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Ethereum Price: ETH Set to Overtake XRP?

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Ethereum Daily Chart

The cryptocurrency market spiked yesterday.

The increase that took place across the market was led by litecoin which can often be used as a leading indicator for price movements in bitcoin and top altcoins.

Ethereum has outperformed XRP during this market increase.

Data from Messari records Ethereum increasing 9.9% over the past 24 hours whereas XRP increased by 4.99%.

This once again brings Ethereum close to the market cap of XRP, and the chances of Ethereum reclaiming the position of being the largest altcoin by market cap are revived.

It is likely that this will happen if the market continues to increase.

This was the case during market increases which took place from mid-December to mid-January.

Ethereum 4-Hour Chart

If Fibonacci retracement levels are drawn from the December low to the January high for Ethereum price, we can see that price met resistance at the 50% retracement levels after the spike yesterday.

Price quickly surged past an important level at $114 but it is likely that this level will act as support is price drops back down.

Key takeaways:

  • Ethereum outperforms XRP during the spike which took place over the past 24 hours and looks likely to overtake XRP if the price continues to increase as was the case from mid-December to mid-January.
  • Price quickly surged past $114 but will likely meet support at this point if the price drops.
  • Price is meeting resistance at the 50% retracement level between the December low and the January high.

Ethereum Price: ETH Set to Overtake XRP? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.