- The US SEC postpones a Bitcoin ETF proposal for the second time causing panic in the market.
- XRP has joined Bitcoin and Ethereum to explore monthly lows.
- XRP/USD sits comfortably above $0.30 as calm sets in.
Hell broke loose again in the cryptocurrency market. The situation continues to worry investors but digital currencies continued to explore not only monthly lows but also year lows. XRP, an asset that has been praised for its ability retain most of its value amid the falling prices, suffered at the hand of the bears as the price broke the support at $0.32 and the main support at $0.3. Ripple’s XRP has traded intraday lows of $0.292 (also December low) before bouncing back up to reclaim the broke support at $0.3.
At the moment, XRP/USD is trading at $0.305 after getting stuck in a new range with an upper limit of $0.31. The 15-minutes 50 simple moving average is also standing in the way of upside movement at $0.309. If XRP escapes the range resistance it will run into another hurdle at the 100 simple moving average.
A look at the chart, we see that there is calm after the storm. XRP is stable above $0.30, however, buyers lack the momentum to push for further reversal towards $0.35. Indicators in the chart are in a range with no signals for upward or downward motion. For instance, the RSI is holding tight to the 50 percent mark while the fast stochastic is heading south to show that the sellers are still here and XRP is still at risk of dropping below $0.3 again on Friday.
In other news, the U.S Securities and Exchange Commission (SEC) has postponed the ruling on a Bitcoin exchange-traded fund (ETF) by VanEck and blockchain startup SolidX until 2019. This is the second time The SEC is delaying this proposal BTC ETF and according to the guidelines, it cannot be postponed again. This means that come 2019, the regulator will either have to approve or reject. Meanwhile, investors seem to be too afraid to commit in a bear market that no one knows when it hit its bottom.
XRP closes bullish week breaking 200-day MA; on the doorsteps of the Golden Cross
On the back of the most successful week for XRP, the second largest altcoin in the market has broken, what could be equated to the first inkling of the Bitcoin [BTC] bull run. Following Coinbase’s greenlight to its New York customer to engage in XRP trading, the altcoin shattered its 200-day moving average.
Bitcoin, prior to the April 2 ascendance, which was trading at just over $4,000 and on the back of a slew of reasons, broke the $4,623 200-day moving average (at the time) creating an impetus for a prolonged pump. XRP, following the mammoth 41 percent price rise on 14-15 May, has mirrored the king coin’s rise.
The 200-day MA of XRP, which, at press time, stood at $0.352 was shattered at around 0300 UTC on 14 May, where the cryptocurrency saw a massive 25.59 percent daily gain. Continuing to ride the Coinbase bulls, the cryptocurrency added another 12.27 percent daily price rise the following day, ending its slumping streak which persisted for much of 2019.
Interestingly, the XRP price rise could not have come at a more opportunistic time. During the early days of May, when Bitcoin was breaking resistance after resistance, and anchoring an XRP-less altcoin rise, Ripple’s cryptocurrency was in a slump. In fact, the other digital asset that aims to attract an XRP-esque market, Stellar Lumens [XLM] was also in a slump prior to last week’s rise.
On a year-to-date analysis, the two cryptocurrencies jointly referred to as the “Bank Coins,” contrastingly declined by over 12 percent each, as other coins like Litecoin [LTC], Binance Coin [BNB] and even Bitcoin [BTC] saw triple-digit gains. To answer back to their crypto-contemporaries, XRP and XLM were, by far, the highest gainers during the aforementioned period, wiping clear their slumping trends.
The only coins in the top 10 that are down YTD are $XRP and $XLM, which share identical strategies of trying to become global payment platforms. Their returns are nearly identical as well:$XRP -14.76%$XLM -14.87%
Looks like Mr. Market is bearish on the bank coins@onchainfx
— Ceteris Paribus (@ceterispar1bus) May 7, 2019
Another key indicator for the Bitcoin price rally lasting almost two months now was the realization of the “Golden Cross.” On April 23, the king coin saw its 50-day MA cross-over its 200-day MA as the price rose above $5,350, confirming the coming of the BTC bears, which have since pushed Bitcoin’s price over $8,000.
XRP is on the verge of realizing its very own Golden Cross. Following its May 14 rise and the current green candle-stick, albeit with a major anchoring role played by Bitcoin’s ascendance, the 50-day MA for the altcoin has been broken. If the current trajectory continues, like BTC, XRP could see the 50-day surge above the 200-day and begin a major bullish swing, if Bitcoin’s prices are to go by.
Ripple Reveals Expansion of XRP-Powered xRapid, Amazon Files Crypto Patent, and Bitcoin’s 21 Million Club Hits New Record
Ripple and XRP
Ripple CEO Brad Garlinghouse says the company’s XRP-powered cross-border payment solution xRapid is up and running in both Argentina and Brazil.
Garlinghouse, who has a history being the first to announce key developments at Ripple, revealed the new corridors in response to a question on xRapid at the Swiss National Bank’s recent conference on the international monetary system.
“People are getting liquidity that exists in the marketplace in local regions between XRP and the Philippine peso, XRP and the Argentine peso, XRP and the Brazilian real. And it’s tapping into that liquidity that exists in the marketplace.”
So far, Ripple has publicly touted xRapid adoption in Mexico and the Philippines, with companies such as Mercury FX powering payments between the two countries.
Amazon Crypto Patent
Amazon has been granted a new patent that outlines a number of ways to create proof-of-work cryptographic systems.
The proof-of-work algorithm is used by Bitcoin and a number of other cryptocurrencies as a method of verifying transactions.
BREAKING: Amazon has filed a patent in the US for a proof-of-work system that leverages cryptography.
There’s not a large company in the world who isn’t going to join the revolution.
THE VIRUS IS SPREADING 🔥
— Pomp 🌪 (@APompliano) May 16, 2019
The patent does not go into specifics on exactly what the systems would be used for.
Rumors of Amazon’s potential entry into the world of crypto have long persisted. The company owns amazonbitcoin.com, which redirects to the company’s official website. Amazon Web Services is also heavily invested in blockchain solutions.
Bitcoin’s Exclusive Club
The number of Bitcoin addresses holding more than 1 BTC is reportedly at an all-time high.
Crypto researcher Kevin Rooke used data from the blockchain explorer OXT to plot the rise of BTC accumulation since 2009.
A total of 732,982 addresses are now in the exclusive “21 million club”, a phrase referencing the total supply of Bitcoin.
The Bitcoin virus continues to spread.
732,982 Bitcoin addresses now own more than 1 BTC.
— Kevin Rooke (@kerooke) May 16, 2019
Ripple CEO Brad Garlinghouse claims 6% of SWIFT transactions require human intervention
Amid reports of Ripple allegedly misrepresenting the actual amount of XRP in their escrow accounts, the US-based blockchain tech firm continues to be one of the fastest growing networks in the world. Ripple’s CEO Brad Garlinghouse, during a recent session at the Swiss National Bank Conference, claimed that around six percent of SWIFT transactions required human intervention.
Speaking on the subject of interoperability, Garlinghouse termed it an important factor while scaling the cross-border remittance issue. He stated:“We’re trying to solve a problem, selling technologies to banks and financial institutions to solve a cross-border payments problem.”