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XRP Price Rides Asian Market Boost to 16% Overnight Growth

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XRP (XRP) was one of the fastest to recover from the market wide selloff on Thursday, spiking 16% within a seven hour trading window early on Friday morning.

While XRP volumes haven’t hit the scale they reached in September, a more than doubling of yesterday’s volumes from the $400M to $900M range marks the highest since the start of the month.

Of all the trades conducted in the twenty-four hour period leading up to Friday morning (UTC), over a third has come from Asian markets. Specifically from Korea and Japan, with XRP/KRW and XRP/JPY trades making up just under 40% of the daily total.

XRP/USD

XRP fell with the rest of the market on Thursday, losing 17.6% as it fell from the $0.46 range down to around $0.37.

It was from $0.378914 that XRP was saved early on Friday morning as trading sped up in the eastern time zones. Within the seven hours between 12:00 and 07:00 UTC the XRP price surged 16% up to the morning’s peak of $0.439544.

The KRW and JPY influence has been felt by XRP for a while now, and was responsible for much of the coin’s surge back in September. Without the XRP/KRW and XRP/JPY action today the coin price would likely be closer to its pre-spike price in the range of $0.27.

Likewise, without today’s XRP trades the Upbit exchange would be without almost a third of its daily turnover. Bitbank is even more dependent on XRP today, with $170M of its $190M overall volume coming from the XRP/JPY pair.

All Swell for Ripple and XRP?

While XRP didn’t trade up on Bill Clinton’s speech at the recent Swell event by Ripple Labs, the lingering influence of the high-profile event may still be being felt by the market. How can the Asian influence be explained? Could it be that traders in the eastern markets are less concerned with the legal grey areas presented by the proximity of Ripple Labs to XRP?

That theory is knocked down by the fact that XRP is already the most popular cryptocurrency among English-speaking Twitter users, with 46% of users calling it their favourite in a recent poll by Fundstrat. The same poll also revealed that despite its popularity, it was also the most polarizing coin, stating:

“On Twitter, 46% chose XRP as their favorite and 31% said it made “least sense.”—no other token came close.  Even 28% of Institutions also said XRP made the least sense and zero institutions picked it as their favorite token.”

As of Friday afternoon, XRP is the best performer in the market cap top-twenty, with only another recent grower – Tron (TRX) – coming close.

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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4.4 stars on average, based on 78 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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Ripple Price Analysis: XRP/USD Downside Risks Intensify as a Hole is Pierced in Major Support Area

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  • Ripple price was under heavy pressure on Thursday, due to a chunky crypto-market wide sell-off.
  • XRP/USD bears have applied further pressure to break down a key demand area.

Ripple Price Pressure

The Ripple price came under heavy selling pressure on Thursday, due to a bloodbath being observed across the crypto market. XRP/USD is seen down over 10% in the early part of the session. A domino type effect has taken place following a Bitcoin sell-off, which was triggered during Asian hours. Volume spiked to its highest seen since the falling market on 6th September.

It is unclear as to whether there was any particular fundamental catalyst behind the plunge in prices. However, several news wires are pinning the move on a development from earlier in the week, commentary from the IMF, 2 days ago. They appear to just be looking for a fundamental reason for the moves, which is not always the case, as with any market. In terms of the previous story, The International Monetary Fund warned the “rapid growth” of bitcoin and cryptocurrency assets could create “new vulnerabilities in the international financial system.” They further added “Cybersecurity breaches and cyberattacks on critical financial infrastructure represent an additional source of risk because they could undermine cross-border payment systems and disrupt the flow of goods and services.”

Aside from the IMF commentary, it isn’t uncommon that the market observes such aggressive spikes. These types of moves have been observed time and time again. It isn’t uncommon to have such attributed to big money Bitcoin players, often referred to as ‘whales’ to have caused such price action. Furthermore, worth considering that large stops could have been triggered to the downside, from bots or algorithms.

Technical Review – 60-minute Chart

XRP/USD 60-minute chart

XRP/USD via the 60-minute chart view, has consequently smashed through a vital near-term area of support. The demand zone was seen tracking from $0.4500-0.4200 area. This comes after the price fell through $0.4700 support. It had been holding and providing some comfort for the past 4 trading sessions. Given the number of times bears tested this over the last few days, it isn’t too surprising that the break has now been observed. Near-term support will likely be sought at the $0.4000 mark. Resistance could likely be seen at the former strong demand area, as mentioned, from the range of $0.4500-0.4200.

Technical Review – Daily Chart

XRPUSD daily chart

Looking at the daily view, the piercing of this crucial demand zone, could be catastrophic. Previously back on 6th August, XRP/USD bears made a push and daily close below. This went on to see a fall of over 40%, down to a low sub-$0.2500 mark. Outside of the near-term support at the $0.4000 level, should it not hold, next major buying may not kick back in until the $0.2500 territory. In terms of challenges for the bulls, these will now be to break down the barriers running from $0.4200 up to $0.4700 again.

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 29 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 Price Analysis: XRP/USD at Risk of September Bull Run Being Completely Deflated

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  • Ripple’s native token XRP is at large danger of totally giving back the big September bull run gains. 
  • XRP/USD is capped to the upside at $0.6000. Vital near-term support seen tracking from $0.4550-0.4350.

Ripple’s native token XRP price has further been sent down to the burning south. This comes after the chunky and excessive bull run observed at the back end of September. XRP/USD had run higher by some 190%, from lows of around $0.27. Bulls managed to see a spike up, just short of $0.8000, within the early $0.7900 territory. Since this initial big trek to the north, up to mentioned highs, the price has dropped around 40%.

September Recap

There was not one catalyst behind the rocket move of around 195% in September for Ripple’s XRP. A few developments are worth recapping. Fintech heavyweight in Japan, SBI Holdings, announced their plans to launch a Ripple-powered mobile payment application known as MoneyTap. Elsewhere, London-based firm TransferGo announced they are using Ripple’s blockchain. This will be to facilitate digital currency transfer from Europe to India.

Furthermore, the litigation between R3 and Ripple Lab announced that they have reached a settlement of all outstanding litigation between the parties.  To top all the above, there was huge anticipation ahead of the xRapid product launch. This is now live, available for commercial use, allowing both individuals and businesses to access instant liquidity and low fees, using Ripple’s XRP. This trumps the traditional process of a 2-3 day wait. A sense of buy on the rumor sell on the fact was definitely observed here.

Technical Review

XRP/USD is on its journey south, looking to completely give back September’s run higher. Starting off with resistance, as can be seen the price upside has been capped at $0.6000. There hasn’t been enough momentum since the exhausted rally, to clear this chunky supply cap. Firm rejections have been observed at the mentioned resistance block since the bull run. If life kicks back into the bulls, they will need to comfortably settle around $0.7500, before then conquering $0.8000. Ripple’ XRP is still a long way away from of reclaiming the big psychological $1.00, with much supply even seen within the early to mid $0.9000 region.

XRP/USD 4-hour chart

Given current downside momentum, near-term support is now eyed from a range of $0.4550-0.4350. This is a demand zone, having proven to be the case during the fall on 25th September. The price managed to receive a bid within this area, moving back towards the $0.6000 resistance, before again faltering. Should the demand zone fail to hold, there will likely be a very fast move, back down to 0.2700-0.2500 area. XRP/USD had been within consolidation mode, for much of September, it was floating around this 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 29 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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Crypto Slumber: Time To Wake Up?

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How many times this year did we hope for stability in the crypto market?  Well, now we are having all the quiet and calm anyone could ever want. But what good is stability anyway? The answer to that question is easy: lots of things.  

For one thing we have learned that mass acceptance of crypto as a medium of exchange has been thwarted by the perception of wild gyrations in the price of Bitcoin.  Limited scalability thus far hasn’t helped. Imagine yourself as a retailer willing to accept payment in the form of Bitcoin. Two minutes after closing out a transaction the value of Bitcoin drops 5%. It takes over an hour to convert your Bitcoin to fiat. In that time the price drops another 3%.  End of story, you’re screwed.

Stability has another benefit.  It is a signal that speculators are out of the market leaving long term investors with the opportunity to read and digest fundamental news before reacting in a rational manner.

Of course if you are a day trader or swing trader, volatility is how you make you money or lose your shirt.  If you are a broker with access to the CBOE or other commodities exchange, volatility gives you a reason to talk your customer into trading Bitcoin futures contracts.

Restoring Calm

Taking a look at price movements over the past week, things look altogether quiet. At the time of this writing, Bitcoin is trading around $6555, essentially unchanged on the week.  Others like Bitcoin Cash, Ether and Litecoin are off slightly.

This tranquility in fact is not new.  For all the media headlines about huge losses and wild volatility in crypto, the last 8 months have been almost boring.  The price decline in Bitcoin since way back in February has been a mere 9%. That is nothing to brag about but it is nowhere near as bad as the fall from last December.  And remember Bitcoin is still up 50% from a year ago at this time.

All Hail To Yale

Are investors losing interest in crypto?  The reason for asking this question reflects the crypto markets seemingly indifference to some pretty positive news. First consider the news on Friday coming from Yale University.  When one the most conservative Ivy League universities announces they are part of a group seeking to invest $400 million in a new cryptocurrency fund, that is big news.

Among the more interesting details in the Bloomberg News report is the decision by Yale’s $30 billion endowment–the second largest among U.S. educational institutions to earmark a surprising 60 percent of its investment capital in 2019 for “alternative investments”.  Of course not all of that will go into any one asset class but that is not the key issue.

Institutional investors have been underperforming the overall stock and bond markets for some time and are looking to alternative investments as a means of getting ahead.  If a high profile institution like Yale is setting the stage, other big names will follow.

Ripple Making Loud Noise

In addition to the news from Yale, Ripple hosted a conference this week in SFO. It was a huge show complete with ex President Bill Clinton.  We all know how Clinton can captivate an audience, but here is something that is every bit as important. Here is how The Street reported the scene:

“Contrary to stereotypes of your average Bitcoin enthusiast, the week’s events brought out just as many Ferragamo-clad bankers as crypto cowboys. And they revealed an industry growing beyond its underground roots and angling to take on the establishment.”

This is not the type of loud publicity where some talking head is predicting Bitcoin will hit $25,000 by year end. These are serious business folks with lots of fiat to invest.

Even The Technicians Are Becoming More Bullish

It wasn’t long ago that the majority of headlines offered by technical analysts was doom and despair.  In fairness to all parties, they have been right. But after nearly nine months of base building (some would call failed rallies), the technical community appears to be turning the corner.  Just take a look at a recent headline. “The Bulls Are Wedging Out The Bears For Bitcoin”.  Evidence keeps building that the worst is behind.

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 112 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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