XRP’s adoption has gotten a double boost with the integration of BRD’s support and Blockset.
Ripple‘s efforts in the financial world have once again helped XRP’s adoption. In a recent announcement, the BRD wallet, which has been labeled as the world’s fastest-growing consumer crypto-wallet with a presence in over 170 countries, added support for XRP.
Addressing the growth of the cryptocurrency market, BRD’s Co-founder Aaron Voisine had paid heed to the progress made by the BRD wallet and the digital asset market itself. Voisine stated,
“What began as an experiment for developers and early adopters who thought it was interesting, has now passed through a speculative and volatile phase into stable stores of value that will lead to more consumer applications.”
Ripple‘s other initiative that incubates, acquires, and provides grants to companies and projects, Xpring, had previously invested in BRD in October 2019. Owing to its success, the BRD wallet later announced the launch of Blockset, a blockchain data integration platform.
According to Xpring’s announcement of the project, it will provide a suite of tools for developers in order to help them build applications across multiple chains using a simple API. It will use XRP libraries [maintained by Xpring] to reduce the complexity of integration.
The post added,
“As part of the launch, Blockset includes support for XRP, which will help enable more developers with access to the XRP Ledger as they build their applications.”
The project will aim at serving as a “backend-as-a-service” for blockchain data and will define the hierarchy of data and transformations from native blockchains into its own data format.
BRD hosts over 3 million users across 170 countries, all of whom will now have access to using XRP. Thus, the addition of support to XRP and using it on Blockset could be looked at two major adoption drives for the third-largest cryptocurrency in the market.
XRP Drops Into .886 Fib Support – Are We Still Heading Lower?
- XRP fell by 14% over the past week of trading, bringing the coin down to $0.228.
- The cryptocurrency remains ranked in the 3rd position as it holds a market cap value of around $10.31 billion.
XRP dropped by 14% over the past week bringing the price for the coin down to $0.228. It managed to find support at a short term .886 Fibonacci Retracement level at around $0.228 and has managed to rebound higher from here to reach $0.2336.
It dropped by a further 2.76% over the past 24 hours of trading but is still outperforming Bitcoin (-4%) and Ethereum (-4.4%).
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
Looking at the daily chart above, we can see that XRP struggled to break up above resistance at the bearish .5 Fibonacci Retracement level $0.346 toward the middle of February. This caused it to roll over and start to fall.Advertisement
It found brief support at around $0.27, however, it went on to collapse beneath here after a failed rebound attempt.
Over the past 3-days, we can see that XRP continued to decline until finding recent support at the .886 Fibonacci Retracement level priced at $0.228. This area of support is further bolstered by a downside 1.414 Fibonacci Extension level.
Short term prediction: BEARISH
The break beneath $0.25 has certainly turned XRP bearish. Hopefully, it can rebound from here and regain some of the previous losses.
If XRP does break beneath the current support at $0.228, we can expect immediate support below at $0.22. This is followed by support at $0.21 which is provided by the downside 1.618 Fibonacci Extension level and bolstered by a long term .786 Fibonacci Retracement level.
Beneath this, additional support lies at $0.204, $0.20, and $0.195, provided by a longer termed .886 Fib Retracement.
Toward the upside, resistance lies at $0.238, $0.241, $0.25, and $0.264.
Support: $0.2281, $0.22, $0.218, $.212, $0.204, $0.20, $0.195.
Resistance: $0.25, $0.253, $0.264, $0.27, $0.28, $0.285, $0.29, $0.30.
96.5 Mln XRP Transferred by Blockchain Behemoths While XRP Tanks Almost 10%
The XRP price sinks to $0.23 on CoinMarketCap. Meanwhile, Ripple, with two more cryptocurrency heavyweights, transfers almost 97 mln XRP.
Ripple’s XRP seems to have broken under seller pressure and tanked below the $0.25 psychological level. At the time of writing, the third-largest coin is trading at $0.2398, showing an almost 10-percent decline.
Meanwhile, mammoth XRP transactions have been detected in the past five hours – all of them made by giants of the cryptocurrency industry. Also, Ripple transferred 20 mln XRP earlier.
96.5 mln XRP sent between crypto giants
XRPL Monitor shows that almost 77 mln XRP was recently transferred in several consecutive transactions. 40 mln was sent between Binance wallets. Bithumb also sent 36.5 mln XRP from one of its addresses to another.
Prior to Binance, blockchain giant Ripple transferred 20 mln XRP between its wallets.
Image via Twitter
XRP tanks 9.85 percent
As per figures shared by CoinMarketCap, the third-largest crypto is trading below $0.25 again after a short period fluctuating between $0.26 and $0.29. Prior to that, XRP managed to hit $0.32 for a short while.
Image via CoinMarketCap
Digital asset investor Kevin Cage has posted a tweet on this price plummet, saying that temporary XRP price swings do not matter, since the Ripple ecosystem being created around the coin is still immature.
However, Cage insists that the world is in need of this fintech solution.
Anthony ‘Pomp’ would not buy XRP or TRX
On February 25, famous Bitcoin investor Anthony Pompliano (aka ‘Pomp’) talked all things Bitcoin in the CNN studio with Julia Chatterley – the host who previously interviewed Ripple’s Brad Garlinghouse and Tron CEO Justin Sun.
Replying to a question, Pomp stated that he would rather buy some tokenized traditional assets than XRP or TRX, since, he believes, these coins are not investment tools or a store of value, unlike Bitcoin.
Pompliano views those as utility coins and would not include them in his investment portfolio.
XRP Price Analysis – Ripple Plummets 9% and Breaks Beneath Both 200-Day And 100-Day EMAs In Quick Successio
- XRP has dropped by a precipitous 9% over the past 24 hours of trading as the price for the coin drops to $0.243
- The cryptocurrency has now broken beneath major support at the 200-day EMA and the 100-day EMA after dropping beneath a rising trend line
- The cryptocurrency is also looking pretty dire against BTC as it breaks beneath the 2020 opening price
|⠀Key XRP resistance levels:||$0.275, $0.28, $0.286, $0.29, $0.30|
|⠀Key XRP support levels:||$0.24, $0.2345, $0.2277, $0.22, $0.218|
*Price at the time of writing
The latest 9% XRP XRP, -9.83% price fall has put the cryptocurrency in a precarious position as the overall market outlook starts to turn bearish. The latest price drop caused XRP to drop beneath a 2-month old rising trend line that has been in play for the entire period of 2020. It also caused XRP to drop beneath the 200-day EMA and the 100-day EMA as it returns to the opening trading price for February.
A further price drop will certainly turn this market bearish as traders start to prepare for some downward action.
Things are looking pretty bleak for XRP against Bitcoin BTC, -4.86% as the cryptocurrency dips beneath the opening price for 2020.
This latest price decline is apparent throughout the entire industry as Bitcoin tumbles back toward the $9,000 region. Over the past week of trading, XRP has dropped by a total of 17.5% making it the worst-performing top 3 cryptocurrency.
However, XRP remains comfortably ranked in the 3rd position with a total market cap value of around $10.66 billion.
XRP price analysis
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What has been going on?
Since our last analysis, we can see that XRP attempted to hold the support at the 200-day EMA but failed to do so. It did manage to climb slightly higher to reach $0.289, but it then went on to roll over as it started to plummet.
We can see that, over the past 2 days, the cryptocurrency broke beneath the rising trend line that we have been tracking for the entire period of 2020. In doing so, it broke beneath additional support at the 200-day EMA.
After dropping below, XRP managed to find support at the 100-day EMA, however, this was broken with the 9% price fall that we saw today. XRP spiked lower to find support at $0.2345 before bouncing higher again. It is now trading above support at the short-term .786 Fibonacci Retracement level priced at $0.24.
XRP price short-term prediction: Bearish/Neutral
The break beneath the 200-day EMA and the 100-day EMA has now put XRP into a bearish trajectory. If the market closes beneath the $0.24 level, we can consider a short-term bearish trend active within the market. This is especially so because it will then be breaking beneath the February 2020 low price.
If the sellers break $0.24, the first level of support toward the downside lies at $0.2345. Beneath this, additional support lies at $0.23 and $0.227, provided by a downside 1.414 Fibonacci Extension level.
If the bears continue to drive XRP beneath $0.22, support lies at $0.218, $0.2118 (downside 1.618 Fib Extension), and $0.20. The support at $0.20 should hold, however, if it breaks, we can expect support at $0.19 and $0.18.
What if the bulls regroup and rebound?
On the other hand, if the buyers regroup and bounce higher from $0.24, we can expect resistance at $0.251, provided by the 100-day EMA. This is then followed with resistance at $0.263 (200-day EMA), $0.27, and $0.28.
What are the technical indicators showing?
The RSI has dropped majorly beneath the 50 level to indicate that the sellers are in complete charge over the market momentum. It has not even reached oversold conditions which suggest that there is still room to head lower.
The Stochastic RSI is in extremely oversold conditions as we wait for a bullish crossover signal to show that the selling momentum is fading.
What has been going on?
We can see that XRP was not able to hold the support at 2,800 SAT against Bitcoin. This caused it to roll over and drop precipitously over the past 2 days of trading.
XRP dropped beneath supper at 2,710 SAT and dipped as low as 2,555 SAT, provided by a downside 1.618 Fibonacci Extension level, before bouncing back to where it currently trades at around 2,660 SAT.
The cryptocurrency has now dropped beneath the opening price of 2020, putting it in a very worrisome scenario.
XRP price short-term prediction: Bearish
Against Bitcoin, XRP certainly seems very bearish, especially with the break beneath 2,700 SAT. If we can climb back above 2,700 SAT, we could consider the market as neutral, but the momentum certainly seems to be favoring the sellers.
The first level of support lies at 2,643 SAT, and is provided by a downside 1.414 Fibonacci Extension level. This is followed with support at 2,600 SAT and then 2,555 SAT, provided by a downside 1.618 Fibonacci Extension level.
Beneath this, close support is expected at 2,525 SAT, provided by a longer termed Fibonacci Retracement level, and then at 2,500 SAT. If the selling continues beneath 2,500 SAT, we can expect support at 2,455 SAT, 2,400 SAT, and 2,360 SAT.
What if the bulls increase their pressure?
If the buyers can hold the support at 2,600 SAT and rebound higher, we can expect resistance at 2,710 SAT, 2,744 SAT, 2,800 SAT, 2,850 SAT (100-day EMA), and 2,900 SAT.
What are the technical indicators showing?
The RSI is nearing oversold conditions but is not quite there yet, showing that there might be some more strong selling pressure on the way. The Stochastic RSI is in extremely oversold conditions as we wait for a bullish crossover signal as the first sign that the selling momentum is starting to fade.