Reversal in cryptocurrency markets as Coinbase rumours sink Ripple

The recovery in the last three days in cryptocurrency markets was short lived and, once again, the gains made in the days before were wiped out in a matter of hours on Monday afternoon and evening. This situation has been occurring regularly in the past months, an indication that the bear market is continuing to affect almost all larger market cap cryptocurrencies which are struggling to recover at anything near their all-time highs.

After having gained around 20% in 24 hours, Ripple (XRP) sunk to lose half those gains on Monday due to the fact that Coinbase announced it was not adding any new currencies to its portfolio anytime soon. XRP has been struggling to go above the $1 mark of late and has languished for weeks around $0.85 to $0.90 with very little movement apart from the wild swings of the last 48 hours.

Another currency which lost considerably after having surged previously was Stellar Lumens (XLM). The price of the token had shot up to almost $0.40—a gain of well over 20% since it had been flirting with the $0.30 mark for some days. However although a conference between the founders of Stellar and currency exchange Etoro was supposed to have boosted prices, these went into freefall and XLM was trading at $0.35 at press time—a 15% drop. It seems that positive news has a reverse effect these days although the issue of pumping and dumping is also extremely worrying.

Legacy Bitcoin (BTC) was the only currency not to suffer any drop since it was actually up to $11,700 at one point before falling back slightly at the end of the day to around $11,300. Still, the cryptocurrency is holding quite strongly above the $11,000 mark and appears to be quite well supported at those levels. Bitcoin Cash was also quite stable throughout the day and suffered only minor losses of around 1-2% resulting in the price oscillating around the $1,200-$1,250 mark although turnover is very low and there does not seem to be any kind of strong movement expected anytime in the short term.

Of the currency with larger market caps, Litecoin was mired in the $200-$210 mark where it has been for the past weeks whilst Ethereum was also disappointing trading between the $820 and $850 mark. Ethereum Classic continued dropping and is currently trading below the $27 mark—almost 40% down from its recent highs of $41. Dash dropped again below $600, whilst NEO also suffered heavy losses and shed over 10% to trade at around $110 at one point before recovering slightly to the $112-$113 mark.

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