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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 (XRP) Bulls Weak but Japanese Investors are Confident

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The hype element specific to cryptocurrencies meant 90 percent of surveyed individuals got involved with cryptocurrencies in late 2017. That’s around the same time when almost all digital assets “mooned” according to data collected by Japan’s GMO Internet Group and subsequently reported by Ethereum World News.

Even though 2018 was a tough year for crypto asset holders it is encouraging that more than 50 percent of the 11,000 surveyed had Ripple (XRP) in their portfolio and were convinced 2019 would be a better year for XRP. Better still, 70 percent of those polled were of the opinion that aside from speculation, cryptocurrencies are long-term investments. 95 percent had invested more than $9,500 in digital assets but the number could rise thanks to SBI Group’s effort and their dedication of supporting Ripple Inc as they market XRP.

But it is not only in Japan where cryptocurrencies can be a source of revenue. An Indian exchange, Coindcx, has rolled out a program where account holders can lend their assets and earn interest. Dubbed the Dcxlend, five coins including XRP are available with monthly interest of 0.75 percent for XRP.

All coins, the exchange said, will be “lent through Dcxlend will be used to provide leverage to users on Dcxmargin” and “the interest rate varies dynamically and goes up to a maximum of 2 percent, according to market dynamics — demand and supply.”

XRP/USD Price Analysis

Ripple

Down 2.8 percent in the last day, Ripple (XRP) performance is dismal. That has been the situation in the last month or so and as prices consolidate within a 4 cents zone, buyers have a chance above 30 cents. Regardless of recent liquidation, our previous XRP/USD trade plans are valid and bulls may rally in days ahead with the only condition being rejection of lower lows.

Ripple

Trend and Candlestick Arrangement: Ranging but Bullish

As visible from the daily chart, Ripple (XRP) prices are in range mode. That has been the case in the last three months or so and even up-thrusts of Jan 30 and the follow through of Feb 8 couldn’t catalyze interest needed for prices to rally above 34 cents—our immediate minor resistance line representing the 61.8 percent Fibonacci retracement of Dec 2018 high low.

Unless otherwise XRP prices find support and bulls reject further liquidation below 30 cents, it is likely that XRP will snap back to trend and expand in the direction set by late Sep 2018 bulls. If not and Bitcoin draw down compound losses for alt-coins including XRP, then odds are the asset price will tank below 30 cents towards 25 cents invalidating our trade plan as the BB squeeze turns to a distribution.

Volume: Bearish

Our anchor bar is Feb 24—61 million versus 30 million. Since Feb 25 upswings weren’t confirmed as asset prices consolidated, bears from an effort versus result perspective have an upper hand. It all boils to how prices will react at 30 cents—our first level of support and 34 cents—our buy trigger line. If prices drop then bears of Feb 24 would flow back but if prices rally above 34 cents then 30 cents would turn out to be reliable support if not a firm foundation for $60 cents.

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Ripple Inc Foothold in Middle East, Rain Now Supports XRP

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It’s all about liquidity and making XRP accessible to all. Rain, a Bahrain based Sharia compliant cryptocurrency exchange now supports XRP, the native token of the Ripple ledger, and will trade the asset against the Bahrain Dinar, Kuwaiti Dinar, UAE Dirham, Saudi Riyal, Oman Rial and the US Dollar.

According to reports by Saudi Gazette, the crypto exchange is the first to graduate from the country’s regulator sandbox after successfully ticking all check-boxes as stipulated by Shariyah Review Bureau (SRB), a Sharia Advisory firm licensed by the Bahrain’s central bank and tasked with issuing compliance certificates.

Rain is now applying for the required operational license. Rain joins the likes of Stellar, X8, Ovamba and Beehive as firms advised by the SRB who have solid plans of expanding and having a foothold in the region. Yasser S. Dahlawi, the CEO of SRB said:

“With more than 13 years of experience in the Shariah certification and Shariah audit businesses, we are confident that we will be able to further develop the Islamic crypto and exchange business systematically and help customers like Rain open new opportunities for investors.”

Now that the SRB has determined that the exchange’s activities—sale, custody and purchase of assets—are in line with Sharia principle, Rain would now focus their efforts and ensure that their assets are available to high-net worth institutions as Islamic hedge funds as well as super-capitalized family offices in the country. Abdullah Almoaiqel, one of the co-founders of the three-year old exchange said:

“This is a major milestone in the cryptocurrency and Islamic markets. This is the implementation of Rain’s mission to provide the Middle East with a cryptocurrency exchange that meets the highest standards in terms of regulation, accessibility, security and trust. We are excited to open the Islamic markets to cryptocurrency with a Shariah-compliant exchange and a suite of cryptocurrency investment opportunities. We could not be more excited to have graduated the sandbox and are very close to our public launch now.”

That XRP would at the end of the day be compliant with Sharia law was expected and confirms confidence espoused by Dilip Rao, who is the Global head for Infrastructure Innovation at Ripple. While speaking at the Global Islamic Economic Summit in Dubai late last year he was confident that most if not all of Ripple Inc solutions where compatible with Sharia Laws.

“If you can, with integrity, tokenize an asset worth a million dollars, you can now have a million people share in that asset rather than necessarily one millionaire. It starts to solve for reach into the unbanked. We think therefore aligns well with all of the Islamic finance principles.”

He went on adding that XRP as a reliable digital asset can be used by several countries like UAE who plan to transition, taking government activities to the DLT by 2020. By doing so, Rao reckons that it “is a fantastic way to encourage innovation, to bring Fintechs to your market and then to then build the capability locally to iterate on those solutions that the Fintechs bring.”

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XRP receives another boost as Canadian cryptocurrency exchange Bitbuy adds coin to its roster

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XRP was given a massive boost after Bitbuy, a Canadian cryptocurrency platform, heeded to its growing user base and added the world’s third largest cryptocurrency to its platform.

Making the announcement, the exchange tweeted,

“#whenXRP?  NOW!
XRP is now live on Bitbuy! Buy, sell, deposit and withdraw #XRP today.
#xrparmy #xrpcommunity”

The exchange revealed that XRP can be now traded with Canadian dollars [CAD], with Bitcoin [BTC] arriving on the platform soon. In what is yet another cap in XRP’s adoption spree, Bitbuy is the fifth exchange to list XRP on its platform in this week alone. Bitbuy’s website read:

“Bitbuy is a Canadian owned and operated digital currency platform. Originally founded as InstaBT in 2013, the company’s mission is to provide convenient, dependable and secure access to Bitcoin and other digital currencies. Bitbuy currently operates out of downtown Toronto and is a wholly owned subsidiary of First Ledger Corporation.”

Bitbuy wasn’t the only exchange involved with XRP this week, as CoinField, another Canadian cryptocurrency exchange, revealed that XRP was going to be added as a base pair for 130+ trading pairs on its testnet.

The tweet by CoinField read,

“We’re glad to announce 130+ new coins have been successfully integrated to our #TESTNET and will be added to @CoinFieldEX eventually once our #legal evaluation and security review is done. We will offer these new coins in both fiat & #XRP based trading pairs. #cryptocurrency”

The XRP community received the new developments with applause, with many claiming that it will result in an increase in the coin’s prices and market volume. This, however, was not an opinion shared by some popular community members, who went on to state that xRapid will not ‘flip the switch’ on the price of XRP.

The conversation was started by Nayer Malik, a Twitter user, who tweeted,

“@galgitron @Hodor @jungleincxrp @C3_Nik …Guys what r ur thoughts on Bob Way’s view regarding X-Rapid usage not increasing the price in and of itself.”

To this, Galgitron, a crypto enthusiast, replied,

“Sure, there may be some massive FOMO buy-in once banks announce they are starting to use xRapid, and that will send the monkey [price action] hundreds of feet into the air, but, only speculation creates parabolics.”

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