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XRP

XRP’s price to climb upwards after coin fights off immediate bears

XRP has not been having a great year, in terms of price as the market reports negative YTD returns for Ripple’s native token. However, XRP has been on an adoption spree since the beginning of the year, Ripple’s recent partnership with MoneyGram being an illustrious example. Despite the technology and institutional partnerships turning heads, the price of the coin in the short term does not offer any respite.  Despite falling prices however, the coin has hope in the long term.

Daily chart

Source: Trading view

Source: Trading view

On the daily chart, the formation of a Falling Wedge pattern, a bullish pattern, was highlighted. The wedge has extended for 37 days, and the highs and lows are reaching a point of convergence. The second feature of a wedge formation is the coinciding volume; Here, the volume of XRP saw a sharp rise when the price fell, following which it has been following the price movement of the coin. Guided by the logic of this pattern, a breakout could happen to change the trend of the market to a bullish one.

XRP’s value was $0.2675, at press time, and it was reporting a loss of 7.63% over the last 24 hours. As its support lies at $0.2379, this breakout could free it from the bear’s clutches for the time being, if not permanently. However, the coin noted a growth of 1.21% over the past week, whereas most major coins noted a fall. The 24-hour trading volume of the coin was recorded to be $1.03 billion.

Source:ambcrypto

XRP

XRP could be in for downward movement as NVT Signal declines

Despite XRP‘s considerable gains this year, the cryptocurrency appears to be stuck in a decline since touching its yearly high of $0.35 earlier this month. After a 23% drop in the days that followed, XRP had a market value of $0.267, at the time of writing.

According to CoinMarketCap, XRP had a market capitalization of over $11.66 billion, while recording a 2.9% decline over the last 24-hours.

Source: Coinstats

XRP 12-hour chart

XRP

Source: XRP/USD on TradingView

Towards the start of this month, XRP appeared to have entered a ‘head-and-shoulders’ formation. These patterns usually facilitate bearish outcomes and are an immediate sign that XRP could depreciate in the short-term.

At the time of writing, XRP had a market value of $0.267 and was testing the pattern’s neckline. The cryptocurrency saw relatively strong support at this level throughout the pattern, though this might be the time when XRP dips under it.

The EMA ribbon lines were moving above the price line, which generally means increased resistance at higher price levels for the short-term. The MACD also predicted bearish movements, having maintained its bearish crossover from earlier this month.

With the faster-moving average having dipped under the slower one and persistent bearish momentum in recent times, it is likely the cryptocurrency will break below the pattern in the next few days, which will probably find XRP at the $0.223 level in the week that follows.

NVT Signal

XRP

Source: CoinMetrics

The network value to transactions (NVT) ratio is a metric calculated by dividing the asset’s total market capitalization by its daily transaction volume. The NVT signal (NVTS) is derived from this, except instead of using daily transaction volume, a 90-day average is utilized. The metric had been rising since mid-December last year up until around a week ago. This is likely due to the 95% rise in XRP‘s value over the period.

However, data from CoinMetrics showed that the NVTS appeared to be declining, experiencing a 25.8% drop since 13 February. This likely means that the XRP network’s growth is declining and could see increased bearish pressure as the week progresses.

Conclusion

XRP will most probably face some downward movement in the coming days, especially considering bearish signals from the EMA ribbons and MACD. Further, the declining NVT signal also indicates price depreciation in the short-term. This likely means that the coin will break down from the pattern, touching the $0.223 level in the coming week.

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Crypto Exchange Luno Lists XRP Tokens On It’s Platform

  • Luno has started to list the XRP on its platform and is growing at a very good rate.
  • Luna has operations in 40 countries and is serving over 3.5 million customers worldwide.
  • Luno currently only supports a few coins, namely Bitcoin, Ethereum, and Bitcoin Cash, and has XRP on the way to be available shortly.

Luno has started to list the XRP on its platform and is growing at a very good rate. Formerly known as BitX, Luno exchange had earlier announced that it is now going to list XRP to its platform.

It is one of the fully regulated exchanges in Malaysia, amongst the other two. It allows it’s investors to buy, sell, and store cryptocurrencies. Though the exchange is a fully regulated one in Malaysia, it is originally headquartered out of London, UK.

Luna’s market cap rating, according to the Coinmarketcap, is rated to be on the 140th position by the amount of volume only. Luna has operations in 40 countries and is serving over 3.5 million customers worldwide.

Luno currently only supports a few coins, namely Bitcoin, Ethereum, and Bitcoin Cash, and has XRP on the way to be available shortly. No official date for the launch of the XRP tokens has been released as of now.

Luno’s trading volume in the last 24 hours is reported to be at well over Bitcoin 487.30, and the most active trading pair available on the Luno exchange platform is XBT/UGX.

Luno was established in the year 2013 and has Bitcoin exchange, bitcoin wallet service and also bitcoin API as it’s services. Luno not only operates on the cryptos but also on the traditional currencies. The exchange had been set up by Timothy Stranex.

Timothy Stranex is a graduate from the university of cape town with a B.Sc. Timothy Stranex had started his career in the industry as a software engineer and worked at Google in Switzerland.

In his four years of tenure in Google, he had worked on the creation of google maps and also completed his M.Sc in the subject of theoretical physics from the University of Zürich.

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XRP

XRP could be in for downward movement as NVT Signal declines

Despite XRP‘s considerable gains this year, the cryptocurrency appears to be stuck in a decline since touching its yearly high of $0.35 earlier this month. After a 23% drop in the days that followed, XRP had a market value of $0.267, at the time of writing.

According to CoinMarketCap, XRP had a market capitalization of over $11.66 billion, while recording a 2.9% decline over the last 24-hours.

Source: Coinstats

XRP 12-hour chart

XRP

Source: XRP/USD on TradingView

Towards the start of this month, XRP appeared to have entered a ‘head-and-shoulders’ formation. These patterns usually facilitate bearish outcomes and are an immediate sign that XRP could depreciate in the short-term.

At the time of writing, XRP had a market value of $0.267 and was testing the pattern’s neckline. The cryptocurrency saw relatively strong support at this level throughout the pattern, though this might be the time when XRP dips under it.

The EMA ribbon lines were moving above the price line, which generally means increased resistance at higher price levels for the short-term. The MACD also predicted bearish movements, having maintained its bearish crossover from earlier this month.

With the faster-moving average having dipped under the slower one and persistent bearish momentum in recent times, it is likely the cryptocurrency will break below the pattern in the next few days, which will probably find XRP at the $0.223 level in the week that follows.

NVT Signal

XRP

Source: CoinMetrics

The network value to transactions (NVT) ratio is a metric calculated by dividing the asset’s total market capitalization by its daily transaction volume. The NVT signal (NVTS) is derived from this, except instead of using daily transaction volume, a 90-day average is utilized. The metric had been rising since mid-December last year up until around a week ago. This is likely due to the 95% rise in XRP‘s value over the period.

However, data from CoinMetrics showed that the NVTS appeared to be declining, experiencing a 25.8% drop since 13 February. This likely means that the XRP network’s growth is declining and could see increased bearish pressure as the week progresses.

Conclusion

XRP will most probably face some downward movement in the coming days, especially considering bearish signals from the EMA ribbons and MACD. Further, the declining NVT signal also indicates price depreciation in the short-term. This likely means that the coin will break down from the pattern, touching the $0.223 level in the coming week.

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