XRP, the third-largest cryptocurrency is reportedly down in 2019 while other leading cryptocurrencies are on a growing graph of coinmarketcap during the same year.
Is Ripple Selling XRP the Reason Behind XRP’s Declining Performance?
According to the latest findings, top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), EOS, Binance Coin (BNB) and other cryptocurrencies are blooming with approximately 100% growth on a yearly basis whereas XRP is plummeting at 7.56 percent.
However, the reason behind the downfall is still unclear, but according to some beliefs within XRP community, it is quickly revealed that few think it is due to “Company (Ripple) selling massive amounts of XRP.” In fact, according to the reports, Ripple has sold $890 million of XRP wherein 34.4% was sold to the crypto exchanges and 65.6% to the institutions.
Moreover, it was mentioned that the company has sold the highest amount of XRP ($169.42million) in Q1 2019. This seems to be the first highest sum in XRP that Ripple has ever sold.
XRP and Hack Incidents
To remind, XRP has seen quite adverse movements in the crypto industry this year. During June alone, a vast amount was stolen in hack incidents. In early June nearly $10 million in XRP were stolen from cryptocurrency wallet service GateHub. Accordingly, hackers got access to around 100 XRP Ledger wallets.
Besides, at the end of the same month, a Singaporean crypto exchange, Bitrue had suffered a significant hack incident. During the hack, the exchange suffered a loss of about 9.3 million XRP, which quickly affected the price of XRP on the graph of Coinmarketcap.
Besides that, as TronWeekly reported today, a Japan-based licensed crypto exchange, Bitpoint has been hacked for $32 million in XRP, and other cryptocurrencies. Bitpoint confirmed the report on Friday (today) after suspending all its services including trading, deposit, and withdrawals of all crypto assets.
It’s worth to note that the current price of XRP is still down from its ATH of this year. At the time of reporting, XRP is quickly gearing up with 3.76 percent over the past 24 hours and counting its trading value at $0.34 against US Dollar. Moreover, being the third-largest cryptocurrency, Ripple’s native cryptocurrency’s current trading volume stands at $14,690,027,178.
Ripple (XRP) Price Is Following Uptrend: BTC & ETH Continue To Struggle
- Ripple price started a fresh increase and it surged above $0.3000 against the US dollar.
- The price is currently correcting higher after trading to a new monthly high near $0.3040.
- Earlier, there was a break above a declining channel with resistance near $0.2860 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is slowly correcting lower and it could find bids near the $0.2940 and $0.2920 levels.
Ripple price is moving nicely in a positive zone against the US Dollar and bitcoin. XRP price remains in an uptrend above $0.2900, while ETH and BTC are struggling.
Ripple Price Analysis
Yesterday, we saw a downside correction in ripple below the $0.2850 support area against the US Dollar. XRP price traded as low as $0.2783 and recently started a fresh increase. It is up more than 4% and cleared many hurdles near the $0.2900 and $0.2920 resistance levels. Moreover, there was a close above the $0.2900 level and the 100 hourly simple moving average.
During the rise, there was a break above a declining channel with resistance near $0.2860 on the hourly chart of the XRP/USD pair. The pair gained momentum above the $0.2950 and $0.3000 resistance levels. A new monthly high is formed near $0.3040 and the price is currently correcting. It is trading below the 23.6% Fib retracement level of the recent wave from the $0.2783 low to $0.3040 high.
On the downside, an immediate support is near the $0.2940 level. However, the main support is near the $0.2920 level. Additionally, the 50% Fib retracement level of the recent wave from the $0.2783 low to $0.3040 high is also near the $0.2915 level to provide support. If there are more downsides, ripple price could revisit the $0.2880 support area and the 100 hourly SMA.
On the upside, an initial resistance is near the $0.3000 and $0.3020 levels. If there is a successful close above $0.3020, the price could surge above the $0.3040 and $0.3050 levels in the near term. The next stop on the upside is near the $0.3100 level.
Looking at the chart, ripple price is showing a lot of positive signs above the $0.2920 support area. Therefore, there are high chances of a decent upward move above the $0.3000 in the coming sessions. Only a close below $0.2880 may perhaps negate the current positive bias and start a fresh decline.
Hourly MACD – The MACD for XRP/USD is gaining strength in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 50 level.
Major Support Levels – $0.2940, $0.2920 and $0.2880.
Major Resistance Levels – $0.3000, $0.3020 and $0.3040.
Ripple (XRP/USD) forecast and analysis on October 18, 2019
Cryptocurrency Ripple (XRP/USD) is trading at 0.2828. 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 lower border of the Bollinger Bands indicator stripes.
Ripple (XRP/USD) forecast and analysis on October 18, 2019
As part of the Ripple course forecast, a test level of 0.2780 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 0.3080. The conservative buying area for Ripple is located near the lower border of the Bollinger Bands indicator strip at 0.2750.
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 the moving average with a period of 55 and the closing of quotations of the pair below the area of 0.2580. 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 an acceleration in the fall of cryptocurrency.
Ripple (XRP/USD) forecast and analysis on October 18, 2019 implies a test level of 0.2780. Further, growth is expected to continue to the area above the level of 0.3080. The conservative area for buying Ripple is located area of 0.2750. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.2580. In this case, we should expect the continuation of the fall.
What Ripple’s Investment in Swedish Startup Towo Labs Means for XRP HODLers
Xpring, Ripple’s investment and incubator arm, announced on Wednesday (October 16) that it had invested in Swedish startup Towo Labs, which is developing open-source firmware that will allow popular hardware wallets to provide full support for the XRP Ledger (XRPL), which means that XRP HODLers will be able to use all 17 XRPL transaction types in a secure non-custodial fashion.
Xpring’s announcement says that that Towo Labs is the team that created the extremely useful resource XRP Toolkit, which provides a “trustless, non-custodial web interface to the XRP Ledger.”
Towo Labs’ advisors include Matvey Mukha, Founder of Secalot, and Wietse Wind, Founder of XRPL Labs.
Towo Labs’ talented team consists of just three software engineers: Markus Alvila (also the startup’s founder), Patrik Sletmo, and Silas Lenz.
Alvila explained via a blog post what this strategic investment from Xpring means support for the following two projects
- Supporting All XRPL Transaction Types on Hardware Wallets.
- New XRP Toolkit with Full Hardware Wallet Support.
Featured Image Courtesy of Towo Labs