XRP Technical Analysis: Bear takes over the bull’s green pastures

The cryptocurrency market has been going through ups and downs, but has not witnessed anything shocking in terms of market movement. The second-largest coin, XRP has also seen sideways movement. However, there was a tiff between XRP and Ethereum for the second position, which won its place back.
At the time of press, the coin was valued at $0.3262, with a market cap of $13.3 billion. XRP registered a 24-hour trade volume of $398 million, with a dip of 0.45 % over the past day. The coin has been falling for the past few days and has recorded a fall of $2.01%, and is not showing any recovery as it falls further by 0.16% over the past hour.
1-hour
Source: Trading view
The one-hour chart of the coin registers a downtrend from $0.3353 to $0.3205, followed by a sudden spike. The coin then noted a massive downtrend from $0.3426 to $0.3317. The coin registered a resistance at $0.3317, and strong support was observed at $0.3256.
Awesome Oscillator marks a bearish market with a faded momentum.
Bollinger Bands appear to diverge, increasing the volatility in the market. The moving average line is under the candlesticks indicating a bullish market.
Chaikin Money Flow is above zero, indicating a bullish market.
1-day
Source: Trading View
The one-day chart of the coin marks a gradual uptrend from $0.3674 to $0.5649. The chart also noted a recent downtrend from $0.5157 to $0.3760, with a resistance marked at $0.3760. The coin marked a strong support at $0.2903.
Parabolic SAR indicates a bearish market as the markers have aligned above the candlesticks.
MACD line is under the signal line, marking a bearish market.
Relative Strength Index indicates that the buying and the selling pressures are evening each other out.
Conclusion
As per the indicators, Awesome Oscillator, Parabolic SAR and MACD, a bearish trend is will be carry forwarded. However, Bollinger Bands and Chaikin Money Flow indicate a bullish run, but the majority of the indicators side by the bearish reign.
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Source: AMB Crypto

Crypto Markets Surge as Bitcoin Jumps Above $3,700

The crypto markets are in the process of wrapping up a volatile week on a positive note, as virtually all major altcoins have surged today after Bitcoin jumped nearly 3% into the mid-$3,700 price region.
Although Bitcoin is currently leading the markets, if it is able to stabilize at, or above, its current price levels, it could mean that the crypto markets will see further gains as the week goes on.
Bitcoin Jumps Nearly 3%, Leading Crypto Market Surge
At the time of writing, Bitcoin is trading up just under 3% at its current price of $3,750. Last weekend, Bitcoin fell to lows of $3,550, which led to a sharp upwards move this past Monday to highs of just over $3,700.
Although Bitcoin surged to over $3,700, bulls were not able to gain enough upwards momentum to propel the cryptocurrency towards $4,000, and its price gradually drifted down as the week progressed.
Prior to this morning’s price surge, one popular cryptocurrency analyst on Twitter, called Cred, noted that he will be adding to his Bitcoin buy positions between $3,700 and $3,840 on the condition that it was able to break above $3,700, which had previously turned into a level of relative resistance.
“$BTC… Very compressed price action following the high set on Monday. My plan is straightforward: Price below & finding resistance at $3,560s I’ll look for sells targeting $3,430s. Breakout & price accepted above $3,700s I’ll be a buyer until $3,840s,” he explained.
If Cred’s assessment of Bitcoin’s current price trend is correct, another upwards move could be right around the corner.
Most Altcoins Surge 3% or More
Over the past week, most altcoins have been gradually drifting lower, which is partially due to the bout of sideways trading Bitcoin had experienced since its volatile trading session earlier this week.
Today’s price surge has allowed virtually all major altcoins to recover at least some of their recent losses, and most cryptocurrencies are currently trading up 3% or more.
At the time of writing, XRP is trading up 2.7% at its current price of $0.3325. Last Sunday, XRP fell to lows of $0.317 before quickly climbing to $0.337 on Monday. From here, XRP gradually drifted to lows of $0.322 before rising to its current price levels.
Ethereum is trading up over 3% at its current price of $124.63. Ethereum has seen a relatively volatile week, partially due to drama surrounding its highly anticipated Constantinople hard fork, which was delayed after a security flaw in one of the improvement proposals was discovered.
Litecoin is one of today’s best performing altcoins and is trading up 5.1% at its current price of $32.72.
Featured image from Shutterstock.
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Mercury FX Makes Its Largest Payment Across RippleNet

CoinSpeaker

Mercury FX Makes Its Largest Payment Across RippleNet

Ripple is breaking all sorts of traditional financial trends. In recent news, Mercury FX has made their most substantial payment from the UK to Mexico using XRP. The amount was valued at £3,521.67 which in US dollar terms is equal to around $4552.

Mercury FX Makes Its Largest Payment Across RippleNet

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Source: CoinSpeaker

Ripple Price Analysis: XRP Consolidates For the Eighth Straight Day

Ripple prices in a 2 cents trade range below 34 cents
Mercury FX demonstrates the power of XRP
Prices ranging as daily average trading volumes drop t0 23 million—streams from BitFinex

Although the path of least resistance ought to be northwards, sellers are currently pinning down bulls. Nonetheless, our XRP/USD trade plan is upbeat, and with Mercury FX moving huge sums from the UK to Mexico using XRP, it seems like we are on the early stages of widespread adoption.
Ripple Price Analysis
Fundamentals
Today marks the seventh day of an energy-sapping consolidation that began after Jan 10 sharp falls. All the same, with last year value erosion, investors, as well as the trading community, believe the market might be making a turnaround. It’s pretty ambitious, but the mere fact that prices are finding resistance for further upsides could wear off demand allowing bears to pick up in line with Jan 10 trend direction.

1/1 We've made our largest payments across RippleNet using #XRP – 86,633.00 pesos (£3,521.67) from the U.K. to Mexico in seconds. pic.twitter.com/WsHJuZTiOy
— Mercury-fx Ltd (@mercury_fx_ltd) January 17, 2019

At the moment, we are closely watching how adoption is picking up. And propping investors’ bullish projections is news that Mercury FX used XRP to move$4,552.41–helping the client, Mustard Foods, save $90 and 31 hours—from the UK to Mexico. The seamless and near instantaneous flow demonstrated in real time the capabilities of XRP and what adopting companies set to benefit should they ditch traditional systems characterized by latency and high costs.
Candlestick Arrangements

Back to the chart and XRP is struggling. Not only are prices accumulating within a 2 cents range with caps at 34 cents but from an effort versus result approach, bulls are in charge since prices are within Jan 14 high low. Regardless, we shall not recommend immediate buys at spot rates not until XRP bulls drive prices above 34 cents—a level that also doubles up as the 50 percent Fibonacci retracement level.
Our long-term bullish stance is still valid as long as spot prices are maintained above 30 cents and most importantly from 25 cents—which mark Sep 2018 lows. If anything, the monthly bull bar will always define the long-term trajectory of this coin, and unless otherwise there are rapid drawdown, it is likely that prices will expand to 60 cents—Dec 2018 highs and later 80 cents subject to a high-volume, ecstatic break and close above 40 cents or the 61.8 percent Fibonacci retracement level off Sep 2018 high-low.
Technical Indicators
Transaction volumes are low, and perhaps this could explain tight ranges inside Jan 14 high low. Though sellers may have the upper hand in the short-term, rejection of lower lows and subsequent rally from 30 cents to above 35 cents and even 50 cents should be at the back of high trade volumes exceeding 83 million on the upper end and daily averages of 23 million.
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Cryptocurrency Price Prediction 2019: Stellar [XLM], Cardano [ADA], XRP to See High Gains while Tron [TRX] Expected to Lose

According to the latest cryptocurrency price prediction 2019 report by Finder, the six panelists discussed the upcoming fate of the 8 top cryptocurrencies by market cap.
Bitcoin (BTC): Bearish in 2019
The leading cryptocurrency has the highest prediction for February at $4,800 by Digital Capital Management COO Ben Ritchie while Bitcoin developer Jimmy Song predicts the lowest value at $2,103 as he says,
“They’re more or less random numbers. Hard to predict without knowing what news comes out between now and then.”
As for 2019 end, the prices are predicted by the panelists to be around either $6,500 or $8k, however, Fred Schebesta of Finder itself is extremely bearish on Bitcoin at $2,760.
Stellar (XLM): The Money Maker of 2019
The 6th largest cryptocurrency is expected to rule 2019 as it is picked to see the highest growth in the market. For February 1, the biggest number for XLM is $0.67 and the lowest at $0.01 as it has “broken from a strong base, now looks a bit weak on the charts.”
By the year-end, a 260% increase is predicted for XLM which is “in growth mode, working on a scalable blockchain, looking for projects that can take off. This could be the year.” Ben Ritchie says, “Stellar Lumens has gained a large amount of respect in 2018, as it continues to build a public blockchain that solves problems. “
Cardano, Ether, XRP, and EOS: Good Growth Expected
ADA is predicted to have a good year with over 90% growth by 2019 end as Joseph Raczynski says, “Another great project still looking to bake more projects in search for the killer app.”
The second largest cryptocurrency XRP is predicted to hit losses this month but a rise of 44% to $0.52 at the year’s end. Ben Ritchie believes in XRP as “They have announced some infrastructure tech in 2018 and it “has one of the largest and most coordinated groups of developers of all cryptocurrencies in Ripple Labs.” He also says, “almost a certainty is that XRP will follow its traditional pattern and undergo another pump and dump in 2019.”
EOS is “Yet another project where people are looking for formal use cases that work. This one, though more centralized, has potential,” says Joseph Raczynski. With 77% yearly growth, EOS holds promise but the monthly prediction is not positive.
By December 31, 2019, Ether is predicted to rise above $200 with 55% growth, however, losses are predicted by this month end. “The great altcoin winter is here,” summarized Jimmy Song.
Tron (TRX): Gonna Lose in “Altcoin Winter”
Tron is expected to lose the highest in January with over 52 percent loss predicted to $0.0093. However, this year end will see it with only a slight decrease of 0.32% to $0.0192.
However, Joseph Raczynski believes TRON will be valued at $0.022 by February 1st and $0.05 by December 31st as he explains, “The latest news coming out of the TRON game is transaction speed, which is what most projects are trying to figure out. If they indeed have passed a milestone in speed, this will pick up.”
Let us know what you feel about this cryptocurrency Price prediction 2019?
The post Cryptocurrency Price Prediction 2019: Stellar [XLM], Cardano [ADA], XRP to See High Gains while Tron [TRX] Expected to Lose appeared first on Coingape.
Source: CoinGape

Ripple Price Analysis: XRP Likely Preparing For The Next Ride

Ripple price is trading in a tight range above the $0.3240 and $0.3200 support levels against the US dollar.
There is a major contracting triangle formed with resistance at $0.3290 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to make the next move either above $0.3300 or below $0.3200 in the near term.

Ripple price is preparing for the next major move against the US Dollar and Bitcoin. XRP/USD could surge above $0.3300 as long as it is above the $0.3160 support area.
Ripple Price Analysis
During the past few hours, there were mainly range moves above the $0.3160 pivot in ripple price against the US Dollar. The XRP/USD pair traded a few points above the $0.3280 and $0.3300 resistance levels. However, there was no major upward move and the price topped near the $0.3340 level. Later, there was a downward move and the price declined below the $0.3260 support. There was also a break below the $0.3220 support and the 100 hourly simple moving average.
A low was formed at $0.3208 and later the price corrected higher. It recently broke the 50% Fib retracement level of the recent drop from the $0.3341 high to $0.3208 low. However, the upward move was capped by the $0.3280 and $0.3290 levels. The price also failed to clear the 61.8% Fib retracement level of the recent drop from the $0.3341 high to $0.3208 low. At the outset, there is a major contracting triangle formed with resistance at $0.3290 on the hourly chart of the XRP/USD pair. A successful close above the $0.3290 and $0.3300 resistance levels may clear the path for more gains. The next major resistance is at $0.3380, above which the price may test $0.3600.

Looking at the chart, ripple price is clearly preparing for the next break either above $0.3300 or below $0.3200. As long as XRP is above $0.3160, there are high chances of a break above $0.3300.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently flat, with no major bullish signal.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is flirting with the 50 level, with a few bearish signs.
Major Support Level – $0.3160
Major Resistance Level – $0.3300
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Ripple Dispels FUDs Around Company’s ‘Hostile Takeover’, Urges Media Mature

CoinSpeaker

Ripple Dispels FUDs Around Company’s ‘Hostile Takeover’, Urges Media Mature

Brad Garlinghouse, the CEO of Ripple, declines any possibility of Ripple’s and XRP’s hostile takeover. The rumors can be officially considered refuted.

Ripple Dispels FUDs Around Company’s ‘Hostile Takeover’, Urges Media Mature

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Source: CoinSpeaker

Ripple Price Analysis: XRP Could Target Fresh Weekly Lows

Ripple price is struggling to gain momentum above the $0.3300 and $0.3320 resistances against the US dollar.
There is a key bullish trend line formed with support at $0.3240 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could break to the downside if sellers push the price below $0.3200 and $0.3150.

Ripple price is slowly moving into a bearish zone against the US Dollar and Bitcoin. XRP/USD could accelerate losses if buyers continue to struggle above $0.3300 in the near term.
Ripple Price Analysis
Recently, there was a dip below the $0.3250 and $0.3200 supports in ripple price against the US Dollar. The XRP/USD pair traded as low as $0.3192 and later corrected higher. It moved above the $0.3220 and $0.3250 resistance levels. There was a break above the 50% Fib retracement level of the last slide from the $0.3383 high to $0.3192 low. Moreover, there was a break above the $0.3300 level and the 100 hourly simple moving average.
Buyers also pushed the price above a connecting bearish trend line with resistance at $0.3260 on the hourly chart of the XRP/USD pair. However, the upside move was capped by the $0.3320 and $0.3330 resistance levels. The price also failed to settle above the 61.8% Fib retracement level of the last slide from the $0.3383 high to $0.3192 low. As a result, there was a fresh decline below the $0.3300 level and the 100 hourly simple moving average. At the outset, the price is trading near a key bullish trend line with support at $0.3240 on the same chart. If there is a downside break below the trend line and $0.3220, the price could accelerate losses.

Looking at the chart, ripple price seems to be slowly moving into a bearish zone below $0.3250. If buyers continue to struggle, there could be more declines below $0.3200. The next key supports are $0.3150 and $0.3105.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is showing a few negative signs in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.
Major Support Level – $0.3200
Major Resistance Level – $0.3300
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XRP Plus becomes the latest XRP related scam as community blasts impersonators

XRP’s developments in the cryptocurrency industry have been something to stand up and take notice with multiple partnerships with institutional investors being the main highlight. Along with the tie-ups, scams and frauds, XRP has also grabbed the headlines with impersonators being a key point of focus.
The latest fraud related to XRP is called XRP Plus, a cryptocurrency that was called out due to the presence of David Schwartz’s photo on the XRP Plus website. David Schwartz is the Chief Technology Officer of Ripple, the parent company of the second largest cryptocurrency on the planet, XRP. The fake news about XRP Plus was actually circulated via Weibo, a popular Chinese social media platform.

Dr. T, a popular XRP proponent on Twitter had stated:
“The scams just don’t end do they? Is this a co-ordinated attack on XRP by anti-XRP forces? XRP Plus?!!@#!!!@#!@#!@#!@#!@#!@#$ ARE YOU SERIOUS?!”
Once the news was revealed, the XRP supporters or the XRP army as they are commonly called, rallied behind the cryptocurrency by defending its integrity. There were cries of ‘we need to defend the actual XRP’ while others stated that ‘we are only interested in the actual XRP’.
This past week has certainly been an active one for XRP as another cryptocurrency called XRP Classic had emerged on social media websites as well as cryptocurrency ranking websites like CoinMarketCap. Even though it has the name XRP in it, the whitepaper of the so-called XRP Classic provides a very unprofessional look with mistakes present in it. Alecryptox, an XRP user and enthusiast had tweeted:
“WHAT SCAM IS XRPCLASSIC AND WHY IS COINMARKET CAP LISTING IT!!!RETWEET WIDELY!This is a prime example of why we need regulation to save people from this!”
As per some reports, XRP Classic is an ERC20 token and when spotted on CoinMarketCap, it was trading for $0.000001. Another XRP user, cryptovonripple commented:
“Wow! Blatantly Scamming folks as if it ain’t no thang… Welcome to Crypto Twitter folks. THERE IS AND WILL ONLY EVER BE ONLY ONE #XRP – Not even Stellar Lumens (#XLM) could make a decent copy.”
The post XRP Plus becomes the latest XRP related scam as community blasts impersonators appeared first on AMBCrypto.
Source: AMB Crypto

Euro Exim Becomes the First Official Bank to Fully Integrate Ripple’s xRapid

CoinSpeaker

Euro Exim Becomes the First Official Bank to Fully Integrate Ripple’s xRapid

London-based Euro Exim Bank will become the first financial institution to fully integrate the XRP-powered xRapid in the first quarter of this year.

Euro Exim Becomes the First Official Bank to Fully Integrate Ripple’s xRapid

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Source: CoinSpeaker

Ripple Price Analysis: XRP at Potentially Key Turning Point

Ripple price traded to a new weekly high at $0.3384 and later corrected lower against the US dollar.
There was a break below a key bullish trend line with support at $0.3250 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair must trade above $0.3260 and the 100 hourly simple moving average to gain traction.

Ripple price is showing a few bearish signs against the US Dollar and Bitcoin. XRP/USD must stay above $0.3170 to bounce back above $0.3260 and $0.3300 in the near term.
Ripple Price Analysis
Yesterday, we saw a decent upside recovery above the $0.3250 resistance in ripple price against the US Dollar. The XRP/USD pair even traded above the $0.3300 resistance area. A new weekly high was formed at $0.3384 and later the price corrected lower. It declined below the $0.3300 support and the 100 hourly simple moving average. Sellers also pushed the price below the 50% Fib retracement level of the recent wave from the $0.3109 low to $0.3384 high.
During the decline, there was a break below a key bullish trend line with support at $0.3250 on the hourly chart of the XRP/USD pair. The pair is now trading well below $0.3260 and the 61.8% Fib retracement level of the recent wave from the $0.3109 low to $0.3384 high. It tested the $0.3200 support and corrected a few points recently. However, there is a strong resistance formed near $0.3250, $0.3260, and the 100 hourly SMA. Moreover, the broken trend line may also stop gains near $0.3270. Finally, there is a short term connecting bearish trend line with resistance at $0.3265 on the same chart.

Looking at the chart, ripple price seems to be trading near a key turning point above $0.3200. It could either break the $0.3260 and $0.3270 resistance levels or decline below $0.3200. On the upside, a break above $0.3270 may push the price towards $0.3350 and $0.3380.
Technical Indicators
Hourly MACD – The MACD for XRP/USD may make an attempt to move in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just around the 50 level.
Major Support Level – $0.3200
Major Resistance Level – $0.3270
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Ripple Price Analysis: XRP Targets Fresh Weekly Highs Above $0.3500

Ripple price found support above the $0.3100 level and recovered above $0.3300 against the US dollar.
There was a break above a major bearish trend line with resistance at $0.3200 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could extend gains towards $0.3500 if there is a break above the $0.3360 resistance.

Ripple price recovered nicely in the past few hours against the US Dollar and Bitcoin. XRP/USD may target the $0.3500 resistance if it breaks $0.3360 and $0.3400.
Ripple Price Analysis
Recently, we saw a major drop below the $0.3400 support in ripple price against the US Dollar. The XRP/USD pair even broke the $0.3360 and $0.3200 support levels. It traded close to the $0.3100 level and formed a low at $0.3112. Later, the price started consolidating losses with a bullish angle above $0.3200. Finally, sellers lost control, resulting in a sharp upward move above $0.3250. There was a break above the 23.6% Fib retracement level of the last major drop from the $0.3817 high to $0.3112 low.
More importantly, there was a break above a major bearish trend line with resistance at $0.3200 on the hourly chart of the XRP/USD pair. The pair settled above the $0.3280 level and the 100 hourly simple moving average. However, the price ran into a key resistance near $0.3360 (the previous support and range high). The price is currently consolidating above $0.3280 and the 100 hourly SMA. Buyers need to gain strength above $0.3360 and $0.3375 to push the price further higher. The next stop for them could be near $0.3460. It coincides with the 50% Fib retracement level of the last major drop from the $0.3817 high to $0.3112 low.

Looking at the chart, ripple price made a nice upward move above the $0.3250 and $0.3280 levels. Having said that, a successful close above $0.3360 is needed for an acceleration to $0.3400 and $0.3500.
Technical Indicators
Hourly MACD – The MACD for XRP/USD could move back in the bearish zone, signaling a downside correction.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower towards the 55 level.
Major Support Level – $0.3250
Major Resistance Level – $0.3360
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Bitcoin Bounces to Above $3,700 Leading the Crypto Markets to Surge

Following the crypto market’s recent downturn that sent many altcoins spiraling down 10% or more as Bitcoin fell to lows of approximately $3,550, the markets have regained some strength and bounced today, leading most altcoins to surge 5% or more.
Today’s upwards move after a volatile weekend seems to confirm that Bitcoin is in fact caught in a trading range between $3,550 and $4,200, as analysts previously expected.
Bitcoin Confirms Previously Suspected Trading Range 
At the time of writing, Bitcoin is trading up nearly 4% at its current price of $3,710.
On Saturday, Bitcoin plunged to lows of $3,550 from the mid-$3,600 region, which appeared to many traders as the continuance of a downwards momentum that Bitcoin has incurred after it failed to stabilize above $4,000 last week.
Today’s price surge, however, confirmed that Bitcoin does have support at $3,550, which is the price at which Bitcoin surged earlier today.
Mati Greenspan, the senior market analyst at eToro, previously noted that he believes Bitcoin is presently caught in a trading range between $3,550 and $4,200, an assessment that was validated by today’s move.
“It seems now, that bitcoin has opened a new mini-range within that from $3,550 to approximately $4,200… Movements within a range can sometimes be sudden like we saw yesterday, but unless there’s a breakout of the key levels there really isn’t much to write home about,” Greenspan explained in a market update last week.
The Trading Room, a popular cryptocurrency analyst group on Twitter, spoke about the market’s recent jump, noting that all key price levels held firm, which validated the crypto market’s recent lows as strong support levels.
“All key levels held firm & we are getting a perfect bounce so far. Will look for long entries on confirmation of trend change,” they said.
Altcoins Surge as Crypto Markets Recover from Recent Drop
The general crypto markets have recovered well from the recent drop that sent many altcoins down 10% or more.
At the time of writing, XRP is trading up nearly 5% at its current price of $0.336. This weekend, XRP fell to lows of $0.317, which appeared to act as a level of relative support. XRP is still down significantly, however, from its weekly highs of $0.38, which were hit right before Bitcoin broke below $4,000.
Ethereum has surged today and is currently trading up over 10% at its current price of nearly $130.
Ethereum’s positive price action today was not unsuspected, as DonAlt, a popular cryptocurrency trader on Twitter, aptly noted that Ethereum was nearing a buy target he had set for several months.
“Playing out nicely. The dip into the buy area was bought up entirely. I still think another visit there is very possible, that said I definitely am not looking for swing (longer term) shorts here. Zooming out & taking it slow makes trading tremendously easier,” he explained while referencing a long-term Ethereum price chart.
If Bitcoin’s price is able to climb into the low-$4,000 region in the coming days or weeks, the validity of $4,200 as a strong level as resistance will be validated.
Featured image from Shutterstock.
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Bitcoin Slides Below $3,600 Leading Overall Crypto Markets to Plunge

Bitcoin has been unable to maintain above its previous support level around $3,600 and is now nearing the bottom of its recently established range between $3,550 and $4,200. Bitcoin’s price drop has led the general crypto markets to plunge, with many altcoins trading down 6% or more.
One analyst now believes that the crypto markets will range for the coming days or weeks, with significant buying pressure existing around $3,000.
Bitcoin Likely to Range Before Dropping Further
At the time of writing, Bitcoin is trading down 2.5% at its current price of $3,570, down from its daily highs of nearly $3,700.
DonAlt, a popular cryptocurrency analyst on Twitter, recently said that Bitcoin needs to finish the weekend above $3,700 in order to see price gains throughout this coming week, which now appears to be highly unlikely, meaning that a drop into the low-$3,000 region could be imminent.
“If we do retest 3700 on the weekend and don’t manage to close above there I’m expecting ~3350. I’ll most likely close my hedge short there. This is the reason why you shouldn’t trust mismatched patterns,” he explained.
This bearish sentiment is echoed by Josh Rager, another popular cryptocurrency analyst on Twitter, who recently said that he expects the cryptocurrency to trade sideways for a while before drifting towards $3,000, where significant buying pressure exists.
“As the volume continues to slowly descend Bitcoin could see more sideways ranging… This could last for days or weeks until a decrease in buyers, currently holding up the market, at these levels… Nice support below $3,000 with lots of buyers waiting there,” Rager noted.
Although it is looking increasingly likely that Bitcoin will drift lower, it may find some support around $3,550, which Mati Greenspan, the senior market analyst at eToro, has previously said is the bottom of Bitcoin’s current trading range.
“It seems now, that bitcoin has opened a new mini-range within that from $3,550 to approximately $4,200,” he explained in a recent market update.
Altcoins Plunge Amidst Crypto Market Downturn
The recent market downturn, which began last week when Bitcoin failed to stabilize above $4,000, has led many altcoins to drop significantly.
At the time of writing, Ethereum is trading down nearly 7% at its current price of $118, down from its weekly highs of $160.
Bitcoin Cash has also dropped today and is currently trading down 7% at $125.3. Bitcoin Cash is down from its seven-day highs of $165.
XRP is one of today’s best performing major altcoins, as it is trading down 3% at its current price of $0.32.
Featured image from Shutterstock.
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Ripple and XRP discussed by Bank of England’s Governor in an open discussion

XRP is back to being the second largest cryptocurrency in the world after pushing Ethereum [ETH] back to the third spot. 2019 has been a really good year for Ripple and XRP as the latter exceeded more than 200 partnerships with financial institutions.
Moreover, in a recent AMA styled discussion named, “Have your say on the future of money”, Bank of England’s Governor, Mark Carney discussed with a few XRP fans about the bank’s plans regarding the future of cross-border payments.
Carney stated:
“Money is evolving and so is the way we pay and the financial services we want… Bank notes will remain a central form of payment for some time… “
On the discussion forum a user, Steve asked:
“How does the BofE view the increased utility of digital assets? (e.g. the use of XRP through RippleNet as a bridging asset for cross border payments and transfers) and is the BofE working towards the use of a digital asset to perform this or any other monetary tasks?”
Mark Carney replied that the bank had already teamed up with Ripple in 2017 to work towards new ideas in cybersecurity, digital assets, distributed ledger technology, machine learning and many other topics.
Furthermore, he explained:
“For that proof-of-concept study, we looked at whether two transactions in different currencies could be executed simultaneously in separate RTGS systems. he important test is that, if one of the synchronised transactions fails to go through, the other part should not go through. That shows the system is working properly and could in principle be used for cross-currency conversions.”
He said that this could be something that could change how cross-border payments work and ultimately change it in an unprecedented way by reducing fees and transaction times.
Earlier, in October 2018, in an interview with SibosTV, Victoria Cleland, Bank of England’s Executive Director for Banking, Payments and Financial Resilience spoke about their “Proof-of-Concept “, which was a research on the future of money, done by partnering with Ripple. She stated:
“We do want to make sure is that when there are sort of participants or systems who one sort of plug into RTGS that they can do so using DLT so the proof of concepts that we ran over the summer really trying to say if somebody wants to connect to us from a DLT system can that work and the really good news was that it can.”
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Source: AMB Crypto