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Ripple’s XRP technical analysis: XRP/USD smashed by the bears, only $0.3000 can potentially save total bloodshed now

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  • Ripple’s XRP price on Thursday is trading deeply in the red by some 7.10% in the second half of the day.
  • A fresh wave of selling pressure really kicked in after the bears manage to breakdown $0.4000 earlier in the week. 
  • Via the daily chart view, a critical ascending trend line was breached by the bears, inviting another wave of selling pressure. 

Spot rate:                 0.3346

Relative change:      -7.10%

High:                        0.3625

Low:                         0.3179

XRP/USD

OVERVIEW
Today last price0.335
Today Daily Change-0.0258
Today Daily Change %-7.15
Today daily open0.3608
TRENDS
Daily SMA200.4316
Daily SMA500.417
Daily SMA1000.3683
Daily SMA2000.3473
LEVELS
Previous Daily High0.3972
Previous Daily Low0.3457
Previous Weekly High0.4277
Previous Weekly Low0.3741
Previous Monthly High0.5074
Previous Monthly Low0.3704
Daily Fibonacci 38.2%0.3654
Daily Fibonacci 61.8%0.3775
Daily Pivot Point S10.3386
Daily Pivot Point S20.3164
Daily Pivot Point S30.2871
Daily Pivot Point R10.3901
Daily Pivot Point R20.4194
Daily Pivot Point R30.4416

XRP/USD 60-minute chart

  • Bearish pennant was breached via the 60-minute chart, another bearish flag can be seen. 

XRP/USD daily chart

  • The critical daily trend line was breached earlier in the week, opening the door to a fresh wave of selling pressure. 

Source:fxstreet

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Ripple (XRP/USD) forecast and analysis on July 19, 2019

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Cryptocurrency Ripple (XRP/USD) is trading at 0.3131. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Ripple. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.

Ripple (XRP/USD) forecast and analysis on July 19, 2019

As part of the Ripple course forecast, a test level of 0.3260 is expected. Where should we expect an attempt to continue the fall of XRP/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 0.2430. The conservative area for Ripple sales is located near the upper border of the Bollinger Bands indicator at 0.3310.

Ripple (XRP/USD) forecast and analysis on July 19, 2019

Cancellation of the option to continue the decline in the Ripple rate will be a breakdown of the upper border of the Bollinger Bands indicator bands. As well as the moving average with a period of 55 and the closing of quotations of the pair above the 0.3520 area. This will indicate a change in the current trend in favor of the bullish for XRP/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Ripple (XRP/USD) forecast and analysis on July 19, 2019 implies a test level of 0.3260. Further, it is expected to continue falling to the area below the level of 0.2430. The conservative area for selling Ripple is located area of 0.3310. Canceling the option of falling cryptocurrency will be a breakdown of the level of 0.3520. In this case, we should expect continued growth.

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Garlinghouse Highlights Key Difference Between Ripple’s Tactics and Facebook’s Approach to Digital Assets

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Ripple CEO Brad Garlinghouse joined CNBC’s Squawk Box to talk about Facebook’s digital asset Libra.

Garlinghouse says the massive amount of attention it has garnered is a net positive for the future of finance — despite the strong rhetoric and widespread condemnation of Facebook.

“I think on the most macro level, it’s been good for the world because it’s brought a lot of attention on a set of technologies that really can’t benefit mainstream banking, mainstream consumer experiences around banking. I think there’s a little bit of, perhaps, arrogance – maybe Silicon Valley arrogance – with how Facebook approached this, and just somewhat brazenly running into some things without checking some of the boxes.”

Garlinghouse says he agrees with Treasury Secretary Steven Mnuchin, who has issued a warning about new digital assets like Libra and the dangers of unregulated currencies.

“In order for these technologies to be used well and to be taken advantage of, it has to be done in a regulatory, compliant way. We can’t expose more risk – whether it’s terrorism financing, whether it’s money laundering. These are things that, from its core, Ripple has really been focused on making sure we’re partnering with the existing system.”

When asked why he suggests that Silicon Valley arrogance is at play, Garlinghouse responds,

“I think the conversation with regulators for Facebook started some time ago, and I think they had heard loud and clear some of these reservations, and I don’t think they took the time to address some of them.”

Garlinghouse points out that Facebook’s Libra Association, a consortium of companies that will oversee the new project, has zero banks. By failing to ask legacy players to collaborate, Facebook effectively crashed the party.

“There is a huge opportunity to change the way the world financial systems work that is very beneficial to consumers, businesses, etc. But again, it’s not competing with the banks…

David Marcus came out when he announced Libra and said, ‘This spells the end of Western Union.’ That was a huge call-to-action to the banks around the world that had been watching big tech players that they’re fearful are going to come into this space.”

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Is XRP’s Future Bullish? Half A Billion Made From Dumped Tokens

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Whereas the spotlight has been on Facebook’s Libra coin over the past month or so, Ripple Labs has unexpectedly earnt quite a bit, right in the middle of the ruthless bear market that had a huge impact on the crypto space last year. According to one report, the Ripple Labs successfully pocketed more than $700 million, proceeds from dumping their XRP tokens to the investors of the San-Fransico based startup.

At the start of the year, the Ripple started mining 100 billion XRP tokens as the available supply. All of these tokens were created before it was officially launched and only 20 percent of the time was it available to the public.

According to ZyCrypto, “the remaining 80% was held by the firm, its co-founders and other affiliated entities. Since then, these tokens have been dumped to investors, from time to time. Mostly, the coins are sold when Ripple needs to finance other ventures or when an affiliated firm or partner is moving on from the firm.”

For about five years now, Ripple has been dumping almost 2.5 billion tokens of XRP on a yearly basis without fail. That being said, in 2018, whereas the dumping still occurred, there was a slight change.

Most of the market had lost a lot of its value by the end of last year but Ripple’s XRP dumping helped it profit by more than $530 million. 

Where do we go from here?

An altcoins future is never certain and it is still quite tricky with most investors as they are still keeping their wide eyes locked onto the performance of altcoins as time goes on. One trader, who goes under the Twitter handle @Rektcapital, took to the social network recently to say that there might actually be something for investors to look forward to in the near future:

“For the first time since December 2017, Ripple has recently rebounded from a long-standing uptrend line.”

However, according to another popular trader Peter Brandt, things might not be as bullish as they seem:

“While the parabola in BTC was subject to different renderings, the parabola in the total market cap chart was loud and clear. Total cap should correct 80%. Most of the damage of decline will occur to altcoins.”

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