At the time of writing, Bitcoin was back at square one trading within the $32,000-$34,000 range, after the Elon Musk-inspired hike exhausted itself. What effect did BTC’s short-lived performance have on the rest of the altcoin market? Well, a few alts followed BTC’s lead, while a few others continued to consolidate on the charts. On the contrary, some like XRP were pushed up the charts thanks to the unlikeliest of sources.
XRP, formerly the third-largest cryptocurrency in the market, was overtaken by the likes of Tether and Polkadot in the last few months. It should be noted, however, that its price-performance wasn’t helped by the lawsuit filed by the SEC against Ripple Labs in December. In fact, while XRP had stabilized itself on the price charts at press time, it was still trading at a level well below the one seen in mid-December.
The week saw the cryptocurrency fall gradually on the charts, with the crypto depreciating by almost 9%. However, this slide was interrupted and reversed in a stunning fashion after XRP hiked by 28%. With Dogecoin’s race run, a lot of money that had previously gone into the meme coin flowed into XRP, pushing it north.
It pains me to say this….it really does…but it looks like the hot ball of money that pumped $DOGE has started to move into $XRP.$XRP is up 20% in the last 2 hours while the rest of the market is flat. pic.twitter.com/ck3ityU7rd
— Luke Martin (@VentureCoinist) January 29, 2021
The recent bullishness in the market was highlighted by the crypto’s indicators as the Parabolic SAR’s dotted markers were well below the price candles, the Chaikin Money Flow noted a sharp uptick. It should be noted, however, that at press time, the latter was still under zero. A sustained improvement in capital inflows would be needed to push XRP further north on the charts.
Like most DeFi tokens in the space, 2021 has been a good year for Synthetix [SNX]. At the time of writing, SNX was registering a hike of over 38% over the week, with the token having recorded its ATH on the charts a few days ago too. It should be noted though that some corrections were afoot over the past few trading sessions.
SNX’s technical indicators were ambivalent, with neither giving a clear signal as to where SNX might be heading. While the Bollinger Bands held firm to suggest that some volatility was incoming, the MACD line was well under the Signal line and highlighted bearishness.
Ranked 50th on CoinMarketCap at the time of writing, DCR had a market cap of over $800 million. Like Synthetix, DCR has been climbing on the price charts since the dawn of 2021. However, for DCR, the uptrend has been more extended, with the token flashing bullish signals since November last year.
At press time, DCR was already at the end of a 31% hike over the week, despite some minor corrections setting in.
As far as the technical indicators were concerned, while the MACD line registered a bullish crossover, the Relative Strength Index was mediating between the oversold and overbought zones.