- Ripple (XRP) ranging but the uptrend is firm
- XRP classification will either trigger a rally or a large-scale dump
Like most liquid assets, Ripple (XRP) is consolidating, trading inside May 14th and 15th high low in a bullish breakout pattern. All the same, bulls are in pole position. As fundamentals and candlestick arrangement diverge, it is only a matter of time before prices breach 50 cents as buyers aim at 60 cents.
Ripple Price Analysis
At 39 cents, Ripple (XRP) market dominance is 6.75 percent, trailing Bitcoin and Ethereum with a market cap of $16,661 million at the time of press. Ripple (XRP) bulls have ground to cove. However, it all depends on how XRP, a medium of exchange facilitator, is viewed by regulators and most importantly, the success of xRapid.
If anything, it may take years or even decades before RippleNet clip a majority of market share from SWIFT. All the same, regulators may thaw thanks to Coinbase pro decision to open up XRP trading to New York state residents. The state is stringent.
Because of compliance demanding NY DFS, the move somehow confirm Ripple (XRP) is indeed a utility with no central point of control. All the same that will take much convincing from critics who insist that XRP is centralized security and a Ripple Inc Airdrop.
At spot rates, Ripple (XRP) is up 21.7 percent from last week’s close. However, prices are stable in the previous 24 hours. Despite low volatility, the path of least resistance is up, and aggressive traders have a chance to ramp up on dips with first targets in line with our last XRP/USD trade plan.
From candlestick arrangement, there is an opportunity to add to longs after the correction of May 15th to 16th over-extension. However, the best approach for conservative traders is to trade the confirmation of May 14th upswing.
It will print out after prices rally, closing above May 16th highs ideally at the back of high transaction volumes. After that, our ideal target will be 60 cents. Conversely, any drop below 34 cents invalidates our trade plan as XRP bears will fall back to the 4 cents range of the last five months.
To reiterate our previous positions, any close above 40 cents and May 16th ought to be at the back of high transaction volume exceeding 187 million recorded on May 14th.
Ripple (XRP) Price Analysis: Technical Indicators Suggest Bullish Continuation
Ripple price started a strong rally from the $0.3920 swing low and climbed above $0.4150 and $0.4300. XRP remains in a steady uptrend and it could continue to grind higher towards $0.4550 and $0.4720.
- The price is trading nicely above the $0.4260 and $0.4150 support levels.
- XRP is placed well above a crucial bullish trend line with support near $0.4260 on the 30-minute chart.
- Ripple price recently cleared a connecting bearish trend line at $0.4310 on the same chart.
Ripple Price Analysis (XRP to USD)
Recently, there were sharp gains in bitcoin price, Ethereum priceand ripple price. XRP/USD started a steady rise from the $0.3920 support area, and climbed above $0.4150, $0.4260, $0.4320 and $0.4400.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair settled above the $0.4200 support and the 25 simple moving average (30-minute chart). A new multi-day high was formed at $0.4440 before the price started a downside correction.
It corrected below the $0.4320 support and even spiked below the $0.4200 level. A swing low was formed at $0.4198, and the price recovered above $0.4260 plus the 25 simple moving average (30-minute chart).
The price traded above the 50% Fib retracement level of the recent downside correction from the $0.4440 high to $0.4198 low.
Moreover, the price cleared a connecting bearish trend line at $0.4310 on the same chart. On the upside, an immediate resistance is near the $0.4350 level and the 61.8% Fib retracement level of the recent downside correction from the $0.4440 high to $0.4198 low.
If there is an upside break above the $0.4350 resistance, the price could continue to rise towards $0.4400 or even $0.4440. If the bulls manage to gain strength above $0.4400, there are chances of further upsides towards $0.4550 or even $0.4720.
On the downside, there are many supports near $0.4260. There is also a crucial bullish trend line forming with support near $0.4260. Therefore, ripple price remains well supported and XRP/USD is likely to climb above $0.4350, $0.4400 and $0.4440 in the near term.
The market data is provided by TradingView, Bitfinex.+
NEWS GateHub: Stolen XRP funds transferred to prominent exchanges
The GateHub hack that took place earlier this month resulted in the exchange losing nearly 23 million XRP worth approximately $9 million. However, Whale Alert, a tracker of large crypto transactions, alerted the community of these stolen funds being moved to various different exchanges.
One of these exchanges was identified to be Bitfinex, which received 400,025 XRP on June 16 at 10:57:22 UTC. The sender’s address was r4hyDYXv7iV3oCahxQzqYYfgxwyBx3AyMN and was identified to be from the GateHub hack 2019. The receiver’s address was identified to be Bitfinex’s- r9o9MerrS7d2GAEs6JPj4v4JcvZAJNtLUY. The hash rate of the transaction was 21124F7818A2903E9750456D603CC9AACC9DBE6CE2EF0AA191C734339B4CA682 and the transaction details were as follows:
Another transaction was noted to take place to the Bitfinex wallet address where 100,000 XRP was transferred from another identified GateHub hack address. The identified Bitfinex’s wallet address was rDcz7P9YMpffLKhRBovTzhUr3wKtk3y9q7. This wallet address was quick to transfer the funds immediately to another exchange, OKEx. OKEx previously received 3,000 XRP from the stolen funds to an identified OKEx address- rUzWJkXyEtT8ekSSxkBYPqCvHpngcy6Fks. The hash rate of the transaction was noted to be BE97F68A20E996A2E1A37228DCBD45A1F26E8E2B3A842E9FCFFF7721157C1C37 and following were the transaction details:
The stolen funds were moved to another prominent exchange, Binance, and CZ was swift to inform Whale Alert that he would look into it. However, the crypto users did not find any relief about these funds going to other exchanges as the exchanges did not respond to the large transactions.
Ripple (XRP/USD) weekly forecast on June 17 — 23, 2019
Cryptocurrency Ripple (XRP/USD) is trading at 0.4165. 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 middle border of the Bollinger Bands indicator.
Ripple (XRP/USD) weekly forecast on June 17 — 23, 2019
As part of the Ripple course forecast, a test level of 0.3860 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 0.5120. The conservative Ripple buying area is located near the lower border of the Bollinger Bands indicator bars at a level of 0.3750.
Cancellation of the option to continue the growth of the Ripple rate will be the breakdown of the lower border of the Bollinger Bands indicator. As well as a moving average with a period of 55 and closing quotes pair below 0.3680 area. This will indicate a change in the current trend in favor of the bearish for XRP/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.
Ripple (XRP/USD) weekly forecast on June 17 — 23, 2019 implies a test level of 0.3860. Further, growth is expected to continue to the area above the level of 0.5120. The conservative area for buying Ripple is located area of 0.3750. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.3680. In this case, we should expect the continuation of the fall.