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XRP/USD and Stellar Lumens [XLM/USD] Price Analysis: Coins continue to struggle against bearish forces

Arijit Sarkar

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XRP/USD and Stellar Lumens [XLM/USD] Price Analysis: Both crypto-coins burnout for extended winter
Credit: Pixabay

While the crypto-verse regained prominence among mainstream investors, XRP and Stellar Lumens [XLM] still rank as the worst performing coins. Both altcoins displayed consistent downtrends, while failing to post any significant gains. Over the last 24 hours, XRP and XLM have fallen by 2.24% and 3.68%, respectively. While XRP maintained its position as the second best performing altcoin, XLM struggled to maintain its ninth position.

XRP 1-Day

Source: TradingView

The one-day reading displayed a strong sideways trend for the XRP market throughout the year. The altcoin was sporting a trading price of $0.315319 and trading volume of $1.8 billion, at press time. Positioned at the third position based on market capitalization, XRP showed no prominent resistance or support.

Parabolic SAR: The alignment of the dotted markers above the candlesticks suggested a bearish trend for the coin.

Relative Strength Index: The RSI indicator was placed at the center of the graph, which indicated no immediate buying or selling pressure for XRP.

MACD: The MACD indicator pictured a bullish crossover and was accompanied by rising blue histogram signals, indicating a bullish trend for the market.

XLM 1-Day

Source: TradingView

Resistance 1: $0.11

Support 1: $0.09

Although XLM maintained its recovery mode alongside BTC’s bull run, the ninth positioned cryptocurrency fell in value throughout May, 2019. XLM was trading at $0.100117 with a market cap of $1.9 billion and trading volume of $0.3 billion.

Chaikin Money Flow: The CMF indicator was positioned slightly below the zero line, which indicated that the outflow of capital was dominant in the XLM market.

Klinger Oscillator: The blue plot was positioned above the green plot, suggesting a bullish trend for the altcoin.

Bollinger Bands: The BB bands were diverging, suggesting growing volatility for the coin.



Conclusion

Both XRP and XLM were unable to sustain any kind of bullish momentum.





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Bitcoin [BTC] to USDT market share falls for the first time in 6 months post-Bitfinex fiasco

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Bitcoin [BTC] to USDT market share declines for the first time in 6 months post-Bitfinex fiasco
Source: Pixabay

After the Bitfinex-Tether fiasco rocked the cryptocurrency market late last month, the trading volume of Bitcoin to the top stablecoin dipped slightly. However, given the larger picture, it held firm. In light of the collective market upheaval, BTC-USDT trading volume rose by over $1.2 million.

The same was pointed out by CryptoCompare’s exchange review for the month of April, which also detailed Bitcoin trading in fiat and stablecoins. Tether [USDT] topped the list, followed by the top fiat currency, the US Dollar [USD], with the three prominent fiat currencies of Japan, the European Union and South Korea making the top-5.

Bitcoin to USDT took 78.9 percent of the total volume of both fiat and stablecoins, amassing a total of 10.3 million. Despite the absolute value increasing by $1.4 million from March’s total of 8.9 million BTCs, the market share dropped by 2.8 percent. Tether held 81.7 percent of the market in the previous month.

However, when the months of January and February are put into context, the numbers paint a telling tale. Back in February, the USDT share was 70 percent of the market, with the volume at 6.23 million BTCs, albeit in a recovering market. In the first month of the year, Tether represented 65 percent of the market, with the December 2018 and November 2018 figures pegged at 63.7 percent and 54.9 percent, respectively.

Given the past figures, Tether’s market share has been on a consistent rise since November 2018, when the peak of the crypto-winter materialized, peaking at 81.7 percent in March. The performance for the month of April was the first time in over 6 months that the market share of BTC to fiat or stablecoins dropped on a month-on-month basis.



It should be noted that the New York AG’s report which accused Bitfinex of covering up their undisclosed losses of $850 million using Tether reserves was released on April 25. Most of the BTC-USDT trading activity analyzed by the report had already transpired. Hence, the bad-rep faced by Tether in the community, something that may have had a spillover effect into May, is not reflected in the report.

Unsurprisingly, USDT held the top spot when BTC trading into top stablecoins is looked at, accounting for 97.9 percent of the market and dropping below 98 percent for the first time in two months. Other top stablecoins on the list are Paxos Standard [PAX], USD Coin [USDC], and TrueUSD [TUSD].





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