Recently, Ripple’s token XRP got listed on Colodax, the Indian crypto-exchange. Despite no real changes in its own price, the development shed light on the Indian cryptocurrency market, a country where just yesterday, the Reserve Bank of India’s jurisdiction on cryptocurrencies was questioned by the Indian Supreme Court.
Colodax offers low trading fees, in addition to offering instands deposits and withdrawals and faster transactions in INR within 30 minutes. According to the blogpost, the security offered by Ripple’s public ledger makes it a preferable choice for trading.
By adding XRP under its belt, the platform now offers more than 10 trading pairs namely, Bitcoin, Ethereum, Ripple, Stellar, Litecoin, Bitcoin Cash, PundiX, 0x and Tron. This news was released by the exchange’s official Twitter handle. The tweet read,
“You can buy/sell and trade #XRP on @colodax. Take advantage of our Broker network and get instant INR Deposits and Withdrawals! #ripple#xrp #xrparmy #xrpcommunity #cryptocurrency#IndiaWantsCrypto”
With the Supreme Court of India still delibrating the future of cryptocurrencies in the country, many crypto-enthusiasts were curious about the exchange’s actions, in light of present RBI restrictions. The exchange responded to these concerns by commenting,
“RBI had directed all banks to stop providing any services to exchanges accounts. To ensure smooth INR withdrawals and deposits we had build a network similar to P2P [Peer-to-Peer] and we are calling it Broker to Peer i.e B2P. This helps our Indian traders to trade worry free.”
XRP Forms Double-top With a Close Above $0.31; ETH Pulls-back Below $190
- Ripple price has returned to its price range around $0.30
- XRP has formed a notable upswing above $0.31 recently, with a double top
- Ethereum has also traded below $190, as it approaches support level near $188
- ETH’s technicals are about to enter a bit negative zone
Ripple and Ethereum, the top-most altcoins, have been pacing up with the current uptrend in the crypto market for a week. However, today, morning price moves of both the coins have been a bit bearish as they have pulled back strongly.
XRP to USD Price Chart
Yesterday, after trading stably between $0.29 and $0.30 without any sharp move, Ripple took a steep escalation to $0.3137 and then corrected down to $0.03079 before closing the day. Today, the XRP coin has again crossed the price barriers above $0.30 and went as high as $0.3137, forming a double top pattern. However, the coin couldn’t fight the resistance above it and has returned to $0.3016 at 04:45:07 UTC.
ETH to USD Price Chart
To a certain extent, Ethereum has resonated with Ripple’s price trend as after today’s pullback, ETH has lost a price position from above $190. After yesterday’s surge above $193, Ethereum price gradually tumbled to $188, where it found a support level. The foremost altcoin started a strong uptrend before closing at $191.59. Today, ETH has again hit the price mark above $192.25 with a spike followed by a rapid pullback to $188. Right now, the coin is uplifting from there and is trading at $189.30 at 04:31:29 UTC.
ETH’s technicals are giving mixed signals at this point in time, considering the recent price correction. The long term SMA line has just crossed above the short term SMA line while the MACD chart is heading for a bearish cross-over. RSI indicator is just below 50, noting a stable momentum. Ethereum is likely to meet resistance near $ 0.3045, $ 0.3078, and $0.3111 and support levels at $0.2979, $0.2946, and $0.2913.
Regarding Ripple, the MACD chart is yet to see the bearish cross-over, and RSI is, again, below 50, noting a stable sentiment. XRP coin may face resistance at $193.87, $196.15, and $198.75, and support levels at $188.99, $186.39, and $184.11.
XRP May Target $0.45 in Near-Term Despite Falling Below $0.30
After a brief period of trading above its long-established resistance level at $0.30, XRP has once again fallen back into the upper-$0.20 region, which may mean that it is in for an extended bout of sideways trading.
Analysts are still optimistic, however, that the cryptocurrency could see further gains in the near-term, with one analyst setting a target at $0.45 – which would mark a significant surge from its current price levels.
XRP Struggles to Hold Above $0.30
At the time of writing, XRP is trading up just under 1% at its current price of just under $0.30, which is around where it has been trading for the past several days.
XRP’s inability to decisively close above $0.30 does signal that bears still have strength in spite of the crypto’s recovery from its multi-month lows of $0.24, but it is important to note that any notable break above this level could spark a major uptrend for the embattled crypto.
Loma, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes a break above $0.30 could be sparked by the ongoing Ripple Swell conference, but further adding that there is a decent chance that XRP does not incur its annual “Swell pump” this year.
“$XRP: Taking a look at the USDT-pairing and I’d say we have at most 10% leading into Swell and that’s IF price clears the 30c resistance. Swell might be an absolute BUST this year,” he explained while pointing to the below chart.
Could Embattled Crypto Target $0.45 in Near-Term?
Although Loma believes there is a decent chance that XRP does not break above $0.30 in the near-term, Eric Choe, another popular cryptocurrency analyst, believes that if the crypto holds above its current price levels, a movement to $0.45 could be in the cards.
#xrp #ripple If red box can hold, possible $0.45,” he concisely noted while pointing to the chart seen below.
As Swell continues on and as XRP trades sideways around $0.30, it is highly probable that it will quickly grow increasingly clear as to whether or not it will be able to gain enough momentum in the near-term to send it towards $0.45.
EVEN WITH A ‘SWELL’ AROUND, RIPPLE’S XRP IS RELUCTANT TO RALLY
XRP, the digital asset related to Ripple’s network, remains stagnant, despite expectations that the Swell conference on November 6-7 would bring price action. Despite the numerous mentions on social media, XRP remains subdued and stuck to a price of around $0.29.
XRP LAGS DESPITE OUTLANDISH PRICE PREDICTIONS
The Swell conference is almost here accompanied by outlandish price predictions, with XRP’s possibility to grow to as high as $8. But the asset has failed to even get close to its annual high around $0.47. For now, XRP is below even the levels of January, when the price hovered around $0.36.
Some of the expectations for the ascent of XRP is that it would somewhat find a use case in the legacy financial system. Some predict the asset would work as a leading currency, in a wildly rare scenario.
However, for now, XRP behaves as a usual altcoin. In the past few days, bitcoin staged a weak weekend rally, while XRP saw its volumes weaken even further, to $1.4 billion in 24 hours. Even Litecoin (LTC), which is considered a boring bet, has managed to have volumes above $3.2 billion.
TRANSACTION BOOST IN LATE OCTOBER
Rising XRP transactions have not managed to lift the price. Ripple’s token saw a spike of activity at the end of October, jumping from around 720,000 transactions per day to above 1.6 billion transactions. Currently, transaction activity is at a three-month high. However, the sudden spike may be caused by concerted activity related to Ripple’s Swell conference. Transfers remain near a three-month high, though the exact reason is unknown.
Other reasons for XRP’s stagnant price may be the monthly escrow sales. In the most recent round, Ripple took out 1 billion coins and returned 400 million to escrow. Ripple has spent or sold above 200 million coins each month on average.
Also, here’s why XRP price performance is greatly scattered. Data shows that Ripple’s cryptocurrency is mostly traded on newly arrived crypto-to-crypto exchanges, in USDT pairings. A coin that is less concentrated on a single exchange may see its price failing to go through an amplified rally.
Despite Ripple’s purchase of MoneyGram, the value of XRP is still viewed with skepticism. So far, XRP has also shown one of the weakest performances in 2019, lagging behind the gains of the top 10 coins.