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XRP Cap Pushes 12% Ahead of Ethereum; Is a Bitcoin Flippening Next?

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XRP (XRP) continued to push ahead of Ethereum over the course of the weekend, and has extended its market cap to $20.4 billion – 12% higher than Ethereum.

Since the trough of the recent dip on Thursday, November 15th, the XRP price has undergone 19.8% gains. Ethereum has been well and truly ‘flipped’ for the time being, but now talk is turning to the prospect of XRP enacting another version of the flippening with Bitcoin.

Can XRP ‘Flip’ Bitcoin?

The possibility of XRP hitting 400% growth and overtaking Bitcoin’s market cap of $97 billion does seem somewhat unlikely. That would require XRP to hit a coin price of $2.50, while BTC would have to remain anchored to its current valuation.

Such a price isn’t exactly in the realm of fantasy for XRP; it last reached that valuation on January 8th, 2018, while the ATH to date is $3.84, reached on January 4th. Of course, the entire market was in a different place at that point, and the $9 billion daily trade volume required to reach that price is more than the entire crypto market amounted during quiet periods in October.

Decoupling?

Another, more realistic way of looking at the XRP-BTC dynamic is through the prism of a decoupling – where XRP’s fate is no longer tied to that of Bitcoin.

There’s enough recent evidence to lend some credence to this idea, particularly the way XRP soared through Q3 while Bitcoin remained in stasis. Also of note is the fact that much of XRP’s movements are regularly fuelled by currencies other than Bitcoin, particularly Japanese yen (JPY) and Korean won (KRW), which make up the first and fourth most traded pairs respectively even today.

Perhaps a more crucial way XRP is differentiating itself from Bitcoin is the fact that XRP currently appears to be wearing an institution-friendly suit; while BTC retains the rugged, questionable attire of its dangerous, cryptographic conception.

Say what you will about the true merit of the underlying currency – and there’s a lot to say – but XRP is currently threatening to become the first cryptocurrency to transcend the space, and become the first mainstream face of crypto.

Whether ‘the artist formerly known as Ripple’ is the best face for that job is up for debate – a debate which often struggles to take place between outright XRP haters, and the unfailingly loyal XRP fanatics.

XRP Price

The coin price fluctuated all day on Sunday, climbing 6.5% at one point, hitting $0.522123 before slipping to the $0.49 range and then levelling out at $0.50.

The previous three days saw a 19.8% rise in the coin’s valuation, and it now sits on second place in market cap rankings, 12% ahead of Ethereum.

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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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 107 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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XRP Price Analysis: XRP/USD Explosive Breakout a Matter of Days?

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  • XRP/USD sees further narrowing within the bullish pennant structure, breakout looms.
  • Ripple details in a recent blog number of financial institutions already leveraging XRP.

XRP/USD is trading within the confinements of a bullish pennant pattern structure. It has been moving within this for going on 3 weeks now, as the price range extremely narrows within the pattern. The price behaviour is demonstrating characteristics that would suggest a chunky breakout is very much imminent. Given how tight things are becoming now, with a lack of daily price fluctuation, eyes should be peeled for the next move.

Several Financial Institutions Leveraging Ripple’s xRapid

Ripple provided an update via a new blog post on Tuesday, in which they detailed how a host of financial firms are already leveraging XRP, as reported in full by the CCN team. The likes of Euro Exim Bank, JFX, SendFriend, Transpaygo and FTCS will be leveraging XRP for their cross-border transactions. In addition, Ahli Bank of Kuwait, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND and Rendimento are all signed on to RippleNet.

Technical Review – XRP

XRP/USD daily chart. Price action remains within the confinements of a pennant structure.

Firstly, looking at XRP/USD, the price has demonstrated strong signs of stabilization. This comes after a hard year of selling through 2018. Of course, price action is limited for now, but there are encouraging signs for the bulls as detailed earlier.

In terms of critical game-changing resistance, it is seen just ahead of current price levels. If viewing the 4-hour chart, XRP/USD continues to hug very closely to a descending trend line then a major barrier to the potential rally can be expected. This has significance as it is the upper trend line of the big pennant structure. It is tracking around $0.3800 figure, a firm break and close above, will be the key to greater buying pressure.

Furthermore, a realistic near-term upside target for the bulls would be to see a firm, committed, sustained move through and out of the $0.4000 price region. Eyes would then be on a return to $0.5000 territory. XRP/USD last traded here on 20th November 2018, during the period of hard selling pressure through November-December.

XRP/BTC Daily Chart

XRP/BTC daily chart. Price action moving within a range block formation, subject to a breakout.

As can be seen via the daily chart view, price action is moving within a range-block formation. It has been trading within this since 19th November, remaining firmly confined within as the price narrows. The high of this range-block can be seen at 0.000107515, with the low observed at 0.000085705. It appears technically there is more a chance of seeing upside surprises, as apposed to a breakout south.

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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2 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 5 (2 votes, average: 5.00 out of 5)
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4.6 stars on average, based on 107 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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