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XRP breaks out of descending triangle as short-term prediction suggests further slump in price

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The price of XRP has been taking a hit since the fall of Bitcoin, and has been trading around $0.26. After the price broke on August 14, XRP had been observing alternate red and green candles, showing no sign of absolute recovery. Short-term prediction of XRP indicates a bearish pattern with no sign of relief.

12-hour chart

Source: Trading view

Source: Trading view

12-hour chart of XRP highlights breaking of a Descending Triangle pattern, indicating a further dip in price. The Descending Triangle extended for 36 days before breaking on the 37th day, noting a fall of 20.08% bringing the price of the coin to as low as $0.23. The coin made some recovery as the current price stands at $0.2654.

6-hour chart

Source: Trading view

Source: Trading view

As XRP broke the 12-hour pattern, it confirmed the bearish wave as it formed a bearish pennant in the 6-hour chart. The flagpole was formed following the August 14 fall of XRP, after which the price was noted to consolidate, converging into a pennant. According to the feature of this pattern, a breakout could be imminent for XRP taking the price of the coin back to the immediate support at $0.2368. The price has been consolidating over the past three days and could breakout within a couple of days.

Source:ambcrypto

XRP

Jed McCaleb has sold half the XRP he received; left with ~4.5 billion

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The culmination of 2017 bull-run gave rise to scores of crypto millionaires and a few billionaires. Jed McCaleb, co-founder of Ripple was one of the very few who made the list. On his exit from Ripple in 2013, McCaleb held 9 billion XRP and had signed a contract with Ripple to ensure that no huge XRP dumps would take place. However, there have been allegations of McCaleb selling hoards of XRP, but an active XRP member put these allegations to rest.

Twitter user @LeoHadjiloizou identified accounts used by Ripple to send XRP to McCaleb’s XRP selling wallet and charted out the sales of XRP over-time by the co-founder. Leonidas tweeted:

According to their deal, Ripple has control over McCaleb’s XRP and it holds it in 3 distinct accounts and 1 account through which it sold XRP via Bitstamp.

Source: XRParcade

Source: XRParcade

Thus, the wallet addresses mentioned by Leonidas, are associated with Ripple and indicate a moving of XRP from their wallets to the address that sells McCaleb’s XRP.  The chart provided by the Twitter user called attention to the sale of XRP and compared it to the daily CoinMarketCap volume.

Source: Twitter

Even though the chart reflected similarities between McCaleb’s XRP sales and XRP volume on CMC, the Twitter user pointed out that a “huge” percent of the total volume was fake. The sale of XRP took place according to the deal with Ripple and saw a no-sell period between January 2019 and June 2019, indicating that McCaleb’s XRP sale has not amounted to a large figure that could cause market instability.

Leonidas added:

“… a huge % of the total volume is fake. I wanted to check if the sales are being calculated based on a different metric, like the volume from crypto compare. The graph doesn’t seem to suggest that anything changed.”

After revising a few details from the contract in February 2016, the new deal asked McCaleb to donate 2 billion XRP and noted that even though he retained ownership of the 5.3 billion XRP, Ripple will control its release. According to the data, the co-founder has managed to sell half the XRP he received and was left with approximately 4.5+ billion more.

Source:ambcrypto

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XRP Market Update: Ripple’s XRP Trend of Minor Losses

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Current fundamentals show that the majority of crypto-currencies move widely in a range, extending their lateral trade, without showing any significant gain in the short term.

The total market capitalization of cryptocurrency currently stands at about $ 238 billion, while Bitcoin accounts for about 65.8% of the total value and, in terms of market capitalization,  XRP is the third-largest coin and is not excluded from the recent downward trend, the crypto saves price of $ 0.270 per piece, plunging to about 2.62% already in the day. The recent fundamentals of XRP for the Coinbase Visa debit card have increased support for additional cryptocurrencies in the new European Zone 10, including XRP, showing no positive effect on the price of the coin.

The majority of the top 20 coins, including XRP, recorded minor losses, with several recording around 1% to 2% due to negative territory. Ripple and XRP are making progress in deepening the development and adoption of XRP.

Ripple‘s development and fundraising partner Xpring, has its director Ethan Beard declaring recently that the firm has launched a fresh SDK structured to simplify the process of building on the XRP ledger for engineers.

A fresh SDK was launched and it’s the Xpring SDK, on prerequisites for calculating commands, 100 lines of JavaScript code, for example, in a simple way for simple data transfer in the XRP Ledger.

Meanwhile, to use the SDK in creating, an iOS developer that can write in Swift has only 10 lines of code for the same purpose. Now we’ll make provision in a wide variety of separate languages for assisting in the developer’s world.

XRPUSD Trends Lower Consistently in a Row of Losses

Trending lower consistently in a row of losses in the last six days, XRPUSD exited Thursday on the level at 0.2680 with a loss of $0.0036 (-1.33%). However, in today’s trading, we may record the lowest closing price from October 6th till now.

The cryptocurrency has affirmed its breakout through the prior days’ low after trending up to the level at $0.0070 under its intraday. The daily time frame volatility shows it’s a little lower than usual for the XRPUSD.

On the daily chart, the pair is trading between the near term demand zone and supply zone on the level at 0.3273 and 0.2501 respectively, with the current price on the level at 0.2673 close to support as at the time of writing.

The digital currency displays weakness for the time being (as per its daily downtrend) with just the medium-term pattern as yet being bullish.

Source: coinspeaker

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Hong Kong’s Crypto.com launches new exchange; lists XRP, Bitcoin, Litecoin

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Crypto.com, a Hong Kong-based cryptocurrency service provider, has announced the launch of its cryptocurrency exchange today. According to Crypto.com, a service that already provides users with crypto-powered debit cards, the reason behind it joining the already crowded list of exchanges is to retain its customers, according to a report.

CEO of Crypto.com, Kris Marszalek, also expanded on the company providing various financial solutions to its users, adding that it has managed to solve the issue of user acquisition and is now working on building an ecosystem. According to the CEO, launching an exchange is the next natural step towards completing its ecosystem. In an interview, he added,

“We’ve got a lot of customers right now who use us for purchasing and storing crypto and [gaining] interest, but whenever they needed to trade in a professional environment, they would go somewhere else.”

With the exchange kicking off primarily for Crypto.com’s existing user base, it will only later be marketed to new users. The exchange has already listed nine cryptocurrencies on its platform, namely, Bitcoin [BTC], Ether [ETH], XRP, Litecoin [LTC], EOS, Stellar [XLM], Tether [USDT], MCO, and its native token, CRO.

It will provide three core trading pairs with BTC, USDT, and CRO, while offering discounts on trading fees for users who stake CRO. The exchange is offering 0.008% maker fees and 0.02% taker fees and free traders for high volume accounts. According to the CEO’s previous interviews, two things that would keep users loyal to the product or the platform are user experience and financial incentives and thus, the formation of the exchange “improves the stickiness of our product.”

Crypto.com recently expanded its Visa card program in Europe, while offering five percent crypto-cashback on everyday transactions. Following this, the company partnered with Xfers, a Singapore-based payment processing platform, to open buying and selling services in Singapore dollars. With top exchanges already in the field and many exchanges emerging every day, the CEO concluded,

“only full ecosystem players will be able to thrive over the long term. Small players will not be able to compete and will shut down.”

Source: ambcrypto

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