Ripple With A 2% Loss Despite New Announcement, Bitcoin Remains Stagnant

The low volume of Bitcoin has been the main focus of our Bitcoin news section lately – and one of the main issues in the cryptocurrency exchange market. Even though Bitcoin (BTC) was supposed to break out of the major resistance levels and go above $7,000, the low volume prevented it from making a new surge on the upside.

Ripple, on the other hand, has been steadily growing over the past few weeks up until yesterday, when the price of XRP fell 2% despite the new announcement by Ripple Labs and the three official partnerships with major banks. One of them includes the giant Banco Santander, as part of the $80 billion agreement.

As soon as the announcement went live, the price of Ripple declined by around 3% to later minimize its loss to 1%. With this, Ripple showed that it is part of a stagnant marketplace and that the new announcements in the crypto field lately do not have major impacts on the altcoin prices.

For Bitcoin to initiate a short-term rally, the volume needs to be higher and compliment positive technical indicators that the asset has demonstrated in the past seven days. Right now, the volume of Bitcoin remains at around $4 billion, which is down about 30% since the mid-September levels.

According to one analyst named Don Alt:

“Slowly crawling back into the range. The bulls don’t want to see a close through support. If that happened I’d target the range low. Due to an unclear monthly and weekly close, I’m sticking to scalping. No reason to trade big sizes here.”

Other analysts agree with what Alt wrote and are all waiting for BTC to engage in a noticeable movement on the upside or downside – or at least close its stagnant weekly period and confirm the short-term movement of the currency.