News

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.

Read More

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.

Read More

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.

Read More

Ripple’s XRP can surprise and open up the Altcoins season

Tuesday marked a third day in a row of full control of the bears over the crypto market. Bitcoin fell below $ 10,000 and the rest of the top 3 coins also had to “lick their wounds.” ETH/USD fell from 217 to $ 211.85 this Tuesday. Ripple bulls struggle to keep the price above $ 0.30. During the day, the total capitalization of the crypto market fell from $ 281.9 billion to $ 265.97 billion at the time of my writing.

The big news of the day was that Justin Sun, the CEO of TRON and BitTorrent, was forced to cancel lunch with Warren Buffett just 3 days before the meeting because of sudden health complications. As a result, Tron was the most losing coin yesterday, down 10.23%, with broke below $ 0.024.

 

Ripple’s XRP moves in sync with the market

The third largest digital coin with a current market capitalization of $ 13.1 billion lost nearly 4% of its value on a daily basis. The coin is trading almost unchanged at the beginning of today. XRP is moving in a short-term bearish trend amid the ubiquitous sell-off on the cryptocurrency market.

 

Ripple Tech Picture

On a daily chart, XRP/USD bulls will have to break over $ 0.3175 to mitigate the initial downward pressure. This resistance was created by merging several technical levels, including 50 SMA on 4-hour chart and 200 SMA on hourly chart. A convincing breakthrough above this zone may extend the upside momentum to $ 0.3230 (100 SMA on hourly timeframe) and a psychological level of $ 0.33. This resistance is followed by $ 0.3340 (100 SMA and the lower line of Bollinger Bands on a 4-hour chart).

On the downside, the first support is $ 0.3040 (the bottom line of the Bollinger Bands), followed by a psychological level of $ 0.30. The latter level creates a strong barrier that should probably stop the bear’s pressure for a while. A clear breakthrough under these supports, however, will trigger more sell-off, with the first target going to be in the region of $ 0.2865 (the July’s low).

But given that the short-term RSI remains flat near to the oversold territory, we can assume that the downside impulse will be slowing down at this stage.

MACD on the daily chart also shows a bullish cross profile that can lead to a rise to new highs at any time. The less likely scenario, I think, is to see a fall below $ 0.30 before reversing the short-term trend. In conclusion, I think bulls are obviously not losing positions and remain at the levels reached with last week’s profits.

 

 

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.

Read More
Top