Things are not looking all that great for the top cryptocurrencies right now. With Bitcoin losing a fair bit of value yet again, it is only normal all other cryptocurrencies follow suit. For XRP, the current momentum is very different compared to what users have seen over the past few weeks. Right now, a dip to $0.45 or even lower is very likely.
XRP Price Continues to Struggle
It is evident things are looking rather worrisome in the world of cryptocurrencies, tokens, and assets. This is not entirely surprising, as bearish pressure has loomed overhead for quite some time now. A further dip is not something the markets need right now, yet it seems the bearish pressure remains inevitable throughout 2018. For XRP, that means all of the recent gains have been wiped out completely.
The most recent XRP uptrend saw the value of this asset soar to $0.62. Although it seemed that trend would remain in place for some time to come, the downtrend materialized fairly quickly after. A second push was cut short at the $0.6 level, and has been rejected as well. This does not bode well for XRP’s value throughout the final quarter of 2018, albeit nothing has been set in stone just yet.
It would appear there is one major contributing factor to this particular XRP price dip. Binance, the world’s leading cryptocurrency exchange, has performed maintenance on its XRP wallet. That means both deposits and withdrawals were not accessible, and the trading ground to a halt as well. The maintenance now seems to be over. Not a positive sign for this asset, as it will only fuel further speculation and lead to more negative price pressure.
What's going on? Could this be #xRapid integration? Could this be BG123 prediction?
Or could this just be maintenance and we will be up and running in a few hours?
— BlueNET Crypto (@BlueNETGaming) October 10, 2018
There is also a recent study by BitMex which seems to condemn XRP for its centralized and “terribly flawed” approach. Research like this should not be dismissed, albeit it shows there is still a lot of bias toward Ripple and their native ecosystem as well. One also has to keep in mind Ripple – and by extension, XRP – are not taking the traditional cryptocurrency approach whatsoever
— CryptoStorm (@CryptoStorm369) October 10, 2018
To counter that latest argument, XRP Research Center recently shared an updated infographic regarding the recent development. It shows things are looking very good for xRapid, as well as XRP. Although there is still a long way to go prior to bringing this technology and asset to market in a significant manner. Positive developments seemingly do not influence the price in a spectacular manner at this time.
Due to recent news and some initiatives, which inclusion was pending, I updated the #XRP ecosystem infographic image to include:
— XRP Research Center (@XrpCenter) August 19, 2018
Despite the current 3.2% decline in USD value and 2% loss over Bitcoin, things are not looking terrible for Ripple’s XRP. Its overall trading volume is a bit low, but that is primarily because of Binance’s maintenance, by the look of things. As Bitbank and Bithumb are currently the biggest markets for XRP trading, it will be interesting to see how things evolve moving forward.
Crypto Market Wrap: MATIC Moons On Binance Endorsement
The consolidation has continued on crypto markets for another day. There have been slight declines but nothing significant as the SEC ruling on the VanEck ETF gets predictably delayed again by the apathetic US regulator. Total crypto market capitalization is still hovering around $245 billion.
Bitcoin bounced off an intraday high of $8,060 a few hours ago during Asian trading. The minor correction took BTC back below $7,900 and it has been slowly dropping ever since. Currently trading at $7,920 Bitcoin is down about a percent on the day.
Ethereum looks a little healthier even though it has dropped back to $250. A golden cross between the 50 and the 200 day EMAs is a long term bullish indicator and further gains could be on the cards for ETH which has remained flat on the day.
The top ten is mostly in the red at the moment but losses are marginal as the markets continue to consolidate. Stellar has taken the biggest hit with a 2.6 percent loss back to $0.133 and XRP is a close second dumping 2 percent back below $0.40. The rest are little changed from this time yesterday.
There is a little more movement in the top twenty but very few altcoins are gaining at the time of writing. NEO is making a rare 5 percent gain today as it struggles to remain at 20th place. Monero is also on the up adding 2.5 percent to top $90. The rest are dropping a couple of percent with Tezos taking the largest lump of 6.5 percent off its price.
FOMO: Matic to the Moon
Today’s epic pump is going on with the Ethereum based blockchain scaling Matic Network which has surged 80 percent to power into the top one hundred. This is a prime example of the power Binance has as it has pumped the project via the LaunchPad program and subsequent token listing. Unsurprisingly 99 percent of the volume is currently being traded on Binance alone.
Matic Network has officially joined Binance Info's transparency initiative. By sharing project-related information such as news and progress reports on Binance Info, Matic is contributing to keeping the community informed.
— Matic (@maticnetwork) May 20, 2019
Holo is also on a rip with a 40 percent pump as HOT flies up the charts to 34th place. There are no major dumps going on at the moment as markets remain relatively stable. As always there are altcoins at the bottom of the performance pile though at today it is Augur, Tezos, and Aurora.
Total crypto market capitalization is currently at $246 billion, marginally lower than the same time yesterday. Daily volume is still huge at $77 billion so momentum could well continue upwards if the big boys can break resistance. Aside from the weekend correction which was quickly recovered, crypto markets have remained sideways for the past seven days.
Binance’s CZ asks people to embrace crypto; warns non-users against being left out in the future
Consensus 2019 and Blockchain Week NYC witnessed a flurry of developments in the crypto-sector. Many in the community speculated the rise in institutional adoption to be the cause of the massive surge in Bitcoin prices and the collective cryptocurrency market’s value. The long sought after market recovery propelled the digital coins to break several resistance points, despite cooling down shortly after.
The most recent development making headlines was the Gemini and Flexa partnership. In a bid to enable users to purchase from prominent retailers across the US, like Barnes & Noble, Baskin Robbins, Bed Bath & Beyond, Caribou Coffee, and Crate & Barrel, among others, the leading digital currency exchange collaborated with the payment solution provider channel.
While speaking at the 10th Asian Leadership Conference 2019 in South Korea, Binance CEO Changpeng Zhao aka CZ, commented,“If you don’t want to be left out in the future, you will have to embrace it.”
CZ added that cryptocurrencies “could not be ignored” and added that the ones who are doing so would end up making themselves “poorer”.According to the CEO of one of the world’s leading crypto-exchange platforms, Bitcoin [BTC] or cryptocurrencies, do not fall under the category of traditional assets. He said that digital coins are neither securities nor commodities, adding that they are not even “currencies”, but something very different and unique.
In his presentation, CZ also mentioned that if someone was trying to “nib Bitcoin in the bud”, then it would imply that they simply “don’t understand” it. He added,“If you want to ban Bitcoin, which many people have tried, then all you’re doing is just excluding yourself from the future of finance. “
Binance drops to ninth position on average daily transaction volume metric; OKEx climbs to second, claims report
Binance, touted to be the largest cryptocurrency exchange in the world, has dropped to the ninth position in terms of average daily transaction volumes, according to a new report. The exchange based in the “blockchain island” of Malta relinquished its hold on the top spot for the first time in 2019.
The recent Exchange Review report for April 2019, published by Crypto-Compare, sported a surprise leader when considering crypto-to-crypto exchanges on the basis of average daily volume. FCoin, with an average daily volume of $1.56 billion, beat Binance and OKEx.
FCoin, the Hong Kong-based exchange was absent from not only the top 5, but also the top 10 in the past month. However, a seemingly positive month surged it to the apex on the CryptoCompare report. OKEx took the second spot, while BitMart, ZB and Bitforex completed the top 5.
Binance fell to the ninth spot, with an average trade volume of under $580 million, down by whopping $200 million, when compared to its March numbers. Two exchanges, FCoin and OKEx, amassed over $1 billion in daily trade volume, whereas in March, only OKEx could manage a 10-digit average daily volume.
FCoin held over $35 billion in total monthly volume. The same metric for the exchange was under $10 billion a month prior, which is a massive 300 percent increase. OKEx also held just about $35 billion. However, the month on month increase was not substantial as the exchange held $31.21 billion in monthly volume in March. Binance’s total monthly volume placed it on the fourth spot, holding over $27 billion in volume for April.
The Maltese exchange, for the first time in 2019, made way for its counterparts from Hong Kong. FCoin, LBank, and HitBTC, the three HK exchanges in the top 10, defied the Maltese giants, with a total average daily volume of $2.71 billion.
When fiat-to-crypto exchanges were analyzed, the tale remained the same. Bithumb, recovering from its March hack, and Upbit held the top 2 spots, while Coinbase overtook Bitfinex for the third spot, following the latter’s NYAG-Tether fiasco. Bithumb accounted for over $430 million in daily volume, while Upbit only amassed $164 million.
Exchanges like Coinsbit, Kraken, Bitstamp, STEX, Yobit, and Bitbank completed the top 10. The country composition is fairly mixed, with South Korea and the USA the only countries with two representatives in the top 10.
However, these numbers should be taken with a pinch of salt, given rampant exchange volume fudging. Revealed by the likes of The Tie, Messari Crypto, Bitwise Asset Management and CoinGeek, several cryptocurrency exchanges fake their volume by “wash trading,” in order to increase their popularity in the cryptocurrency industry.