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Analysis

Ripple (XRP) not scalable/private enough for banks, says Ripple’s David Schwartz: Ripple price resumes uptrend

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  • Ripple has the potential to break above $0.56 which will see it test the resistance at $0.58 before it attacks $0.60.
  • “I will concede, we haven’t gotten there yet,” Schwartz said.

According to Reuters, it was surprising yet fascinating when Ripple’s Chief cryptographer, David Schwartz said that the technology behind Ripple is not set for use in the banking sector. The comment from the cryptographer is quite surprising considering that Ripple’s xCurrent and xRapid products were created for that sole purpose; to revolutionize remittances in the banking sector including cross-border payments using blockchain. Moreover, it is supposed to cut down on transaction costs and bring down the time used when transferring money internationally. Moreover, Ripple has struck partnerships with many corporations and financial institutions over the years who use the same technology. As Reuters puts it, David Schwartz said in a comment:

“What we hear from many of our customers is that it’s imperative to keep their transactions private, process thousands every second, and accommodate every type of currency and asset imaginable,” Schwartz said. “I will concede, we haven’t gotten there yet.”

In the meantime, Ripple price is trading at the narrow end of the rising wedge pattern pending an upside breakout. XRP/USD is up 4% on the day although it is facing immediate resistance at $0.56 slightly below the 38.2% Fib retracement level with the last swing high of $0.59 and a low of $0.504.

In the recent declines, Ripple dropped below the support at $0.53 – $0.52 before bulls entered marginally above $0.50. A brief bullish flag pattern was formed close to $0.53 before another breakout that broke past the 50% Fib retracement level with the previous swing of $0.59 and a low of $0.504. The stochastic is at 35% but its signals indicate that bullish corrections will continue in the near-term. Ripple has the potential to break above $0.56 which will see it test the resistance at $0.58 before it attacks $0.60.

XRP/USD 15’ chart

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Analysis

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, August 15

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Panic has set in the cryptocurrency markets as investors dump their holdings at every opportune moment, fearing even larger losses. Usually, such selling sprees end with a bottom formation. The current sentiment in the crypto space is exactly the opposite to what it was in December 2017.

At the peak of the prices, the belief was that the digital currencies will not fall and even if they do, they will bounce back sharply. Thus, the only logical thing to do was to buy them at the prevailing price or miss the boat. Experts from the crypto industry also fuelled the expectations with their outlandish targets.

Fast forward to today. Most newbie traders who dreamt of big riches in crypto are instead left with huge losses. A return to the all-time highs is a goal that has almost been forgotten.

Many don’t even believe that cryptos can stage a decent pullback. At this point, crypto naysayers are entering to add more fear by forecasting a deeper fall, or worse, a complete collapse in digital currencies.

We did not agree with the prevailing sentiment of traders in December of last year, but were proven correct. Now we believe that the time has come again to move in the opposite direction from that of most traders.

Can we be proven wrong? That is definitely a possibility. Therefore, whenever we advise a long position, we also suggest a stop loss to help protect the capital. We don’t sit and dwell on it whenever our analysis is proven wrong. As traders, we watch the charts, form a new opinion and take the next trade when we find a reliable setup.

So, what do we see on the charts today?

BTC/USD

Bitcoin plunged below the $5,910.65 mark on August 14, but only by a small margin. It found support at $5,900.06. Repeated attempts by the bears to break the $5,900 level have failed. This shows that lower levels are attracting buyers, which is a bullish sign.

BTC/USD

Currently, the bulls are attempting a pullback that is likely to face resistance in the zone of $6527.77 — $6617.5. After this zone is crossed, the bears might try to defend the downtrend line and the moving averages but we believe that the risk to reward ratio favors entering long positions again.

Why do we keep looking to buy when everyone else is bearish?

The bears have tried four times to break the $6,000 line since February of this year, but have so far failed. The price keeps bouncing off this support. This shows that the buyers are accumulating around the $6,000 mark.

Once the bulls break out of the downtrend line of the descending triangle and the 50-day SMA, it is likely to attract short covering by the bears, which can propel the prices to $8,500 and higher.

Therefore, we suggest entering long positions if the BTC/USD pair sustains above $6,650 for four hours. The stop loss can be kept just below $5,900. Please use 50 percent of the usual allocation size for this trade. We shall add the remaining positions once the pair scales above the 50-day SMA.

The risk to reward ratio is attractive, hence we suggest buying the bounce off the $6,000 level. If our assumption is wrong, the stops will be hit and the positions will be closed with a business loss.

ETH/USD

After outperforming the market for the past few months, Ethereum has been hit hard by the bears in the past several days. The selling intensified after the chart broke below the critical support of $400 on August 7.

ETH/USD

On August 14, the ETH/USD pair plummeted below the key support of $280 and fell to an intraday low of $249.93.

Currently, the bulls are staging a smart recovery, which is likely to face stiff resistance at the 20-day EMA and at $358. On the downside, if the bears break the $249.93 line, the cryptocurrency can drop to the next support at $200. Although the RSI is oversold, we shall wait for the selling to end before attempting a buy.

XRP/USD

Ripple has been a huge underperformer among the larger cryptocurrencies as it has lost more than 90 percent of its value from its intraday high of $3.317, reached on January 4 of this year.

XRP/USD

We had been projecting a target of $0.24001 on the XRP/USD pair for the past few days and on August 14 it reached an intraday low of $0.24508.

The RSI is oversold, which points to a probable pullback. The first resistance on the upside will be the 20-day EMA.

We suggest traders wait for the prices to stabilize and turn upwards before attempting a buy.

BCH/USD

Bitcoin Cash could not escape the selling pressure on August 13 and it broke below the support of $537.8221 for the first time since November 8 of last year. On August 14, the intraday fall extended to $473.9060.

BCH/USD

The pullback from the lows is currently facing resistance at $537.8221. The previous strong support will now act as a resistance. If the BCH/USD pair breaks below $473.9060, it can decline to the next support at $400.

On the other hand, if the bulls quickly push the prices above $538, it will be an indication that the markets have rejected the lower levels and a pullback to the 20-day EMA is probable. We shall wait for a new buy setup to form before suggesting any long positions.

EOS/USD

EOS found support close to the critical line at $3.8723 on August 13, when it dropped to an intraday low of $4.1778. The next support below $3.8723 is $3.

EOS/USD

The EOS/USD pair has been in such a firm bear grip that the bulls have not been able to break out of the 50-day SMA since June 10. Therefore, if the price sustains above the 50-day SMA for three days, it will indicate a change in trend.

The RSI is deeply oversold, which increases the probability of a pullback. The 20-day EMA will offer a stiff resistance on any bounce from the current levels.

We shall wait for a new buy setup to form before suggesting a long position.

XLM/USD

Even in this carnage, Stellar has held the critical support at $0.184. This is a positive sign, which shows a demand at these levels.

XLM/USD

The XLM/USD pair has been trading inside the range of $0.184 — $0.25 since August 5. A break out of this range is likely to propel the prices towards the downtrend line at $0.32.

Therefore, we recommend a long position on the pair if the bulls sustain above $0.25 for four hours. The stop loss for the trade can be kept around the $0.18 mark.

As the sentiment is bearish, we suggest initiating the position with only about 50 percent of the usual allocation. Our bullish view will be invalidated if the bears break below $0.18.

LTC/USD

We anticipated the bulls to defend the support zone of $48 — $52 and that is what had happened. On August 14, Litecoin declined to an intraday low of $49.466, where buying emerged.

LTC/USD

The LTC/USD pair has been in the oversold zone since August 7, but the bulls have not been able to force a meaningful pullback. This shows sustained selling by the bears.

Currently, the bulls are attempting a pullback, which will face resistance at the 20-day EMA. We shall wait for the buyers to return and a bottom to form before proposing a trade on the pair.

ADA/USD

Cardano broke below the support of $0.111843 on August 13 and plunged to an intraday low of $0.083192, which is just above our anticipated support level of $0.078215.

ADA/USD

The failure of the bulls to defend the $0.13 and $0.111843 lines shows that the sellers have an upper hand. The negative momentum will show signs of waning if the bulls sustain above the downtrend line 2.

The ADA/USD pair will indicate a change in trend if it sustains above $0.13. We might suggest a long position when it’s above $0.15.

XMR/USD

The incessant selling dragged Monero to an intraday low of $76.074 on August 14, which is just below our predicted support zone of $78 — $82. If the bears sustain below $76, the next support is way lower at $60.

XMR/USD

Currently, the bulls are attempting a pullback, which is likely to face resistance close to the $100 level. The 20-day EMA is also located just above this level at $106.69.

The XMR/USD pair is in a clear downtrend. We shall wait for that to change before recommending any long positions on it.

IOTA/USD

We expected the bulls to defend the psychological level of $0.5, but the selling dragged IOTA to an intraday low of $0.4037, close to our lower target of $0.38. If the $0.38 level breaks, the fall can extend to $0.3350.

IOTA/USD

The IOTA/USD pair is in a downtrend but the RSI has entered deep into the oversold territory. Both moving averages are sloping down and the 20-day EMA will act as a stiff resistance on any pullback.

We don’t suggest buying on the first pullback from the lows. It’s better to wait for the pair to confirm a bottom before risking a buy.

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Analysis

Ethereum (ETH/USD) weekly forecast on August 13 — 19, 2018

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Cryptocurrency Ethereum (ETH/USD) is trading at 320.21. Quotes of the cryptocurrency are traded below the moving average with a period of 55, indicating a bearish trend for Ethereum. At the moment, the quotes of the cryptocurrency are moving near the lower border of the bands of the Bollinger Bands indicator. A test of the level of 400.00 is expected, from which one should expect an attempt to continue the fall and further develop a downward trend with a target close to 200.00.

Ethereum (ETH/USD) weekly forecast on August 13 — 19, 2018

Ethereum (ETH/USD) weekly forecast on August 13 — 19, 2018

The conservative sales area for Ethereum is near the upper boundary of the Bollinger Bands indicator bars at 510.00. The abolition of the continuation of the fall of the ETH/USD pair will be the breakdown of the upper boundary of the Bollinger Bands indicator bands, as well as the moving average with a period of 55 and the closing of the pair quotes above the 600.00 area, which indicates a change in the trend in favor of the bullish for Ethereum. In the event of a breakdown of the lower boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate the fall.

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Analysis

Bitcoin Cash (BCHUSD) weekly forecast on August 13 — 19, 2018

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 571.19. Quotes of the cryptocurrency are traded below the level of the moving average with a period of 55, indicating a bearish trend for Bitcoin Cash. At the moment, the quotes of the cryptocurrency are moving near the lower border of the bands of the Bollinger Bands indicator. A test of the level of 700.00 is expected, from which one should expect an attempt to continue the fall and further development of a downward trend with a target near the level of 300.00.

Bitcoin Cash (BCHUSD) weekly forecast on August 13 — 19, 2018

Bitcoin Cash (BCHUSD) weekly forecast on August 13 — 19, 2018

The conservative area for Bitcoin Cash sales is located at the upper border of the Bollinger Bands indicator bars at 920.00. The abolition of the continuation of the Bitcoin Cash fall will be the breakdown of the upper range of the Bollinger Bands indicator bands, as well as the moving average with a period of 55 and the closing of the pair quotations above the area of ​​1000.00, indicating a change in the bullish trend for BCH/USD. In the event of a breakdown of the lower boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate the fall.

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