- Ripple’s XRP is holding big gains of over 6.5% late in the session on Wednesday.
- XRP/USD bulls have managed to settler above $0.4000 price territory, after some initial trouble.
- The next major barrier to breakdown will be $0.4500-0.4600 region, ahead of $0.5000 return.
Ripple’s XRP caught some large buying in the session on Wednesday. The price was seen holding chunky gains of 6.5% in the latter part of the day. XRP/USD is trading at the highest levels seen since 26th December 2018.
XRP/USD ran up to a high area and a level of resistance that capped upside on; 21-22nd November and as noted 26th December. This is the next major area of interest for the bulls to breakdown.
In terms of the key levels to note via the daily confluence detector, to the upside; $0.4679, monthly pivot point resistance, $0.4815, daily pivot point resistance. To the downside; $0.4454, daily pivot point support, $0.4273, monthly pivot point support.
XRP/USD daily confluence detector
Ethereum Could Be Next To Make An Astounding Bullish Breakout Following Confirmation Of Golden Cross Indicator
If the last couple of weeks have been anything to go by, Ethereum’s future is bright. The altcoin has been recording significant gains and has managed to set a bullish pattern. Now Ethereum could be set for even greater gains in the days and weeks to come.
Ethereum has just confirmed its Golden cross, a common indicator that predicts bullish momentum on the horizon. Bitcoin itself confirmed its Golden cross just weeks before it rallied.
A golden cross appears when a short-term moving average rises above its long-term moving average.
Analysts are now predicting that Ethereum will climb above $300. This will especially be easy if the altcoin can break its current resistance of about $270 whilst enjoying the same record-breaking volume figure it saw last week. Ethereum recorded a new volume high during last weeks rally- around $19 billion.
Ethereum 2.0 To Be More Mature
Ethereum is in addition to having technical boosters expected to be pushed further up with the launch of the Ethereum 2.0. This upgrade is expected to see the network improve in scalability and adopt the proof of stake consensus. This will go along way in keeping up with emerging platforms such as EOS and Tron which have been preferred choices for many DApp developers in recent years.
In regards to building Ethereum 2.0, the Ethereum foundation has recently revealed that it plans to allocate $30 million towards the development of the platform, in it- Plasma and Ethereum 2.0. According to a post by the project, the foundation has been refocusing and taking a more mature stand:
“As the ecosystem has matured, the Ethereum Foundation has refined its focus. ‘Doing what is best for Ethereum’ doesn’t mean trying to do everything — it means focusing on where we can add the most value, and leaving space for others to add value in the areas that they will be the most effective.”
Notably, $3 million of the allocated $30 million has been earmarked for growth and awareness with the aim of attracting more developers to the network.
In the weeks and days to come, it seems that Ethereum might have much to celebrate in development and with it, prices will continue pushing higher. At the time of press, Ethereum is recording a marginal gain of less than 1% and exchanging for $252.
Price Analysis: ADA/USD Consolidating At $0.08, Bulls Await Phenomenal Breakout
Resistance levels: $0.08, $0.09, $0.10
Support levels: $0.07, $0.06, $0.05
ADA/USD Long-term Trend: Ranging
On the Long-term outlook, ADA/USD is on the sideways movement. ADAUSD was strongly bullish last week. The bullish momentum drove the price up with full pressure, broke up barriers at $0.07, $0.08 and $0.09 levels and topped at $0.10 resistance level. The Bears did not allow a further increase in Cardano price.
The price was pushed down, the strong bullish candle at $0.10 converted to upper long tail candlestick called inverted pin bar. This candle pattern triggers the bearish momentum and the price declined towards $0.07 level. Since that time, the momentum of the Bulls and the Bears seems to be equal and the price is moving sideways with the formation of the symmetrical triangle.
The breakout is imminent; which could either be at the upper trend line of the triangle or at the lower trend line. Cardano price is hovering over the 21-periods EMA and 50 periods EMA. The two EMAs are parallel on the 4-hour chart without specific direction; this indicates that consolidation is ongoing.
In case the Bears defend the price level of $0.08, there will be a breakout at the lower trend line of the triangle and ADA price may target $0.07 level.
ADA/USD Medium-term Trend: Ranging
On the Medium-term outlook, ADA is on the ranging mode. The Bears bottomed the coin at $0.07 on May 17. The Bulls pushed up the price but could not break up the $0.08 level. The price returned to the previous low at $0.07. It continuously moves up and down within the range. The price movement has resulted in the formation of a symmetrical triangle in the 1-hour chart.
The two EMAs are interlocked to each other with the ADA price moving over and around the two EMAs; which indicates that consolidation is ongoing in the Cardano market. However, Relative Strength Index period 14 is below 60 levels and the signal line points up to connotes buy signal.
Crypto Startup Circle Lays Off 30 Employees Citing Market, Regulatory Conditions
Crypto startup Circle has laid off roughly 30 people, or about 10 percent of its staff, CoinDesk has learned.
The company – which owns trading platform Poloniex, equity crowdfunding site SeedInvest and the USDC stablecoin in partnership with Coinbase – is looking to cut costs, Circle CEO Jeremy Allaire told CoinDesk via a spokesperson.
“We made these changes in response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States,” Allaire said. “Circle remains strong and healthy, and we will continue to drive new product innovation and growth globally, working with jurisdictions that offer forward-looking policies regulating digital asset businesses, while we press for more balanced crypto policy in the U.S.”
On Monday, Allaire wrote a blog post detailing how regulatory uncertainty forced Circle to geofence some assets on Poloniex from U.S. customers.
The cuts appear to primarily affect the company’s Boston headquarters, a source with direct knowledge of the situation told CoinDesk. At the company’s New York office, cuts were reportedly spread across the finance and product departments, the source said. Some unfilled positions were cut as well.
Last month, Circle’s SeedInvest received a securities trading license from the Financial Industry Regulatory Authority (FINRA). Earlier in April, Circle CEO Jeremy Allaire made the case for cryptocurrency in a debate with the International Monetary Fund’s Christine Lagarde.
Circle CEO Jeremy Allaire speaks at Bitcoin2014, photo via CoinDesk archives