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Ripple Price Analysis: XRP/USD Under Bearish Pressure

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Key Highlights

  • Ripple price came under a lot of pressure and declined below the $0.5800 support area against the US dollar.
  • There is a new connecting bearish trend line forming with resistance near $0.5800 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair remains at a risk of more declined below the $0.5500 level in the near term.

Ripple price is under heavy selling pressure against the US Dollar and Bitcoin. XRP/USD may perhaps settle below $0.5500 to accelerate declines.

Ripple Price Resistance

There was a tiny recovery initiated yesterday above the $0.5800 level in Ripple price against the US Dollar. The price traded above the $0.5800 level, but it faced a solid selling interest near the $0.6000 level. The stated $0.6000 level was a support earlier and now it is acting as a resistance. Moreover, the 50% fib retracement level of the last decline from the $0.6400 high to $0.5600 low acted as a hurdle.

A new downside wave was initiated and the price declined below the $0.5600 low. More importantly, there was a break below a major support area near $0.5500. A low was formed near $0.5449 before the price started consolidating losses. On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $0.5991 high to $0.5449 low. Moreover, there is a new connecting bearish trend line forming with resistance near $0.5800 on the hourly chart of the XRP/USD pair. The pair may correct a few points in the near term, but the $0.5800 and $0.5900 level could act as a hurdle for buyers.

Ripple Price Analysis XRP USD

Looking at the chart, the price is struggling a lot below $0.6000. Any upside correction from the current levels could face heavy offers near the $0.5900 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed heavily in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 25 level.

Major Support Level – $0.5400

Major Resistance Level – $0.5900

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Galaxy Digital’s Novogratz: Bitcoin Is “Going To Be Digital Gold”, Talks Sovereignty And Periodic Table Elements

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Galaxy Digital Founder Believes That Bitcoin Is “Going To Be Digital Gold”

Mike Novogratz is known for his former work on Wall Street with Goldman Sachs, but he has since made a name for himself in the cryptocurrency industry with the crypto merchant bank Galaxy Digital. Recently, he sat down with Bloomberg TV for an interview, during which time he spoke on the spread of crypto assets and how Bitcoin remains the top coin.

The interviewer started off with commenting that “it was carnage” in cryptocurrency, asking if the industry is in the “birthplace of recovery in crypto.” That opened the door to talk about exactly how government decisions and the lack of institutional investors have truly been the hold-up.

As the attention turned to the crypto winter, Novogratz commented that this whole year has been an example of “just how painful popped bubbles can be.” Considering how the retail sector has settled down and the inflation of crypto values has balanced out, the industry is likely to go from “a people’s revolution to an institution-led one.”

Discussing the way that crypto assets have evolved, Novogratz acknowledged that there are many altcoins that have tried to go head-to-head with Bitcoin as a store of value. He added,

“There are 118 elements on the periodic table, and only one gold […] Bitcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.”

Even though there was not a discussion on why Bitcoin has been able to take the center stage, Novogratz said that all cryptocurrencies do not need the use of blockchain to thrive. From a security standpoint, cryptocurrencies without the same value and traditional roles could help to offer gains.

Bitcoin, for now, is holding steady between $3,400 to $3,600, though Novogratz believes that this is presently the bottom, leaving plenty of room to increase. He said that the most realistic and achievable medium-term price point is $8,000, adding, “We’re not going to bubble back up.”

The structure necessary to welcome and entice institutional investors into the space is finally coming to fruition, Novogratz adds. Even though the government shutdown slowed it down, the solutions being offered from major companies like the New York Stock Exchange and Fidelity show that the increase of institutional investors “is just getting started,” he said.

Even though traditional institutions are starting to get involved with the crypto industry, existing exchanges and services are bringing custody solutions to the table as well. Big Four auditor KPMG also seems to agree with the stance of Novogratz, saying that institutionalization is “a necessary next step for crypto to create trust and scale.”

Source.bitcoinexchangeguide

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Bitcoin

CARDANO (ADA) Daily Price Forecast –February 13

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ADA/USD Medium-term Trend: Ranging

Supply zones: $0.0600, $0.06600, $0.06800
Demand zones: $0.02000, $0.01500, $0.01000

ADA is in consolidation in its medium-term outlook. The new week saw the bullish pressure stronger as the coin enters the range. $0.04399 in the supply area was high while $0.04037 in the demand area was the low thus far.

The inverted hammer within the range implies the bears return within the range shortly after today opening. Price is below 10-EMA and the stochastic oscillator signal points down at 35% an indication of downward momentum within the range.

ADAUSD is consolidation and trading between $0.04405 in the upper supply area and at $0.04091 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good candle pattern as confirmation for entries. Hence patience is needed to allow this occurred before taking any back position.

ADA/USD Short-term Trend: Ranging

The cryptocurrency is in a range-bound market. The bullish candle formed after the bearish spinning top was an indication of the bulls’ presence during yesterday session.

Confirmation to the bulls takeover occurred at the break of the two EMAs with a large engulfing candle at $0.04167. ADAUSD rose initially to $0.04279 and later to$0.04341 in the supply area before exhaustion.

The bearish spinning top at $0.04303 followed by a bearish candle signaled the bears gradual returned. The cryptocurrency dropped to $0.04301in the demand area due to increased bears pressure as it enters a range-bound market.

ADAUSD is ranging and trading between $0.04368 in the upper supply area and at $0.04077 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence traders should be patience.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Source.bitcoinexchangeguide

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Litecoin [LTC]’s Charlie Lee: MimbleWimble is a good way to get privacy and scaling

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Recently, a cryptocurrency known as Grin was launched in the cryptocurrency space. The coin grew to be one of the most controversial cryptocurrencies in the space within hours of its launch. The credit directly goes to the protocol the coin is based on, MimbleWimble.

The protocol was initially introduced to solve the scaling and privacy problems in Bitcoin, by an anonymous developer Tom Elvis Jedusor. Interestingly, both the pen name and the name of the technology are an inspiration from Harry Potter. The developer ensured that privacy would be the core of this technology.

More so, the protocol makes sure that apart from the information that is absolutely required to confirm a transaction, no other information is revealed, including the addresses involved in the transaction and the amount of cryptocurrency involved in the transaction.

During the sixteenth episode of Magical Crypto Friends, Charlie Lee, the creator of Litecoin, Riccardo Spagni, the lead developer of Monero, Samson Mow, the CSO of Blockstream, and Whale Panda, discussed the new privacy-oriented coin. Here, Lee opined about the technology that made the coin one of the most controversial ones in the space. He said:

“I think MimbleWimble technology is actually pretty cool. So when I first learned about it, seems like a good way to get both privacy and scaling and privacy that doesn’t make scaling hard or much worse which is very cool. So I’m yeah happy to see where where this technology goes”

This was followed by Riccardo Spagni aka FluffyPony speaking about Grin’s mining, which drew the attention of even the VCs. Spagni said:

“If you look at at Grin’s economic design it’s clearly designed to be currency. It’s designed to have this crushing inflation so that you’re forced to spend it so hodling is not really part of the economic design. So, they’re throwing money at it because they know that there’s be hype and that, you know, the moms and the pops would eventually go in to buy it.

Source.crypto-news.in

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