The cryptocurrency market’s sudden uptrend has put a smile on the faces of users and investors as prices have shot up after an extended bear run. The top ten cryptocurrency club including Bitcoin [BTC], XRP and Ethereum [ETH] have all shot up, elevating their market cap as well as their trading volume.
XRP’s price hike is clearly visible on the charts as the trend line shows an acute climb. The uptrend caused the price to move from $0.296 to $0.3216. The support has been holding at $0.292 while the resistance is at $0.322.
The Relative Strength Index shows a market spike on the chart, breaching the overbought zone and settling just below it. This is a sign of the buying pressure being more than the selling pressure.
The Awesome Oscillator too displays a significant climb as the market momentum has been swayed by the arrival of the bulls.
The one day graph for XRP has still not taken the side of the bull as the downtrend is much more apparent. The downtrend resulted in the prices dropping from $0.516 to $0.316 while the support has been holding at $0.263.
The Chaikin Money Flow indicator shows a vertical spike to reach the zero line after which there have been sporadic bullish and bearish signals. The hold below the zero line is an indication of the capital leaving the market being more than the capital coming into the market.
The Bollinger bands have taken a constricted pipe-like shape after the majoritarian sideways movement of prices. The upper band and the lower band have started a slight divergence which means that a trend change is imminent.
The above-mentioned indicators all show XRP recovering from its bearish drudge which is evident even in the increase in market momentum. The only cause for concern is the duration of the bull run, which the signs point to being a short one.
XRP Tip Bot creator reveals plans to get European banking licence; nicknames it ‘legacy network’
A vast majority of cryptocurrency organizations have been trying to integrate digital assets with the existing financial system. Ripple has been a prime example of this process, with the Brad Garlinghouse-led company announcing multiple partnerships with mainstream banks and other fiat-enabled bodies. Ripple’s affiliation with XRP, the third largest cryptocurrency in the market, is also reflected in XRP’s focus on cross-border transactions and creating an easy global payments system.
Wietse Wind, Creator of the XRP Tip Bot, gave another major push to XRP’s cause after he revealed that he was trying to obtain a banking license for XRP Tip Bot, which will make it mainstream in the world of finance. During a recent XRP meetup, Wind said,“There’s been a lot of FUD around XRP and Ripple and such and we want to show that we are working towards something really awesome and useful. We are planning to get real licenses for tipbot so that we go mainstream. Granted we are still in the early stage but we are doing our very best to make it happen. Our next step is to get a European banking license and maybe call it the ‘legacy network’. Let’s see where we can get in a few years.”
The news spread like wildfire in the XRP community and a majority of the ‘XRP army’ could not contain its excitement. Tiffany Hayden, a popular XRP proponent, tweeted,
Ripple’s technologies have been slowly but surely getting nods from institutions, as shown by Bitstamp, an xRapid payments-facilitated exchange getting a BitLicense from the New York Department of Financial Services [DFS].
Linda A. Lacewell, Acting Financial Services Superintendent of New York State Department of Financial Services [DFS] had said,“We are pleased to welcome Bitstamp to New York’s growing virtual currency marketplace. A regulated industry protects customers while supporting innovation and ensuring our financial services sector is a vibrant part of New York’s economy.”
XRP and Stellar Lumens [XLM] Price Analysis: Coins succumb to pressure of the bear
The cryptocurrency market has been surrounded by the bears over the past few days. XRP, the third largest coin on CoinMarketCap list, and its competitor, Stellar Lumens [XLM] are fighting the ravaging bear.
At press time, XRP was valued at $0.3255 with a market cap of $13.66 billion. The 24-hour trading volume of the coin was $984 million as it noted a fall of 0.20% within the past hour. Over the past seven days, the coin plunged by 0.39%, but has managed to gain by 1.60% over the past day.
Bollinger Bands appeared to have diverged. The moving average line was over the candlesticks, marking a bearish trend.
Awesome Oscillator pointed towards a weakened bearish momentum.
Chaikin Money Flow also marked a bearish trend as the marker line aligned under zero.
Stellar Lumens [XLM]
At press time, XLM was valued at $0.1136 with a market cap of $2.19 billion. The 24-hour trading volume of the coin was noted to be $229 million as it hiked by 1.68% over the past day. The coin plunged by 2.97% over the past week, but managed to register a gain of 0.07% within the hour.
Resistance – $0.1355
Parabolic SAR pointed towards a bearish market as the markers aligned above the candlesticks.
MACD line was under the signal line, also pointing towards a bearish market.
Relative Strength Index indicated that the buying and selling pressures had evened each other.
According to the XRP and XLM long-term charts, a bearish market is predicted for the coins.
XRP transactions now available on pilot Automated Teller Machines [ATM] in New Jersey
The convenience of transferring cryptocurrencies has been a foundation upon which several exchanges have built their updates. With the inception of cryptocurrency ATMs, users have claimed that the service makes it easier and faster to conduct cryptocurrency transactions.
In a video uploaded by CryptoMedia News Desk, a user was seen using a cryptocurrency ATM to purchase XRP. According to the tweet, the ATM was from BelcoBTM, which was located in New Jersey. The user used the machine to transfer XRP to a TrustWallet wallet. The organization also tweeted, saying:“Fees are a little high but still #XRP in an ATM is a gamechanger, glad to be from the first users of this service. #xrpcommunity #xrparmy #xrpthestandard #xrpthebase”
The video shows the user selecting XRP as the option on the machine, after which he is asked to enter the phone number for a One Time Password. After clearing the OTP stage, the user scans a QR code on the Trust Wallet app to verify the machine and the required XRP is then bought using a normal debit card.
Many people from the XRP community have lauded the move, with some calling it the stepping stone towards mass adoption. Misty Sins, an XRP enthusiast commented:“That’s great! Thanks for sharing. I cant wait to see XRP listed on the Crypto ATM’s here in Vegas.”
Cryptocurrency ATMs have existed for some time now. It was recently revealed that Bitcoin Lightning Network payments could be possible via Bitcoin ATMs. The transaction was conducted by Felix Weis, a developer and a researcher, who, after the transaction, commented:“Just a proof of concept ‘top up your existing channel’. Lots of bugs but two different mobile wallets worked fine.”