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Is XRP rewaking or will we see a downside correction first?

A mix of red and green among the major coins, with BTC remaining above $ 8,000

Bitcoin dropped 0.27% on Tuesday. Partially reversing the 4.37% rally on Monday, Bitcoin ended the day at $ 8 211.2. The other 10 major crypto currencies were trading mixed yesterday.

Ripple and Ethereum’s XRP grew, with gains of 0.54% and 0.29%, respectively. For the rest of the package, however, the day was red, with Bitcoin Cash ABC falling 1.33% to lead the way. Litecoin, EOS, Stellar’s Lumen, Bitcoin Cash SV and Binance Coin saw modest losses.

The moderate pullback came amid a particularly bullish start of the week, with EOS and Ripple leading with gains of 9.56% and 8.04% respectively.

During the day, the total market capitalization of crypto currencies fell from $ 225.01 billion to the bottom of $ 220.93 billion before finding support. At the time of my writing, total market capitalization is $ 222.60 billion. Bitcoin dominance remains at levels around 67%.

We have no big events on the news front, with the SEC deadline of 13th October on the Bitcoin ETF decision fast approaching.

 

XRP/USD with downside correction risk

The price of the XRP has been running higher for 5 consecutive sessions since the bulls are back on the market. XRP/USD has been trading at its highest levels for about 2 weeks.

Technically, however, there is a risk of a reversal in the short term, given the candlestick formation evening star on the daily chart. Wednesday’s candle was a bearish evening star, which is usually an indication of the sellers’ return.

The Relative Strength Index (RSI) continues to follow the pattern of lower highs. The abandonment of overbought territory gave the bears momentum to challenge the bulls. The support areas to look out for in the near term are $ 0.2550/33, $ 0.2500 and $ 0.2400.

Despite the correction, the slightly positive technical picture still shows the bulls’ ability to defend key support levels. And the increasing gap between 50 SMAs at $ 0.2751 and 100 SMAs at $ 0.2642 means that buyers have the energy to protect the tentative support at $ 0.27.

 

Here are five factors that can put XRP back on the map:

Ripple Signals Lowered Sales: Ripple Escrow releases 1 billion coins every month, but Ripple Inc. signals that it will not rush to sell the coins. There are still signs of relatively large sales, but XRP markets have absorbed that amount, probably coming from Jed McCaleb’s limited sales. The Ripple stash escrow will continue to issue coins until 2038.

Signs of the Altcoins Season: XRP is still one of the relatively low-priced altcoins, but it is also among the most liquid ones. Early signs of the Altcoins season, based on Bitcoin’s diminished dominance, mean that XRP may start moving first. The coin received a direct inflow from Tether (USDT), stimulating independent price discovery.

Profits in Satoshis: XRP is also very active in pairing with BTC. Technical indicators indicate a reversal of the trend in this pair, potentially leading to a rise in price for Satoshi.

CoinField Joins as Validator: The CoinField exchange indicates that it is becoming a validator to exploring further use cases for XRP. With this type of adoption, along with the addition of the asset to BitPay, XRP is seeing growing technological interest. The network is currently revealing 31 validators, of which Ripple controls seven.

Ripple Rebranding its Products: The RippleNet product will combine the features of xRapid and xCurrent. This means that banks, the main users of xCurrent, will also be able to use XRP. Some banks and entities have received significant funding from XRP and can use it to test the new, merged product.

In conclusion, there are already predictions that XRP can organize its own rally, gaining up to 300% from its current price.

 

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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Litecoin slid below $ 120.00

How did the Crypto Market out through the Q2 of 2019?

For the crypto market, the second quarter of this year was the best since the bears made their turn in the beginning of 2018 and put an end to the dreams that the explosive growth of coin prices will last forever. Market capitalization rose from $ 144 billion in the last day of March to $ 339 billion on the last day of June. And Bitcoin caught the fans and skeptics of crypto currencies unprepared, making a rally from just over $ 3,000 to $ 11,000.

And during this quarter the news did not stop on the horizon. And the latest is that the TRON Foundation and BitTorrent launched new software that will make downloading torrent files faster and more efficient. Among other things, the new software also supports the BTT token. Consumers can earn coins while they are seeders and manage their digital revenue through a special wallet.

On the other hand, Binance, the world’s largest crypto exchange by average trading volumes, launched a fiat-to-crypto-exchange platform in Singapore. Users of Binance SG will be able to buy and sell Bitcoin, Ethereum and Binance Coins against the Singapore Dollar. And the company plans to add new crypto currencies to the platform.

 

Crypto Market Review:

The total capitalization of the crypto market dropped from $ 354.77 billion to the low of $ 342.4 billion on Tuesday before recovering to $ 354 billion at the time of my writing.

Bitcoin is well on its way of having five consecutive days of growth. If the support of $ 12,460 (the high of end of June) hold, the bulls should focus their eyes on $ 13,500-14,000.

The rest of the market, however, is trying not so successful to keep the pace of BTC. Ethereum’s price is currently consolidating in a flag formation and traded at $ 310.22. Bulls will have to overcome the short-term resistance of $ 313.80 to keep the bullish momentum. Ripple’s long struggle around $ 0.40 level continues this morning. Litecoin again slid below $ 120, losing about 3.5% of its value on a daily basis.

 

Technical analysis of Litecoin

Looking at the technical picture, sustained movement below $ 120.00 is bad for Litecoin bulls. If they fail to push the price back above this barrier, it is likely that downside pressure will increase.

Yesterday price formed a Engulfing bearish candle, confirming short-term downward trend. The first support is at $ 117.30 (23.6% Fibo retracement for the big upside move from $ 22.61), which recently served as a stop for the sellers. A clear break below will likely expand the sell-off, with the bear’s next focus going to $ 111.82 (the bottom of June 27).

On the upside, a convincing breakthrough over the $ 120 -121 area will bring the first major level of resistance at $ 123.90 in the game. Litecoin, however, will need support of the broader market to go above the $ 120 level. In the case of a broad-based crypto rally, Litecoin could rise to test $ 125 before any pullback.

 

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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Facebook has released its project for Libra crypto currency

Bitcoin recovered from early losses to trade over $ 9,400

Bitcoin has grown dramatically in the last 3 days after another one weekend helped to catapult # 1 crypto currency over 15% to a new annual high. Right now we can see that the price did not retest the $ 9,438 high – which remains the most critical short-term resistance. When Bitcoin breaks above this level, it will signal the start of a strong bullish market.

Total market capitalization dropped to $ 284 billion from $ 288 billion on Tuesday. And the average daily volume of trade is unchanged at $ 53 billion.

Facebook finally released its long-awaited crypto currency project called Libra

The social media giant Facebook finally launched its long-awaited financial infrastructure project, based on crypto currency and blockchain. The new Libra currency will be backed by low volatility assets such as short-term government bonds from reputable central banks as well as bank deposits.

The long list of partners includes PayPal, Visa, Mastercard, Uber and many others – but no banks. The companies will have nodes in the new independent subsidiary Calibra. What, however, does this mean for existing crypto currencies?

 

Three of the reasons why crypto currencies can take advantage of the Libra project

With the launch of its own digital coin, Facebook recognizes the importance of the technology and the need for crypto currencies. This serves as a seal of approval for Bitcoin – who started the revolution – and everyone else. FB also makes the cryptos mainstream – there is nothing more mainstream than a company that has two billion users.

On the other hand, Facebook’s entry into the game – which is under increasing regulatory scrutiny – could take a more serious approach from the Securities and Exchange Commission (SEC) to approve the first Bitcoin ETF. And the endless postponements may be over. If the crypto currency ETF is launched – prices may increase.

Many, however, feel uncomfortable with the use of Facebook personal data and choose other messaging services such as Telegram and Signal. The same can happen with crypto currencies.

The suspicion that the Libra currency and its transactions are watched by Mark Zuckerberg can shed some light on existing offerings that are decentralized. Using a currency that is free of corporate interests is more attractive. And it can also push prices higher.

 

Ripple announced a partnership with MoneyGram

On the eve of the big splash of Facebook, Ripple announced a significant partnership with MoneyGram, the world’s second largest money transfer service. The deal is yet another opportunity for Ripple to use its xRapid payment protocol. The unique feature of xRapid is the ability to transfer value without a bank account using the XRP asset.

It is important to emphasize that Facebook’s partnerships do not include banks. These dinosaur institutions may fight with Facebook and may counting more on Ripple as a partner. But it is still too early for such speculation. However, we can carefully consider that Ripple has a chance to become a winner.

The third largest coin with the current market capitalization of $ 18.2 billion dropped 2.23% for the past 24 hours and traded at $ 0.4303 at the time of my writing. For the week, Ripple grew by 9.18%.

For the upcoming day, a break above $ 0.4404 (Sunday’s high) will support the upside intraday momentum. If been supported by a broad-based crypto rally, Ripple’s XRP could test the high of $ 0.4604 on Monday.

Failure to breakout above the $ 0.4404 level may signal sentiments swings. The decline to $ 0.42 may put the first support of $ 0.4143 into the game before any recovery.

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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Crypto market colored in red, but TRON is on green territory

The crypto market has seen heavy losses on Tuesday. The total capitalization of all digital assets in circulation fell to $ 251 billion from 256 billion registered at that time on Tuesday. The average daily volume of trade increased to 82 billion dollars.

The cryptocurrency market tried to recover during the Asian hours on Wednesday, but Bitcoin and most of the top-20 Altcoins are still on the red territory, losing from 1% to 9%. The BTC/USD sellers were in full control on Tuesday as the price dropped from $ 8,102 to $ 7,500. But, actually Tezos and Ethereum Classic were the two biggest losers.

On this negative background, maybe you would ask if there some digital currencies that made a profit? Oh, yes, and what kind of profit only. Here are the most profitable cryptocurrencies:

Is Bitcoin SV targeting $ 300?

After the fork in November 2018, Bitcoin SV and Bitcoin Cash ABC was born on the market. Since then, Bitcoin SV has been gradually decreasing. From May 21, however, the upside movement began and the price reached its highest value of $ 252.06 on May 30. In the last 7 days, the cryptocurrency has achieved an enormous 81.88% growth. Then the price started a slight decrease and settled in the area of ​​$ 226.0 at the time of my writing.

If BSV follows Eliot’s Wave Model, we already have three waves built. Now, after a slight decrease to $ 180 (wave 4), the 5th last bullish wave should soon begin. If this happens, the Bitcoin SV is likely to test the region around $ 300.

TRON is the second best-performing Altcoin from top-20

TRON (the 11th largest digital asset with a current market capitalization of $ 2.3 billion) has become an undisputable growth leader for the day. TRX has gained over 5% over the past 24 hours, opposing the general bearish sentiment of the crypto market.

Maybe behind this upside momentum is the news that TRON Foundation’s CEO Justin Sun won a lunch with Warren Buffett, the guru of the financial markets and an outspoken critic of cryptocurrencies. Perhaps he will use this chance to promote digital assets.

Clearly technical, TRX/USD found support at the psychological level of $ 0.0315, where the 100-day SMA of the 4-hour chart is located. A sustainable move below this zone should open the doors to the next goal of the bears in the $ 0.0284 area (SMA 200 at 4 hours) followed by $ 0.0272 (SMA 50 on the daily chart).

On the upside, a clear break above $ 0.0360 (yesterday high) will be needed to resume the growth. Once it is cleared, the probability of raising the bullish momentum is high, with the next bull’s focus going to the area of ​​$ 0.04. This area was rejected during the initial breakthrough attempt on June 2.

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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