The cryptocurrency market’s wayward motion has been ongoing for a long time now with several proponents of the space still claiming that the field will recover. After last week’s surprise bull run, the cryptocurrencies have fallen back into its routine sideways movement punctuated with bullish spikes and bearish drops. Bitcoin [BTC], XRP and Ethereum [ETH], the top-three cryptocurrencies have not been averse to this bear attack as the big three are struggling to cope with the price hits too.
The one-hour graph for XRP shows a sudden bullish spike of last week that has lifted the coin’s immediate support. The uptrend lifted the price from $0.29 to $0.31. The support has been holding at $0.292 while the resistance is at $0.323.
The Bollinger band shows the upper band and the lower band moving in a parallel fashion, a sign of the sideways movement of the market. The lack of convergence or divergence is also signified by both the bands.
The Chaikin Money Flow indicator has spiked way above the zero-line after a bull run. The hold above the line indicates that the capital coming into the market is much more than the capital leaving the market.
XRP’s one-day graph clearly shows the prominence of the bear with the sideways movement being apparent. The long-term support has been holding at $0.25 while the downtrend lowered the price from $0.51 to $0.31.
The Relative Strength Index puts XRP square in the middle of the graph. The equilibrium hold points to the fact that the buying pressure and the selling pressure are almost equal.
The Awesome Oscillator does not tell a good story for XRP as the graph shows a clear lull now. The reduced magnitude of the graph goes hand-in-hand with the reduced market momentum for XRP.
The above-mentioned indicators, except the CMF indicator, all state that the bear will reign supreme while the bull runs were short-lived. The Bollinger bands, the AO and the RSI support this claim as all three of them vote for the bear. Users and fans of the cryptocurrency can take joy in the fact that the market can still provide with significant bull runs.
Ripple Says Sales of XRP Cryptocurrency Grew 31% in Q1
Blockchain payments startup Ripple has reported a 31 percent increase in sales of XRP over the first three months of the year.
The San Francisco-based firm sold a total of $169.42 million in XRP in Q1, compared with $129.03 million in the previous quarter, it announced Wednesday.
Ripple further said that direct institutional sales of XRP totaled $61.93 million in Q1 – 54 percent more than the previous quarter. Programmatic sales of the cryptocurrency, meanwhile, grew from $88.88 million to $107.49 million, an increase of 21 percent.
It’s not all good news, though. The total volume of XRP traded globally decreased by about 2 percent to reach $53.85 billion in Q1 as compared to $54.82 billion in Q4 of last year.
Further, looking at the year-on-year figures, XRP sales have not shown significant growth. In Q1 of 2018, the firm sold $167.7 million-worth of XRP, which is just 1.03 percent less than Q1 of this year.
Ripple said that it released 3 billion XRPs out of escrow accounts in Q1 2019 and additional 2.30 billion XRPs were returned and put into new escrow contracts. “The remaining 700 million XRP not returned to escrow are being used in a variety of ways to help support the XRP ecosystem,” the firm explained.
XRP, the third largest cryptocurrency by market capitalization, is now listed on around 120 exchanges, as 19 new exchanges moved to list the cryptocurrency in Q1 2019, according to Ripple’s data.
January to March 2019 was also the second-lowest volatility quarter since Q4 2013 for XRP, Ripple added, as “rolling volatility of 30-day returns steadily declined throughout the quarter.”
Ripple’s Q1 sales account for 0.32 percent of XRP’s global volume, reveals report
Ripple, a leading U.S based Fintech company providing payment settlement solutions, released its Q1 report for the year 2019. The report provides insight into the amount of XRP taken out from the escrow account, the firm’s financial progress, and an overall update on the XRP market.
The report stated,“Ripple’s Q1 sales accounted for 0.32 percent of global XRP volume. Three billion XRP were released out of cryptographic escrow, 2.30 billion returned to escrow. XRP is now listed on approximately 120 exchanges worldwide”
The report also stated that Ripple withdrew 1 billion XRP each from its escrow account over the last three months, a total of 3 billion XRP. Out of this, over 700 million XRP was used for the development of the ecosystem, while the remaining 2.3 billion XRP was deposited back into its escrow account.
Notably, the report stated that the firm sold $169.42 million worth of XRP in the first quarter, an increase to 0.32 percent from 0.25% in Q4 2018, in terms of sales in global XRP volume. On one hand, institutional direct sales also saw a significant increase from 2018 Q4, growing from $40.15 million to $61.93 million. On the other hand, programmatic sales also saw a massive hike from 2018 Q4, rising from $88.88 million to $107.49 million.
Cryptopolis, a Twitter user, commented,
Tony Valentino, another Twitter user, said,“Market manipulation at its finest.”
Ripple (XRP/USD) forecast and analysis on April 25, 2019
Cryptocurrency Ripple (XRP/USD) is trading at 0.3197. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Ripple. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator bands.
Ripple (XRP/USD) forecast and analysis on April 25, 2019
As part of the forecast Ripple course is expected to test the level of 0.3270. Where should we expect an attempt to continue the fall of XRP/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 0.3020. The conservative Ripple sales area is located near the upper border of the Bollinger Bands indicator at 0.3290.
Cancellation of the option to continue the decline in the Ripple rate will be a breakdown of the upper border of the Bollinger Bands indicator bands. As well as the moving average with a period of 55 and the closing of quotations of the pair above the 0.3320 area. This will indicate a change in the current trend in favor of the bullish for XRP/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.
Ripple (XRP/USD) forecast and analysis on April 25, 2019 implies a test level of 0.3270. Further, it is expected to continue falling to the area below the level of 0.3020. The conservative area for selling Ripple is located area of 0.3290. Canceling the option of falling cryptocurrency will be a breakdown of the level of 0.3320. In this case, we should expect continued growth.