Ripple (XRP) has just faced a strong rejection at the 21 day exponential moving average against Bitcoin (BTC). This is a strong setback for XRP/BTC considering the price is already in a do or die situation. The only thing that could save Ripple (XRP) from significant further downside is a rise above the 50 day moving average. If it fails to do that and faces a rejection at the 50 day moving average, we might see a strong decline below the 200 day moving average. If the price falls below the 200 day moving average, we could see it flash crash to the previous support. On the other hand, if XRP/BTC climbs above the 50 day moving average, we could see a short term rally to the upside that would lead to a higher weekly close.
So far, the probability of a decline below the 200 day moving average for XRP/BTC before a break above the 50 day moving average seems quite low. This is because the daily chart shows that Ripple (XRP) has significant room for a short term rally. This rally would also help Ripple (XRP) reach overbought conditions on larger time frames so a strong decline to the downside can begin. Ripple (XRP) like most cryptocurrencies have declined more than 90% from its all-time high but that does not mean that the price has bottomed yet. In fact, we believe that the price has a long way to go before it bottoms. This week’s close is likely to determine the fate of Ripple (XRP) for the weeks ahead. The trading activity for the past few weeks for Ripple (XRP) has been rather confusing. Some investors and analysts have blamed it on manipulation while others have chalked it up to a lake of interest in the market at the moment.
The weekly chart for XRP/USD shows that the price of Ripple (XRP) has failed numerous times in its attempts to break out of the symmetrical triangle it has been trading in since August, 2018. The price has also been facing constant rejections around the 21 Week EMA. This goes on to show that the bulls have a hard time pushing the price of Ripple (XRP) above the symmetrical triangle. With this kind of weakness in the market, it is unlikely that we might see a significant break to the upside. It would not be surprising to see XRP/USD break to the upside and shoot towards the 50 week moving average.
However, it is likely that this move will be short lived and the price will retrace significantly before the weekly close facing a strong rejection at the 50 week moving average. The Stochastic RSI on the weekly time frame shows that Ripple (XRP) unlike most other cryptocurrencies has a lot of room for significant room to the upside. However, the majority of people in the market at this point are professional traders who know how to knock out mainstream investors and have their way. The wicks that we have seen in the past few weeks will thus only get longer in the weeks ahead as we see more signs of market manipulation as we get closer to the bottom.
Ripple (XRP/USD) forecast and analysis on September 19, 2019
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.
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.
Ripple moves 10M tokens from its OTC Distribution wallet as XRP goes through the roof
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.
Ripple: XRP flies upwards, first target is at $0.33.
- 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.