Crypto Daily: Ripple’s XRP Leads Gainers Following CEO’s TV Interview

Today we resume our long-term portfolio test. Last week, the volume amounted to $9,623, showing an increase of 1%. In the past seven days, here’s how our portoflio has changed:

Overall, the portfolio volume rose by $300, up 3.2%. That said, we are closer to the original investment of $10,000. For the second consecutive week, our assets have shown a positive result.

The undisputed leader this time was Ripple’s XRP. Over the week, its price increased by 13%. The reason behind this sudden price dynamic seems to be an appearance of CEO Brad Garlinghouse on CNBC. During the interview, the cryptocurrency rose by 5% and extended further. This event helped XRP interrup a 4-week losing streak.

Litecoin (+7.28%) and Ethereum (+5.64%) also showed a strong performance to the upside. The reason is likely a general positive momentum for the entire altcoin market. As a result, the share of these coins in the portfolio exceeded 13%.

Yet, Bitcoin remained in a flat. However, there’s been a slight improvement in market conditions. Volatility and trading volumes for the world’s top cryptocurrency increased, suggesting traders are getting on board.

CRPT this week lost 6% of its value and completely offset the growth of last week. The coin is located at a strong support zone at around $0.30. In the past six months, this level has been the key for both bears and bulls. Besides, indicators indicate a future reversal of the downtrend.

As we can see on the table, the share of assets in our portfolio continues to be at levels that do not call for rebalancing. At the same time, BTC lost almost 1% of its share in just a week, and all altcoins, except for CRPT, exceeded the initial value of 12.5%.

The table also outlines that this week was more favorable for alternative coins. Many of them showed significant growth and this statement is true for the entire cryptocurrency market. This can be judged by the Bitcoin Dominance. Over the past week, it has decreased from 65% to 62.8%.

What to expect from BTC now? It is rather difficult to predict because Bitcoin has been sideways for two months already. Movements of $300 — $500 are irrelevant for Bitcoin due to their strong manipulative component.

In general, we continue to wait for a decline. Theoretically, the decline might take BTC to a “platform” from which a new bullish cycle will originate. Now, we do not see this on the chart, because there are practically no volumes. Therefore, we can only wait.