As the bearish pressure remains prevalent in the cryptocurrency industry, this new week isn’t off to the best of starts. All top markets are still deep in the red, although the XRP price continues to note smaller deficits compared to both Bitcoin and Ethereum. Although this price momentum is rather promising, establishing an actual uptrend remains one of the bigger problems to date.
What Comes Next for the XRP Price?
If anyone could accurately predict future movements of any digital asset or cryptocurrency, they would literally make millions of dollars per day. Until that happens, speculating on XRP price will be the most commonly used alternative. It seems the value of this particular digital asset is less subject to volatility when compared to both Bitcoin and Ethereum, although that doesn’t necessarily mean there aren’t any price changes to take note of.
On social media, there are quite a few interesting developments to keep an eye on moving forward. Bitrue only recently added a few additional XRP-based trading markets, yet the company is intent on keeping that momentum going. Upcoming XRP pairs include EOS, POLY, XEM, and VET, which are expected to be integrated by the end of January of 2019. This further confirms the viability of using XRP as a base asset for crypto trading pairs.
Market Update: Bitcoin Heading Towards $13k, XRP Struggles to Maintain $0.48
Bitcoin has again gained another $1,000 to surpass $12,000 and is now approaching $13,000. While BTC holders are celebrating, XRP seems to be struggling to break above key resistance at $0.477. It is currently in a struggle to climb above a lower resistance at $0.47 at the time of writing this report.
It had earlier consolidated above the $0.4550 and $0.4580 levels and settled above the 23.6% Fib retracement level of the downward move from the $0.5086 high to $0.4455. At the time of writing, the bulls had succeeded in closing above yesterday’s trend line and broken through the resistance at $0.47.
XRP is now faced with the next resistance at $0.4770 which is caused by the 50% Fib retracement level of the downward move from the $0.5086 high to $0.4455 that prevents gains. If there is a successful break above this level then the next resistance will be $0.48, victory over which will create a free rise to above $0.485 and $0.49.
XRP could also break above another resistance at $0.5 in the short term and that could take the price even higher. If $0.48 gets too strong to break then an easier way may be a downward move to initial support at $0.46 and $0.458 and a further crash to the lower $0.445 support area before another attempt to push upward.
Meanwhile, many other altcoins are in the same condition as XRP with some struggle to continue in uptrends. ETH has so far maintained a relatively steady rise alongside BTC, reaching a price of over $330 at the time of writing.
As its gains seem to correlate with that of BTC which is expected to break above $13,000 before any major pullback, ETH could be going as high as $340 before the pullback. As for XRP and other altcoins, the pullback could worsen things and make them start all over again, but only time will tell.
BitMax.io [BTMX.com] Announces Listing of Standard Tokenization Protocol [STPT]
BitMax.io [BTMX.com] has announced the listing of STPT, the native token of Standard Tokenization Protocol, a decentralized network for the tokenization of an asset.
Trading for the STPT/BTC and STPT/USDT pairs will be enabled on Tuesday, June 25th at 10:00 am EDT.
As part of the listing collaboration, the BitMax.io team will provide strategic support to the STP team throughout the platform launch.
Dr. George Cao, Co-Founder & CEO of BitMax.io, stated,
“STP is a necessary project for the overall space. Their focus on unlocking value and building an ecosystem of high-quality assets in this industry made our decision to list them very easy.”
With the listing of STPT, BitMax.io will strengthen its leading trading platform status by continuously adding solid projects, as well as provide more diversified global exposure to the Standard Tokenization Protocol.
About Standard Tokenization Protocol and STPT
Standard Tokenization Protocol’s STP-Standard is an open-source standard that defines how tokenized assets are generated, issued, sent, and received while complying with all necessary regulations. The protocol allows assets of all kinds to be tokenized in a way that makes them fully compliant across jurisdictions and transferable across any ERC20 platform.
Tokens built on top of the STP-Standard will use the protocol’s on-chain Compliance Validator to verify compliance with relevant regulations [i.e. KYC, AML, Accreditation, etc.] as well as any issuer-specific requirements [i.e. ownership concentration, holding periods, voting]. The Validator Committee will serve an advisory function to ensure the Compliance Validator is enforcing the most up-to-date legislation at all times.
About BitMax.io [BTMX.com]
BitMax.io is the industry’s next-generation digital asset trading platform that provides a broad range of financial products and services to both retail and institutional clients across the globe.
This innovative trading platform was founded by a group of Wall Street quant trading veterans and built upon the core values of blockchain, transparency, and reliability, to deliver high-quality client services and trading experience.
BitMax.io always strives to provide its global users with a comprehensive set of trading products. BitMax.io enabled margin trading on Feb. 14th, 2019. The margin trading function is another step forward from a product-offering perspective to better serve their dynamic trading needs.
For BitMax.io users who understand and acknowledge the risks involved in margin trading, they are now able to leverage their tradable asset for a potential higher return on investment through margin trading with sound risk management. The list of digital assets that can be traded on margin has increased from the initial four to 18 different tokens, even including BTMX.
It’s another pioneering move for BitMax.io to enable margin trading in its own native token. It expands the utility functions of BTMX, and incentivizes liquidity on the platform. [The margin trading function of BitMax.io is not available for North American markets.]
Similar to the innovative margin trading launched on BitMax.io, the introduction of this unique Volatility Card has again showcased the team’s deep understanding of the inner working of the capital market and their advanced expertise in financial product design.
BitMax.io Volatility Card is the first volatility-linked derivative product of this platform that allows global users to forecast and trade off price fluctuation of underlying major coins during preset time windows in a simple yet effective way. Named as Turtle and Bunny Card after Aesop’s fable – the Tortoise and the Hare, the card has a quasi-option structure for underlying trading pairs yet largely simplified payout form. Users can purchase a different card for the prediction of price movement either within a certain range [Turtle Card] or above a certain range [Bunny Card].
Those who predict the correct range of price movement will receive the payout equivalent to the notional value of the card. Volatility Card uses a simplified payout form without the complication of settlement and clearing issues common for real currency options. Users just simply select which card to purchase to trade on their view of the volatility of underlying asset either within or above a certain range.
It is easy to understand and use for all types of traders with the need for either very short-term momentum trading or partial risk hedging against outsized price swing in very volatile market conditions.
BitMax.io has experienced significant growth since its launch in 2018 and is deeply committed to providing a high-performance, client-centric trading platform to its global client base. Currently, the platform has over 180,000 registered users, with over 53,000 active community members. The listing of STPT not only broadens its trading pair scope but also helps to attract more volume and users to the platform.
Tron marks Independence Day, June 25: TRX/USD double-top pattern spotted
- In under a year, Tron has surpassed Ethereum daily transaction recording 1.5 million transactions.
- Correction from $0.0400 resulted in declines under $0.0390 with $0.0380 functioning as the immediate support area.
The Tron Foundation is celebrating one year since the first Independence Day. June 25, 2018, was the day that Tron launched its mainnet. The date is also used to mark the genesis block for Tron blockchain. According to the founder of Tron, Justin Sun, the network has been able to hit various milestones since then.
Some of these include an increase in staff from just 10 to 400 spread around the world. Besides, this number is expected to rise to 600 by the end of 2019. The development team has been able to release 22 updates on Tron protocol. The network has 3.1 million addresses on the mainnet and supports 1.5 million transactions daily catching up with Ethereum in less than one year. The decentralized applications ecosystem has over 500 DApps that record 50,000 active users.
These including other milestones have helped push Tron back into the top ten with a market cap of $2.5 billion. Tron is currently ranked as the 10th largest asset. It has an exchange-traded volume of $990 million and a circulating supply of 66,682,072 TRX.
Looking at the 4-hour chart, Tron recovered from June lows around $0.0291 and even retested the resistance at $0.0400. However, correction above this level is hampered leading to the formation of a double top pattern with the highs achieved in the first week of June around $0.0400. Meanwhile, a correction has resulted in declines under $0.0390 with $0.0380 functioning as the immediate support area. Other key areas to look out for are $0.0360 support, $0.0320 support area and June lows at $0.0291.
TRX/USD 4-h chart