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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 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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XRP/USD is traded in a narrow range and bears seem to take control

XRP/USD traded around $ 0.3130 at the time of writing, down slightly from the beginning of the day. The third largest crypto coin, with a current market value of $ 13 billion, has recently been caught in a range with bearish bias, moving fully in sync with the market. On Tuesday, most of the top-20 crypto-currencies were colored in red.

Ethereum Classic was the remarkable exception as the coin rose by nearly 5% in the last 24 hours. Monero and Cardano also showed a positive momentum of 2.06% and 3.62% growth. For Bitcoin $ 4,000 remains the line in the sand. A major change in moods in the broader market will be necessary for Bitcoin to breakout from current levels.

XRP is now integrated with an e-commerce platform Woocommerce

Meanwhile, Ripple has made progress on its way to mass adoption through integration with the e-commerce platform Woocommerce. Integration with Woocommerce can become a milestone of XRP development, as millions of users will be able to use the crypto currency for their internal purchases without any problems.

On Tuesday, Bloomberg cites a report called The Tie, which claims that the world’s major crypto exchanges can report incorrect trading volumes. The report concludes that 75% of exchanges report trading volumes that are more than 2 times larger than what would be reasonable to expect from Internet traffic demand on the websites of the 100 top crypto exchanges.

Bloomberg said traders and regulators have been concerned about the crypto exchanges that manipulate trading volumes to make digital coins to have greater demand.

Despite the news that questions the credibility and reliability of crypto currencies, Switzerland’s biggest online retailer, Digitec GalaxusAG, has decided to accept digital coins. His Swiss customers can now make crypto payments that support Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin and so on.

Technical Analysis of XRP/USD:

Despite the recovery at the beginning of Tuesday, Ripple’s XRP fell from the first major resistance level at $ 0.3260. More importantly, Ripple’s XRP failed to break through $ 0.3248 (the high of 13th March) for the seventh straight day.

For this week, however, the recovery of the digital currency is currently effectively limited to $ 0.3220. A clear breakout above this resistance may indicate a change in the intraday signals to upside. In this case, the first target of the bulls will be 0.3266, followed by the 0.3300 psychological level. But while the XRP/USD fails to break through 0.3475 (high of February), trading in the range between $ 0.28 – $ 0.34 by the end of January should continue.

Failure to break above $ 0.3220 can take Ripple’s XRP down later in the day (in view of the bearish sentiment of the entire crypto market). The first support zone is seen at $ 0.3063 (bottom of Thursday). A clear break below this level may trigger a further downside momentum for testing of $ 0.30.

In addition to this scenario, the Relative Strength Index (RSI) of the 1-hour chart has taken a dip towards to the neutral zone of the overbought zone.

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 back to $ 0.32

The crypto market has finally descended in downside price action after three consecutive weeks of bullish movement, just before Ethereum’s hard fork. Bitcoin fell by 0.63% on Tuesday. Partially reversing a 2.36% gain on Monday, Bitcoin finished yesterday at $ 3,810.4.

Among the top 10 biggest crypto currencies, the trade on Tuesday was a sea of ​​red. After the bear trap on Sunday, we are now witnessing a choppy start of the week.

One of the few leading cryptos in the beginning of the week is Ripple’s XRP, which grew by 6.52% by the end of Tuesday. Profits slightly deviated from the 10% rally on Monday due to listing on the stock exchange.

Ripple: The Bull and Bear War continues after rejection at $ 0.35

After more than a year of waiting, Ripple fans finally got their prayers answered. Namely, Coinbase Pro announced new support for XRP. It is expected that the XRP trading on the platform will continue to run completely after the initial 12-hour period to ensure that there is adequate liquidity for all orders.

It was also announced that the buying and selling of XRP tokens on the platform will be available only to Australian, British, European and Singaporean traders. While the lawsuit for Ripple in the United States remains in Court.

Technical Analysis of Ripple’s XRP

At the time of my writing, Ripple’s XRP fell by 0.79% and traded in the area of ​​$ 0.31395. The daily XRP/USD chart shows that the asset struggled to break the key resistance of $ 0.3440 – 0.3500. This particular area has been a strong resistance to XRP over the past 2 months. A clear breakthrough and daily closing of candles over $ 0.35 will likely lead XRP to test levels of $ 0.37 and $ 0.40 in the short term.

You have to be careful because a false break above that resistance can send the price very quickly down.

If bears are able to protect this key zone for the remainder of this week and keep XRP under $ 0.34, then we can see that buyers’ confidence deviates from this asset. A price action will go down again to $ 0.30 or even lower.

The downside trend is likely to continue as the Relative strength index (RSI) of the same chart is at 50.08 and continues to move south. The Stochastic oscillator shows the same trend at 47.66 to indicate most likely that bears gain momentum.

Conclusion

For the coming week, we will probably see that the bears are trying to take control of the price action. But if we do not have any significant headlines or events, Ripple is likely to keep moving within the trading range between $ 0.28 – 0.35.

 

 

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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