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XRP/USD is struggling around $ 0.20 amid a broad market sell-off

The Crypto Market Erased the Profits From the Beginning of the Week – Ripple vs USD

The cryptocurrency market suffered huge losses yesterday after facing a wave of sales. The price of Bitcoin jumped above $ 10,350 from $ 9,432 on June 1, only to collapse again the next day and fall to $ 9,351. On Tuesday, Bitcoin failed to overcome key resistance in the region of 10K and this seems to trigger a wave of profit-taking or repositioning of Whales. In any case, this led traders to look for levels at which the market could stop.

On Wednesday morning, the main cryptocurrency is traded around $ 9,518. And for the last 24 hours, only Stellar’s Lumen has risen by 0.33%.

For the rest of the digital assets in the top 20, however, the day was bearish. Binance Coin (-3.73%), EOS (-5.40%), Ethereum (-4.31%), Litecoin (-4.68%), Ripple’s XRP (-3.75%) and TRX (-4.57%) led the way down. Bitcoin Cash ABC (-1.22%), Bitcoin Cash SV (-2.52%), Cardano’s ADA (-2.40%), Monero’s XMR (-1.78%) and Tezos (-2.31%) recorded relatively modest losses.

At the time of writing, the total market capitalization was 269.56 billion dollars, while the dominance of Bitcoin stood at 66.02%. Cryptocurrency trading volumes reached $ 118.13 billion in the last 24 hours.

 

Ripple vs USD –¬†Continues to Consolidate Against Bitcoin, Although Other Altcoins are Gaining Momentum

As Bitcoin has recently consolidated, many major coins are showing strength, in double digits movements. For example, Ethereum’s ETH increased from $ 192 to $ 253, while Cardano (ADA) made rally by 44% in the last week.

However, some relatively large Altcoins lag significantly behind and two of them are XRP and Stellar Lumens (XLM), the third and 13th cryptocurrencies by market capitalization, respectively. So, what’s next for them?

The weakness of XRP may also be exacerbated by the fact that Ripple recently unlocked 500 million tokens from its escrow wallet – worth about $ 101 million. If these tokens find their market, they could put strong pressure on the affected cryptocurrency causing stormy selloff.

But the real problem with XRP is that its pair with BTC is doing extremely poorly. Ripple vs BTC is currently at its lowest level since December 2017, marking a 30-months low.

In order for the price to make a rally and a rebound from the bottom, a clear break above the previous support at 0.00002300 – 0.00002350 sats will be needed. If XRP manages to break above this range, we will probably see further bullish momentum towards 0.00003200 – 0.00003300 sats.

But at present, the price of the XRP still shows weakness and marks new lows, making trading with this coin difficult.

 

Ripple vs USD – Bears Remained in Control for the Second Day in a Row

Ripple’s XRP fell sharply in the early hours of Tuesday’s US session. The price managed to fall below the psychological level of 0.20, but now is trading back above this support.

At the same time, on the four-hour chart, we have a bearish divergence with the RSI indicator, which is a signal that the price increase may have been exhausted. In addition to XRP, it sampled below the 200-day Simple Moving Average and is now struggling to hold above 50 SMA.

Yesterday’s bottom of $ 0.1981 is the nearest support. A convincing move below it could take the bears to $ 0.1960, $ 0.1917 and $ 0.1898 (all lows in the past week).

In case the upside movement resumes, the first resistance is at $ 0.2060. This zone holds the price of XRP in the last rebound. A clear break above it will take the bulls for a test of $ 0.2120 and $ 0.2146. These are the highs of June and where is located the 200-day SMA also.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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XMR/USD Recovers from the Recent Bottom and Ignores the Hacker Attack

Cryptocurrencies Fight on Wednesday, as BTC/USD Fell by 0.45%

Bitcoin is trading lower on Wednesday morning, with most major cryptocurrencies also remaining in the red territory. The Blue Mockingbird hacker gang managed to infect more than 1,000 business systems with Monero (XMR) mining malware.

The crypto assets from the top 20 that managed to show more significant growth in the last 24 hours are HEX (+13.06%), Cardano (+3.04%), Ripple (0.84%) and Ethereum (0.34%). The market seems to be stuck between a rock and a hard place after the halving event took place earlier this month. BTC/USD sank below 9,000 after rejecting the resistance zone at $ 10,000 twice in a relatively quick sequence.

Now the price seems to be stuck in a range between $ 8,000 – 10,000. And a steady break with good volume will be needed to determine the future path of the digital gold.

However, there are some positives on the technical side. Now, the price is trading above the 200- and 50-day MAs. On the 4-hour chart,  BTC/USD is making higher lows, meaning buyers have bought the last dips to $ 8,700. Short-term traders can now watch for closures above $ 9,000 and $ 9,100 on the 4-hour chart to see if the price can stay above either level.

In the event that Bitcoin falls below $ 8,700, trading volumes show $ 8,550 as the last strong support before the price falls to $ 7,700 – $ 7,420.

 

1000 Corporate Systems Infected with Monero Mining Malware

The hacker group Blue Mockingbird has installed a hidden miner for the cryptocurrency Monero on at least a thousand corporate servers. In addition, if the server allowed access to other computers, they infected them as well. Cybercriminals then install the XMRRig mining application to take advantage of the resources of the infected machines.

The global scale of the hacker group’s operations was revealed by the cloud security company Red Canary on May 26.

 

Despite the Attack, XMR/USD Remains Calm

XMR/USD hit a bottom at $ 60.00 on Monday and recovered to $ 62.08 at the time of writing. The coin is now ranked 16th in the global ranking of cryptocurrencies with a capitalization of over $ 1 billion.

Looking at the daily chart, we will see that Monero has been on an upside trend since the beginning of March. And for the last 24 hours XMR/USD has remained almost unchanged, with a small profit of 0.36%.

Gradually increasing moving averages and RSI in the positive zone also suggest that the bulls retain control. In addition, the 50-day SMA passed the 200-day SMA. This is signaling a golden cross and potential further upward momentum.

The first resistance is at the 200-hour SMA around $ 63.30. The stronger barrier, however, we have at $ 64.00 (near the high on Sunday). If XMR/USD manages to break over this zone, then the next target of the bulls will be $ 68.26 (the high on April 30).

On the downside, the key support coincides with the psychological level of $ 60.00. If the price reverses from current levels and falls below the 50-day SMA, this will indicate weakness. The bears are likely to gain more control if the price manages to fall below the last lows around $ 53.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Bitcoin and Litecoin face strong levels of resistance

Tuesday was a mixed day for major cryptocurrencies. The price of Bitcoin rose and closed at $ 9,774. Bitcoin Cash ABC (+0.18%), Litecoin (+0.97%) and TRX (+2.29%) also found support during the day.

On the other hand, Bitcoin Cash SV (-1.59%), EOS (-0.28%), Ethereum (+0.07%), Monero XMR (-0.10%), Ripples XRP (-0.19%) and Stellar Lumen (0.64%) ) struggled.

At the time of writing, the total market capitalization was $ 264.80 billion, while Bitcoin’s dominance was about 67.89%. Trading volumes for the last 24 hours on the crypto market reached 119.5 billion dollars.

 

Bitcoin is again fighting around the $ 10,000 level

Since Monday, Bitcoin (BTC) is locked in a narrow range between $ 9,800 and $ 9,400. Monday’s and Tuesday’s daytime candles were quite hesitant (doji candles), indicating that the market lacks a clear direction at these levels. The quintuple test at the key psychological level of $ 10,000 in the last 11 days can be analyzed in two ways. The $ 10,000 resistance level weakens with each test, or the resistance is so strong that buyers are unable to break it.

All we can do for now is look for breakthrough levels that could give us more clues about the future price action of the digital gold. If the 10K level is broken, the upward momentum may extend to the next resistance. Looking at the daily chart, Bitcoin is still moving in the bullish price channel, despite the retreat of $ 10,000. In addition, it is very likely to see a pattern of a golden cross if the 50-day SMA breaks above the 200-day SMA. With the right volume, Bitcoin can make a rally above $ 10,000, renewing the bulls’ desire to challenge the 2019 high at $ 13,800.

On the downside, outside the range, the first support is at 9 155. If the bears manage to break this level, they will head to a test at the lower border line of the bullish channel at $ 8,635.

 

Will Litecoin be able to break above the psychological level of $ 50?

Litecoin has finally shown some strength against the US dollar and is likely to continue until the end of the week amid positive news. On Tuesday, legendary video game producer Atari Group announced a partnership with the Litecoin Foundation, focusing on overlapping interests between cryptocurrencies and games. Not only will Atari accept investments in Litecoin (LTC), Bitcoin and Ether (ETH), but gamers will be able to pay for their upcoming video computer system with Litecoin and receive a discount.

At the time of writing, LTC/USD is growing by 2.24% and is trading at $ 45.85. To hold the upside momentum, the bulls will have to break the downside trend line on the daily chart, now localized at $ 47.50. Once that happens, buyers will be able to push the price to the 200-day SMA ($ 50.93), which is very close to the psychological level of $ 50. In the event of a stronger rally, supported by the wider crypto market, the next bullish goal would be $ 52.24.

On the downside, the closest support is at the 50-day SMA in the region of $ 43.83. A convincing move there could take the price for a re-test of the $ 39.41/00 area. If the price bounces off this support once again, it may offer us new buying opportunities.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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The Third Halving of Bitcoin is a Fact

The general sentiment in the crypto industry is positive today, as most of the major coins are moving higher. Bitcoin is again flirting with the $ 9000 level, which seems to be a price magnet. And Stellar Lumen, Tron and Monero inextricably follow the main cryptocurrency on green territory after halving event on Monday.

 

There are Still No Fireworks from Bitcoin Halving

The most anticipated event for cryptocurrencies in 2020, the third halving of Bitcoin (BTC), has just come into force. Happening only once every 4 years, the last halving lowered the reward for a Bitcoin block from 12.5 BTC to 6.25 BTC. The Bitcoin network is designed to have only 21 million coins. It is estimated that this will be the catalyst for another bull rally, as more than three quarters of these coins are already in circulation. The impact of halving may reduce the supply of new coins, as miners may have to wait for the price to rise before selling their blocks in order to cover their costs.

BTC/USD buyers took control of the market after four bearish days. On Tuesday, Bitcoin rose more than 3.5% after halving on Monday. However, so far, we have not had a sharp rise in price. The borders of the 20-day Bollinger Bands indicator are beginning to narrow, indicating declining volatility. This morning, BTC/USD found support at the 20-day SMA and continued the upside momentum to the $ 8,965 high.

From a technical point of view, the bulls will now try to break over the 9K resistance. Also watch for possible crossings of the 55- and 200-day SMAs as confirmation. A convincing move above $ 9,000 should lead the price for test to $ 10,000/33.

On the downside, initial support is around $ 8,760, where the hourly SMA 50 is located. A clear break below that level could extend the sell-off to Monday’s low at $ 8,235, followed by $ 8,150.

 

How Does the Crypto Market React to the Third Halving?

Monero closely followed the footsteps of Bitcoin (BTC) and made a profit of 2.8% for the last 24 hours. The rest of the cryptocurrency market is green as buyers focus to extend the prolonging bullish momentum after a disastrous weekend slump. Stellar Lumen (XLM) made the biggest profit of 6.30%, Tron (TRX) rose by 4.09% and Binance Coin grew by 2.93%.

At the time of writing, the total market cap is $ 242.50 billion. Bitcoin dominance is below 67% level. And 24-hour trading volumes amounted to $ 136.45 billion.

 

Monero Technical Analysis

Indicators such as RSI and MACD show a positive picture in the short term for XMR/USD. The RSI is heading north after recovering from support at 30 level. The indicator even managed to break above the midline (50). And with that, XMR buyers should gain the confidence to join the market and increase their positions in anticipation that the $ 68.26 resistance will be brought down. If that happens, the next bulls’ target will be $ 70.50

The same upward trend is supported by the MACD, which has returned to positive territory. A bullish divergence over the MACD may signal a stronger upside momentum in subsequent sessions.

On the other hand, we have immediate support with the 200-day SMA in the region of $ 59.50. A clear break there will take Monero for testing the bottom from Monday at 55.93.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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