Altcoins Energized as XRP, XLM and ZRX Leave Bitcoin Behind
Another day of inactivity and consolidation for Bitcoin has kept the king of crypto just above support. Its lethargy has resulted in another dip in market share as a few of the altcoins start to make bigger moves. Ripple’s XRP, Stellar Lumens and 0x are among them.
Bitcoin Dominance Dip Good For XRP
A couple of very brief touches of $8,400 was all that BTC could muster over the past 24 hours. Clearly there are too many bears lurking here and resistance is proving too strong for another day. On the low side Bitcoin dropped to $8,240 but recovered back to site smack in the middle of its ranging channel at just over $8,300 again.
The continued tedium on BTC markets has been music to the ears of altcoin traders, especially those into XRP. The Ripple token has made over 11% since the weekend, adding half of that today as it approaches strong resistance.
According to Tradingview.com XRP is one of the day’s top performing digital assets as it hit $0.298 a couple of hours ago. The move has invigorated the ‘XRP Army’ on CT who has turned bullish on their baby which has posted a 20% gain in October.
XRP price October 2019 – Tradingview.com
What should be noted however is that even after this increase, the Ripple token is still down 15% since the beginning of the year so has a long way to go.
The upcoming Ripple Swell event in Singapore early this month appears to be driving momentum as it has done in previous years. The gathering of Ripple executives and XRP advocates is the most bullish event of the year for the company and its token deserves some long awaited love.
There is a massive wall of resistance at $0.30 which is currently being tested, but a break of this could see a bigger pump for XRP.
Stellar, 0x Lifting Off
As usual when XRP moves, its little sister follows. XLM has made 8% over the past 24 hours as it climbs to $0.065, however it too is way down from previous highs and has a long way to go. Stellar momentum is likely to mimic Ripple’s as the two tokens often move in tandem.
There is little fundamentally driving XLM at the moment so the Swell event could be beneficial to it too. Stellar is currently ranked tenth in terms of market cap which has reached $1.3 billion today.
Today’s other big mover is ZRX which has made a larger 10% jump to reach $0.337. Daily volume for the DEX protocol token has doubled to $64 million as it creeps back up the market cap charts outperforming those around it. Plenty of updates were announced at Devcon 5 as development on the protocol continues.
Bitcoin’s slowdown is finally starting to benefit some of the altcoins with XRP, XLM and ZRX leading the way today.
Image from Shutterstock
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Martin Young, Khareem Sudlow
