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XRP Price Analysis: XRP/USD Finally Approaching the Real Big Bull Buying Levels

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  • XRP/USD tanks to drop below $0.3000 mark, lowest level since September.
  • Eyes are on the big bull buying area of $0.3000-$0.2000. Historically has proven to see large interest come into play at this level.

XRP/USD was slammed aggressively this week, as selling pressure heavily intensified late Thursday into Friday. The market resuming the chunky downside the was seen throughout the month of November. As a recap, this bearish trend started on 7th November, where the price was up at the heights of $0.57. There was hope across the market at the time, with XRP/USD signaling it was back on its journey to the north. That optimism has since unravelled with the total market plunging over the course of the past month.

Failed Bottom

XRP/USD 4-hour chart

On 25th November, the sellers ran very much exhausted, following the excessive weeks of selling. The price managed to form a bottom, which was seen at $0.3290. A decent bounce materialized, as the bulls capitalized in driving the price up to the $0.40 territory. However, being very much short-lived, with the price running into sellers, which were containing any upside. The days after that original push to test $0.40 on the 28th November, were weighted to the downside. XRP/USD has been edging lower since, failing to maintain any small upside seen. As a result, the recent mentioned bottom was breached.

Big Bull Buying Area

Given then the recent break lower, eyes are now in search of another ‘bottom’ or buying area to see XRP/USD elevate again. As detailed in an article two weeks ago, the next major territory that is going to interest bulls, ranges from $0.3000-$0.2000. The observation of that previous mentioned article was that there is one last barrier to this vital area. This has now been exposed by the bears, exacerbating the move to the downside. The last time XRP/USD fell to these depressed levels was on 11th September. After spending some days consolidating within this $0.25-$0.30 price region, XRP/USD aggressively shot higher.

Bears Love Selling Rallies

XRP/USD monthly chart

XRP/USD has really been in decline since the beginning of the year. January is when the heavy selling kicked in. The market has failed to fully come out of this, and there has only been two months where the price managed to close in the green. This was observed in April and in September, but these month rallies were sold with further aggression by the bears. Keeping all this in mind and the severity of the moves lower, it would not be surprising to see XRP/USD really shoot higher once the bulls come back into the picture.

Bulls Eyeing Another Rocket to Space

XRP/USD weekly chart

There have been two historic periods when XRP/USD has been sent into the skies, from current levels. Back on December 12th, 2017 to 4th January 2018, a huge bull run was seen, where the price rallied some 1,200%. This was within the $0.20 territory, up to $3.25. Most recently, on 18th September 2018, XRP/USD shot from $0.25, gaining over 190%. It reached a high up at $0.7925, where profit-taking kicking in.

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 88 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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Altcoins

EOS Price Analysis: EOS is Set Up for Bigger Gains, Following Recent Technical Development

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  • EOS has jumped around 45% between the sessions of 15th – 17th December. 
  • Bulls shrug off all negative related news flow that has surrounded EOS in recent weeks.

The EOS/USD bulls are on a serious mission to recovery. Unlike several of its peers, a slowdown in momentum has not been seen with the EOS price. More importantly, a breakout has been observed from a range-block, of which EOS/USD was confine within. This had been the case since the 7th December, managing to escape however on 17th and capitalize further on that.

EOS Shakes off Negative Commentary

Over the past few weeks, there have been several negative bits of news flow. Recently, as covered by Hacked in a prior article, the Cardano founder, Charles Hoskinson, had a fair few words to say about EOS. He had noted that action from regulators was potentially right around the corner for EOS. Hoskinson had specifically raised concerns about the EOS token sale.

Elsewhere, it was recently covered by Chinese press that EOS decentralized apps (DApps) have been victim to hacks totaling around $1 million since July. The report cited data which was collected by PeckShield, who are a blockchain security organization. This suggests that the DApps on EOS have been hit by at least 27 breaches from July up to late November. This is an amount of 400,000 EOS, equivalent to 8 million yuan, at the time of the published report.

Lastly, at the back-end of last month, there was some FUD surrounding the CTO of Block.one, Daniel Larimer. The community and social media space were concerned about Larimer working on new projects. This prompted worries that he may be leaving EOS, keeping in mind the EOS mainnet hadn’t even reached a year.

EOS has pretty much shrugged much of this FUD off, as seen with this latest rally. It has far outperformed its peers with the big gains collected over the past two sessions.

Technical Review EOS/USD

EOS/USD daily chart

EOS/USD had a decent extension to the upside after breaching the confinements of the detailed range-block.  The bulls initially jumped a chunky 45% over the period of 15th to the 17th December. However, into the session on Tuesday, the price has run into some minor resistance, seen at the 4th December high area. This can be noted within $2.60 territory.

The pullback being observed at the time of writing isn’t too much of a surprise, given the burst higher in such a short time frame. Profit-taking is only natural in this case. It is a minor retreat ahead of further potential moves north. Eyes will be on the breached range-block for support, the top of that seen at $2.18.

Should the bulls gather enough momentum for a push above the minor near-term resistance seen, then a fast 60% move could be seen. This would take EOS/USD back towards $4.40, where another minor supply zone is observed. Further north, a reclaim of the pre-November fall levels, i.e., $6 territory, is the next major target.

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 88 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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Altcoins

Ethereum Price Analysis: ETH/USD Not Out of the Woods Yet

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  • ETH/USD odds are still stacked against the bulls for now, as price remains within range-block.
  • Ethereum co-founder Vitalik Buterin, says his creation is becoming more and more decentralized.

ETH/USD has enjoyed a chunky bull run over the past three sessions, with that slowing down Tuesday. Between the 15th – 17th December, the price had gained a chunky 23%. ETH/USD hit its highest level seen since 9th December. It appears the bulls, however, have run into a near-term barrier. ETH has been moving within a range-block from 7th December, which is still the case. The momentum so far not proving to be enough to take the price through for now.

Ethereum More Decentralized – Vitalik Buterin

The co-founder of Ethereum, Vitalik Buterin, discussed how the network is becoming more decentralized of late. He was recently speaking in an interview with Blockchain Insider.

Buterin believes that a change is starting to be seen in terms of the further decentralization of the Ethereum blockchain. He believed that it was much too centralized around himself. He further affirmed the observations over the last 12 months of governance actions, which were he suggested were responsible for this.

The Ethereum creator said, “Number one, like a lot of the features in the Constantinople hard fork, that are launching in January, basically happened without me. Number two, issuance reduction from 3 ether to 2 ether which is going into Constantinople, I was not involved at all.”

Only just some days ago, a team lead within the Ethereum development circle, Péter Szilágyi, confirmed the scheduled update. This was covered by Hacked in a prior article. He had noted the upgrade is to start around 16th January 2019.

Ethereum 1.X Update

Focus outside of the Constantinople hard fork is on Ethereum 1.X. This will be a new developed update, which is anticipated to take place during June 2019 provided there are no delays.

Buterin said, “Ethereum 1.x, short-term scalability improvements that are going on to the main chain, before we can switch over to sharding. That whole effort started without my involvement at all.” The update is supposedly a replacement of the EVM – Ethereum Virtual Machine.

Technical Review – ETH/USD

ETH/USD daily chart

As detailed earlier, ETH/USD has been moving within a range-block. The upper part of this recent range appears to have slowed down the bulls. The key levels to this block for now, seen at $101 to the upside, and $83.45 to the downside. It is as simple as depending on which area is broken that shall determine the fate of the trend.

Despite the enormous jump of around 16% for ETH/USD, the fact of the matter is the odds are still stacked against the bulls. This being the case so long as the price remains confined within the detailed formation above.

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 88 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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Altcoins Share Spoils; Ontology, DigiByte, Revain, EOS Take Moonshots Amid Market Surge

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Most major altcoins helped themselves to +10% gains during Monday’s market recovery – a surge which saw the global market cap climb 12% overall, and sent Bitcoin back to the $3,600 range.

Several altcoins raced ahead of the pack, logging between 20% and 107% gains for the day, with DigiByte (DGB), Ontology (ONT), Revain (R), MOAC (MOAC), EOS (EOS) (covered earlier) and Arbitrage (ARB) most prominent among them.

DigiByte Price – DBG/USD

From the daily low of $0.008336, DGB’s dollar value climbed just over 22% up to $0.010210, with the peak landing at around 20:30 UTC.

DigiByte volumes doubled over the course of the day – ahead of the 50% volume increase experienced by the market in general. Still without a Binance listing, despite a long and messy mud-slinging process between Jared Tate and Binance’s CZ, the majority of DGB’s action came from Bittrex, Poloniex and Sistemkoin. Over 75% of all trades came against BTC.

Ontology Price – ONT/USD

Ontology climbed to 31% growth from trough to peak, moving from a coin price of $0.460371 up to $0.605721.

Ontology fell 95% since January’s peak, landing at an ATL (all-time low) in the $0.40 range on December 15th. As one of the NEO platform’s most successful token launches, ONT has literally never found itself at such low prices in its short nine-month existence.

Over 60% of ONT trades went through USDT on Monday, with Binance, Huobi, DigiFinex and OKEx making up close to 80% of overall movements.

Revain Price – R/USD

Revain shot to 61% growth in little over twelve hours, climbing from a coin price of $0.129126 up to $0.208672 by Monday afternoon. Since then the token price fell back to the $0.173 range – a more than 25% pullback.

Despite its relatively unknown status, Revain has averaged daily trade volumes of $2.5 million for the last two quarters of the year – an average volume higher than many coins and tokens in and around the top thirty.

MOAC Price – MOAC/USDT

Just over 99% of MOAC’s trade volume came from one exchange and one trading pair today, namely the MOAC/USDT market on CoinBene.

From the daily low of $0.431884, MOAC climbed 55% against the dollar, landing at a peak of $0.669675. Trade volumes more than quintupled throughout the day, rising from $25,000 to close to $130,000.

MOAC fell 98% from its all-time high back in February, just a month after launch. December 14th marked an all-time low for the coin when it fell to the $0.32 range, from an all-time high of $18.46.

Arbitrage Price – ARB/USD

ARB volumes rose 1,633% in the last two days as the token price climbed 107% from $4.13 to $8.56.

All 100% of ARB’s trades came from just one exchange – CoinExchange, where ARB/ETH made up 93% of the action. ARB/BTC made up the rest.

Arbitrage launched in Q3 of 2018, and went relatively under the radar until a near 1,000% surge in October put it on the map, and in the market cap top hundred.

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 106 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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