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Ripple (XRP) Caught Between Rock And A Hard Place

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Ripple (XRP) is in a tough spot. The daily chart for XRP/BTC shows that the price has just a few days of time to make up its mind. If the bulls fail to push the price above the 50 day moving average, it will be at risk of a decline below the 200 day moving average. If that happens, we will see the price drop to the 1.272 Fib extension level. The daily trading conditions for XRP/BTC are not favorable for a strong rally from current levels but at least the price can break above and manage to stay above the 50 day moving average because failure to do so will have catastrophic consequences. The price action of XRP/BTC after December 09, 2018 is almost a mirror image of the price action before it. It would this not be surprising to see Ripple (XRP) crash hard should it fail to climb above the 50 Day MA.

The price has currently faced a strong rejection at the 38.2% Fib extension level which means it is expected to retrace to the 61.8% Fib extension level if not stopped by the 200 Day MA. If Ripple (XRP) remains above the 200 day moving average, we can expect the price to make a recovery sometime soon. However, if it falls and closes below the 200 day moving average, all bets are off. Ripple (XRP) has seen a good couple of days against Bitcoin (BTC) this week but they hardly resulted in any strong moves to the upside. It just meant that Ripple (XRP) was able to hold its ground better than the rest of the cryptocurrencies when Bitcoin (BTC) started to fall at the beginning of the week. Ripple (XRP) may decline against Bitcoin (BTC) short term but as we have seen in the past, it has a good track record of outperforming Bitcoin (BTC).

The daily chart for XRP/USD shows that Ripple (XRP) just broke sideways out of a symmetrical triangle that had not been reached since August, 2018. This sideways movement indicates that we still have a lack of clarity and investors are not sure what comes next. The price is trading above the 50 day moving average but if it falls and closes below it, we could see some serious panic selling. On the other hand, it we see a few big spikes to the upside and the price breaks above the 200 day moving average, we could see that long anticipated golden cross come to fruition.

Ripple (XRP) is a promising project with a lot of potential. The best thing about it is that it is one of the few cryptocurrencies that are actually solving a major real world problem using blockchain technology. Unfortunately, you cannot say that about most other cryptocurrencies. This has given Ripple (XRP) significant edge so far but the landscape is changing rapidly as powerful competitors like Stellar (XLM), ChainLink (LINK) and banks who want to issue their own cryptocurrencies like JPM Coin now threaten Ripple (XRP)’s monopoly. Ripple (XRP) is extremely likely to reach a new all-time high and rise during the next cycle but not at the same pace that we saw during the last cycle.

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Ripple (XRP/USD) forecast and analysis on September 19, 2019

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Cryptocurrency Ripple (XRP/USD) is trading at 0.3047. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Ripple. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator stripes.

Ripple (XRP/USD) forecast and analysis on September 19, 2019

As part of the Ripple course forecast, a test level of 0.3000 is expected. Where should we expect an attempt to continue the growth of XRP/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 0.3240. The conservative buying area for Ripple is located near the lower border of the Bollinger Bands indicator strip at 0.2560.

Ripple (XRP/USD) forecast and analysis on September 19, 2019

Cancellation of the option to continue the growth of the Ripple rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of ​​0.2500. This will indicate a change in the current trend in favor of a bearish for XRP/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect acceleration of the cryptocurrency fall.

Ripple (XRP/USD) forecast and analysis on September 19, 2019 implies a test level of 0.3000. Further, growth is expected to continue to the area above the level of 0.3240. The conservative area for buying Ripple is located area of 0.2560. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.2500. In this case, we should expect the continuation of the fall.

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Ripple moves 10M tokens from its OTC Distribution wallet as XRP goes through the roof

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Even though a majority of cryptocurrencies in the market record sideways price trends amid whale movements, the movement of Ripple’s XRP has maintained an upsurge trend this time.

According to information availed to the crypto community by Twitter Bot, Whale Alert, 10,000,000 XRP tokens have been transferred from Ripple Otc Distributed wallet to an unknown destination. This is one of the most significant transactions that have been processed in the last few days and registered on Ripple’s blockchain. The transaction was worth 2,863,641 US dollars at current prices.

Even though a majority of cryptocurrencies in the market record sideways price trends amid such whale movements, the movement of Ripple’s XRP has maintained an upsurge trend this time.

Coming back to the whale moment, the 10,000,000 XRP transaction was carried out over Ripple’s blockchain technology for a transaction charge of 0.000012 XRP that is worth about 0.00000362 US dollars. The block height of the transaction was #50106844.

The significant XRP transfer was carried out in 12 drops between the funding wallet address rMaV5QT2ZCwVFArQ7sdQMxhtzg6mgqJ47h and the receiving one being rEFtdHuyxgUjDL4t3gBsesQwHtnDy2W8rC, with a timestamp of 23:50:30 UTC on 17th September 2019.

Ripple Investors Discontent with Firm’s Spending

This is not the first time the Ripple (XRP) community has got its arms up complaining about the company’s flagrant spending.

Not too long ago, a Twitter user who goes by the handle @CryptoBitlord started a campaign on Change.org petitioning crypto followers to force Ripple Labs into stop dumping its default virtual currency. Through the petition dubbed Stop Ripple dumping, @CryptoBitlord has managed to garner over 3,000 signatures, a relatively impressive number considering the population of the XRP community. The target of the petition stands at 10,000.

According to the author of the petition:

“The only logical explanation that is evident to us is that Ripple Labs are dumping on us. The dumping is so large that it accumulates to billions. We need to stop this right now.”

According to the petition, the recent dismal performance in the price of Ripple’s default virtual currency, XRP, can solely be attributed to Ripple’s dumping of billions of XRP tokens to the market.

The San Francisco based fintech company, Ripple, still almost half of the total XRP supply in Ripple Otc Distributed wallet and sells a small portion once in a while. Also, Ripple holds the majority of XRP tokens in escrow.

Earlier this month, 3,500 million XRP tokens were transferred from Ripple’s escrow account, as it has become the norm, inciting fears of growing dumping.

XRP trades at $0.3135 after going up by 8.17% in the last 24 hours. Ripple’s native cryptocurrency remains the third most significant digital asset in the world with a total market cap of $13,497,915,967.

Ripple’s Alleged Dumping to be Met with Persistent Fork Threats

It appears the cries of Ripple community members are falling on deaf ears following their rage and annoyance of the company’s spending and excessive liquidity injection.

According to crypto analysts, Ripple’s continuous dumping and excessive liquidity injections are the factors to blame for the token’s downward price pressure in recent time. In other words, crypto followers are up in arms claiming XRP dumping benefit the fintech company alone but hurts the coin’s investors.

In their response, Ripple Labs claim the reason behind the company’s colossal selling of XRP tokens is to get capital to fund its operations and allow them to invest in several companies that have the potential to yield high returns back to the XRP ecosystem.

Recently, Ripple signed an agreement with the 8th largest bank in the US, the PNC — a deal that will see the bank utilize Ripple’s blockchain-powered international payment solution product, the xCurrent.

At present, the Ripple network has over 200 partners around the world comprising of banks, financial institutions, and payment providers.

It is estimated that Ripple owns about 60 billion of the 100 billion XRP tokens in existence. Currently, the world has seen the circulation of about 43 billion XRP tokens with Ripple releasing 1 billion XRP coins from its escrow account every month.

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Ripple: XRP flies upwards, first target is at $0.33.

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  • The strength of the XRP is stunning after many weeks of weakness.
  • If XRP pierces the $0.34 level upwards, it can fly towards $0.50.

XRP is rallying quickly during the early hours of the U.S. trading session to $0.325.

The primary objective is now very close to the price level of $0.33, where the simple moving average of 100 periods converges with a strong level of price congestion resistance.

Above this critical obstacle, the simple average of 200 periods awaits at $0.34. Breaching this level would give the definitive bullish signal that could push the XRP price straight towards $0.50.

It is very likely that sellers will show up at current and higher levels, as profitability from lows is considerable.

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