- Ripple joins other major cryptocurrencies in a support breaking maneuver.
- The saving grace for XRP/USD is at $0.4 but a forming bear flag pattern threatens the same level.
Ripple like most of the major cryptocurrency in the market has suffered under that harsh hand of the bears. The rest of the crypto market has experienced the worst volatility levels in October 2018. The first week of the month saw Ripple trim gains below $0.6 while the support at $0.5 did not hold water earlier this week. Ripple (XRP) has been seeking refuge above $0.47 before the falloffs that hit the market on Thursday 11.
At the time of writing XRP/USD is down more than 12% after smashing past the support areas at $0.47, $0.45 and $0.42. The buyers managed to save the lifesaving support at $0.40. There is a bear flag pattern that is in formation in the 15-minutes timeframe chart. A break from this pattern could result in more declines breaking the support at $0.40.
However, the buyers seem to be aware of the risk and are strongly holding ground above the short-term support. Similarly, the RSI has retreated from the oversold levels. In addition, the MACD momentum indicator is making its way towards the mean line (0.0).
If the price can defy the bearish flag pattern and increase gains above $0.41, Ripple will face resistance at $0.42 as well as from the moving averages; with the 50 SMA hindering growth at $0.4214 and the 100SMA currently at $0.444. All the broken support areas will now work as resistance zones as Ripple battles to reclaim its glory above $0.5 and eventually $0.6.
XRP/USD 15-minutes chart
Ripple [XRP] Sentiment Analysis | When Bottom Or When Moon?
The price of XRP has maintained a level of $0.3 for a while even amid the bearish crypto market. In the last 24 hours, the market has seen a drop of 1.16% to $0.287. While the tendency for more fall still ranges in the crypto market as the top Cryptocurrencies are struggling to maintain recent gains with a renewed daily fall in price over the past 24 hours, 2019 seems to hold the great bullish move for the value of ripple.
Ripple’s Tendency For Massive Bullish Move in 2019
Every crypto enthusiast is however filled with optimism on the certainty of Cryptocurrency taking a reverse for a bullish move in 2019, after the hectic 2018 in which many hopes have been dashed.
As the year 2019 is getting closer expectations are equally on the rise on the prospects of ripple in the coming year. This has further been heightened with the recent publication of a twitter screenshot tweet, stating that world bank plans a partnership with the second rated Cryptocurrency in the world by market cap, XRP to launch blockchain based cross-border remittance in Asia in the first quarter of 2019.
While the information cannot be claimed to be outrightly true or fake, the prospect of the fulfillment of this could skyrocket the price of XRP in 2019 if it turns a reality.
Joining the prospect of an excellent boost for ripple in 2019 is it recently confirmed partnership with travel agency Travala. The agency has integrated ripple as a payment option into its platform, making bookings now possible with the Cryptocurrency. This integration could be pivotal in affecting the price of Ripple’s XRP in 2019.
Optimism Surrounding Ripple’s Rise
Ripple has distinguished itself in 2018 even amid the bearish market. The Cryptocurrency has been famed for wide partnership with many banks in the world, the launch of the new product as well as news of the interest of the white house in the Cryptocurrency.
White House had been interested in the Cryptocurrency as a diplomatic stance against the dominance of China in Bitcoin mining, while ripple is unminable. This has given the digital currency high preference and prospect among others.
ZyCrypto Earlier Reported that the CEO of Ripple’s Competitor Swift is stepping down after seven years with the fintech firm, comments from the community cites a possible Ripple pressure is hitting hard on SWIFT.
Meanwhile, all these factors have given the digital currency a high tendency for the bullish move and possibly to surpass Bitcoin as its fans are projecting. However, the expected bullish trend in 2019 is subjected to the market structure, more use cases, and institutional adoption.
Crypto Arbitrage Today: XLM, LTC, Dash, TRX, EOS, XMR
As the overall cryptocurrency bear market continues to rage on in full effect, the moneymaking opportunities involving Bitcoin and altcoins are slowly drying up. There is still money to be made by playing the spreads, but arbitrage opportunities may slowly become a better option at this rate. The following six options are worth keeping in mind throughout today.
Dash (Bittrex / Kraken / HitBTC)
Another day of price gaps between exchanges and another day selling altcoins on HitBTC will yield the best results. In the case of Dash, there are options to buy the altcoin cheap on either Bittrex or Kraken and selling it on HitBTC for profits of 1% up to 2.39%. These gaps are more than respectable under the current circumstances, especially because all markets are hemorrhaging value right now. That also means the price differences between trading platforms will grow larger over time.
Stellar Lumens (KuCoin / Binance / Sistemkoin)
A fair few different price gaps have opened up where XLM is concerned. Buying on Kraken or Binance and selling on HitBTC can yield a profit of 1.5%. Buying on KuCoin, Kraken, or Binance and selling on Bitexen will yield profits of up to 2%. Buying on Binance and selling on Sistemkoin offers gains of up to 0.9%. All options are well worth looking into for those who want to score some small profits during this next leg of bearish pressure.
Monero (Bittrex / Kraken / HitBTC)
As has been the case more often than not, arbitrage opportunities for both Monero and Dash – and often ZCash – are all identical. They revolve around buying on the same exchanges, selling on the same trading platform, and yielding nearly identical profits. Flipping XMR between Bittrex / Kraken and HitBTC can yield a 2.5% profit when timed correctly. A more than respectable option, given the current circumstances.
Tron (Binance / KuCoin / HitBTC)
Buying any currency that is listed on HitBTC from any platform that isn’t HitBTC will often yield some profits these days, it seems. In the case of Tron, buying TRX rather cheap on either Binance or KuCoin and selling it on HitBTC will yield profits of roughly 1.3%. It is a somewhat small spread first and foremost, but these small profits can all add up to pretty decent gains throughout the day.
EOS (Binance / KuCoin / HitBTC)
It shouldn’t come as much of a surprise to learn the arbitrage opportunity involving EOS is identical to Tron’s. These two coins often follow very similar patterns when it comes to exploiting price gaps, for some unknown reason. In today’s edition, the EOS price on Binance and KuCoin is 1.7% lower compared to HitBTC, which makes for a very easy and straightforward direct arbitrage opportunity.
Litecoin (Bitstamp / Binance / HitBTC)
For those who want to sell Litecoin on HitBTC for a profit, buying on Bitstamp, Binance, Kraken, or KuCoin are all viable options to score profits ranging from 1.2% to 2.5%. When buying on Bitstamp, there is also an option to sell on Cex, Bitfinex, or VeBitcoin for a gain of 1.8% on average. All of these options are rather profitable, although it may take some organizing to explore the best options at any given time.
Crypto Price Watch: Waves (WAVES) and Maker (MKR) Continue to Showcase Strong Market Support
At press time, around 85% of the world’s top-30 altcoins lay in the red zone, with premier assets such as Bitcoin Cash (BCH), Stellar (XLM), Bitcoin SV showcasing losses of around 10%, 5% and 6% respectively (over the course of the past 24 hours). However, in the midst of all this chaos, crypto coins such as Maker (MKR), Waves and Ethereum Classic (ETC) have continued to rally strong, with the aforementioned currencies gaining 10%, 3%, and 1.5% respectively.
What’s Causing MKR to Surge?
One of the primary factors that could be behind Maker’s amazing run is the fact that investment fund ‘a16z crypto’ recently bought a whopping 6% of the total MKR token supply for a sum of USD $15 million. As a result of this deal, a16z crypto now owns a tangible stake in the functional decentralized stablecoin (which bytheway makes use of formally verified smart contracts).
At this point, it is also worth mentioning that ‘a16z crypto’ is owned and operated by VC firm ‘Andreessen Horowitz’. The aforementioned deal was facilitated by former federal prosecutor Katie Haun (who is now a partner at a16z).
Additionally, over the course of the past few weeks, there have been other developments that too have spurred the overall adoption of MKR all across the globe. For starters, the dev team at Opera (the web browsing application) announced yesterday that they had created an all-new lightweight crypto wallet solution that allows users to ‘store and transact’ altcoins such as Dai and MKR using a pre-built extension module on the browser
Amazing to see @Opera for Android browser offer a built-in crypto wallet, allowing you to store and transact with #Dai & #MKR! No additional extensions needed, super cool. 😎 https://t.co/kZFvNOXPbo #Web3
— Maker (@MakerDAO) December 13, 2018
Lastly, MKR is also now live on the Wanchain main net. In regards to the matter, the Maker team released the following tweet:
“The Dai token will utilize Wanchain’s cross-chain functionality allowing for Bitcoin to be exchanged for Dai in a fully decentralized manner”
Can Waves Sustain its Amazing Run?
As many of our readers may already know, over the course of the past month or so, the price of Waves has increased quite significantly (with the currency even breaking into the top-30 a couple of weeks back). However, such pump and dumps are quite ordinary within this volatile market and thus it remains to be seen if Waves can continue its amazing performance in the coming few days and weeks.
We are excited to announce a long-awaited update of the #Waves Mobile app! Deposit, store and withdraw your #crypto securely, trade your assets on DEX, lease your $WAVES — everything is now available right on your smartphone! Read more about it here: https://t.co/5Qp7YKTa8r pic.twitter.com/y5hsCXj2GV
— Waves Platform (@wavesplatform) December 3, 2018
One of the most intriguing aspects of the Waves project is the that by next year, the dev team wants to deploy ‘atomic swaps’ into their native operational module. As a result of using this technology, the Waves ecosystem will not only be able to make asset trading much more streamlined but also make digital altcoin transfers cheaper and more secure.
Some of the other key developments in relation to Waves that are worth noting include:
- Decentralized 2-FA: Once implemented, this technology will help usher in a new era of decentralized security since it allows for the creation of a new layer of internet privacy.
- Smart assets: In regards to this technology, the Waves team claims that once this feature is live in its final iteration, it will allow devs to create complex smart assets on the Waves blockchain (thus allowing traders to indulge in even more unique financial exchanges).
— Waves Platform (@wavesplatform) December 13, 2018