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Ethereum vs. Ripple: ETH and XRP Test Investors’ Patience with Sluggish Recovery

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  • XRP and ETH both currently rebounding slowly
  • Ripple meets hurdles above $0.27; Ethereum faces barriers near $185
  • Ethereum has managed to gain more traction compared to Ripple
  • XRP traces a death cross while ETH is heading for a bullish zone

Yesterday’s price actions of Ethereum was quite bearish as the coin saw a drop of more than 2% and couldn’t tap a strong recovery either. However, just before closing the day, it started an upward movement, which is intact as of now.

ETH/USD

Yesterday’s opening price of the 2nd most prominent crypto coin was at $186.15, and it escalated a bit from there to $189.97. Facing rejection above it, ETH’s price dropped steadily from there to find support at $184.80, with a decline of 2.72%. The coin climbed above $185 and remained there for quite a while except for a close near $186.99. Moreover, Ethereum managed to initiate a rebound before closing the day.

Ethereum
Ethereum Price Chart by TradingView

Ethereum price is continuing the surge today, and it is fighting resistance above $185 currently. The pitchfork sheds light over the upcoming price trend if the uptrend sustains. It also notes that a break below $185

can invite bears. At 05:50:29 UTC, Ethereum is trading at $185.97.

ETH’s SMA lines are heading towards the bullish phase as the short term SMA line is about to move above the long term SMA line. However, the MACD chart for the coin is about to trace a bearish crossover. RSI indicator is in the positive zone as it is above 50. The coin is likely to see resistance at $188.86, $192.22, and $194.11 while support levels at $183.61, $181.72, and $178.36.

XRP/USD

Ripple seems to be lagging back as compared to the rest of the crypto market as it has been range-bound below $0.30 for long. At present, the coin is struggling to climb above $0.28. yesterday’s price fall from $0.2806 to $0.2701 has played a notable role behind today’s sluggish recovery. Considering the pitchfork, the XRP coin has recently breached the uptrend as it traded below $0.2772. Starting the rebound again, the coin is trading at $0.2736 at 05:29:02 UTC.

Ripple
Ripple Price Chart by TradingView

Ripple’s SMA lines have just traced a ‘death-cross’ indicating a bearish price move. However, the MACD chart and the RSI indicators appear a bit bullish as the MACD line is above the signal line, and RSI is at 56, indicating a stable momentum. Ripple is likely to see resistance at $0.2805, $0.2859, and $0.2902 and support levels at $0.2708, $0.2665 and $0.2611.

Source.cryptonewsz.

Emercoin

Could Ethereum See Light From DeFi’s Market Input?

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  • Some of the largest projects and companies in the crypto space are starting to look into DeFi.
  • Recently attending the Coinbase Winter 2019 hackathon, the company’s product manager Jacob Horne talked about DeFi.
  • Coinbase has said in a tweet that said that the so-called hackathon is primarily putting aim on building more related tools to DeFi.

Some of the largest firms in the crypto space are starting to look into DeFi.

Recently attending the Coinbase Winter 2019 hackathon, the platform’s product manager Jacob Horne talked about DeFi, short for decentralised finance, as it could become an opportunity that could change the way people interact with markets. 

Coinbase has said in a tweet that said that the so-called hackathon is primarily putting aim on building more related tools to DeFi:

“DeFi, or decentralized finance, is an essential part of an open financial system. DeFi tools are censorship-resistant, unbiased, programmable, and available to anyone with a smartphone. For this hackathon, we’re focusing on bringing DeFi to the world.”

Ethereum

So

where does Ethereum come into this?

According to DeFi Pulse, the overall value licked in decentralised finance went over $657 million in Ethereum. On top of this, the value is up by just shy of 40 percent since October, within a two-month timeframe. For those that don’t know DeFinPulse is a site that overlooks and gives ratings to the different DeFi.

When you think of the quick growth that has been seen in the crypto industry these last few years, Horne said that “DeFi is an opportunity to build financial infrastructure that spans the world, is open to everybody, and starts to change how we interact with markets.”

It will be interesting to see how this situation plays out. We have seen some pretty impressive growth over the past two years with the market increasing up to $660 million from just $10 million in the years before.

For more news on this and other crypto updates, keep it with CryptoDaily!

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Ethereum Price Surges 6% to Top $210: FOMO in Full Swing

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Ethereum bulls are back in full swing. As of the time of writing this, ETH’s price has just topped $210, pushing up by some 6% over the past 24 hours.

This strong move higher marks the end of a massive downtrend for Ethereum, in terms of its USD and Bitcoin pair. And analysts say this upward price action may not end any time soon.

Ethereum Price Surges Amid Fundamental Boom

For the first time in a blue moon, Ethereum is showing some brawn.

Over most of 2018, the cryptocurrency had a horrible showing, collapsing from an all-time high of $1,400 to double digits, representing a nearly 95% drawdown. Simultaneously, the ETH/BTC pair tumbled to pre-ICO bubble levels, hinting that there was little fundamental demand for the project.

But, over the past few weeks, this has started to change. After bottoming at $170 and around 0.016 BTC, Ethereum has started to rally for both of the pairs.

Traders are saying that this move will likely set the stage for further gains. Rand recently stated that if ETH consolidates above $200, which has acted as an important line of support over the past year, a move to $250-$300 is entirely possible.

This move comes as Ethereum’s fundamentals have turned decidedly bullish.

Last week, Spanish banking giant Santander revealed on Thursday that it had settled a $20 million bond through ERC-20 tokens, which represented custodied cash, on the public iteration of the Ethereum blockchain.

This comes as the DeFi ecosystem has continued to gain steam, with DeFi Pulse stating that there the amount of ETH locked in Ethereum finance applications is reaching an all-time high. Simultaneously, the number of transactions made with Tether’s USDT stablecoin has continued to surge.

Also, BitPay has announced

plans to integrate Ethereum into its leading payments processor, while a startup his announced plans to tokenize assets worth $100 million on the blockchain.

All this has amalgamated in dramatically increased usage of the Ethereum blockchain.

Bitcoin Dominance to Fall; Altcoins to Surge

Ethereum’s price action isn’t an isolated trend. Altcoins across the board have all showed strength over recent days, managing to outpace the market leader for the first time in about forever.

Last week, Spanish banking giant Santander revealed on Thursday that it had settled a $20 million bond through ERC-20 tokens, which represented custodied cash, on the public iteration of the Ethereum blockchain.

This comes as the DeFi ecosystem has continued to gain steam, with DeFi Pulse stating that there the amount of ETH locked in Ethereum finance applications is reaching an all-time high. Simultaneously, the number of transactions made with Tether’s USDT stablecoin has continued to surge.

Also, BitPay has announced plans to integrate Ethereum into its leading payments processor, while a startup his announced plans to tokenize assets worth $100 million on the blockchain.

All this has amalgamated in dramatically increased usage of the Ethereum blockchain.

Just look to the chart from Coin360 below, which shows that leading altcoins are experiencing daily gains that are reminiscent of 2017’s bull rally.

This may continue, however. Crypto Thies, a prominent analyst, recently noted that his proprietary indicator for Bitcoin’s dominance chart recently printed a sell signal, suggesting a “potential change in trend” from a BTC-centric market to one that is led by crypto assets.

Also, Thies notes that the altcoin market capitalization has seen a higher low, implying bears are losing steam.

Source: newsbtc

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Ethereum’s upcoming hard fork Istanbul hits breaks

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The entire cryptocurrency market was in free fall yesterday, with all major cryptocurrency reporting a significant slump. The first in the line to succumb, as usual, were the top altcoins and the king coin. At press time, the market remained red, with Bitcoin recording a fall of over 5 percent and Ethereum spotting a negative of over 8 percent in the last 24-hours.

So far, Ethereum has had a rough week: the cryptocurrency, first, grabbed the attention of Samson Mow, the CSO of Blockstream, followed by Ethereum’s client Parity being held responsible for the delay of Istanbul.

Pooja Ranjan – a member of the Ethereum Cat Herders – briefed about the on-going events on a Medium blog on August 29. The report detailed the recent announcements, Istanbul upgrade, EEA’ onboarding Aya Miyaguchi as a board member and its Mainnet initiative.

On the upcoming hard fork, Istanbul, the blog stated that the deadline for clients to complete merging all EIPs was September 6. On one hand, the team will decide the block number for the test net upgrade on the same day. On the other hand, the Mainnet upgrade will be delayed and the date for the hard fork is yet to be decided. The reason for the delay is reported to be Parity’s delay in merging all the accepted improvement protocols.

In terms of client updates, at press time, Geth and Pantheon were the only clients that had merged all EIPs; closely followed by Trinity as the client has an issue with EIP 152 [Blake F], while the other five were merged.

Aleth merged three out of the five accepted EIPs, Nethermind merged two and Parity has merged only one so far.

The delay from Parity’s side wasn’t taken well by some community members as they lashed out on social media platform stressing that its developers were more focused on Polka Dot. ETH49f, a Reddit user said,

“Parity is jeopardizing our whole ecosystem with their delay tactics. Let’s get real, Polka Dot will amount to nothing. For every $1 drop in ETH price is a loss of $100,000,000 for our Ethereum community. I think Parity did one of the nodes software along with GETH. I think they need to pass this off to another group so they can solely focus on their pet project which is Polkadot and give another team to work on the node software.”

As a reply to a comment, Decibels42 said,

“5M in funding earlier this year and out of all the clients, they’re the ones who need more time? At the end of the day, however, 2 weeks is a non-issue if it really is just 2 weeks.”

This aside, Ethereum faced criticism, when Samson Mow remarked that it was a “technological dead end.” This remark was made as a response to Bloomberg’s report that cited Buterin saying that Ethereum blockchain has been almost full for years.” This was soon followed by Buterin replying that the Bitcoin blockchain has also been “almost full in the exactly same way ethereum is.”

To this, Mow stated,

“No. It’s very different. All blockchain don’t scale but you have it worse. Bitcoin is used for validation of transactions. Ethereum is used for stuffing and calculating all sorts of extraneous data.”

Source:ambcrypto

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