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Ripple: Moving Toward Mass Acceptance

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In the interest of full disclosure, I own nary a drop of XRP.  However on nearly a daily basis the question comes to mind: why not? Part of the resistance comes from my grudging respect for technical analysis.  

In other words, the price action of XRP is hardly inspiring. The fact that Ripple was one of the worst performing cryptos this year falling over 90% doesn’t help.  But you can’t blame just one crypto for the sins of everyone.

The Ripple story of being part crypto, part closely controlled company with cofounder Jed McCaleb selling billions of XRP tokens isn’t exactly news, so one can assume those investors who were offended by these issues either sold their XRP or never got involved in the first place.

What is the most irritating point is how poorly XRP is performing in the face of the recent steady supply of favorable news. Here are two data points that tell the story.  On September 25, XRP was trading around $0.53. At the time of this writing, the price was $0.47, a drop of over 11% in just under a month. During the same period Bitcoin prices fell also but just 2%.

We could have picked other cryptos to compare but because these two are so suited as a method of exchange as well as a storehouse of value, not to mention they are both among the most highly valued cryptos, they make for a suitable comparison. The point here is that in the last few weeks XRP has been blessed with favorable news and yet cannot seem to convert this to better investment performance.

Swell 2018: A News Bonanza

On October 1-2, Ripple hosted the SWELL event in San Francisco, CA. The event was meant to connect the world’s leading experts in policy, payments and technology.

The event was packed with political literati including former President Clinton.  When you consider that a keynote address from Clinton could cost Ripple well over $100,000 why would they waste his star power on simple chit chat? Here are the headlines taken directly from the Ripple website.

Day one featured Ripple news: xRapid is commercially available and will go into production with three financial institutions. This is very positive news.

On day two, Ripple released the first Blockchain in Payments Report during the keynote session featuring Chief Market Strategist Cory Johnson alongside Celent Senor Analyst Alenka Grealish. Key among the findings: mainstream blockchain adoption is at an important tipping point. This was less important the xRapid but still a headline maker.

By October 3rd, the day after concluding the Swell event, XRP price dropped 6%. It is possible XRP investors anticipated the event by buying in advance of the conference but the evidence isn’t exactly compelling.

XRP Preferred By A Landslide

If good news for Ripple is bad news for XRP, consider this. According to today’s CryptoGlobe, a recently released survey by the firm AEVI, XRP is the favored crypto among mass users.  It is safe to assume that respondents to the survey are Fintech aficionados, which means the results may not be completely reflective of the population in general.

Participants in the survey were asked to choose a single form of payment for their expenses. A surprising  81% of respondents said they would use XRP, 10% preferred BTC, 6% said they’d use LTC, and only 3% wanted to use ETH for daily purchases.

Whenever findings like these are announced, you have to scrutinize the results closely but even if you heavily discount the findings they still provide some potent headlines. These days the size of the headlines often carry more weight in setting crypto prices than longer term fundamentals. This however does not appear to apply to Ripple.

As I admitted at the start, I do not own a single XRP and no one is paying me to promote any crypto.  But once I figure out why good news for Ripple is bad news for XRP, I might just be inclined to take the plunge.  

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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4.4 stars on average, based on 115 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




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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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