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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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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.

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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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Bitcoin Hits Year High

On Sunday evening during quiet trade, Bitcoin made a 7% rally in an hour, reaching new highs. Naturally, Ethereum and Ripple followed him.

After this upswing, however, cryptocurrencies experienced a slight decline before stabilizing. Will this happen again? While some market players may want to take their profits already, digital assets have room to rise and support below.

This morning the total capitalization of all digital assets in circulation decreased to $ 274 billion from $ 273 billion on Tuesday. And the average daily volume of trade fell to 84 billion dollars amid the sluggish market activity.

BTC/USD is range-bound with a bearish bias

Although the enthusiasm of traders is now rising and as I said, BTC has space up, I want to say a few things. Firstly, do not confuse this movement with a new trend. Let the trend tell you when it’s over.

Secondly, this is a pure game with volatility. Volatility expands, then decreases. When Bitcoin reached a peak of all times in 2017, the volatility was extremely high. When the main digital asset hit its lowest level in December 2018, volatility was shrunk. Now it is expanding again.

Third, if this is really a reversal of the trend, then it will obey the laws of a 50% retracement. $ 19,770 is the highest level for all time, and $ 3,160 is the low of December, and given the current bullish momentum, the 50% level of that range is at $ 11,500. For the bulls that should look like a reasonable target.

It is possible that the price will consolidate around 8,500 area before targeting 10,000. A failure of move above $ 8,700 could make Bitcoin deeper into the red territory. A clear break below the morning bottom at $ 8,430 will lead the price to test the first support in the $ 8,350 area.

Ripple’s trend is bullish as long as the price stays above $ 0.40

XRP/USD settles above $ 0.4200 after the technical correction from the recent high of 0.4780 on May 16th. Movement above this maximum should attract new buyers and take the price to the first bull’s goal at $ 0.50.

On the downside, the nearest support is at $ 0.4180 (yesterday low), which breakthrough may trigger further downside momentum for testing $ 0.4000 (the 200-day SMA is located at 0.3970 on the hourly chart).

SMA 200 turned upside after the price of Ethereum consolidates

ETH/USD fell from $ 279.41 on Monday to $ 261 earlier today. The price currently is over 200 SMA, 50 SMA, and 20 SMA. And the fact that the 200-day simple moving average (SMA 200) turned upward for the first time since June 2018 can give the bulls further confidence.

If we look at the Bollinger Bands indicator, however, we will see that external borders are narrowing, indicating a decline in market volatility. In addition, the Relative Strength Index (RSI) is at the border to the overbought area. On the downside, we have immediate support at 245.24 (Sunday low) followed by $ 231.61.

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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