Ripple, IOTA and NEM Could Continue Bearish Trend
Ripple, IOTA and NEM could continue their losing streak this weekend.
The broader cryptocurrency market suffered huge losses this week, with Bitcoin’s price dropping to the $30k level in the process. The total crypto market cap dipped below the $2 trillion mark for the first time since it reached that level a few weeks ago.
XRP, IOTA and XEM are still trading in the red zone and could sustain further losses as we head into the weekend. However, some analysts believe that the bullish cycle is not over yet, and prices will soar higher soon.
This cycle ain’t over.
— Michaël van de Poppe (@CryptoMichNL) May 20, 2021
XRP price outlook
XRP has lost 7% of its value over the past 24 hours. The XRP/USD pair dipped from $1.47 yesterday to currently trade above $1.10. Bulls are struggling to gain momentum, and the cryptocurrency could lose its support at $1.08 if the current trend continues. If that happens, XRP will dip below $1 for the first time in months.
XRP/USD 4-hour chart. Source Coinalyze
However, XRP could target its 100-day simple moving average ($1.445) during the weekend if the general market picks up. A move past that support could set XRP up nicely to attempt to reach its monthly high of $1.70 again.
IOTA price outlook
Similar to XRP, IOTA is also bearish at the moment. The IOTA/USD pair is down by 3.9% in the past 24 hours and 33% for the week. IOTA has managed to maintain its price above the strong support at $1.11. If the cryptocurrency can build on this support, it would rally and cross the $1.42 support this weekend. However, for any short-term recovery to happen, IOTA would need help from the general crypto market.
IOTA/USD 4-hour chart. Source: Coinalyze
On the other hand, if the sellers overwhelm the buyers, IOTA could lose its $1.11 support, and the cryptocurrency’s price could dip below $1, paving the way for further losses over the coming days.
XEM price outlook
Of the three cryptocurrencies in this post, XEM is the only one that has performed well over the past few hours. The XEM/USDT pair is up by 3% in 24 hours despite sustaining a 10% loss over the past seven days. If buyers continue to troop into the XEM market, then it could surpass the major resistance at $0.2549 this weekend. Further bullish performance could see XEM break past the $0.30 point by next week.
XEM/USDT 4-hour chart. Source: Coinalyze
However, the broader market is still in a bearish reel, which means that the sell-off might resume. If that happens, XEM could lose its immediate major support at $0.19, granting the bears the opportunity to drag the price lower over the next few days.