- Unscrupulous manipulation in the market that brings to Bitcoin the $6,060.
- It has been planned and very well executed action, although they have left traces of their intervention.
- Critical levels reached in many Crypto assets.
After weeks of debating focused on the continued drop in volatility and intraday range on the Crypto board, the sector woke up this morning with major falls among all the major players in the Crypto Segment.
The fall was not normal in its formation. It started at exactly 22:00 GMT when the EMA50 and SMA100 were drilled at once. It was followed by 45 minutes of contained declines until, just at 23:00 GMT, a huge bearish candle appeared that has taken prices to key technical support levels. I have no doubt that the move has been precisely coordinated and executed.
I cannot know at this moment the number of traders that have taken part, but I do know that those who have taken part had planned it and with clear price objectives. It has not been panic, nor a technical signal nor the answer to a news item. The market has been manipulated.
These situations greatly damage the public’s confidence in this market and this is why it is more necessary than ever to place all exchanges under the coverage of a regulatory entity with the capacity to investigate this type of action.
Manipulation is as old as the markets. There has always been and there will always be some, but without a regulator that watches and has a legislative and sanctioning capacity, the future of the Crypto market is in danger.
In summary, it is clear to me that there are many interests in the Crypto coins project failing and only the Blockchain technology remains, for the use and benefit of those who today hold the economic power.
The BTC/USD is currently trading at the price level of $6,204, just above the major support range of the BTC/USD since early August.
Below the current price, first support at the $5,868 price level (relative minimum and price congestion support). It should be noted on the daily chart that today’s movement has brought the price to the base of the bearish channel that governs the price from the February lows.
There is no close support below this price. If the BTC/USD continues its bearish movement and pierces this level, any level below it is susceptible to being reached, without limits.
Above the current price the first resistance at the price level of $6,570 (EMA50 and price congestion resistance), then as the second resistance level at $6,780 (SMA100 and price congestion resistance) and as a third objective upward resistance at $6,850 (price congestion resistance and relative maximum).
The MACD in the one-day range is barely immutable by the movement, mainly due to the lack of previous volatility that had flattened the indicator too much. Now, the indicator is heading to the negative side with a significant slope that, if not corrected soon, can give way to a strong downtrend.
The DMI in the one-day range shows us how bears shoot upwards but surprisingly bulls do not retreat with the same force. The ADX, which had been in decline since July and had reached the lows of the year gives signs of life and reacts to the rise with some violence.
Today is a day to point out because something important happened, although we still don’t know exactly what.
The ETH/USD is currently trading at the $199 price level, already below the psychological figure of $200. Today’s fall has brought the Ethereum price against the dollar back to the annual lows.
Below the current price, first support at the price level of $196(price congestion support), then second support at the annual low of $172 (support at the annual low, also for price congestion and, in addition, base channel down from the highs). The loss of this last level would lead the ETH/USD to go into free fall.
Above the current price, first resistance in the price level lost this morning at $223 (resistance due to price congestion), from where the ETH/USD could attack the second resistance level at $250 (EMA50). As a third bullish target level for the ETH/USD a distant $270 (price congestion resistance).
The MACD in the daily chart crosses the bearish channel just below the zero line. This configuration can develop both bearish (fast and aggressive) and bullish (slow and full of false signals) scenarios.
The DMI in the daily range shows the bears rising strongly while the bears retreat but not with the same intensity. The ADX reacts to the rise for the first time in weeks and seems to awaken from its lethargy. Volatility has returned to the market.
The XRP/USD is currently trading at the $0.40 price level, reaching the SMA200 level. For now, it remains above the most important moving average. Despite the sharp drop, the Ripple continues to be the best technical environment of the three analyzed.
Below the current price, it is important to maintain the support of the SMA200. In case of losing this reference level, next support at $0.368 (price congestion support). As a third level to watch, third level support at $0.345 (price congestion support). If the XRP/USD reaches this third level of support it would return to a complex price range and could look for new annual minima.
Above the current price, first target in price level resistance of $0.416 (price congestion resistance). Second resistance level at $0.429 (price congestion resistance). Third bullish target at $0.443, the confluence of the EMA50, a price congestion resistance and the base of the downstream channel from highs.
The MACD in the daily chart continues to develop the bearish structure from relative highs. It has been going around about half of what it should be going through. Further declines cannot be ruled out.
The DMI in the daily range shows the bears above the bulls for the first time since mid-September. The bears barely decrease their activity and maintain important purchasing levels. ADX continues to decline and does not accelerate following the falls.
XRP Price Stable Against Coinmotion Criticism
On Feb 15, the XRP is moving up slightly, trading at $0.3089.
Over a few weeks, the crypto has been forming a triangle, still without testing either the resistance or the support. The MACD is however moving up, which makes the resistance breakout at 0.3047 more likely; this may then push the price to 0.3230. The overall trend is descending, though, so once the resistance at 0.3047 gets broken out, the price may also be sent to the support at 0.2899 and then break it out, heading towards the midterm support at 0.2804, and the target at $0.2470.
Coinmotion, a crypto exchange based on Finland, added the XRP to its portfolio. At the same time, the exchange published an article called XRP Is a Centralized Digital Currency, saying that the altcoin is not really a crypto.
The article author, Pessi Peura, says the investing process shows that Ripple is more like a security than a crypto. Besides, the token is developed by a single company, which is risky: in case Ripple Labs loses its reputation in any way, the XRP will have big problems.
Finally, Peura says Ripple Labs is controlling its tokens, which is totally against the decentralized network principles. This is actually the most curious thing, as Ripple Labs says its token is autonomous, and no monopoly is possible.
Ripple has not commented on the article yet, but is likely to comment soon, as the company is usually quick at reacting at any criticism in the media. Most likely, Ripple Labs will say the usual thing regarding XRP having nothing to do with securities.
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Bank-based Cryptocurrencies Not Realistic: Ripple CEO
ipple Chief Executive Officer (CEO) Brad Garlinghouse recently said that bank-based cryptocurrencies are not realistic and he believes they are “deeply misguided” for the entire industry.
These remarks come in the wake of the news reports that announced that the international bank, JP Morgan was all set to announce its own coin, JPM token. As earlier reported by Crypto-News India, the trials for the cryptocurrency, named as “JPM Coin” will begin in a few months and is designed for instant settlement of payments between clients. With the launch of its new cryptocurrency, the bank is preparing for the future to settle the transactions at lightning speed similar to that of Bitcoin rather than relying on old technology like wire transfers.
At the time, Umar Farooq, J.P. Morgan’s Head of Blockchain projects had said, “So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction. The applications are frankly quite endless; anything, where you have a distributed ledger which involves corporations or institutions, can use this.”
This is not the first time Garlinghouse expressed doubts about bank-based cryptocurrencies. In 2016, he had reportedly said, “A bank-issued digital asset can only really efficiently settle between the banks who issued it. Then, two scenarios can play out.”
Detailing those scenarios, the Ripple CEO had stated, “Scenario one: all banks around the world put aside competitive and geopolitical differences, adopt the same digital asset, agree on its rules, and harmoniously govern its usage. Fat chance. Scenario two (the more likely scenario): banks not in the issuing group issue their own digital assets with their own sets of rules and governance.”
Throwing in a good word about XRP, the CEO said, “We strongly believe banks need an independent digital asset to enable truly efficient settlement and we believe XRP is best positioned for that role.”
It remains to be seen, how exactly XRP intends to do what it had set out to do.
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Ripple new version of XRP Ledger 1.2.0 launched
- XRP Ledger requested to update the code before February 27.
- XRP Ledger 1.2.0 is more resistance to censorship.
The San-Francisco-based blockchain company Ripple is reported to have released a new version of its renowned XRP ledger 1.2.0. The new version is designed to improve user experience as well expand the range of services it is offering.
The users of the ledger are requested to update to the latest version before February 27, 2019. The upgrade is vital because without it, the server won’t be able to determine the authenticity of the ledger and in return transactions will not be processed neither will they be submitted.
What has changed?
The new version according to the team at Ripple, is more resistance to censorship. This means that the transaction being processed cannot be determined by any single entity. Moreover, the transaction will remain immutable after entering the ledger. While the previous version was resistance to censorship, the team claims that this version greatly improves the feature. Warnings will be issued if there are attempts to interrupt the working of the ledger.
Furthermore, the upgrade has integrated what is commonly referred to as MultiSignReserve amendment. Ripple has now made it easier who take part in signing transactions while reserving only 5 XRP. Other updates included bug fixing and removal of errors on two transactions.
The company has also launched a bounty program. Developers have been requested to review all the updates in the new version and communicate to the company in the event any vulnerabilities are detected.