On September 14, XRP/MXN trading volume surpassed BTC/MXN volume on Bitso, a Mexican cryptocurrency exchange.
Bitso is one of the of exchanges that accepts fiat from financial institutions and executes transaction via xRapid. The surge in trading volume was associated with this increase in xRapid volume on Bitso. XRP Research center on Twitter announced:
“The Mexico @Bitso Liquidity Index just broke previous all-time high.
Also, for the 𝗙𝗜𝗥𝗦𝗧 𝗧𝗜𝗠𝗘 in years, the #XRP/MXN trading volume reported to CMC 𝗦𝗨𝗥𝗣𝗔𝗦𝗦𝗘𝗗 #BTC/MXN volume.”
When XRP/MXN surpassed BTC/MXN trading volume, XRP was more liquid at the time as compared to Bitcoin in the US-Mexico Corridor. Bitso founder, Daniel Vogel shared this news with the community. However, XRP/MXN takeover was brief and was taken over by the large trading volume of BTC/MXN, at press time.
Apart from the trading volume, Bitso’s liquidity index broke its previous ATH.
Source: Twitter, XRP Research Center
XRP finally broke out of its months-long bearish trap to note a rise of 3.82% within an hour. The price of the coin started climbing from $0.25455 and rests at $0.26294, at press time. The coin surged by over 5% in a day with a market cap of $11.30 billion and 24-hour trading volume of $951.79 million.
XRP’s long term valuation awaits another crash as ascending channel takes shape
The flash crash on 24 September impacted the entire cryptocurrency industry. Bitcoin registered a drop of over 18 percent, while Ethereum fell by as much as 24 percent. The third-largest cryptocurrency in the market faced a similar fate and failed to escape the bearish assault. At press time, XRP was steadily recovering after the decline, but the recent pattern suggested that bears were far from gone from the market.
Source: XRP/USD on Trading View
The 1-day chart for XRP exhibited consistent growth after the fall. However, the price movement of the asset led to the formation of an ascending channel. The lower trend line registered a couple of higher highs and the valuation navigated within this pattern. The decreasing trade volume was also noticed, something which confirmed the bearish diversion. An imminent bearish break would see the token re-test the newly lined support at $0.220. A further breach of the same would lay the path for a yearly-low for XRP.
The MACD highlighted the current bullish nature of the market, but the signal line was converging, indicating an approaching trend reversal.
Source: XRP/USD on Trading View
Bearing similarities with the 1-day chart, the 12-hour projections suggested that the 50 Moving Average had completed a bearish crossover with the 100 Moving Average. However, the momentum swung both sides. Decreasing volume was witnessed and the immediate resistance was lined out by Fibonacci Retracement lines. The bearish pullback would receive support at $0.278 and $0.266 immediately. A higher degree of momentum could see another massive devaluation for the coin.
A major bearish pattern was observed in the Relative Strength Index. XRP was near the overbought section at press time, exhibiting high investors’ interest. However previously, after breaching the 70-line marker, XRP walked into the crash of 24 September. The possibility of something similar is on the cards and the next few weeks are crucial for the digital token.
CoinField unveils ‘secret’ XRP Ledger project, Sologenic
CoinField exchange was in the news recently after it fed speculations that it was ‘secretly’ powering an unknown XRPL project, soon after it announced that it had become one of Ripple’s verified validators. CoinField has today released its latest XRPL project named Sologenic. The information was brought to light by a crypto-enthusiast, @XrpCenter, who tweeted,
“CoinField’s Secret XRPL Project (@realSologenic) has been revealed.
Sologenic will use the #XRPL to enable the tokenization of non-blockchain assets (ie. stocks/ETFs) and trade them against #XRP or IOUs.”
Built on the XRP Ledger, the official whitepaper states that “Sologenic is introducing a sophisticated ecosystem that facilitates users with investing, trading, and on-demand tokenization of assets such as stocks, ETFs, and fiat.”
The whitepaper added that Sologenic will leverage its in-house token, SOLO coin, which will be issued on the XRP Ledger and will “allow liquidity to be moved almost instantly.” While the exchange remains one of the few platforms to pair over 30 cryptocurrencies and a number of fiat currencies directly with Ripple’s native token XRP, the company mentioned that stablecoins including TSLAƨ and USDƨ are tradable and redeemable against XRP and SOLO on both CoinField exchange & XRPL DEX.
Sologenic’s official website also highlighted that the SOLO coins are intended to create a dynamic bridge between crypto-assets and non-blockchain-based assets by being paired directly with fiat to settle with third-party brokerage firms.
Altcoins Energized as XRP, XLM and ZRX Leave Bitcoin Behind
Another day of inactivity and consolidation for Bitcoin has kept the king of crypto just above support. Its lethargy has resulted in another dip in market share as a few of the altcoins start to make bigger moves. Ripple’s XRP, Stellar Lumens and 0x are among them.
Bitcoin Dominance Dip Good For XRP
A couple of very brief touches of $8,400 was all that BTC could muster over the past 24 hours. Clearly there are too many bears lurking here and resistance is proving too strong for another day. On the low side Bitcoin dropped to $8,240 but recovered back to site smack in the middle of its ranging channel at just over $8,300 again.
The continued tedium on BTC markets has been music to the ears of altcoin traders, especially those into XRP. The Ripple token has made over 11% since the weekend, adding half of that today as it approaches strong resistance.
According to Tradingview.com XRP is one of the day’s top performing digital assets as it hit $0.298 a couple of hours ago. The move has invigorated the ‘XRP Army’ on CT who has turned bullish on their baby which has posted a 20% gain in October.
XRP price October 2019 – Tradingview.com
What should be noted however is that even after this increase, the Ripple token is still down 15% since the beginning of the year so has a long way to go.
The upcoming Ripple Swell event in Singapore early this month appears to be driving momentum as it has done in previous years. The gathering of Ripple executives and XRP advocates is the most bullish event of the year for the company and its token deserves some long awaited love.
There is a massive wall of resistance at $0.30 which is currently being tested, but a break of this could see a bigger pump for XRP.
Stellar, 0x Lifting Off
As usual when XRP moves, its little sister follows. XLM has made 8% over the past 24 hours as it climbs to $0.065, however it too is way down from previous highs and has a long way to go. Stellar momentum is likely to mimic Ripple’s as the two tokens often move in tandem.
There is little fundamentally driving XLM at the moment so the Swell event could be beneficial to it too. Stellar is currently ranked tenth in terms of market cap which has reached $1.3 billion today.
Today’s other big mover is ZRX which has made a larger 10% jump to reach $0.337. Daily volume for the DEX protocol token has doubled to $64 million as it creeps back up the market cap charts outperforming those around it. Plenty of updates were announced at Devcon 5 as development on the protocol continues.
Bitcoin’s slowdown is finally starting to benefit some of the altcoins with XRP, XLM and ZRX leading the way today.