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XRP’s likely bullish breakout may lack significant momentum

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After consolidating under the $0.260 mark for a majority of last week, XRP’s price exhibited a growth of over 4 percent which improved its valuation to $0.265 on 14th Sept. XRP’s value underwent correction afterward and at press time, was valued at $0.257. However, short-term charts of XRP exhibited another positive outlook.

XRP 1-hour chart

Source: Trading View

On 14th Sept, XRP breached short term support at $0.255; the valuation tested resistance at $0.264 but did not surge past it. At press time, the price was declining but a descending channel pattern was forming in the charts. The price movement of XRP navigated within the channel formation but it was observed that the pattern was breached by a couple of fakeouts toward the downside. The real bullish breakout was yet to surface in the charts and it was expected to transpire in the next few days.

50-Moving Average also completed a bullish crossover with 100-Moving Average indicating a trend reversal toward the bulls.

XRP 4-hour chart

Source: Trading View

4-hour chart of XRP exhibited a similar pattern of a descending channel. A bullish breakout was indicated as trading volume also decreased in the charts, confirming validity of the pattern. Fibonacci retracement lines suggested that the price faced immediate resistance at $0.261, which should be easily breached during the bull surge. The long-term resistance at $0.2655 should be tested if higher bullish momentum comes into play.

However, Relative Strength Index appeared a little bearish as traders seem to exit the market at press time.

Conclusion

XRP’s price treaded positive patterns in the chart but few indicators suggested that the breakout will likely entertain a price hike. Resistance line at $0.260 should be re-tested but a positive breach was unlikely.

Source:ambcrypto

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XRP

XRP might breach descending channel, falling wedge pattern to see its price climb

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XRP, the third-largest cryptocurrency by market cap, has had quite a forgetful year. On one hand, other altcoins, despite not making any stellar progress, did manage several bullish price movements from time to time in 2019. On the other hand, XRP has failed to breach the psychological barrier of $0.30. At press time, XRP was trading at $0.270, having experienced a minimal fall of 0.20% over the last 24 hours.

1-Hour Price Chart

Source: XRP/USD on TradingView

XRP was forming a descending channel on the 1-hour price chart, which was characterized by lower highs meeting the channel at $0.285, $0.2726 and $0.2702. The lower lows were touching the descending channel at $0.2766, $0.2661 and $0.2650. The formation of the descending channel is considered to be bullish, as it is usually followed by a bullish breakout.

The RSI also indicated that the buying sentiment had started to take an upper hand in the market as the indicator line began to rise towards the median line. Thus, XRP looked set for a bullish breakout in the short-term.

4-Hours Price Chart

Source: XRP/USD on TradingView

On the 4-hour price chart, XRP formed a descending wedge, one characterized by lower highs touching the falling wedge at $0.2867, $0.2823, and $0.2697, whereas the lower lows were meeting at $0.2727, $0.2680, and $0.2646. A falling wedge pattern formation is usually followed by a bullish breakout, which suggested that XRP might see its prices in the green in the short-term over the next 10-12 hours.

The RSI indicator had also broken into bullish movement as it was hovering around the median line as buyers were trying to gain an upper hand in the market. If XRP manages to breach the falling wedge pattern, buying pressure might get more significant.

Conclusion

XRP looked bullish in the short-term as it formed a descending channel on the 1-hour price chart and a falling wedge on the 4-hour price chart. Both patterns are considered bullish and the RSI indicator supported the claims as it showed that buyers were in a position to have an upper hand in the next few hours.

Source:ambcrypto

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XRP-pegged native token goes live on Binance DEX

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Malta-based Binance is in the news after it let slip an announcement about adding XRP-pegged tokens on its native Binance chain and Binance DEX on 3 October. Following the news breaking out, the Chief Executive Officer [CEO] of Binance, Changpeng Zhao, confirmed the leaked news, with the community being quick to respond to this development. On 10 October, Binance DEX announced the listing of XRP-BF2 [XRP]. The XRP/BNB pair will be made available for trading from the same day at 8.30 AM [UTC].

The DEX made this announcement through a blog that read,

“Binance DEX will list XRP-BF2(XRP) and open trading for a XRP/BNB trading pair at 2019/10/10 8:30 AM (UTC).”

XRP-BF2 will be pegged by actual XRP and Binance will enable conversion of XRP into XRP-BF2 through deposits and withdrawals. With the addition of XRP-BF2, the project aims to provide a token pegged with the third-largest coin, XRP, in order to trade on Binance DEX. This might lead to an increase in the interoperability between different token assets and add to the utility of Binance’s Decentralized exchange.

Binance and Binance DEX users will be able to access this token, which itself will serve the purpose of tracking the value of XRP. Binance DEX in its listing proposal mentions the primary use case would be for XRP to be transferable on Binance Chain and tradeable on its DEX. The current supply of XRP remains 10 million on Binance Chain and the project has claimed that it is not locking any amount. The BEP2 XRP will be mintable and the supply will resonate with the market demand.

“All the issued BEP2 XRP will be backed 1:1 by native XRP sitting in a publicly disclosed wallet that can be monitored by anyone at all times.”

The Binance wallet address holding the token was noted to be bnb1x0vv5l6u5c7vpl7c947uxmm0gfstpdhg93gxpt, while the address where 10 million XRP remain locked for BEP2 XRP was rJpj1Mv21gJzsbsVnkp1U4nqchZbmZ9pM5. The project also claims to provide updates about the reserve balances and total circulation from time-to-time.

Source:ambcrypto

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South Africa’s Xago launches XRP-exclusive gateway, exchange in the country

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With an intent to generate liquidity for XRP in South Africa, the Cape Town-based fintech company, Xago, has revealed the launch of a custom-built exchange and “Ripple gateway” in the country. The exchange exclusively enables trading, sending and receiving of XRP, while employing RippleNet to do the same.

According to Xago’s official press release, the company’s latest move is attributed to RippleNet’s quick settlement between wallets, which minimizes exposure to volatility. Crypto-fanatics and businesses would be able to trade and utilize the Ripple Ledger, along with XRP, as the exchange would serve as a market-making platform.

Once Xago acquires adequate liquidity, the exchange would go on to launch a payment switch. The switch would act as a connection to retailers through their existing hardware and software systems, eliminating the need for card networks for retailers, while RippleNet and XRP act as a medium for cross-border payments. CEO of Xago, Jurgen Kuhnel, has claimed that he believes that Ripple has taken Bitcoin’s role in eliminating double spending to another level.

Additionally, the platform claims to offer low transaction fees and would operate on a mobile number based identity system. The exchange’s Chairman and investor, Mark Chirnside, elaborated on the significance of the same and said,

“This is no small step on the journey of Xago.io. With this launch and with the welcomed constructive approach we take with regulatory compliance and best practice, this platform holds the promise to reduce cost and friction, at a very interesting time in the payments arena.”

CEO Kuhnel further suggested that the platform would continue to explore solutions that would be beneficial to consumers in low to middle-income countries.

Source:ambcrypto

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