Ever since institutional investors started piling into the crypto market, its correlation with the stock market has been indisputable. As stocks are expected to fall, it could draw cryptocurrencies down as well.
Ripple (XRP) outlook
There has been hype around Ripple and how it’s going to win the long-battled SEC case. It helped the price of Ripple to increase by about 73%, from $0.32 to $0.55. Although Ripple could win the case, this was probably just FOMO (fear of missing out), as XRP is already crashing down.
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Ripple hit a crucial resistance zone and continues to tumble downward. The OsMA indicator clearly states an overbought area at resistance, so it might be time to short XRP again. This small pump may be dumped in the next few weeks as experts expect another selloff of the whole crypto market.
Ripple daily chart, source: tradingview.com
Binance Coin (BNB) outlook
While most cryptocurrencies are down by 80%, 90%, or even more, Binance Coin is doing fairly well as it’s down by “just about 60%” from its all-time high level of $691. However, the time might just be coming for BNB as it broke a crucial trend line and is hovering around the sell-zone area of the descending channel.
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BNB may still have a lot of space to fill downward, so buying it now could be a huge mistake. If Binance Coin at least reaches the fall of Bitcoin and Ethereum in terms of percentage, which is very likely, BNB will move somewhere from $150 to $175. That is approximately 50% potential for another leg down. Filling the gap at $40 to $50 is not very likely, but the probability this cryptocurrency will fall in the next few weeks is significantly high.
Binance Coin weekly chart, source: tradingview.com
Ravencoin (RVN) outlook
While XRP and BNB look bearish in the short term, Ravencoin is the opposite. This token pumped hard before Ethereum’s Merge because people started to notice it as another alternative cryptocurrency to mine. Then it dumped by 50% in just a few days. Now RVN approached an important zone where it could bounce back up.
Ravencoin is near a trend line and filled one gap, from which it could jump up again. However, there is one more gap that could be filled lower. Moreover, there is a bullish divergence pointing to another move upward. This is not the 1,000% pump signal that traders are looking for, but RVN could easily rise from the zone of $0.03-$0.035 to somewhere at $0.05-$0.06, thus giving a 50-100% potential for profit.
Ravencoin daily chart, source: tradingview.com
Conclusion
The bear market is still present in the cryptocurrency space, so short positions make sense. However, if Bitcoin starts pumping, it will bring the whole market with it. But several indicators and signals show downward moves are more likely.
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