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Ripple

XRP Loses $13 Billion After Surge; Makes Up 60% of Market Losses

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XRP (XRP) led the broader market selloff on Monday, eventually shipping 42% of its value by Tuesday morning after a weekend in which it seemed moon-bound with over 100% growth.

The entire cryptocurrency market has lost $22 billion since the brief peak on Friday night – and remarkably, XRP’s $13 billion losses make up 60% of the entire market decline.

This is despite a continuation of positive news coming out of XRP this morning, and even finding its way to Forbes – namely that the online tipping service, Coil, will be rolling outs its XRP tipping service across YouTube, Twitch and Wikipedia.

XRP Down 42%

The news isn’t having quite the same effect as last week’s institutional adoption headlines, and XRP is down around 15% for the previous twenty-four hour period.

Since Friday’s peak valuation of $0.769380, XRP has fallen 42% against the dollar, down to this morning’s low of $0.445678. That decline wiped a $13 billion sized chunk off XRP’s market capitalization, as daily volumes fell to $800 million after flirting with $5 billion on Friday.

That kind of trade influx was twice that of Ethereum’s, and more than Bitcoin’s current trade volume at time of writing – enough for XRP to temporarily displace Ethereum as the No.2 global cryptocurrency.

XRP Takes the Brunt

Close to 10% was wiped off the global market over the weekend, as the total combined market cap fell from $228 billion to $206 billion. Of the $22 billion that was sold off, $13 billion worth came from XRP, meaning that a single coin’s trades accounted for 59.9% of the global market total over the last few days.

The fact that it wasn’t Bitcoin for once is perhaps a positive, although it did propel XRP into the mainstream headlines at a time when Ripple Laboratories are fighting numerous court cases related to their issuance, or non-issuance of XRP.

It also raises the natural question how much of this recent pump can be attributed to ‘organic’ growth; how much can be attributed to FOMO when people saw the rocket-ship take off; and how much can be attributed to a coordinated pump that capitalized on the initial trigger?

No matter which of those scenarios is true, the fact is a lot of people lost money on XRP over the weekend. Yet as of 11:00 UTC on Tuesday morning, XRP volumes have begun to rise once more, meaning XRP holders could be about to get rinsed once more.

XRP on Coil

According to the XRP community blog this morning:

“Whether you are a blogger, YouTuber or regular content creator you can now accept streaming payments in digital assets like XRP, BTC or ETH via Coil.”

Full details can be found on the blog, but despite the news being enthusiastically picked up this Forbes writer, XRP doesn’t look to be responding this time.

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 82 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: Reports Indicate National Bank of Kuwait (NBK) is Set to Go Live With xCurrent

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  • Sources suggest National Bank of Kuwait (NBK) are moving closer to going live within Ripple’s xCurrent solution.
  • Despite current XRP/USD selling pressure, a bullish technical set up is still seen as a potential.

National Bank of Kuwait Ready to Use xCurrent

One of the largest banks in the Middle East, National Bank of Kuwait (NBK), is readying to move forward with xCurrent. It is reported this could be in place within the next few weeks. xCurrent is Ripple’s enterprise software solution that facilitates banks to instantly settle cross-border payments, providing end-to-end tracking.

The latest suggested is that the NBK are currently awaiting to receive the green light from the Central Bank of Kuwait. Sources close to the matter, are said to note that NBK are currently preparing for its first transaction with the xCurrent solution. In terms of time frame, the suggestions are for the back end of October, or by early November. These sources are being cited by the newswire, Crypto Briefing.

Earlier this year, in May, the National Bank of Kuwait mentioned Ripple via their official Twitter account. They tweeted, “NBK leads the way in Kuwait in a partnership with RippleNet to offer instant cross-border payments to customers Ripple.” Nothing further on this, from either the NBK or Ripple was noted.

It is important to note that the xCurrent solution does not use XRP tokens, unlike xRapid, which enables banks to send payments using XRP. It can then be transacted back into the appropriate fiat currency by the receiver. On the basis of the above noted, it is likely to have a direct influence on the value of XRP.

Technical Review – 4-hour Chart

XRP/USD 4-hour chart

Despite the consistent downside pressure observed with XRP/USD, a potential bullish technical set up can still be eyed. As seen on the 4-hour time frame, price action has been moving within a bullish flag pattern. The lower support has recently been penetrated by the market bears.

Near-term support eyed immediately at $0.4660-40 area, the below trend line. Further south, a demand zone is seen running from $0.4535 down to $0.4350. This was an area that caught the price during some hard selling at the back end of September. Bulls managed to kick started a recovery at this low area on 25th September. Should this technical set up fail to play out, eyes will then be on $0.4000 for support. Last traded down here on 15th October. Lastly, looking at resistance, this is seen just ahead at $0.4650, upper trend line of the flag. Ahead, there is heavy supply heading into and within the $0.5000 territory.

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 33 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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Ripple

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 114 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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Ripple Price Analysis: XRP/USD Subject to Pullback Before Another Surge; More Partners Added to xRapid and RippleNet

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  • Ripple continue to add new partnerships for both xRapid and RippleNet.
  • XRP/USD subject to a near-term pullback, ahead of any firm committed upside move.

Ripple adds Viamericas to xRapid Solution

The Ripple foundation have been extremely busy, since the official launch of xRapid earlier in the month. Viamericas, who are a “licensed money transmitter offering international money transfer.” They cover over 76,000 locations in 29 countries. Viamericas is the latest to be added to Ripple’s xRapid.

Last month, Ripple held a two-day the Swell Conference. This is where Ripple’s CEO Brad Garlinghouse unveiled xRapid. Furthermore, at the time he covered that Ripple has partnered xRapid with three firms already, Cuallix, Mercury FX, and Catalyst.

UK E-Money Firm Moneynetint Joins RippleNet

Moneynetint are the latest company to join RippleNet, after recently completing integration. The business is a UK e-money institution. They facilitate in cross-border money transfers and currency exchange for corporate and private clients globally. As a result, The CEO of Moneynetint Yishay Trif, CEO commented, “The cooperation signed with Ripple is part of the company’s strategic move to advance into innovative areas of the payments industry. To become a groundbreaking institution in the field”.

Furthermore, direct commentary from Ripple, their director of account management. Nadeem Ladki, director, added, “by leveraging Ripple’s blockchain technology, Moneynetint will now be able to simplify and reduce the FX conversion rates for their customers, Increase the speed of settlement and offer services to new markets, that would otherwise have been too difficult or too costly to reach in the past.”

Technical Review – 4-hour Chart

XRPUSD 4-hour chart

XRP/USD has been attempting a break-down of a stubborn supply area observed from $0.4800-0.5000 region. The price for now continues to face rejections. After going through a period of high volatility, XRP/USD managed to find stability. This resulted in it grinding higher within a small ascending wedge pattern, which consequently has seen a breach. Even more, looking at playing out to the textbook with a breakout south.

The below demand area will be in focus, seen within the $0.4500-0.4350 territory. If near-term downside momentum is maintains its current course, the broken descending channel will be eyed. Finally, this support could likely be seen at $0.3900, just on top of the channel.

Technical Review – Daily Chart

XRP/USD daily chart

Looking for the daily view, the significance of the mentioned above supply and below demand areas are evident. Between the period of July – August, the price was swinging between these zones. The range was narrowing. This saw an eventual breakout south from the demand area, $0.4500-0.4350. As a result, XRP/USD went on to drop almost 80% down to a low of around $0.2445, on the 14th August.

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 33 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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