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Ripple Price Analysis Mar.15: XRP Faces $0.33 As Sentiment Remains Neutral

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Ripple’s stagnation continues as the market remains in a sideways action. Ripple is currently struggling to break above the $0.33 level but if it does succeed, we could see it quickly heading toward $0.35 and beyond.

Ripple has recently announced a partnership with the blockchain gaming company Forte. The two companies have come together to create a $100 million fund for game development. Forte will manage the fund and target game economies with more than 50,000 daily users.

This partnership should help give rise to in-game cryptocurrency economies that can leverage the use of blockchain technology to conduct in-game micropayments.

Ripple remains ranked in 3rd position of the leading cryptos as it presently holds a $13 billion market cap value.

Looking at the XRP/USD 1-Day Chart:

  • Since our last Ripple analysis, the coin has continued to trade in a sideways action, unable to break above $0.33, as the market players remain on the sidelines, anticipating the next big move. The cryptocurrency has continued to trade along the lower boundary of an ascending price channel. The coin has also been trading underneath a short term descending trend line (dashed line) for the entirety of March 2019. This trend line has formed a short term symmetrical triangle pattern. XRP/USD is quickly approaching the apex of the triangle where a breakout is expected.
  • From above: The nearest level of resistance lies at $0.3257 and $0.33. If buyers can break above, further resistance lies at $0.34. The resistance at $0.34 is further bolstered by the 100-day moving average line. Resistance above $0.34 lies at $0.35 and then the upper boundary of the ascending price channel.
  • From below: The nearest level of support lies at the lower boundary of the ascending price channel. Support beneath this can then be expected at $0.31 and $0.30. If the sellers break beneath $0.30 we can expect support at $0.2927 and $0.2858.
  • The RSI continues to trade directly along the 50 level which indicates indecision within the market.
  • The trading volume has started to rise over the past 3 days.

xrp_usd_15mar19

Looking at the XRP/BTC 1 Day Chart:

 

  • XRP/BTC had managed to break above the resistance at 8076 SAT and rise close to 8400 SATS, however, the coin has dropped and since returned to trade back at around 8031 SATS.
  • From above: The nearest resistance lies at 8076 SAT, 8244 SAT and 8522 SAT. Further resistance above 8600 SAT lies at 8700 SAT and 9000 SAT, where lies the bearish .382 Fibonacci Retracement level.
  • From below: The nearest level of support lies at 8000 SAT and then at 7971 SAT and 7917 SAT. Further support below 7900 SAT can be found at 7813 SAT where lies the downside 1.618 Fibonacci Extension level.
  • The RSI remains beneath 50 as the sellers remain marginally in control of the momentum. To see Ripple rise we would need to see the RSI break above 50 and travel higher.

xrp_btc_15mar19

Source .cryptopotato

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Ripple Price Analysis: XRP Lost Critical 5000 SAT Support Area – What’s Next?

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Ripple’s XRP has seen a price decline totaling 6% over the past 24 hours of trading, bringing the current price for the coin down to around $0.3754 at press time. The cryptocurrency has lost a further 16% over the past 7 trading days.

This price drop largely is due to the retracement seen in Bitcoin, although XRP also has seen difficulty when priced against Bitcoin.

XRP currently is ranked in 3d place amongst the top cryptocurrency projects by market cap value, holding a $15.89 billion market cap, according to CoinMarketCap at time of publication.

Looking at the XRP/USD 1-Day Chart:

  • Since our previous XRP/USD analysis, we can see that XRP/USD has fallen further from the $0.39 level, to where it currently is trading at around $0.375. XRP has strong resistance beneath it provided by the 200-day moving average around the $0.3615 level.
  • From above: The nearest levels of resistance lie at $0.3790 and $0.3943. If the bulls can continue further above $0.40, higher resistance can be located at $0.4235, $0.4376 and $0.4617. Above this, further resistance lies at $0.48 and $0.50.
  • From below: The nearest level of support now sits between $0.36 and $0.35. Beneath $0.35, further support is located at $0.34, $0.32 and $0.30.
  • Trading volume has dropped significantly from the average level seen during May 2019.
  • The RSI is in a precarious position as it hovers around the 50 level which indicates indecision within the market. If the RSI drops beneath 50, we can expect XRP/USD to head lower.

xrpusd_may23-min

Looking at the XRP/BTC 1-Day Chart:

  • Against Bitcoin, we can see XRP/BTC has now dropped further beneath the support at 5000 SAT to where it currently trades at press time, around 4850 SAT.
  • From above: The nearest level of resistance now sits at 4910 SAT, 5000 SAT and 5090 SAT. Above 5100 SAT, further resistance exists at 5571 SAT, 5962 SAT and 6000 SAT.
  • From below: The nearest level of support lies at 4731 SAT. Beneath this, further support is expected at 4500 SAT, 4323 SAT and 4000 SAT.
  • Trading volume has also significantly declined toward the second half of May 2019.
  • The Stochastic RSI suggests that price action will head further lower due to a bearish crossover in overbought conditions.

xrpbtc_may23-min

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XRP: Massive amounts of cryptocurrency moved as Ripple, Nexo come into the picture

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Market momentum in the cryptocurrency industry is of paramount importance, since it is often considered as an important marker in the propagation of crypto-use. Ever since the end of the crushing bear market, there have been several instances of massive amounts of cryptocurrencies being moved, especially when it comes to XRP, the third largest coin on the charts.

According to @WhaleAlert, a cryptocurrency data aggregator, there have been multiple drops of large XRP sums, amounting to a total of close to 26 million XRP. The first drop included a transfer of 10 million XRP from a Ripple Over-the-Counter distribution wallet to another unknown wallet in the cryptosphere.

The transfer amounted to a whopping $3.732 million and had a time stamp at 23 May 8:00 UTC. The transmitter address was rMaV5QT2ZCwVFArQ7sdQMxhtzg6mgqJ47h, while the receiver address was rEFtdHuyxgUjDL4t3gBsesQwHtnDy2W8rC.

The first transaction of 6.862 million XRP was preceded by another transfer of 6 million XRP, which occurred from an unknown wallet to a Nexo wallet. The unknown wallet’s address was rhCgcS11iumWeutBF4CPEu7G2zTXkh5oUZ, while the Nexo wallet’s address was rNrWGYBb9GJoRrZKqpH6PigQ2fdj7dRLyk.

The third significant XRP transaction that occurred in the space of 12 hours included another drop of 10 million XRP. The exact amount of XRP transferred was 10.11 million, moved from Ripple to an unknown wallet. The Ripple address on Bithomp was rhmc2XPEbmCN8MW6dcoMUGBuzzp65uKpEn, while the unknown wallet had an address of rH51tppA1cF5J75GS6MqaJhJfQFm2PPXG2.

Ripple and in turn, XRP, was also in the news recently after Ripple partner R3’s Corda released a statement that they were planning to further their partnership with credit union-centric CULedger. The press release from the organization stated,

“This will allow credit unions using CULedger’s network to choose from a variety of near-instant, secure and affordable domestic and cross-border payment options to meet theirs and their members’ needs.”

-News Source

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Ripple: XRP struggles amid downbeat Thursday crypto market

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The third-largest digital currency in the world, XRP, had an encouraging start to yesterday’s session, as its price topped the $0.40 mark in early trading. However, the coin’s spell above $0.40 did not last long. After several hours of struggling to sustain trading at that level, XRP gave in to the pressure and returned to sub-$0.40 levels. The decline accelerated during the afternoon portion of the session, with its price tumbling to an intraday low of $0.373. The digital coin finished the session at $0.376, down from its opening price of $0.397.

Downbeat market

XRP has remained on the defensive in today’s trading, mirroring a wide-spread crypto correction. As a result, the coin fell to a six-day low of $0.367 in the morning. The token’s performance has somewhat improved in more recent trading, which has allowed it to retake the $0.37 level.

Meanwhile, XRP has continued to experience strong market activity, although its trading volume has seen a drop from yesterday. According to data from digital currency tracker Coinmarketcap, around $1.9 billion worth of XRP coins have changed hands over the past 24 hours. The coin’s daily trading volume reached just over $2 billion on Wednesday.

XRP’s current struggles appear to be part of a larger downward correction that has affected most digital coins on the market. Earlier this month, XRP benefited from a strong bullish trend that saw many cryptocurrencies rising to new 2019 highs. XRP’s rally peaked at $0.474, which was reached on May 16, the same day that Bitcoin set its current 2019 high of $8,320.82.

In today’s trading, the XRP price stood at $0.373, as of 14:17 BST. The digital coin has lost 4.6% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $15.7 billion.

-News Source

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