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The XRP Price did not hit $9 Despite Dubious Press Release Claiming Otherwise

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There are always some odd developments in the cryptocurrency industry. Earlier today, a press release surfaced on Yahoo Finance. They claimed XRP was trading at over $9.35 on the Investing.com Index. That is quite interesting, considering the actual market value is a lot lower. 

Don’t get Your XRP Price Hopes up

There is a very big difference between actual values and project values as part of a financial index. In the case of the Investing.com index, the value of XRP will make little to no sense. Not only did Ripple’s asset note a 97% increase in value, but it also hit a level which the real market might not see for quite some time to come. This will undoubtedly confuse speculators, traders, and investors alike. 

To be more specific, the index claims XRP hit $9.5560 at one point. Compared to the real market value, that is a near 4,000% increase overnight. Interestingly enough, the press release only mentions a 97% increase. A lot of things do not add up here, thus it is pertinent to take this information with a few scoops of salt. 

Wild Price Swings Galore

Users who frequent Yahoo Finance may have noticed an interesting XRP price trend. It fluctuated from $0.26774 all the way to $9.36579 in a 24-hour period. This seems to indicate there was some fat-finger trading or a bug on the platform which made prices spike for no apparent reason. They also claim XRP’s market cap went as high as $79.53bn, which will not happen anytime soon. none of this market momentum is visible on the index itself, however. 

Across all other markets, these XRP price spikes do not exist. It is a bit unclear how the Investing.com Index is calculated in that regard. None of the tracked cryptocurrency exchanges report such a steep price change in a while. As such, no one missed out if they are holding Ripple’s asset at this time. These gains simply do not exist except as part of one investment index. 

Why Spread Misinformation?

It is a bit unclear why information like this is even made public. There isn’t much point in trying to claim markets are moving in a direction which isn’t there. It is not the first time this Index reported an incorrect XRP price either. That in itself shows that something must be done to prevent such issues in the future. 

Simply because something appears on a prominent website such as Yahoo Finance doesn’t necessarily make it true. While this is clearly a misconstrued XRP price report on the website, it could lead some people to believe RIpple’s asset will spike massively in the coming hours or days. So far, that seems very unlikely, as the asset has remained range-bound for quite some time now. 

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Why Would Anyone Short XRP? (Here’s Why)

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For the past thirty weeks, the XRP price has been steadily increasing. Its rate of growth has significantly outpaced that of Bitcoin BTC). Therefore, the XRP/BTC pair has seen notable growth.

In early September, the XRP price reached an almost two year low of 4233 satoshis. Since then, it has been on an upward trend.

Crypto trader @imbagsy looked at the XRP chart and expressed disbelief at individuals who were shorting XRP.

However, it is worth noting that he only used the BitMEX chart — which is very limited in the amount of prior data and contains less than two months of the previous price action.

While we are neither advocating shorting nor longing it, let’s look at possibilities as to why someone may want to short XRP.

XRP Price: Running Into Resistance

The first thing we can notice when looking at the XRP chart are the two resistance areas. While the price has reached the first one at 3550 satoshis, the second one is at 4000 satoshis.

XRP Price

Also, the XRP price is following an extremely steep ascending support line.

During the duration of this support line, the XRP price has increased by 48 percent in a span of only 30 days. This does not look sustainable for the long-term. Rather, a breakdown from this line and a more gradual increase seems more likely.

Bearish Divergence

Another reason for shorting XRP would be the presence of bearish divergence.

We can see a double bearish divergence developing in the RSI — both long and medium-term.

Additionally, it seems like the XRP price might be creating an ascending wedge — which is a bearish pattern.

Bearish divergence combined with a bearish pattern, in most cases, causes the price to break down.

Too Many Bullish Candles

Finally, the current weekly candle is the sixth bullish candle in a row.

Throughout XRP’s entire history, there has been only one occasion in which there have been six bullish weekly candles in a row — and none where there were seven or more.

This occurred throughout October 2018 and preceded a year-long downtrend.

While the fact that there has never been such a long bullish period without any kind of retracement does not mean that one will not transpire, when we combined this with the daily outlook, a retracement seems to be imminent.

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Ripple, Coinbase invest in Bitso as exchange looks beyond Mexico

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The Mexico-based Bitso cryptocurrency exchange has raised an undisclosed sum, with the investments led by Ripple, Coinbase and Jump Capital, in addition to its existing investors, Digital Currency Group and Pantera Capital. The official announcement mentioned that “Ripple is excited to announce that we are leading an investment round in Bitso, the leading exchange in Latin America.” According to a source, Daniel Vogel, Bitso’s Co-founder and CEO, welcomed the investment and said,

“The region (Argentina and Brazil, among other Latin American nations) is ready for disruption and we want to be the ones to do so by radically advancing financial inclusion for everyone.”

The move to expand to Latin America is justified, given that 70% of Latin America’s population (over 400 million people) cannot access any banking privileges. Moreover, the Argentinean government had recently imposed restrictions on U.S. Dollar (USD) purchases in an effort to revive Argentine peso’s value in the global market. The Brazilian market has also been hit with recession due to a mix of high unemployment, weak investments, and global slowdown.

Interestingly enough, other crypto-exchanges including Huobi and Binance have hinted at expanding their services to Latin America in the near future. Ripple‘s SVP of product management, Asheesh Birla, added,

“Bitso is a key infrastructure partner to Ripple, providing critical liquidity for payments in Mexico. The team has built real products and amassed a huge customer base in Mexico, and we look forward to partnering with them in this next stage of growth into Latin America.”

Birla also tweeted about the information where he highlighted that Ripple-Bitso “partnership goes back to 2014, and we’re honored to support their next stage of growth as they expand in LatAM.” The official press release also highlighted that Bitso recently became Latin America’s first DLT licensed exchange regulated by the Gibraltar Financial Services Commission (GFSC).

Source:ambcrypto

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After 3 weeks of stagnation, traders say Bitcoin poised to see big volatility

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Following three weeks of stagnation, technical analysts anticipate the bitcoin price to see large volatility in the short term as it looks to test important levels. Cryptocurrency trader Josh Rager said:

Although BTC seemed to be demonstrating signs of a breakout to the upside, it has failed to remain above a key resistance level at $8,450, which could indicate a further pullback to lower support levels.

Volume struggles to recover as bitcoin gears towards a bearish trend

In the last 24 hours, the bitcoin price increased from around $8,220 to $8,460 in an extended upside movement, hinting a strong breakout above $8,450, which has served as a crucial level of activity in the past several weeks.

Almost immediately after the bitcoin price slightly surpassed $8,450, it showed steep rejection to the downside, closing the daily candle in red.

On BitMEX, the most widely utilized margin trading platform for cryptocurrency traders, the daily volume of bitcoin was hovering above $10 billion from June to July on peak days.

In the past two months, the daily volume of BTC on BitMEX has generally declined to around $2 to $4 billion.

A declining volume could imply two things: it could mean that the demand for the asset is on the decline or the sell pressure on the market is low enough for it to be reversed in the short term.

As such, traders like DonAlt have emphasized that if the bitcoin price breaks above $9,500, a high resistance level, it could lead to a proper reversal for the dominant cryptocurrency.

Bitcoin price in decline
Bitcoin price in decline as momentum slips (source: DonAlt Twitter)

Cred, a cryptocurrency technical analyst, said:

No impact from the equities market

Up until late September, strategists like Fundstrat’s Thomas Lee said that the trend of the bitcoin price is heading to the upside, citing strong fundamentals of bitcoin, adding that a strong rebound in the equities market could trigger a BTC rally. He said at the time:

“I think the next big catalyst is a decisive breakout in the equity markets. I think when equities break through all-time high, bitcoin becomes a risk-on asset.”

Following the agreement of a mini trade deal between the U.S. and China, the U.S. stock market has recovered with momentum, as the Dow Jones added over 300 points in a single session.

Bitcoin remains unaffected by the boost in the equities market, which suggests that the sell pressure on the market has intensified.

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