Evening Star in formation for #XRP on the weekly chart – if it gets confirmed, we go back to $0.20 that’s for sure
It is safe to say there are a lot of concerns regarding the future price of cryptocurrencies and digital assets alike. Although XRP is usually considered a stable asset in this department, the reality can be somewhat different. More specifically, its value has plummeted alongside Bitcoin, even though the XRP/BTC value doesn’t budge all that much. This is a very odd trend, although it seems unlikely the XRP price will remain above $0.3 for much longer.
XRP Price Trend Grows Very Bearish
Throughout most of 2018, XRP has been a very successful digital asset. Although it too suffers from the breakdown of both Bitcoin and Ethereum, things seemed to be on the mend first and foremost. After all, XRP has maintained its BTC value for most of the year, whereas all other assets and currencies have struggled significantly in this department. Even so, it seems that trend is no longer sufficient to keep the XRP price stable.
In the past 24 hours, there has been an 11.5% decline for the XRP price in USD value. This is despite not losing any ground in the BTC department. Unfortunately for XRP, the current bearish pressure on Bitcoin makes it impossible to sustain US Dollar gains. This will usually result in further price drops accordingly. In the case of XRP, its value dropped from $0.36 to $0.3 in the past week. That may not be the new bottom by any means either.
On social media, it seems there are a lot of discussions pertaining to XRP. As Guruprasad happily points out, a lot of top currencies and assets came a long way from their all-time high in December 2017. XRP Is one of the bigger victims, as it retraced by 82% and is still falling. It is not unlikely a further 5-10% price dip will occur in the coming three to four weeks. That is not something to look forward to, but bucking the overall market trend is pretty difficult right now.
Magic ArKaiN has an interesting technical analysis for XRP. Although the evening star formation is not something one comes across that often, it is an interesting development regardless. This pattern confirmed the XRP price would drop to $0.3 and may even result in the value dropping to $0.2 in fairly quick succession. Even a dip to $0.2 wouldn’t necessarily be too problematic for XRP, as it will remain ahead of Ethereum in terms of market cap.
Kin Dotcom paints an interesting picture most cryptocurrency and digital asset speculators need to keep in mind at all times. This is not the biggest dip the markets have seen to date. For XRP, the most recent dip hit $0.24 and the market bounced back strongly pretty quickly. As such, there is no reason to think history will not repeat itself, although one has to wonder if the remainder of 2018 will yield any positive trends first and foremost.
Why is everyone so scared? #XRP went below $0.24 in April and we all survived
As is usually the case when bearish momentum presents itself, things will undoubtedly get very interesting in the coming weeks. That doesn’t necessarily mean the situation will improve by any means, but it is still interesting to watch all of these markets evolve and deal with this ongoing price struggle. For XRP, its success in terms of xRapid and RippleNet will be beneficial in the long run and have an impact on the XRP price accordingly.
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.”