On the back of the most successful week for XRP, the second largest altcoin in the market has broken, what could be equated to the first inkling of the Bitcoin [BTC] bull run. Following Coinbase’s greenlight to its New York customer to engage in XRP trading, the altcoin shattered its 200-day moving average.
Bitcoin, prior to the April 2 ascendance, which was trading at just over $4,000 and on the back of a slew of reasons, broke the $4,623 200-day moving average (at the time) creating an impetus for a prolonged pump. XRP, following the mammoth 41 percent price rise on 14-15 May, has mirrored the king coin’s rise.
The 200-day MA of XRP, which, at press time, stood at $0.352 was shattered at around 0300 UTC on 14 May, where the cryptocurrency saw a massive 25.59 percent daily gain. Continuing to ride the Coinbase bulls, the cryptocurrency added another 12.27 percent daily price rise the following day, ending its slumping streak which persisted for much of 2019.
Interestingly, the XRP price rise could not have come at a more opportunistic time. During the early days of May, when Bitcoin was breaking resistance after resistance, and anchoring an XRP-less altcoin rise, Ripple’s cryptocurrency was in a slump. In fact, the other digital asset that aims to attract an XRP-esque market, Stellar Lumens [XLM] was also in a slump prior to last week’s rise.
On a year-to-date analysis, the two cryptocurrencies jointly referred to as the “Bank Coins,” contrastingly declined by over 12 percent each, as other coins like Litecoin [LTC], Binance Coin [BNB] and even Bitcoin [BTC] saw triple-digit gains. To answer back to their crypto-contemporaries, XRP and XLM were, by far, the highest gainers during the aforementioned period, wiping clear their slumping trends.
The only coins in the top 10 that are down YTD are $XRP and $XLM, which share identical strategies of trying to become global payment platforms. Their returns are nearly identical as well:$XRP -14.76%$XLM -14.87%
Looks like Mr. Market is bearish on the bank coins@onchainfx
— Ceteris Paribus (@ceterispar1bus) May 7, 2019
Another key indicator for the Bitcoin price rally lasting almost two months now was the realization of the “Golden Cross.” On April 23, the king coin saw its 50-day MA cross-over its 200-day MA as the price rose above $5,350, confirming the coming of the BTC bears, which have since pushed Bitcoin’s price over $8,000.
XRP is on the verge of realizing its very own Golden Cross. Following its May 14 rise and the current green candle-stick, albeit with a major anchoring role played by Bitcoin’s ascendance, the 50-day MA for the altcoin has been broken. If the current trajectory continues, like BTC, XRP could see the 50-day surge above the 200-day and begin a major bullish swing, if Bitcoin’s prices are to go by.
Ripple’s XRP Eyes Relief Price Rally; Here’s Why
XRP was rising on Tuesday as investors flew out of the bitcoin market amid growing uncertainties regarding its safe-haven status.
The Ripple blockchain’s native asset climbed 1.73 percent to $0.00455 on BitFinex exchange. That brought its week-to-date gains up by more than 2.5 percent, providing one of the first signs of a relief price rally after months. XRP’s moves appeared the same against bitcoin, wherein the asset surged by as much as 4.49 percent against the benchmark cryptocurrency.
Ripple’s XRP looking to switch interim bias in favor of bulls | Image credits: TradingView.com
The surge occurred as market analysts awaited a plunge in the bitcoin dominance, triggered by fears that the cryptocurrency is not behaving like a safe-haven asset. As covered by NewsBTC earlier, Bitcoin remained cautious as drones attacked two Saudi Arabian crude oil production facilities on Saturday. The attack dwindled the world’s oil supply by 5 percent, sending the global stock market, including the benchmark S&P 500, down. As the equity markets plunged, long-time haven assets such as Gold, Treasuries, and the Japanese Yen surged. But bitcoin didn’t.
The mum approach prompted bitcoin traders to hedge into the altcoin market. In the last 48 hours, Ethereum climbed by as much as 6.72 percent against the US dollar – and 7.69 percent against bitcoin. The ETH/BTC instrument, as of now, is registering its four-day winning streak. The sentiment also breathed life into the XRP market, which, as renowned analyst Mohit Sorout noted, was trading in oversold territory for three months straight.
The Bitazu Capital partner said he now expects “a relief rally” in the XRP market.
But XRP’s interim upside action could live short, after all. The Next Web reports that Ripple’s core investor base is not happy with the way the blockchain project is developing. They think the San Francisco company is dumping XRP tokens, which has even led some disappointed ones to start a petition on Change.org, titled “Stop Ripple Dumping.”
“The only logical explanation is that Ripple is dumping on us. And not small amounts either – literally, billions. We have seen the reports of them disclosing this, so it’s a fact,” the petition reads. Over 3,500 signatories have shown support.
The petitioner cites Ripple’s financial reports as evidence. The Q2/2019 report shows that the firm sold $106.87 million and $144.64 million worth of XRP in direct institutional sales and programmatic sales, respectively. Meanwhile, the Q1/2019 data brings a similar picture – Ripple sold $890 million worth of XRP to fund institutions and support exchanges.
Meanwhile, the XRP/BTC instrument plunged by more than 70 percent.
Technical analysts, nevertheless, see XRP breaking out of its downtrend – against both the dollar and bitcoin. However, with Bakkt launching the first physically-settled bitcoin futures contracts next week, altcoins could see speculators driving back to the king cryptocurrency.
Bitcoin was down 0.65 percent against the dollar at the time of this writing.
Former Ripple CTO Announces $100 Million Grant to Monetize Content
Stefan Thomas, the ex-CTO of Ripple Inc, is launching a grant-based incentive system to promote creativity and diverse content on the internet. Along with Mozilla and Creative Commons, Thomas’ venture Coil will give out $100 million to creators and users who embrace distribution models devoid of advertisements, as reported by Fortune, September 16, 2019.
The current model of content curation is dominated by a few large players who are dependent on advertisements for revenue and end up promoting content that appeals to the masses and grabs their attention.
In doing so, creative content and things that don’t instantly catch one’s attention end up all the way at the back with hardly any attention.
Stefan Thomas‘ fund aims to bring about a change in the way this model works today. With a massive corpus of $100 million, there is significant potential to make a formidable impact on the internet and the way things work.
One huge doubt is whether this is enough to faze the likes of Facebook and Google, but Thomas is familiar with building disruptive systems. As the CTO of Ripple, he pioneered the Interledger Protocol, which creates frictionless interoperability between payment systems.
Coil believes Mozilla and Creative Commons have been instrumental forces in nurturing an open internet culture, and this is the primary reason for choosing them as the initial partners.
Privacy and Creative Diversity
What Coil is trying to achieve goes hand in hand with the vision of Brave.
Brave wants to remove the advertisement dominant culture that runs the internet today. Their business model is predicated on the idea that advertising is important for businesses, but they cannot be allowed to abuse it.
More and more people are opening up their eyes to the need for privacy and creative freedom. In a world where cancel culture prevails, creative freedom is being suppressed by the same forces that allow the current advertiser dominated system to exist.
Coil’s goal of monetizing out of the box content that isn’t clickbaity and catchy will help a wider range of content creators to amass an audience.
Ripple’s XRP Suddenly Surges Five Percent, Leading Crypto Market’s Modest Rally
The price of XRP has spiked by five percent, reaching its highest level since Aug. 26
XRP, the native token of San Francisco-based crypto behemoth Ripple, is up by approximately five percent over the last 24 hours. The token, which has become a subject of controversy as of recently, posted a huge green candle at 12:00 UTC that pushed its price to $0.273.
Meanwhile, Ethereum has finally surged above the $200 mark after enduring a brutal sell-off. Its price has posting green updates since the much-talked-about Ethereal Summit in Tel Aviv.
Bitcoin, on the other hand, remains dormant with its price hovering above the $10,000 level. As a result, the crypto king’s dominance has dipped to 68.8 percent.
However, given that its descending triangle is inching closer to a resolution, there is a good reason to believe that it will make a decisive move in the upcoming days.