on the Ouroboros proof of stake (PoS) algorithm.
Stellar XLM has been on a bearish trend for a while now and there are no signs of any renewed Bulls power. Based on the 4-hour trading chart, the XLM is maintaining a strong downtrend after failing to maintain a critical support at $0.32 and fell to $0.28. The stochastic RSI indicator shows a continued downward trend to an oversold point while the MACD shows low momentum. Currently, a “wait and See” approach is the best. If the bulls manage to defend the critical support then a re-bounce is expected a new bearish trend to begin.
The Cardano has maintained a constant bearish trend as the bears failed to defend the 0.00002499BTC critical support. A further downtrend is expected close to a previous resistance at 0.00001720BTC, but the Fibonacci retracement points for a possible new bulls-uptrend. For now, the Bears are dominating.
The Ripple has maintained its weak appearance after Coinbase rumor integration failed to yield any positive results. The MACD shows a low momentum with close to nil movement from the daily charts. The bulls managed to make significant gains yesterday to $0.8492. If the bears maintain the trend, the XRP is likely to fall below $0.7 point to a critical support at $0.688.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of cryptonewsbytes.com. This article is not intended to provide any investment advice and should not be taken as is. Please perform your own research before investing in any cryptocurrency.