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XRP hovers below its December 2018 price; has the bull rally left it behind?

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Numbers and statistics define and explain almost everything we need to know in the financial landscape. For example, 2019 has been collectively accepted as a bullish year for the cryptocurrency market, with a majority of virtual assets boasting incredible growth since the demise of the crypto-winter. However, some of these stats can be slightly misleading.

December 2018 is widely recognized as the low point of the crypto-winter, with all major assets recording major devaluation. In fact, some of these assets fell to levels which were over 90% off from their all-time highs in 2017.

XRP was one such cryptocurrency that dropped down by almost 90 percent in December 2018. While XRP peaked at $3.60 back in the bull run of 2017, its valuation was down to $0.39 the following year.

Fortunately, the crypto-winter ended in April and the market’s resurgence led by Bitcoin and the likes of Litecoin and Binance Coin resuscitated the market. In fact, Bitcoin was at one point up by almost 250 percent this year. However, the same cannot be said for XRP.

Source: Trading View

When the cryptocurrency market began to rally this year, XRP joined in and climbed its way to its yearly high of $0.475. However, since 22 June, the coin has progressively lost valuation and over the last few days, the token has dipped by almost 23 percent.

At press time, XRP was valued at $0.309, a value lower than the lows of December 2018, the height of the crypto-winter. In 2018, XRP’s low was recorded to be a $0.39, which is still 20 percent more than its current valuation. These figures suggest that despite the larger market rally, XRP itself is hardly having a bullish year.

This is a surprising finding since its parent company, Ripple, has been at the heart of changing the face of modern-day finance. With its numerous collaborations, partnerships and initiatives, Ripple’s stock has surged across the world. Unfortunately, this hasn’t translated to XRP’s price.

However, the digital asset was not the only token facing the repercussions of a decline. The likes of Bitcoin Cash, Tron and Stellar Lumens were also down by almost 90 percent from their all-time high at press time, even after recording positive growth in 2019.

Source.ambcrypto

XRP

XRP’s chart indicates return of a bullish pattern. Could the price of the coin re-visit $0.76?

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The XRP’s price might have taken a hit over the past few days falling the Bitcoin dump. The coin has been moving towards stabilizing its price, but with the bears in the market, the recovery has been difficult. The short term prediction point towards a fall and rise trend in XRP’s price, while the long term prediction marks the return of an old fractal pattern.

1-Day

Source: Trading view

Source: Trading view

On September 2018, the price of the coin had slumped by almost 60% causing the value of the coin to slip from $0.6132 to $0.2450. The coin made a half recovery before falling further to $0.2700, while the support was marked at $0.2530. However, falling these tremendous falls, XRP bounced back hard with 184% growth taking the price of the coin to $0.7644.

Source: Trading view

Source: Trading view

Similarly, a fractal pattern was observed with the current trend as XRP trades at $0.2661, as the support stays strong at $0.2530. The crypto has been falling for the past few days and according to Awesome OScillator has a strong bearish hold.

However, like September 2018, the trend reversal could be underway making the price of the coin cross the long term resistance at 0.4744. If the XRP price re-traces the fractal pattern to a T, its price could breach the resistance and touch $0.7644.

Source:ambcrypto

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XRP’s price could slump further before breaching its immediate resistance at $0.27

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XRP’s price saw a fall of 20.97% on August 14, and since then it has been trying to recover. XRP was subjected to high volatility of Bitcoin, but the short term predictions point towards a further fall of the third-largest cryptocurrency.

Shorter Time Frame: 1-hour

Source: Trading view

Source: Trading view

After the massive fall on August 14, the coin has been on a roller coaster ride and noted a rise of just 0.05% since. The price movement in the past few days gave rise to an Ascending channel, where the price of XRP may not have been contained completely between the parallel lines, but provide areas of support and resistance in the short-term. The breakout from the Ascending channel may cause the price of the coin to take a further dip reversing the trend into a bearish one, as opposed to the current bullish trend.

4-hour

Source: Trading view

Source: Trading view

Although the 4-hour chart of XRP saw a formation of an Ascending triangle for the past few days. This may cause the price of the coin to break upwards, taking the price above the immediate resistance at $0.2744.

Conclusion: 

XRP’s price may note a fall in the one-hour time frame but might eventually, see a reversal in trend making the price of the coin go higher.

Source:ambcrypto

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XRP records high “Hype-to-Activity” ratio as over-hyped coins record low trading volumes, GitHub activity

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A recent report by The Tie.io highlighted over-hyped cryptocurrencies on Twitter, and the details are not surprising. Less popular cryptocurrencies with low trading volumes exhibited high “Hype-to-Activity” ratios on Twitter, a social media platform that has become a battleground for scam bots and FUD stompers of the cryptocurrency market.

The Hype-to Activity metric measured the hashtags [#] of tweets each crypto has per $1 million in trading volume, after a thorough investigation of 450 cryptos. The main highlight of the report was a high tweet volume to trading volume ratio for XRP, the third-largest cryptocurrency by market cap, while the ratio for other top coins remained relatively consistent.

Source: TheTie.io | Tweet Volume to Trading Volume Ratio

XRP’s Hype-to Activity ratio was significantly higher than other large coins, even after ignoring popular hashtags like #XRPCommunity, #XRPTheStandard, and #XRPArmy. When included, the Hype-to Activity ratio rises to 6.66. According to the report, around 33% of those tweets had the aforementioned hashtags.

XRP’s hashtag has always been a subject of controversy. Nonetheless, it has continued to win the hashtag war on Twitter. Numerous developments and partnerships on its platform can also be attributed to the enthusiasm in the XRP community which has continued to gain traction over the years. Many accounts are entirely directed towards the Ripple ecosystem for the XRP-hungry audience on Twitter and the platform has undoubtedly become Mecca for the XRP contingent, most of whom are extremely bullish on the cryptocurrency.

While hype is important during the initial developmental phase of a cryptocurrency, it does not necessarily suggest growth in the long-term. After the 2018 crash, many such “hyped projects” have died. Scam bots on social media platforms are one of the many things that the cryptocurrency industry is infamous for. And, even though it seems that most Twitter bots are innocuous, many people on social media have fallen victim to the hype and continue to be exploited by savvy scammers.

Strong on hype, weak in substance

TokenPay recorded the highest ratio of 911.1 tweets per one million in trading volume. Even GitHub activity was low for the “hyped” crypto. TokenPay had a Hype-to-Activity ratio which was 33 million% higher than Tether, a stablecoin which recorded a 24 hour trading volume of $21.99 billion, at press time.

Other over-hyped coins were lesser-known coins such as Electronuem, DragonChain, TelCoin, and DigiByte, all of which recorded low trading volumes and GitHub activity, but staggeringly high tweet volume.

The report further elaborated,

“In other words, TokenPay’s ratio of tweets/trading activity was 330,770X higher than Tether’s was… Just like trading volume manipulation, many of these coins are similarly being manipulated on Twitter by hoards of bot accounts, fake followers, and manipulated engagement.”

Source:ambcrypto

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