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XRP/USD bulls have a chance to test again $ 0.25

Attempting to rebound in a challenging environment

Since last week’s devastation, most crypto assets have started this week with a rebound. Bitcoin is up just 0.30% since its retreat on Tuesday. Ripple’s XRP has risen 1.22%, Litecoin has made a profit of 0.75% in the last 24 hours, and Chainlink gained 12.73% amid the top 20 crypto assets.

Total crypto market cap is $ 252.61 billion this morning. Bitcoin dominance fell from 64% to levels below 63.6% when Bitcoin struggled early in the week. At the time of writing, Bitcoin’s dominance was 63.7%. Trading volumes peaked on Tuesday morning, but are currently at $ 173.15 billion for the last 24 hours.

Bitcoin seems to be losing the battle for “digital gold” status for the time being. The main digital currency not only did fail to unite with traditional safe havens, but also followed the risky assets. And when someone tries to give Bitcoin a “crypto gold” rank, opponents will always remember the February stock market crash that dragged Bitcoin behind.

At the same time, however, we have no definitive correlation with the risky assets. The fact is that Bitcoin remains a different asset and its main nature is unpredictability. For such an asset, the best scenario is the confusion of all market participants.

 

Bulls on Ripple (XRP) fluctuate, but further gains above $ 0.24 seem likely

After a strong start to the week, XRP/USD fell from $ 0.2395 to $ 0.2296 on Tuesday. XRP/USD is currently trading around $ 0.2364, supported by SMA100 on a daily chart. For now, the XRP/USD continues to move below the moving averages SMA 20, SMA 50 and SMA 200 as the price consolidates under $ 0.24.

The pair is about to test again the 61.8% level of Fibonacci correction on the rally from $ 0.1753 to $ 0.3452. If Ripple manages to break through this important resistance, it could start another upward momentum in the near future.

 

Ripple’s (XRP) Technical Analysis

This resistance level is near the $ 0.2400 level, followed by the Tuesday high at $ 0.2413. A clear break above 61.8% Fibo and $ 0.2413 could open the door for a larger rally to the $ 0.2500 psychological level in near future. There is also a daily SMA 200.

On the downside, a sell-off below $ 0.2330 (the abovementioned 100-day SMA) will clear the bears’s path to $ 0.2300 and $ 0.2244 (1st March low). With a convincing fall below $ 0.22, a further decrease to $ 0.1804 is possible.

The MACD indicator indicates decreasing bearish momentum on the daily chart. And the hourly MACD is now gaining momentum in the bullish area. The RSI (Relative Strength Index) for XRP/USD has returned above the 50 level on 1-hour chart, which is also a positive sign.

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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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XRP faces huge resistance against USD

The cryptocurrency market is dominated by the Altcoins this week. Most major coins are traded in a green zone with Bitcoin SV and Etherum Classic among the growth leaders. The market capitalization of cryptocurrencies increased slightly to $ 241.84 billion, while the average daily trading volume declined to $ 88.64 billion. Bitcoin’s market dominance was 66%.

Ethereum (+1.52%), Monero’s XMR (+1.84%), Ripple’s XRP (+1.47%) also found strong support from the bulls yesterday. Bitcoin Cash ABC (+0.73%), EOS (+0.96%), Litecoin (+0.65%) and Stellar’s Lumen (+0.32%) remain on the tail.

This morning, however, the massive movements we experienced on the crypto market last week not only subsided but also turned into downward corrections. Therefore, the price of Ripple is trading 0.37% lower on Wednesday. The Asian session faced sales pressure, and the European session started amid the same bearish activity.

 

The technical picture of the XRP of Ripple

On a daily chart, we can see how the XRP/USD showed a rebound above the $ 0.18 support, the bottom since mid-December. The pair rallied 0.35% in January and hit a new high of $ 0.2540 this weekend.

As the chart shows, this resistance can be seen as a decisive breakthrough area. The price of the XRP is holding above the $ 0.25-0.28 area as support in 2018 and 2019, making it a hard hurdle to take. Additionally, adjusting above the $ 0.24 key level may also take longer. The 100-day SMA is located there.

If these important levels of resistance do not manage to be overcome, the bulls are likely to become discouraged, losing balance and we may see a further fall in the price to $ 0.22.

From a broader technical perspective, Ripple is still in the upside price channel since January. The lower boundary of the channel remains crucial in support of the short-term trend. I expect a rebound back up if 0.2310 support is tested again. This area is also strengthened by 50 SMA on the hourly chart at 0.2350 at the moment.

On the other hand, channel resistance ($ 0.2650) must be overcome to allow XRP to extend its rally to $ 0.30. A clear break above that level could lead the XRP to test the longer-term bullish target at $ 0.48.

The MACD on the hourly chart is slowly losing momentum in the bullish area. At the same time, the RSI indicator struggles to stay above the 60 level of the same chart.

 

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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Pre-Christmas sales surge for BTC, ETH and XRP

Pre-Christmas slaughter and sales continue to wreak havoc on the cryptocurrency market at a time when investors are expecting significant upturns. For the last few years, cryptocurrencies have begun to search for “bottoms” in November and use the momentum generated in December to rebound to higher levels.

This month, however, the entire crypto market is bloody, driven by the main cryptocurrency. Bitcoin led the market in another round of downturns, testing support at $ 6,500. Ethereum plunged below $ 130 to test the decisive $ 120 support. Ripple is attempting to make a reversal after falling to a 2-year low at $ 0.1790.

In the last 24 hours, the entire cryptocurrency market is saying goodbye to $ 10 billion, wiped off. And the market capitalization is $ 177 billion, compared to from 187 billion a day earlier. On the other hand, the volume of trade increased significantly from $ 69 to $ 82 billion, reflecting the extreme activity of sales.

 

Bitcoin technical analysis

Despite sales and declines, the market price of BTC in December 2019 is still over 100% higher than the bottom reached in December 2018. The ratio of BTC is still upward in the long run.

But now the asset is in the phase of highly active speculative trading. The Bitcoin Index of Fear and Greed still indicates exceptional levels of fear at 24 points. In the short term, bearish attitudes seem to prevail. So, I expect the decline to likely continue as long as the RSI indicator remains within the oversold area. In addition, the price moves below the 50-, 100- and 200-day SMAs.

While 50 SMA remains below 100 SMA on the 4-hour chart, the chances of recovery may take some time. Therefore, Bitcoin will be at risk of possible further losses. The bears’ next goal is to support $ 6,400, followed by a psychological level of $ 6,000.

In order to regain control, the bulls will have to break the resistance provided by the downtrend line on the daily chart, which is in the region of the important resistance and the round number $ 7,000.

 

Where is the next support for Ethereum?

The downside movement approached the next support at $ 120, though it then adjusted slightly upside. Obviously, it is still possible to see a further decline due to the oversold value of RSI. A clear break below 120 will direct the bears to the next important support at $ 116.00 – 115.85. A persuaclearsive breakthrough (in case of increased sales throughout the market) below this area will bring the $ 112.60 level to focus.

The second-largest cryptocurrency should enter an uptrend if it manages to recover above the two key resistances at $ 130 and $ 140. Only then will the risk of testing the psychological $ 100 level will be completely prevented.

 

XRP/USD hit a 52-week low

The XRP is currently trading above $ 0.018 after falling below $ 0.20 for the first time since October 2017. Ripple is definitely an example of the worst performing digital assets in 2019. On a daily chart, RSI has changed its slump from the oversold zone and trying to have an uptrend. If the indicator continues, XRP may recover its lost position above $ 0.20 in next sessions.

On the other hand, we do not have too many levels of support here as XRP/USD reaches its lowest level since September 25, 2017. The $ 0.1500/1485 area was the main support when the price was so low the last time in 2017. In case of a convincing break below it, we can expect a test of $ 0.1350.

 

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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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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