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Technical Price Analysis | Ethereum (ETH) and Ripple (XRP)

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Ripple

Ripple

Last week, Ethereum (ETH) showed some near-term recovery against the US dollar with the ETH/USD pair forming a support base above $200 before showing signs of upside correction. On the other hand, Ripple (XRP) did not perform well last week with prices falling by over 7%, but in Monday’s session, the coin has been rather stable.

Ethereum Price Analysis

For the better part of the week, ETH was trading above the $208 and $216 resistance levels. Additionally, the coin saw a break above the Fib retracement level of 23.1% for the downward movement to a $192 low from the $279 high. Equally, XRP had a break above the main bearish trend line with its resistance nearing $212.

The ETH/USD pair managed to trade above the $200 level but could not go beyond the 100 simple moving averages. Strong resistance was established for Ethereum at the $228 level, which eventually prevented more gains. Rejections were witnessed at the $227 level prior to the price dropping below $220.

Ripple (XRP) Price Analysis

Relative to previous XRP/USD trade plans, each drop presents a buying chance for aggressive investors. However, the condition applies only when the price trend is above $0.30, which is the Q1 2019 support level as well as a crucial reaction point in the first half of 2019. Otherwise, if there is a dip below the mark, all buys should target $0.41.

>> Bitcoin Price: What the Technical Chart Indicates About BTC’s Movement

Since there is limited enthusiasm regarding the coin, conservative traders should wait until there is a break below $0.29 or above $0.41. In the latter case, XRP is expected to surge to $0.48–0.52 and eventually $0.68, thus attracting bulls in a trend continuation stage.

If bears take control, then high trading volumes are expected below the $0.30 meltdown, which will surpass the 50 million reported on July 10. Equally high participation, as well as rejection and support of lower lows at $0.30, will confirm the primary trend for Ripple that defines the bar of the buyers of September last year.

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Ripple Performs Better than Broader Crypto Markets on Technical Support

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Ripple

Ripple

One of the most interesting cryptocurrencies to have emerged over the past few years has been Ripple (XRP), and it has managed to hold onto its position as the third biggest cryptocurrency by market capitalization. However, it has not had the best year so far, despite threatening to break out more than once. In a new development that will be welcomed by those who hold XRP, the cryptocurrency has managed to outperform the market amidst all the chaos.

XRP Finds Support

While most of the market has been in a downward spiral due to the issues related to Facebook’s Libra, Ripple has managed to find strength amid a buying spree from investors today. The buying spree started at the $0.22 level, and since then it went even higher as it continued to outperform the market significantly.

However, many crypto analysts who are familiar with Ripple and XRP are trying to figure out whether this particular level is XRP’s lower circuit from now on or not. At the end of the day, the level either proves to be the one from which the token can spring to higher levels, or it might not work out that way if the price plunges lower than that at a future date. Despite the current optimism surrounding XRP, it needs to be pointed out that over the past few weeks, the token had been in a downward spiral with a strong bearish pattern taking its price down.

>> Bitcoin Could Rebound if Facebook’s Libra Hearing Goes Well

It is even more indicative of the bearish strength that even though Bitcoin and many other altcoins continued to surge over the past weeks, XRP continued struggling to break out significantly. Some analysts have also stated that the price action that Ripple has experienced over recent days seemed to replicate what continued to happen with Bitcoin and despite outperforming the market today, which remains an issue. In fact, one of the leading crypto analysts on Twitter stated that if there is an intermediate correction in Bitcoin, then XRP could drop to $0.16.

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Weiss Cryptocurrency Ratings Places XRP, EOS, BTC, and BNB on Top

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Weiss Cryptocurrency Ratings

Weiss Cryptocurrency Ratings

Weiss Cryptocurrency Ratings released its March 2019 “Weiss Cryptocurrency Outlook” report, with Ripple (XRP), EOS, Bitcoin (BTC), and Binance Coin (BNB) receiving the top four spots on the list of 122 cryptocurrencies. Weiss Ratings is the world’s only financial rating agency that provides grades on cryptocurrencies.

The report, which is called “Dark Shadows with a Bright Future,” examines the cryptocurrencies available on the market using two factors—the tech/adoption grade for long-term investors and the risk/reward grade based on short-term factors.

Of the 122 cryptocurrencies examined in the report, XRP, EOS, Bitcoin, and Binance Coin were given an overall B- rating, while none received an A rating, which is considered excellent.

Remarkable Growth in the Cryptocurrency Space

Authors Martin Weiss and chief cryptocurrency analyst, Juan Villaverde, start the report by noting that despite a sharp decline in the price of cryptocurrencies, “the industry’s network capacity and security have improved dramatically and underlying technology has evolved with new, more efficient ways to create digital assets.”

What’s more, leading cryptocurrencies are seeing three times more volume in user (on-chain) transactions than they did in early 2018. These improved fundamentals and lower prices offer new opportunities for investors, although this is dependent on whether or not they can “afford the risk, avoid the worst and invest in the best.”

Cryptocurrency Market Still Risky

Despite improvements to cryptocurrency fundamentals, the Weiss Cryptocurrency Ratings report authors still advise investors who cannot afford to lose money to be wary in the near term.

“Investors who cannot afford to lose money, the recent market declines and doldrums imply high risk and uncertain rewards. Crypto market liquidity is very thin. Trading comes in spurts. Relatively small infusions of new buying cause sudden price rallies. Equally small bouts of selling cause unexpected market crashes,” said the report.

>> Wuabit Service Means Users Can Send Crypto through WhatsApp

Cryptocurrency Trends to Watch

In the report, Weiss and Villaverde identified trends in the cryptocurrency space that investors should keep in mind. These trends include changes to the way cryptocurrencies are secured and some cryptocurrencies moving away from blockchain entirely, as well as killer dApps like decentralized, crypto-based social media, peer-to-peer lending, and fair and secure elections playing the biggest role in determining the future winners.

What do you think will happen in the cryptocurrency space moving forward? Which cryptocurrency do you have your eye on?

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