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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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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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Will Ripple keep the recovery mode

The crypto currency market keeps bullish sentiments

Bitcoin and other major Altcoins remain on green territory in the early Asian hours on Wednesday. The total capitalization of all digital coins in circulation reached 250 billion dollars, while the average daily volume of trade exceeded $ 80 billion.

Market movements were mainly dominated by speculative moods, including FOMO around Bitcoin SV. The Bitfinex exchange went into the initial stock exchange (IEO) business. The newly introduced service is called Tokinex. Starting Thursday, this week, the service will release its first token. On June 13, there will be a second token launch. Bitfinex is not the first crypto exchange to offer this type of service. In fact, exchange platforms such as Binance, OKCoin and KuCoin already offer similar services to the industry.

But the main and hot topic in the past few days remains the rise of Bitcoin. Investors, however, seem to remain aside while trying to find out if the last rally in the main crypto currencies is a sign pointing to the beginning of a prolonged upside trend.

At the regulatory front, the US SEC received another request to change the listing rule, which would allow it to list shares in an investment trust for Bitcoin. But the regulator is obviously not in a hurry to take decisions on Bitcoin issues, as it has postponed his decision to VanEck’s ETF again.

Ripple struggles to hold above $ 0.40

Undoubtedly, in the top 3 of the best performing crypto currencies, except Bitcoin, are Ethereum and Ripple. After the formation of a support base over $ 0.3600, the Ripple price recovered more than $ 0.3800 and $ 0.4000 against the US dollar. The XRP/USD pair even rose above $ 0.4150 and the 100-hourly simple moving average. Nevertheless, the price did not hold convincingly above the resistance level of $ 0.4300. As a result, we saw a new three-day downside correction below $ 0.4150 and $ 0.4000. The price even broke the 100-hr SMA and tested $ 0.3600.

Ripple’s price is now consolidating above key levels of support against US dollar, but declining against Bitcoin. XRP has to stay above the $ 0.3600-0.3614 support zone in order to be on positive territory.

The next major resistance is close to $ 0.4150. A clear breakthrough over it could lead the price for retesting of $ 0.4300/50 before the bulls head back to the high for 2019 at 0.4780. If Ripple is able to break through this level, then nothing should stop the upside momentum before the psychological level of $ 0.5000.

In the downward direction since the beginning of this week, we have a bullish trend line of hourly chart, located close to $ 0.3970 at the moment. A clear break below the trend line is needed for the price to test again $ 0.3614/00 (17th May low) before falling to $ 0.3350 (the 50-day SMA).

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 continues to trade in the narrow range of 2019

The crypto market has a mixed picture on Thursday morning. Bitcoin remains on a positive territory in the region of $ 5,387, while most of the Altcoins suffered losses for the past 7 days. The total market capitalization dropped to $ 175 billion from 177 billion on Monday. Average daily trading volumes were at $ 41 billion.

The biggest news currently is the new Cosmos Coin (ATOM) in the Top-20 cryptocurrencies. After the listing of Binance, Cosmos (ATOM) experienced a sudden increase in volumes and the price spiked more than 14% overnight. In recent weeks, ATOM has been added to some of the leading exchanges, but listing on the Binance with zero fees has increased the impact of the project and the trading activity. At the time of my writing, Cosmos is ranked 15th in the global cryptocurrency ranking with a market value of $ 834 million.

And the main cryptocurrency, Bitcoin, enjoyed a 22% growth in April and ended a third consecutive month with a rise for the first time since December 2017. This remarkable development has made experts in digital currencies wonder what to expect from the digital asset in the coming months. Look forward to our next, more detailed Bitcoin analysis to find out.

On the other hand, Ripple remains within the annoying trading range of 2019. Despite the positive news, XRP/USD fails to commit to a specific direction that continues to be the topic of the year. According to the latest news, South Africa-based iCE3X has announced the addition of XRP to Ripple as a new trading asset on its trading platform. XRP will be paired with the local currency, the South African rand, and Bitcoin also.

Since 1st of May, Nasdaq began sending real-time XRP data from Brave Coin to its Global Index Data Service. The index is known as the XRP Liquid Index, which is designed to provide a real-time spot on a reference rate that will be for the price of 1 XRP, quoted in US dollars.

Ripple remains under downside pressure

The XRP/USD pair has been having difficulty in 2019 with the breaking of the narrow range between 0.2810 – 0.3787. Earlier in April, there was hope with an upside momentum, but it was quite short-lived as the bears pushed the price back into the sluggish trading conditions.

For the past 24 hours, Ripple’s XRP is traded on a negative territory, losing around 0.23%. Bulls have failed to capitalize on Tuesday’s profits, and the hope of recovery seems to fade.

The technical levels for Ripple are intact

According to the technical analysis, the third largest coin has been trading in its range with bearish bias during the Asian session today. However, the Relative Strength Index (RSI) recovered to about 46 from the levels slightly above 30.00. The MACD indicator is trying to slope up and may soon move into positive territory. This means that there is still a chance for bulls to break through, at least until the technical indicators confirm it.

Ripple will have convincingly to correct above $ 0.3100 in order to come out of the intraday range between $ 0.2850 – $ 0.3100. If the price succeeds to correct above the highs of Wednesday and Tuesday at $ 0.03096 and 0.03122, the next target for the buyers will be $ 0.3200. However, 50- and 100-day SMA moving averages are likely to limit growth above $ 0.3200. A clear break above this level, however, may expand the upside movement to $ 0.3300 and $ 0.3500.

 

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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