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XRP v. Stellar Lumens [XLM] Price Analysis: Coins struggle to post gains as bearish forces strengthen

Yash Rajan

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XRP v. Stellar Lumens [XLM] Price Analysis: Coins struggle to post gains as bearish forces strengthen
Source: Pixabay

XRP, the market’s third largest digital currency, was priced at $0.403, at press time. After rising by 0.65% over the last 24 hours, XRP held a market cap of $17.018 billion, with its 24 hour trading volume at $1.581 billion. Yesterday, Ripple gained positive publicity in the cryptoverse after it was listed on Switzerland’s commercial industry.

Stellar Lumens [XLM] had a market cap of $2.365 billion, at press time. It was priced at $0.122, dropping by 0.79% over 24 hours.

1-Day XRP

XRP faced resistance at $0.458 and had its support at $0.397. The coin recorded an uptrend from $0.402 to $0.457, and a significant downtrend from $0.459 to $0.450.

Source: TradingView

Source: TradingView

Bollinger Bands pictured the bands slowly converging, suggesting decreasing volatility in the market.

Parabolic SAR’s dotted markers were located above the candlesticks, implying a bearish pattern in the market.

MACD line was over the signal line, pointing towards a bearish market for XRP.

1-Day XLM

XLM saw a critical uptrend between $0.131 – $0.140. The opposition from resistance for XLM was at $0.142, and the support line was located at $0.119. Over the past two weeks, XLM recorded a downtrend from $0.136 to $0.123.

Source: TradingView

Source: TradingView

Relative Strength Index revealed the coin’s position at 48.650, indicating an almost equilibrium in buying, selling pressure in the XLM market.

Chaikin Money Flow has the indicator positioned just above zero-line at 0.02.

Awesome Oscillator pointed towards a decline as short-term momentum in the XLM market.

Conclusion

Both XRP and Stellar Lumens [XLM] struggled to post any significant gains against bearish market forces.





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Wall Street is on the losing side of Bitcoin’s impressive price rally

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Even as Bitcoin breaks $13,000 Wall Street is on the losing side of the price rally
Source: Unsplash

Wall Street, complete in their tailored suits, suede shoes, and leather briefcases, have once again placed their bets against Bitcoin.

Despite the fact that the collective cryptocurrency market broke the $350 billion mark, with Bitcoin alone accounting for 62 percent of the same and trading at $2,000 over its price at the beginning of the week, hedge funds were not impressed.

The Wall Street Journal citing data from the Commodity Futures Trading Commission reported that crypto-vested managers were holding 14 percent short positions more than long ones on the now, primary avenue for BTC Futures contracts, the Chicago Mercantile Exchange [CME].

A key point to remember here is that CME contracts are cash-settled and hence, no Bitcoins are actually being transferred, with the traders simply placing bets on the cash-equivalent price of Bitcoin.

Well-suited hedge fund owners however weren’t alone, with other stakeholders excluding the small scale crypto-investors holding a 3x on short positions, indicating a further pessimistic sentiment.

Smaller investors were however, long on the BTC market, with the CFTC report stating that investors holding 25 BTC or less were holding four times the long positions as their more exuberant counterparts. It should be noted that the CFTC report was prepared as the price of Bitcoin was still in the $9,000 range, prior to the five-figure surge.

BitMEX, a popular cryptocurrency exchange offering derivatives trading services, saw over $64.38 million in shorts liquidated when Bitcoin broke $10,000. The same was replicated when the price shot past $12,000.

Short positions indicate not just a sheepish position, but rather an investors’ contractual affirmation that the price of an asset will more likely fall than rise. Long positions on the other hand, indicate a pessimistic point of view. Hence, based on Wall Street’s trading activity, institutions are not buoyant about the cryptocurrency market.

In what could be a reverse-catalyst for the digital assets industry, Bitcoin decided to use this negativity as fuel to breach $11,000 earlier this week. Not done with the Wall Street bears just yet, BTC pumped yet again on June 26, with the price breaking the $12,000 ceiling with a further climb to $13,000 looking likely.

Who said Coin Street doesn’t go past the Wall Street express lane?





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