Bitcoin has been incurring some decent upwards momentum in the time since it visited $6,500, which has allowed major altcoins like XRP to similarly put some distance between their current prices and their recent lows.
Importantly, analysts are noting that XRP may see some short-term gains against its Bitcoin trading pair, which could come about as a result of the aggregated crypto market incurring momentum against BTC.
XRP Posts Strong Bounce from Recent Lows of $0.20
At the time of writing, XRP is trading up 1% at its current price of $0.23, which marks a slight climb from its daily lows of roughly $0.22.
XRP has put a significant amount of distance between its recent lows of $0.20 that were set concurrently with Bitcoin’s drop to $6,500, and the drop to this level nearly instantly sparked the bout of extreme buying pressure that has helped lead it higher over the past several days.
Bitcoin’s price action has been heavily influencing XRP, and it does appear that the near-term BTC resistance level that will likely determine whether it – and ergo other major altcoins – see further upwards momentum exists at $8,000.
Bitcoin Jack, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes XRP may soon surge against its BTC trading pair, but also noted that the poor support at its current price levels may mean that further losses are imminent before this surge commences.
“Let’s give $XRP another go. Support here looks like shit, if it breaks this is where I want to get long. Looks like a decent opportunity to trade it back towards range high,” he said while referencing a chart showing the levels he is targeting.
Major Altcoins May Surge as Much as 100% Against BTC in Near-Term
If Bitcoin does break above its near-term resistance level, the aggregated crypto markets may post a major bounce, with Bitcoin Jack also telling his followers this past week that further momentum could mean that altcoins will surge as much as 100% against Bitcoin.
“If we print a signal of strength, you better be paying attention because things could start moving like before. Alts are up 25% vs BTC since September 6 but if we see the SoS then we could quadruple this quickly,” he noted while pointing to the chart seen in the below tweet.
The coming few hours and days will likely shine a light on where Bitcoin and major altcoins like XRP are heading next, as any further upwards momentum could mean that the market’s recent lows are a long-term bottom and that significantly further gains are imminent.
Despite Rising Ripple Transaction Volume, Analyst Says XRP Still Incredibly Weak
XRP – the digital token closely associated to FinTech company Ripple – has had a rough couple of years, plummeting from highs of over $3.00 in early-2018 and finding itself caught within a firm downtrend that has persisted throughout all of 2018 and 2019.
Although many major altcoins saw some relief in the first half of 2019, XRP remained stuck within the lower-$0.30 region, and the recent downturn in the aggregated crypto market that occurred in early-November led XRP to plummet to fresh 2019 lows of just under $0.20.
In spite of this bearishness, it is important to note that Ripple’s transaction volume has been on the rise as of late, but this may not be enough to help propel XRP’s price higher in the near-term.
Ripple (XRP) Transaction Volume Gains Some Steam as XRP Inches Lower
At the time of writing, XRP is trading down nearly 2% at its current price of $0.228, which marks a slight retrace from its daily highs of over $0.23.
Over the past week, XRP has been finding strong buying pressure within the lower-$0.21 region, signaling that this is a level of support for the cryptocurrency.
Just below this price level, at roughly $0.20, is another strong region of support that was confirmed in late-November concurrently with Bitcoin’s drop – and subsequent bounce – from lows of $6,500.
It is important to note that Ripple may be showing some signs of fundamental strength currently, as its transaction volume has been rising significantly in recent times, surging from under 1 million daily transactions in late-October to over 4.5 million transactions earlier this month.
The TX number has declined in the time since this number was hit, but it does show that the network is garnering greater utility.
Analyst: XRP Looks Incredibly Weak as Resistance Holds Strong
Regardless of the growing Ripple transaction volume, analysts still anticipate XRP to see further losses in the near-term.
Teddy, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying:
“#RIPPLE | $XRP: It has been 8 weeks that price has been testing a resistance imposed 700+ days ago. Any updates? nah, still weak as hell – regardless of you, your mother and neighbor shilling it. Statistically speaking, it’s more like to go to zero than $589.”
Assuming that the fundamental strength of XRP – which is emblematic of its transaction volume, use cases, and trading volume – grows as 2019 nears an end, the embattled cryptocurrency may be able to gain some strength as the new year kicks off.
Ripple: XRP attempts breakout after rising 8% over the weekend
XRP is approaching a crucial level of resistance following an 8% rally over the weekend
Ripple’s XRP token is attempting to break out of the $0.23 level of resistance for the second time in two weeks after rallying by 8% since Thursday.
The current level is proving to be a tough hurdle to overcome, especially as $0.23 provided support on three occasions since August before the eventual breakdown on November 24.
One thing to point out is that the 22 exponential moving average on the daily chart is also currently suppressing a move to the upside. If this can be taken out, it could well provide the fuel for a rally to the next level of resistance at $0.244.
A rejection at this level would be disastrous for XRP given it is already trading at its lowest point in more than two years, with price targets emerging at $0.195, $0.167, and $0.15.
XRP is now shockingly 93% down from its all-time high of $3.40 and 55% down from its yearly high of $0.51.
As previously reported by Coin Rivet, the market cap of XRP is now back below the $10 billion mark – a far cry from the $130 billion high seen in January 2018.
However, one positive is that liquidity on XRP trading pairs is still impressively high, with more than $1.16 billion being traded over the last 24 hours.
Ripple Director of Product Launches XRP Entertainment Marketplace for Music
Ripple’s director of product is rolling out a new digital marketplace that will allow musicians to sell their songs online for XRP.
Called “xSongs,” the platform utilizes Payburner, an integrated payment system built on top of the XRP Ledger, says Craig DeWitt.
There’s no fee to upload or post songs, and musicians will receive 100% of the revenue from their sales through peer-to-peer XRP payments.
The marketplace won’t support legacy payment methods and allows creators to set their own price.
DeWitt says the short-term goal of the platform is not to make money, but to create a thriving product that increases the usability of XRP.
“If you can build a product that drives significant value to the market, monetization will not be a problem.
Uber loses money on ever [sic] ride they give, but they’ve built something incredibly valuable.”
The project is currently in beta for the uploading/publishing side of the marketplace, which includes a wallet and the ability to manage music.
“Once we’ve gotten enough music uploaded and finished building the front end marketplace, we’ll turn on the purchasing side of xSongs.
This will be the front end to allow anyone to buy songs.”
That’ll likely happen in a few weeks, after the publishing build-up phase concludes, according to the Ripple executive.