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Ripple Prices Stall Near Major Hurdle as Market Outlook Improves

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Ripple (XRP) has gained significant momentum against the dollar in recent weeks, but has failed to extend its rally north of an important psychological hurdle.

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XRP/USD Price Levels

Ripple was little changed against the dollar on Friday, trading at 0.2175. Price levels hovered between 0.2150 and 0.2183 throughout the session, with most of the trading activity occurring below the daily open of 0.2173.

Prices are up nearly 3% over the past week, but have failed to pierce the all-important 0.2250 level. Ripple recently traded above 0.2200 U.S., reaching a high of 0.2234. After a clear uptrend kicked off the week, XRP/USD appears to have run into major resistance, with the formation of a double-top forming around the 0.2212 region.

XRP’s momentous rally began earlier this month amid positive vibes from industry researchers, who expect 2018 to be a breakout year for the cryptocurrency. Higher trading volumes on the Korean peninsula have also been cited as a major catalyst for renewed buying interest.

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The coin has turned over $142 million over the past 24 hours, according to CoinMarketCap. At $9.4 billion, Ripple is the world’s fourth-largest cryptocurrency.

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Ripple Not on U.S. Traders’ Radar

For all the hype surrounding the XRP token, most Americans don’t really care about it, according to a new study by LendEDU. The researcher’s latest survey revealed that almost half of respondents wouldn’t invest in Ripple.

Similar trends were observed for Ethereum, the world’s second-largest crypto by market cap.

Although the survey was based on a small sample size of 1,000 people, it reveals that bitcoin continues to be the face of the cryptocurrency market. Numbers don’t lie, either.

Bitcoin’s market cap of $121 billion is roughly 58% of the total cryptocurrency universe. That figure was well above 63% prior to the latest rally in altcoins. IOTA, Litecoin and Ethereum put up sharp gains in day trading on Thursday.

Featured image courtesy of Shutterstock. 

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Cryptocurrencies

Trade Recommendation: Litecoin

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In spite of the market looks too overbought and it can start correction movement at any time, Bitcoin shows that even such markets can continue make new highs. This trading idea is based on a breakout above the resistance level with further upward movement. The price bounces from Tenkan and Kijun lines. DMI shows that the bulls become stronger and it supports the buy signal. Pending orders can be placed at 330.00 level with stop orders below the local swing low at 278.00 level. Profit targets are 400.00 and 450.00 levels. This is a high risk trade. The market did not correct the previous good upward movement. It means that Litecoin can drop and we must be ready to such falling. Don’t invest much volume in this trade and use stop orders. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: LTCUSDT
Buy: 330.00
Stop: 278.00
Profit Targets: 400.00 and 450.00

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some invested in Litecoin.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Cryptocurrencies

Trade Recommendation: IOTA

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If the price bounces from the support zone formed by SMA100 and 3.00 level, we should expect for continuation of the uptrend. When the price breaks the downtrend line, we’ll get a buy signal and an additional confirmation of further upward movement. Pending orders for buy can be placed above the local swing high at 4.10 level with stop at 3.30 level. Profit targets are 5.00 and 8.00 levels. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: IOTUSDT
Buy: 4.10
Stop: 3.30
Profit Targets: 5.00 and 8.00

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The trading signal is based on Bitfinex chart.
Disclaimer: The analyst does not have investments in IOTA.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Trade Recommendation: Ethereum

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The market is overbought and we have to expect for a correction. The price can bounce from the resistance zone formed by the downtrend line and 700.00 resistance level and continue downward movement. But we also know that sometimes crypto markets move out of logic. We must be ready to catch a new strong upward movement to new highs. Is it possible? I think yes and Bitcoin confirms it. We can use a breakout above the resistance zone for opening long trades. Entry level is 708.00 with stop orders at 670.00 level. Profit targets should be 750.00 and 800.00 levels. This is high risk trade and the best entry levels are much lower. Don’t invest too much in this market now. It’s better to wait for a good correction and buy based on solid reversal signals. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: ETHUSDT
Buy: 708.00
Stop: 670.00
Profit Targets: 750.00 and 800.00

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some invested in Ethereum.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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