Ripple price moved down recently whereas Ethereum price traded above $1300. It seems like both ETH and XRP are battling for the second spot for the market cap. Let’s do analysis of both ETH/USD and XRP/USD with their forecast.
During the past few weeks, we saw a lot of action for both Ethereum and Ripple. Both gained a lot of traction and fought for the second spot in terms of the market cap. Let’s understand the previous and current situation with future in sight.
Ripple Market Cap versus Ethereum Market Cap
There was a sharp rise in December 2017 in Ripple price when it moved from well below $0.50 to well above $3.50. When it moved above the $3.00 level, it surpassed Ethereum in terms of the market cap. The overall cap was above $120,864,474,095 and was above ETH’s overall cap (as per coinmarketcap).
However, 2018 is turning out to be very positive for Ethereum, as Ether’s price moved above the $1,000.00 level. It recently traded above the $1,300.00 level. With a break of the $1,300.00 level, it surpassed the market cap of $130,500,000,000. It also toppled the market cap of Ripple since the XRP price declined recently toward $2.00.
The current market cap for XRP is around $80,864,474,095, which is around 40% less than ETH’s cap. However, the next few weeks could be crucial. Should Ripple price moves back higher and breaks the $3.20 level again, and ETH/USD corrects lower, there is a chance that XRP could regain the second spot.
Let’s understand both cryptocurrencies with charts and evaluate the next move.
Ripple Price Forecast XRPUSD
After a gigantic rally above the $3.30 level (data feed from Bitfinex), Ripple price faced a lot of selling pressure. XRP/USD declined sharply and moved below the 50% Fib retracement level of the last wave from the $1.10 low to $3.30 high.
It is currently trading near the 100 simple moving average (4-hour) and is currently under a lot of pressure. On the downside, there is a crucial support forming at $1.75 and a bullish trend line on the 4-hours chart.
It is also close to the 76.4% Fib retracement level of the last wave from the $1.10 low to $3.30 high. Should there be further declines, the next major support to watch out could be $1.75. On the upside, resistances are at $2.40 and $2.50.
Ethereum Price Forecast ETHUSD
On the flip side, the recent price action was very aggressive for Ethereum’s Ether since it moved above the $1,300.00 level. Once there was a break above the $850 level in ETH/USD, there was a solid upside move lis ça.
The pair traded to a new all-time high at $1,350 recently and it may continue to find strong buying interest in the near term. On the downside, there is a decent support forming at $1160 and a bullish trend line on the 4-hours chart.
As long as the price is above the $1,000.00 level, it remains supported for more gains.
Who can win? Ripple of Ethereum?
It’s very hard to conclude, but the short-term scenarios is positive for Ethereum. It is likely to stay above $1,000.00. Therefore, ETH is likely to retain the second spot in the short term.
However, should there be a bounce in XRP above $3.00, and ETH corrects lower towards or below $1,000.00, there can be a change in the spot.
Trade safe traders and stay away from hype and false rumors while trading.