Altcoin Markets In Free Fall As XRP, Litecoin Prices Fall to Lowest Values in 2018 So Far .. Where is the Bottom?
Due to the postponed Bitcoin ETF decision by the SEC, the cryptocurrency markets witnessed quite a blow off despite just being a delay vs denial outcome. The overall market cap went from $255 billion to currently sitting at $233 billion and caused many alt-coins to experience 2018 year lows. Let's take a look at Ripple (XRP) and Litecoin (LTC) and see how their performance has went during this year-long sideways moving bear market.
Ripple's XRP Coin Reaches 2018 Low
The third largest cryptocurrency by market cap, XRP fell to a 2018 low on Wednesday. The cryptocurrency dropped to $0.35 which is seven cents from the previous yearly low of $0.42 in July. Notably, the current price stands at its lowest level since December 12, 2017, days before XRP along with most other cryptos shot up to all-time-highs over $3 amid a bull run on the crypto market.
Now, XRP is down close to 90% over an 8-month period. This trend is been driven by the bad press it has received through investor lawsuits stemming from the coin's price decline.
Despite major recent setbacks like Coinbase deciding to list Ethereum Classic (ETC) instead of Ripple (XRP) and Western Union CEO stating that XRP has not made much of a difference to their company, the Ripple Community still has a lot of supporters. Who knows if Coinbase will ultimately list Ripple's XRP coin but it begs to wonder if they are adding other coins before them that they could get bypassed given its third ranked position on the crypto market cap charts. Recently, Bill Clinton and Madonna joined the league to lend support and credibility to Ripple. While this may have done plenty to bring Ripple (the company) to the spotlight, it is hard to see what effect all of this is to have on the token, XRP.
Litecoin (LTC) Cryptocurrency Hits 2018 Price Point
Litecoin has dropped to its lowest point this year, declining 8.9% from its previous yearly low at $72.65, making it one of the biggest losers on August 7th.
Despite the adverse movements, the virtual currency managed to surge over the resistance level of 74.5 US dollars breaking the 50% Fibo retracement level of the prior swing from a high of 78 US dollars to a low price of 72 US dollars. Litecoin (LTC) also exchanged over the 76 US dollar level and the 100-hourly SMA.
If we look beyond the LTC price data, the project itself is evolving. Founder Charlie Lee confirmed that he is working with HTC to develop its new blockchain smartphone. Although the device will serve as a wallet for multiple currencies, Litecoin will naturally be in a better position thanks to Lee’s involvement. As yet, the price of LTC has yet to match expectations. However, all the signs point to it being undervalued right now and, therefore, a solid long-term investment.
What do you guys think of XRP and LTC coins hitting lowest price points of the year so far? Will they recover or is the entire altcoin market doomed as bitcoin's dominance continues to creep back up near 50%+? One thing is for sure, you can count on us to follow all the action and report the facts to all of you Ripple and Litecoin fans in the near future!