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Ripple Exec Says XRP Is Equivalent to Oil: ‘We Just Have a Lot of It’

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Ripple Labs’ Chief Marketing Strategist, Cory Johnson, took a bold approach to marketing recently when he compared XRP to oil – while comparing his own firm to Chevron. As per Johnson’s tweet on October 4th:

“Ripple’s relationship to XRP is akin Chevron’s relationship to oil. We have a lot of it, we believe it’s a superior technology and we support its many uses — for billions of reasons. But we don’t have all of it, we don’t control it and we aren’t it.”

XRP as Natural Resource?

Johnson’s decision to equate XRP with a natural resource could be seen as a cynical attempt to divert attention from the constant clamour of centralization which surrounds XRP and Ripple Labs.

There even exists a Ripple Lawsuit Tracker which continually provides updates on Ripple’s ongoing lawsuits – which number five in total at present time.

Ultimately, the comparison to oil falls flat on many levels, not least because oil sourced and produced by Chevron is actually owned by them. The extraction of the natural resource from the ground requires startup capital, drilling licenses, land permits, and everything else that a cryptocurrency journalist isn’t aware of.

How that equates to a pre-mined cryptocurrency apparently ‘gifted’ to Ripple Labs is unclear. Statements like this only serve to turn bystanders into skeptics, and skeptics into paranoids. To be fair, however, one XRP devotee did attempt to extend the metaphor:

“To expand on this analogy a little more, the equivalent of where we are now with XRP, would be (somewhat) similar to oil before cars hit the road. XRP hasn’t even started flowing through the system yet because all of the components are still being positioned.”

XRP Is ‘Contrarian Buy’ Says Fundstrat

Fundstrat released this intriguing report on the same day that Johnson’s tweet went out, detailing a range of differences between the views of institutional investors, and those of the crypto twitter-sphere.

The research team conducted surveys with institutional representatives, and compared them with surveys carried out on Twitter. Among the many conclusions that can be drawn from the report, one is that XRP appears to be the most polarizing cryptocurrency out there. As per the report:

“Clearly the crowd does not like XRP, for multiple known factors (the centralization of XRP, tenuous ties to Ripple, etc) but given the polarization and the fact that 1/3 of institutions consider it “least understood”—it makes us believe this may be a contrarian buy signal.”

While a majority of twitter users chose XRP as their favourite cryptocurrency, there were none who considered XRP their favourite coin out of the institutions surveyed:

“On Twitter, 46% chose XRP as their favorite and 31% said it made “least sense.”—no other token came close.  Even 28% of Institutions also said XRP made the least sense and zero institutions picked it as their favorite token.”

At time of writing XRP continues to slowly bleed out after recent spikes. The coin has recorded 5% losses for Saturday, October 6th – the highest losses in the market cap top-forty.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 123 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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XRP Price Analysis: XRP/USD Behavior is Demonstrating Strong Downside Vulnerabilities

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  • Ripple’s XRP was trading up with modest gains in the latter part of Wednesday, just some 0.60%.
  • XRP/USD continues to move within a narrowing range-block formation. The price is subject to a breakout, with risks pointing to the downside.

Recent Price Behavior

Ripple’s XRP is seen holding very modest gains of 0.6% in the latter part of Thursday’s session. Price action remains limited, given the narrow trading range, in which it is moving in. There is a lack of commitment from both sellers and buyers, and as a result a range-block formation can be eyed. XRP/USD has been within the confinements of this for the past seven sessions now. Currently, there aren’t any technical suggestions of the bulls recovering and picking up the mid-December momentum again.

Given the above-detailed price behaviour, risks point to the downside. One of the key reasons for this is XRP/USD moved into consolidation mode after a recent hard fall on 10th January. Prior to the drop, the price was trading sideways, which was seen from 19th December, apart from the freak spike to $0.46 on 24th December. A technical breakout was then observed, as mentioned on 10th January, where XRP/USD dropped a huge 20%. Keeping in mind the described recent journey for the price, similar movements are currently playing out.

Range-block

XRP/USD 4-hour chart.

A breakout is imminent, given that price action is getting tighter. It is worth noting the key levels around this range-block. In terms of the lower support, this should be noted at the $0.3200 mark, the recent low area of 13-14th January. The upper part of this technical formation is eyed at $0.3450, the high from 11th and 14th January.

If the bears manage to force a breach of the above-described, then XRP/USD will quickly be forced to give up the psychological $0.3000 mark. A large area of demand is seen tracking from $0.3000-$0.2500. This has proven to find strong buyers on several occasions – December 2017, August and September 2018.

Furthermore, to see XRP/USD fly the way it has in the past will require a serious amount of upside momentum. Given all of this sideways trading and consolidating, the price is building new areas for itself to have to break down. In terms of upside resistance, this should be noted running from $0.3500 up to $0.4000. Lastly, the price as mentioned earlier, was ranging here between 19th December to 10th January.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

 

 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 110 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Bitcoin

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: The pump doesn’t get any quality jump

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  • Sterile climbs yesterday that didn’t manage to change the scenario in the short term.
  • The ETH/BTC retrieves the bullish scenario but lacks the strength to develop it.
  • It is a bipolar market that can change the mood at any time and any direction.

The crypto market experienced a generalized rise led by the Ethereum yesterday at the end of the European session. The ETH/BTC chart followed the expected roadmap, and after touching the extension of the bullish trend, it rose sharply to get back above the main trend line. It also reached the resistance level at 0.0350 BTC per ETH.

This upside movement is positive news for the market since the leadership of the Ethereum is necessary for the market to continue moving away from the lows.

The market continues to be in a delicate situation since the main Crypto actors do not manage to get far enough away from the relative minimum prices, so that security, which is the basis of optimism, floods the minds of traders.

BTC/USD 240 Minute Chart

The BTC/USD is currently trading at the $3.645 price level. Yesterday it left a high of $3.708, stopping at short-term moving averages and resistance to price congestion.

Today, the BTC/USD is moving slightly lower, and it is very likely that at some point during the day the price will drop to the $3,600 support (price congestion support). The second support level is at $3,470(price congestion support). Should the BTC/USD lose this support level, it would re-enter the relative lows zone with the third support level target at $3,300 (price congestion support).

If bulls reappear, the first resistance level at $3,700 (price congestion resistance, EMA50, and SMA200) is the most important in the short term and exceeding it would greatly facilitate bullish continuity. The second resistance level for the BTC/USD is at $3,787 (SMA100), an intermediate level on the way to the third resistance level at $3,900(congestion resistance). If the BTC/USD can overcome this third resistance level, it would be free of moving averages, which would also become support and support price rises.

The MACD at 240 Minutes shows a bullish profile after yesterday’s gain but continues on the negative side of the indicator. It is necessary that the lines go into the positive zone to be able to see continued rises.

The DMI at 240 Minutes shows how after yesterday’s rise, the bears and bulls were at similar levels of activity, a tie that today seems to opt for the bears but without getting an advantage over the bulls that poses a bearish development.

ETH/USD 240 Minute Chart

The ETH/USD pair is currently trading at the $128.90 price level. After yesterday’s rally, it failed to break above the $130 price congestion resistance level, but it did break above the SMA100. Much better than Bitcoin.

The look at this time in the morning in Europe also seems to support a day of falls, although in this case, they could be minimal thanks to the support you can find in the simple average (SMA100) at $126.79.

In case the ETH/USD pair loses the first support level, the second support at $115 (price congestion support) is the next price target. A fall of this magnitude would be technically devastating and would complicate any bullish development in the medium term because it would drag down the exponential and simple averages and move down the resistance level. The third support at $110 (price congestion support), would see the beginning of a new bearish stretch and could be seen new relative lows.

Above the current price, the first resistance level is at $130 (price congestion resistance), followed a little higher by the EMA50 at $132.80. The third resistance level at $142 (price congestion resistance and SMA200) is the most important, as Ethereum would be free of resistance by moving averages that would become support and facilitate the rises.

The MACD in 240 minutes shows a bullish profile but still moving in the bearish zone of the indicator. The inclination and opening between lines support possible increases, but the crossing of the zero levels of the indicator will make sales appear.

The 240-minute DMI shows the bears taking some advantage over the bulls early in the session after pairing yesterday. Both sides of the market show a significant level of trend strength, which can lead to increased volatility.

XRP/USD 240 Minute Chart

The XRP/USD pair is currently trading at the $0.33 price level after leaving yesterday’s high of $0.343 at the 50-period exponential moving average. It then dropped and held above the $0.335 support level (price congestion support).

The XRP/USD is currently losing that level, which now becomes resistance and is heading towards the second support level at $0.32(price congestion support). The XRP should not miss this second level of support, because it would lose all bullish potential and enter a strongly bearish environment that would target to the third level of support at $0.308 (price congestion support).

Above the current price, the first resistance is at $0.335 (price congestion resistance). The second resistance level is at $0.345(EMA50 and price congestion resistance). The third resistance level is at $0.36 (price congestion resistance), but targeting order to reach it, XRP/USD should first exceed the SMA100 and the SMA200. The maximum difficulty level that if overcome would open a perfect scenario to see consistent rises in the medium term.

The MACD in 240 Minutes shows an upward cross profile although with less upward inclination than Bitcoin or Ethereum. It also moves on the bearish side of the indicator, so the upside potential is limited.

The 240 Minute DMI shows a tie between bears and bulls. Yesterday’s rise put the bulls ahead, but morning falls have made them lose strength, and now it is the bears who are trying to take control of the situation.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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XRP Price Analysis: XRP/USD May Have to Return Back Down to $0.30-$0.25 Range Again

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  • Ripple’s XRP has been hammered in recent trading, but the selling may not be done just yet.
  • Next major area of support is eyed at a known area of demand, the $0.3000-$0.2500 price region.

XRP/USD: 20% Sell-off

XRP/USD daily chart. Failed bullish pennant structure.

Ripple’s XRP like many of its peers has faltered of late in its attempt at maintaining upside momentum for price recovery. A freak amount of volatility hit XRP/USD on 10 January. At the open of the daily candle, an aggressive spike to the upside was initially seen. The price saw a knee-jerk move of 8% to the north, printing a high at $0.4050, before quickly retracing. This was the highest it had been since 26th December, when the price was cooling again.

After the detailed initial move at the open, a strong wave of selling pressure was then seen. The intensity of sellers was seen throughout the Asian session and all the European hours. XRP/USD had been hammered as much as 20% from the mentioned high print, down to the session low at $0.3230. This was the lowest the price had been since 17th December 2018, during the most recent bull run at the time. During this period of high volatility on 10th January, volumes were spiking aggressively, reaching the highest since the back end of November 2018.

XRP/USD Bears Remain in Control

XRP/USD 60-minute chart. Bear flag formation is eyed.

XRP/USD is currently moving within a near-term form of consolidation mode. This isn’t too surprising given the intensity of the above-described downside pressure. However, recent price behavior looking via the 60-minute chart view, indicates further vulnerabilities to the downside. A bearish flag pattern structure can be observed: the big pole of the initial move south, now the flag formation in this current consolidating state of trading.

Support to the downside should be noted at $0.3300, the lower acting trend line of the flag. To the upside, immediate resistance can be seen at $0.3440, which is above the ceiling of the detailed structure. If it plays out to the textbook technical pattern, then this is subject to further downside pressure. A breach of the flag to the downside will call into action a very known strong demand zone. This area for buyers is not seen until $0.3000-$0.2500 range. XRP/USD last traded down here from 7-17th December, before catching a strong bid tone.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 110 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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