The crypto market bled red since in the past couple of hours that led to a drastic dip for Bitcoin price and also for the other assets. The Ethereum price also steeped too low and almost touched $500.
Therefore, in this ongoing bull run, it appears that the assets might have entered a small correction phase. Also providing an opportunity yet again to ‘buy at the dip’ before the BTC price, XRP price and XVG price again surges to the moon.
The Bitcoin price might have entered a correction phase and dipped nearly 5 percent straight below $17,500. But according to a crypto analyst, Lark Davis, more dip is still incoming.
As per his analysis, the RSI indicator remained in the overbought position, trending in between 75 to 85 for more than 30 hours. This is one of the longest overbought runs for the RSI which broke with the recent crash.
He further told that at this points, the Bitcoin price usually declines by 20 percent and hence the bearish divergence is still not over. Therefore, accumulating more Bitcoins in the ongoing bullish trend might be a good choice.
XRP Price Analysis
As Coinpedia reported earlier that XRP price was trending within an ascending triangle and was on a crucial phase where-in a breakout or a breakdown was imminent. XRP price, however, broke the triangle and moved upwards slightly but crashed heavily further.
Many analysts predict the bearish move could take the XRP price close to $0.4 too. But many also believe it is the dip moment to stack more XRP as the price may surge 1000 times in coming days.
The XRP price declined 16.13 percent to touch $0.5540 during the time of composition. The prime focus remains that the price is still maintained strongly above $0.5 which indicates a possible correction phase rather than a deep crash.
XVG price rose more than 50 percent in the past 7 days which rallied the price from $0.005218 to $0.010413. The 24-hour trading volume also rallied above $35 million which bought the Verge within the top 100.
As the Bitcoin price entered the correction phase, XVG price also along with the major assets declined. XVG declined nearly 26.78 percent to touch $0.006520 at the time of composition. However, the Verge community is still very bullish and the technical indicators also point towards a ‘buy’ signal.
Collectively, the whole crypto space is painted red with the most dominant crypto Bitcoin entering a correction phase. As the correction phase is completed, the assets are expected to bounce back with more momentum.