- 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.
Ripple (XRP) add 21.7 Percent, Resistance at 40-43 cents Zone
- Ripple (XRP) ranging but the uptrend is firm
- XRP classification will either trigger a rally or a large-scale dump
Like most liquid assets, Ripple (XRP) is consolidating, trading inside May 14th and 15th high low in a bullish breakout pattern. All the same, bulls are in pole position. As fundamentals and candlestick arrangement diverge, it is only a matter of time before prices breach 50 cents as buyers aim at 60 cents.
Ripple Price Analysis
At 39 cents, Ripple (XRP) market dominance is 6.75 percent, trailing Bitcoin and Ethereum with a market cap of $16,661 million at the time of press. Ripple (XRP) bulls have ground to cove. However, it all depends on how XRP, a medium of exchange facilitator, is viewed by regulators and most importantly, the success of xRapid.
If anything, it may take years or even decades before RippleNet clip a majority of market share from SWIFT. All the same, regulators may thaw thanks to Coinbase pro decision to open up XRP trading to New York state residents. The state is stringent.
Because of compliance demanding NY DFS, the move somehow confirm Ripple (XRP) is indeed a utility with no central point of control. All the same that will take much convincing from critics who insist that XRP is centralized security and a Ripple Inc Airdrop.
At spot rates, Ripple (XRP) is up 21.7 percent from last week’s close. However, prices are stable in the previous 24 hours. Despite low volatility, the path of least resistance is up, and aggressive traders have a chance to ramp up on dips with first targets in line with our last XRP/USD trade plan.
From candlestick arrangement, there is an opportunity to add to longs after the correction of May 15th to 16th over-extension. However, the best approach for conservative traders is to trade the confirmation of May 14th upswing.
It will print out after prices rally, closing above May 16th highs ideally at the back of high transaction volumes. After that, our ideal target will be 60 cents. Conversely, any drop below 34 cents invalidates our trade plan as XRP bears will fall back to the 4 cents range of the last five months.
To reiterate our previous positions, any close above 40 cents and May 16th ought to be at the back of high transaction volume exceeding 187 million recorded on May 14th.
Ripple struggles to hold above $0.4, waits for the next catalyst
- The correction from 2019 highs finds support near $0.35.
- Ripple remains directionless in the near-term.
Following last week’s impressive rally that lifted Ripple to its highest level of 2019 near $0.47, the XRP/USD pair staged a 3-day-long correction and slumped to $0.36 area before going into a consolidation stage this week. After closing the previous day modestly lower, the pair’s trading range narrowed on Tuesday as it failed to preserve its momentum above the $0.40 handle. As of writing, the pair was virtually unchanged on a daily basis at $0.3990.
Investors seem to be staying on the sidelines while trying to figure out whether the latest upsurge witnessed in major cryptocurrencies is a sign pointing at the beginning of a protracted uptrend.
Meanwhile, Ripple’s total market capitalization, which rose to $20 billion last week, remains steady near $16 billion according to the latest available data on coinmarketcap.com, confirming the subdued market action.
The 38.2% Fibonacci retracement of the uptrend that kicked off on May 10 and came to an end 6 days later forms a critical resistance at $0.4. Above that level, $0.4350 (Fibonacci 23.6%) and $0.4785 (daily high/2019 high) are located as the next hurdles. On the other hand, $0.3650 (Fibonacci 61.8%/May 17, May 18 low) could be seen as the first support ahead of $0.3390 (50-DMA).
Banks Reportedly Love Ripple’s XRP And The Demand Could Trigger Prices Of $0.80
Ripple and XRP are in the spotlight again. XRP-related price predictions have been intensifying these days, and XRP is expected to hit $1.
We recently reported, that according to Investinblockchain, there’s a possibility of XRP hitting $1 before the year 2020 starts.
They write that for XRP to surge like that and hit the $1 target, “the cryptocurrency will need to increase by a whopping 134% from today’s price. The last time Ripple was at $1.00 was during February 2018, over 15 months ago.”
The online publication continues and presents charts and highlights some areas of resistance that are on the way up to $1.
Now, during an interview with Recode Decode podcast, Brad Garlinghouse has addressed once more the will of the company to work with regulators and not against them.
Speaking of regulation, it has been reported that there’s another argument claiming that XRP is not a security.
The Japanese investor in crypto Seth Lim aka XRP Whale also brought arguments to support his claim.
Ripple’s solutions have reportedly been designed in such a way to meet the demands of banks and financial institutions, notes NewsBTC.
This is a goal that Garlinghouse has been working hard to achieve.
There are definitely some regulatory challenges to be overcome, and most of them are revolving around the subject we mentioned above – whether XRP is a security or not.
As you already know, the XRP army of fans says that the digital asset is a utility token and not a security.
Banks reportedly love what Ripple is doing
In an interview with Recode Decode podcast with Kara Swisher, Brad Garlinghouse expressed his deep desire of working with regulators and banks.
“I don’t think banks […] governments will go away. Banks are applying an essential regulatory framework that I actually think is important for society. I believe that banks will continue to serve that role; they’re good at it […] I think this is a new set of technologies that they can benefit from to grow their business,” he said.
He continued, and stated that “99% of banks love what we’re doing because we’re democratizing something that’s controlled by a small number of banks, their competitors.”
XRP’s price is expected to mirror the coin and the company’s achievements and NewsBTC says that XRP could be on its way to $0.80.