Weekend Watch: Bitcoin Consolidation Continues, Ripple (XRP) Skyrockets 7%

Weekend Watch: Bitcoin Consolidation Continues, Ripple (XRP) Skyrockets 7%


Bitcoin’s price continues to consolidate and has failed to produce a meaningful and sustained movement in any direction. Meanwhile, Ripple’s XRP is the only altcoin in the top 10 that’s charting a serious increase.

Bitcoin Consolidation Continues

Over the past 24 hours, Bitcoin’s price failed to produce any meaningful and sustained move in either direction and is pretty much trading right where it was yesterday during this time – at around $39,000.

This doesn’t mean that we didn’t see volatility – on the contrary. Yesterday, reports came out that the Russian President, Vladimir Putin, admitted to progress being made in the talks with Ukraine. This propped up the market, and Bitcoin’s price surged by about 3.6% in less than an hour and reached a high of $40.2K. Unfortunately, the market was spread rather thin, and the gains were erased with the following hourly candle, displaying just how much tension there currently is.

Source: Trading View

All in all, BTC is up some 0.3% in the past 24 hours as traders are looking for the next direction.

Altcoins Trading Flat, XRP Surprises

The altcoin market was also relatively boring in the past 24 hours, with a few exceptions. Most of the leading cryptocurrencies are, much like BTC, trading flat, as seen in the heatmap below.

Source: Quantify Crypto

One of the altcoins that are moving against the herd today is Ripple. XRP is up over 7% in the past 24 hours and is currently testing the resistance at $0.8. It’s also the best performer from the top 10. On the other end of this spectrum, we have LUNA that’s seemingly cooling off following a major rally and is now 8% down on the day.

All in all, the best-performing cryptocurrency from the top 100 is XIDO, with a 30% surge, whereas the worst-performing one is ANC, down 9%.


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