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Poloniex announces upgrade of XRP wallets to enhance user experience

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Poloniex is planning to upgrade XRP wallets, an upgrade that will result in the suspension of transactions for a short duration of time. This step is deemed important by the exchange for enhancing user experience.

With this upgrade, users will no longer be required to deposit 20 XRP as the base reserve for opening an account. Also, the previous number of confirmations required for deposits have been reduced from 12 to 2. This way, the exchange aims to reduce the existing deposit time from 20 minutes to 15 seconds.

Poloniex shared the news over Twitter,

“On Monday, we will be upgrading our #XRP wallets in order to introduce an enhanced user experience. Trading will be unaffected but deposits and withdrawals will be suspended

during maintenance. We expect maintenance to begin around 15:15 UTC and last several hours.”

The announcement also stressed upon the fact that new deposits will be requiring a destination tag for identifying customers’ deposit. This happens as a majority of the exchanges use the same XRP address for all traders.

The significant difference is the destination tag, a short complimentary code, that assigns users’ transaction to specific account. Yet, customers will still be able to deposit coins to a previously-generated deposit addresses without the need of a destination tag. Finally, the users will receive a new destination tag pair.

Recently, Poloniex was in the news after it diversified its range of offerings. By adding new trading pairs to its platform, the exchange aimed at delivering more trading pairs such as XRP/USDC and XRP/USDT to users.

Source:ambcrypto

XRP

Ripple Price Update: XRP/USD reclaims $0.24 support while the focus shifts to $0.30

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  • Ripple’s short-lived recovery brushes shoulders with $0.25 and upholds the support at $0.24.
  • The spotted rising wedge pattern signals a near future reversal towards $0.20.

Ripple is back in the green after correcting a higher 2% on Sunday. The weekend session started on a bearish note, where the majority of cryptocurrencies trimmed a fraction of the gains made on Friday. However, the situation is different on Sunday with most of the digital assets pushing for recovery.

The third-largest cryptocurrency on the opened the session at $0.2428 and adjusted northwards to $0.2514. The bull

ish action the day seems to be losing steam amid the shrinking volatility.

Technically, Ripple is ready for more action, targeting $0.30. The Relative Strength Index recovery from average levels around 50 to brushing shoulders with the overbought (70) displays a bullish picture for Ripple. If the upward motion continues above $70, it will encourage the buyers to increase the entries in the market and force gains towards $0.30.

Longer-term analysis shows that Ripple is not safe from losses or a devastating reversal. Especially with the rising wedge pattern information. For starters, the bulls must try to defend the immediate support at $0.24. Moreover, they must guard the pattern support trendline at all costs because a break beneath could encourage the bears to increase their entries, which could further push Ripple in the direction of $0.22.

XRP/USD 4-hour chart

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XRP may briefly undergo correction or test resistance levels at $0.236

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After dropping close to 45 percent in terms of valuation from 7th November to 18th December, XRP has started 2020 on a positive note.

Since January 1st, XRP has registered a price hike of up to 28.19 percent, breaching key resistance at $0.0225, and currently, XRP consolidated above the key level. Over the past 24 hours, XRP underwent a 3.63 percent surge, and at press time, the valuation stood at $0.235 with a market capitalization of $18.65 billion.

1-hour chart

XRP/USD on Trading View

The 1-hour chart of XRP pictured the formation of a symmetrical triangle. The pattern started taking shape since the collective market surge of 14th January, and at press time the price was abiding by the trend lines.

A symmetrical triangle evens out the chances of both a bullish and bearish breakout in the future. The trading volume has been decreasing in the same time frame, which should witness a spike once a breakout takes place.

In case of a bullish breakout, the price is expected to climb back toward the resistance at $0.236 as the

bullish zone is between the $0.231 and $0.236. VPVR indicator suggested that the trading volume is significant in this range. The price is currently under the 100-Moving Average which is a strong bullish signal.

On the other hand, a bearish breakout would see the price drop below between the range of $0.231 and $0.225, but the support level at $0.225 should withstand the bearish pressure.

XRP/USD on Trading View

Other indicators suggested that a case for a bearish break was stronger than a bullish one at the moment. Relative Strength Index appeared to decline at press time, hinting at a bearish scenario. MACD indicator exhibited a similar outlook with MACD line approaching a trend reversal with the signal line.

Source: Coinmetrics

However, depreciation in terms of volatility may indicate that the breakout would not be extensive but a minor correction from the current market’s perspective. Although, it is important to note that volatility is subject to changes in the market, while not dictating the market trend itself.

Conclusion

Over the next 24-48 hour time frame, XRP may slightly rise again to test the resistance at $0.236 or depreciate under $0.230, as price corrections may take over.

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XRP could breach below channel to $0.20 before February

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XRP increased in value from $0.184 to $0.245 in the days between 2nd and 12th of January, marking a whopping ~33% increase in value over less than two weeks. The coin dropped in value since then, to around $0.22 at the time of writing, and could dip further down in the weeks to come. CoinMarketCap data showed XRP currently has a market capitalization of over $9.8 billion, with nearly $2.3 billion worth of XRP traded in the last 24 hours.

XRP 4-hour chart

XRP

Source: XRPUSD on TradingView

The 4-hour chart showed XRP in an ascending channel formation, which it looked to have entered early on in the month. The volume could be seen spiking as the price approached the trend lines; however, the price’s failure to move all the way to the upper trend line after the third touch could suggest a weakness in the pattern and might indicate a more bearish market sentiment.

The 50-moving average was seen creeping up along the pattern’s lower trend line, well under the price candles, which is usually a bullish signal. However, the Relative Strength Index (RSI) indicator displayed a

bearish divergence, where the price went up over the same period where the RSI indicator moved downward. This is usually a strong indicator of bearish movement for the near future.

In this scenario, XRP will likely move into the region between the support at $0.22, and the 23.6% Fibonacci retracement line at $0.227 in preparation for a downward-facing breakout.

On-Balance Volume

XRP

Source: XRPUSD on TradingView

The On-Balance Volume indicator, a running total of an asset’s trading volume, looked to be dropping since January 14, and could be retracing its movement from just a week prior. The reducing trade volume could mean some sideways movement for XRP until it moves into the breakout region.

From there, XRP is likely to break down to at least the 0% Fibonacci retracement line at $0.20 before the month is up, and could possibly dip further down to the $0.183 support in the weeks following.

Conclusion

XRP is likely to experience some sideways movement on the 4-hour chart until it enters the breakout region between $0.22 and $0.227. From here, XRP will probably break downward and could drop to at least $0.20 before February arrives.

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