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XRP/USD is struggling around $ 0.20 amid a broad market sell-off

The Crypto Market Erased the Profits From the Beginning of the Week – Ripple vs USD

The cryptocurrency market suffered huge losses yesterday after facing a wave of sales. The price of Bitcoin jumped above $ 10,350 from $ 9,432 on June 1, only to collapse again the next day and fall to $ 9,351. On Tuesday, Bitcoin failed to overcome key resistance in the region of 10K and this seems to trigger a wave of profit-taking or repositioning of Whales. In any case, this led traders to look for levels at which the market could stop.

On Wednesday morning, the main cryptocurrency is traded around $ 9,518. And for the last 24 hours, only Stellar’s Lumen has risen by 0.33%.

For the rest of the digital assets in the top 20, however, the day was bearish. Binance Coin (-3.73%), EOS (-5.40%), Ethereum (-4.31%), Litecoin (-4.68%), Ripple’s XRP (-3.75%) and TRX (-4.57%) led the way down. Bitcoin Cash ABC (-1.22%), Bitcoin Cash SV (-2.52%), Cardano’s ADA (-2.40%), Monero’s XMR (-1.78%) and Tezos (-2.31%) recorded relatively modest losses.

At the time of writing, the total market capitalization was 269.56 billion dollars, while the dominance of Bitcoin stood at 66.02%. Cryptocurrency trading volumes reached $ 118.13 billion in the last 24 hours.

 

Ripple vs USD – Continues to Consolidate Against Bitcoin, Although Other Altcoins are Gaining Momentum

As Bitcoin has recently consolidated, many major coins are showing strength, in double digits movements. For example, Ethereum’s ETH increased from $ 192 to $ 253, while Cardano (ADA) made rally by 44% in the last week.

However, some relatively large Altcoins lag significantly behind and two of them are XRP and Stellar Lumens (XLM), the third and 13th cryptocurrencies by market capitalization, respectively. So, what’s next for them?

The weakness of XRP may also be exacerbated by the fact that Ripple recently unlocked 500 million tokens from its escrow wallet – worth about $ 101 million. If these tokens find their market, they could put strong pressure on the affected cryptocurrency causing stormy selloff.

But the real problem with XRP is that its pair with BTC is doing extremely poorly. Ripple vs BTC is currently at its lowest level since December 2017, marking a 30-months low.

In order for the price to make a rally and a rebound from the bottom, a clear break above the previous support at 0.00002300 – 0.00002350 sats will be needed. If XRP manages to break above this range, we will probably see further bullish momentum towards 0.00003200 – 0.00003300 sats.

But at present, the price of the XRP still shows weakness and marks new lows, making trading with this coin difficult.

 

Ripple vs USD – Bears Remained in Control for the Second Day in a Row

Ripple’s XRP fell sharply in the early hours of Tuesday’s US session. The price managed to fall below the psychological level of 0.20, but now is trading back above this support.

At the same time, on the four-hour chart, we have a bearish divergence with the RSI indicator, which is a signal that the price increase may have been exhausted. In addition to XRP, it sampled below the 200-day Simple Moving Average and is now struggling to hold above 50 SMA.

Yesterday’s bottom of $ 0.1981 is the nearest support. A convincing move below it could take the bears to $ 0.1960, $ 0.1917 and $ 0.1898 (all lows in the past week).

In case the upside movement resumes, the first resistance is at $ 0.2060. This zone holds the price of XRP in the last rebound. A clear break above it will take the bulls for a test of $ 0.2120 and $ 0.2146. These are the highs of June and where is located the 200-day SMA also.

 

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 Skyrockets to the Moon, Bitcoin and Ethereum Following it

 

Cryptocurrency Market Activity is Increasing

The price of Bitcoin (BTC) hit another high at $ 7,924, while the bulls continue to push for a test and breakout of $ 8,000 important level.

Only 13 days are left before mining reward halving of the top digital coin and investors are hoping that Bitcoin can at least go above the 100- and 200-day moving averages (in the region of $ 8,000). This will give the Bulls the opportunity to face another key resistance level of $ 8,500 in short term.

The Altcoins also jumped alongside Bitcoin yesterday. XRP shot up with 8.77%, Ethereum (ETH) added 5.41% and Litecoin (LTC) gained 5.21%. EOS (+3.57%), Tezos (+3.51%), Bitcoin Cash (+3.32%), Bitcoin SV (+2.33%), Cardano ADA (+0.62%) and Stellar Lumen (+0.39%) also found support.

For the rest of the top 20 cryptocurrencies was also a positive day, albeit with smaller profits. The only exception was Tether, which was at a 0.01% loss at the time of writing.

The total market capitalization of cryptocurrencies is now at $ 225.6 billion, with Bitcoin ’s dominance rate at 63.7%.

 

XRP Bulls Crushed Psychological $ 0.20, Restoring Buyers Confidence

The XRP/USD bulls retained control yesterday as the price increased from $ 0.1947 to $ 0.2180. In the early hours of Wednesday, the pair managed to break above the upper line of the 20-day Bollinger Bands.

Currently, several technical indicators provide an upward picture for XRP. MACD is showing an increase in the momentum as the RSI rose from 57.25 to 67.75 after the price action on Tuesday. On the 4-hour chart, the price moves above the 200 and 55-day SMAs, which should provide support if the market moves away. And a break above 200 SMA on a daily chart was also very important for last week’s price action.

The nearest resistance is expected at $ 0.2288 (50-day SMA), followed by 61.8% Fibo correction. If Ripple manages to break above that Fibonacci level (61.8% correction on the drop from 0.3455 to 0.1060), the upside momentum should continue.

In other words, the recovery is expected to peak at $ 0.35 in May, mainly riding on the volume likely to be generated by speculation surrounding the Bitcoin halving.

However, as the price is now moving above the Bollinger Bands on a daily chart and RSI is entering a overbought zone, this indicates that the asset is currently overvalued and may be facing bearish correction soon. And if the retreat is deeper, XRP will likely find support at 38.2% Fibonacci at $ 0.1970. A persuasive move there will send the price down for testing the bottom of April 16 at $ 0.1750.

 

ETH/USD Movement Above $ 200 Can be Explosive

The price of Ethereum has also risen and, over the past 48 hours, has maintained gains over $ 190. Early on Wednesday morning, ETH/USD was able to break above the important $ 200 resistance.

Ethereum’s uptrend is supported by RSI, which is pointing up and now is at 68.74. Despite the recovery since mid-March lows, the indicator failed to reach the overbought condition (break above the 70 level). Therefore, ETH/USD still has room for growth before the reversal occurs.

If Ethereum manages to remain convincing and close daily above $ 200, upraise to $ 300 could be an option. Especially with the volatility accompanying the Bitcoin halving in May. In addition, MACD also shows a steady upward momentum.

In the event of a change in the short-term bullish trend, ETH/USD will seek asylum at $ 172.50 (the 200-day SMA) and $ 153.53 (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 is struggling to break above $ 0.20 amid improved market sentiment

 

Will the Bitcoin Bulls Continue the Rally?

Over the last 7 days, Bitcoin has grown in value, rising 15.37%. Bitcoin traded volume in the last twenty-four hours is $ 43.06 billion, or 27.4% of the total cryptocurrency volume.

Technically, on a weekly chart Bitcoin is still in the downward price channel since June 2019. But since mid-March, we’ve seen higher lows and highs. The 200-day SMA is very close to the $ 8,100 area, but the main resistance previously is 7 871.60.

On the downside, if the bulls manage to protect $ 7,000 psychological support, the northward movement should continue.

 

Things Looking Up for Ripple?

With steady bullish momentum, the third-largest digital asset with a market capitalization of about $ 9 billion has risen in price in line with other Altcoins. With an increase of 14.5 percent over the last 7 days, XRP looks decent. As the price went up, the volume also increased, which is a very bullish sign.

Undoubtedly, the news also helped lift the sentiments. This weekend WhiteBIT has announced that XRP will join its exchange. And the RippleNet network is picking up speed even in times of a pandemic. The partners are now more than 300 companies, including Money Gram, American Express and Santander bank.

 

Steady Bullish Momentum of XRP/USD over $ 0.2000

On Tuesday, the price of Ripple climbed above the key resistance of $ 0.20 for the first time since the collapse of March 12. But earlier this morning the cryptocurrency receded and at the time of writing it is trading around $ 0.1995.

To continue their upside momentum, the bulls will need to break yesterday’s high of $ 0.2050 and the 50-day SMA. If that happens, the next resistance at $ 0.2119 is likely to come into play. And overcoming it may open the door to 0.2356, where the 200-day SMA is located.

However, on a daily chart, XRP/USD has already gone above the upper line of the Bollinger Bands indicator, indicating that the asset is currently overvalued. This means that a short-term bearish correction may be around the corner. If we look at the oscillators too, the RSI has moved to the positive zone but seems a bit oversold. This may mean that the price could pullback in the short term in order to increase later.

If Ripple fails to continue the rally above the $ 0.2000 resistance, the XRP/USD may correct lower. In this scenario, the first support is at $ 0.1920, followed by $ 0.1820 and 0.1760 levels. There are located 50 and 200 SMAs on the 4-hour 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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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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