Ripple Price Analysis: Ripple Plummets Below $0.50; Support Beneath at $0.40

Key Highlights:

Ripple has dropped back below the $0.50 handle over the past session of trading to trade around $0.44.
The market is expecting strong combined support at the $0.40 handle.
Support moving forward; $0.45, $0.4221, $0.4091, $0.4034, $0.3825, $0.3429, $0.3304.
Resistance moving forward; $0.4702, $0.4755, $0.4975, $0.5198, $0.5365, $0.5584, $0.60.

Ripple has seen a further price decline totaling -9.32% over the past 24 hours of trading against the USD. The market is presently trading at a price of $0.4463 after undergoing a 13% price decline over the past 7 trading days. However, compared with the rest of the Cryptocurrency market, Ripple has been holding relatively strongly.
Ripple continues to hold the number 2 ranked position in terms of overall market cap value across the entire industry. It currently holds an $18 billion value and continues to widen the gap between Ethereum. XRP has seen a 38% price hike over the last 90 trading days as the 64-month-old coin now trades at a price that is 87% lower than the all-time high value.
Let us continue to analyze price action for XRP/USD over the short term.
Ripple Price Analysis [XRP]
XRP/USD – SHORT TERM – DAILY CHART
Chart Source by TradingView
Analyzing price action from the short term perspective above, we can see that the recent market drop had seen XRP/USD fall to a low of $0.3961 today. We can see that this area was heavily supported by the short-term .886 Fibonacci Retracement level (drawn in blue) priced at $0.4034 and the downside 1.272 Fibonacci Extension level (drawn in red) priced at $0.4091.
As the market hit this area of combined support the bulls stepped back in and began to regain some of the losses. We can see that XRP/USD is now trading at the support provided by the short-term .618 Fibonacci Retracement level (drawn in blue) priced at $0.4535 as the Bulls battle for control.
Moving forward, if the sellers continue to drive price action below the $0.45 handle we can expect immediate support below to be located at the short-term .786 Fibonacci Retracement level (drawn in blue) priced at $0.4221 followed by the combined support at the $0.40 handle.
If the bearish sentiment continues further lower then further support can be found at the October 12 low priced at $0.3780 followed by the long-term downside 1.414 Fibonacci Extension level (drawn in red) priced at $0.3428.
Alternatively, on the other hand, if the buyers can hold above the support at the $0.4535 handle and drive price action higher we can expect further resistance above to be located at the .5 and .382 Fibonacci Retracement levels (drawn in blue) priced at $0.4755 and $0.4975, respectively.
If the bullish momentum continues to drive price action further higher then more resistance above can be located at the short-term 1.414 and 1.618 Fibonacci Extension levels (drawn in purple) priced at $0.5356 and $0.5584, respectively.
The RSI has recently slipped below the 50 handles to indicate that the sellers are in control of the market momentum. For a sign that the selling pressure is fading, we will look toward the RSI rising back toward the 50 handles.
The post Ripple Price Analysis: Ripple Plummets Below $0.50; Support Beneath at $0.40 appeared first on Coingape.
Source: CoinGape

Bitcoin Sets Yearly Low Below $4,400, Recovers Slightly as Altcoins Continue to Drop

After yesterday’s widespread market carnage, Bitcoin has continued to drop and is showing little sign of a pending recovery. Bitcoin’s latest drop to fresh 2018 lows has dragged altcoins even further down, and market sentiment is sitting at a yearly low as investors lose hope.
At the time of writing, Bitcoin (BTC) is trading down 7% at its current price of $4,780, but has recovered slightly from its intraday lows of under $4,400. Bitcoin has been falling ever since it failed to decisively breach the $6,500 level earlier this month, and today’s slight bounce was the first major one Bitcoin has seen since it started its decline.
BTC’s latest leg down, which first began yesterday when it fell below $5,000 and continued well into today, has been perpetuated by increased trading volume, which has surmounted to nearly $9 billion on the aggregated markets. This is up significantly from its volume levels earlier this week while BTC was trading in the mid-$5,000 region, where its 24-hour trading volume was just over $4 billion.
The overall cryptocurrency market cap is currently sitting at approximately $155 billion, down from its November highs of $220 billion.
Related Reading: Analyst: Too Early to Write off Bitcoin, SEC Had Negligible Effect on Crypto Markets
Altcoins Sink to New 2018 Lows as Bitcoin Plunges
Bitcoin’s price drop over the past few days has led the markets, with most altcoins trading down significantly over the past week.
The market drop has been led by Ethereum (ETH) and Bitcoin Cash (BCH), which have seen massive drops of 35% and 60% respectively from their November highs.
Ethereum, which dropped from monthly highs of $220 to its current price of $143, may be seeing the result of ICO projects selling off their remaining ETH holdings in an effort to protect their funds, although this claim, which has been echoed by several pundits and analysts, is purely speculative and there is little data to support it.
Bitcoin Cash has been spiraling downwards ever since its hard fork event occurred, which initially seemed like a good thing for BCH’s price.
In late-October and early-November, BCH’s price climbed from under $420 to highs of over $630 due to the imminent hard fork event, but around this price enthusiasm died off and traders began taking profits, which pushed its price down.
Following the hard fork event, BCH continued to spiral downwards, which was perpetuated by Bitcoin’s crash, leading its price near its all-time-lows of $208.
XRP has been a market outlier over the past few days and has been relatively stable during these turbulent market conditions.
At the time of writing, XRP is trading down 8% at its current price of $0.452. Although its price has fallen slightly today, it has held up significantly well over the past few days and is only trading down 16% from its monthly highs of $0.54. Although this seems like a large drop, it has been one of the best performing altcoins in the market.
Over the coming days and weeks, the market’s price movements will give investors increased clarity as to whether or not this is simply capitulation or a sign of what is to come in 2019.
Featured image from Shutterstock.
The post Bitcoin Sets Yearly Low Below $4,400, Recovers Slightly as Altcoins Continue to Drop appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin [BTC] rigging: Department of Justice initiates probe into alleged price manipulation by Bitfinex and Tether during 2017 rally

Tether and Bitfinex have been under US Securities and Exchange Commission [SEC] and Commodity Futures Trading Commission [CFTC]’s radar for a very long time in relation to Initial Coin Offering [ICO] scams and market manipulation, but nothing concrete was ever established against them. As new findings come to light, according to a report by Bloomberg News, three people familiar with the source claim that CFTC and federal prosecutors are looking into price manipulation of Bitcoin, which is interconnected with Bitfinex and Tether – a popular stablecoin.
It is well-known that Bitfinex and Tether work together as they share the same management team and they have been steeped in rumors surrounding Tether and whether it is actually pegged by the USD in a 1:1 ratio.
The Justice Department’s probe is focused on the exponential rise of Bitcoin’s price last year and if it was purely based on public and investor demands. The sources close to the matter also said that the Justice Department was looking into how Tether creates new coins which enter into the cryptocurrency market and mostly through Bitfinex.
According to Bloomberg, the probe by the Justice Department takes a closer look into the allegations made in a paper authored by John Griffin and Amin Shams.
The paper, ‘Is Bitcoin Really Un-Tethered?’, claims:
“Purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices. Less than 1% of hours with such heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top cryptocurrencies.”
The research, a 66-page long analysis, further added that USDT was used buy BTC at important market positions [when it nosedived], helping it “stabilize and manipulate” the token’s price.
John Griffin, a finance professor from the University of Texas, who has a 10-year track record of spotting financial fraud, declined to comment on the matter when asked whether he was questioned by the government officials, Bitfinex’s CEO J L van der Velde disregarded the findings of the paper.
Tether has tried several times in the past year to clear the air regarding its peg to the USD. Tether recently confirmed that it had established a banking relationship with a bank based in the Bahamas and the latter issued a letter confirming the portfolio value of Tether at $1.8 billion.
The post Bitcoin [BTC] rigging: Department of Justice initiates probe into alleged price manipulation by Bitfinex and Tether during 2017 rally appeared first on AMBCrypto.
Source: AMB Crypto

Bakkt CEO: Why Launch of Our Bitcoin Futures Contract Has Been Postponed to 24 January 2019

On Tuesday (20 November 2018), Kelly Loeffler, the Chief Executive Officer of Bakkt, a subsidiary of the New York Stock Exchange (NYSE), announced that the launch date for the Bakkt platform, which offers a physically-settled Bitcoin (USD) Daily Futures Contract, has been changed from 12 December 2018 to 24 January 2019, and explained the reasons for this delay.
Source: Crypto Globe

Litecoin [LTC/USD] Technical Analysis: Bear market stays clear of finishing line

Litecoin [LTC] is one of the top-10 coins that was most affected by the bear market witnessed by the cryptocurrencies across the board. At press time, it had slumped 14%, trading at a depressed price of $33, with a market cap of $1.9 billion. The 24-hour trading volume was recorded at $618.3 million.
1-hour
LTCUSD 1-hour candlesticks | Souce: tradingview
In this timeline, the trendline is stretching from $48.15 to $42.35 [downward] and the support level is set at $31.45. The trendline is forming a descending triangle with the support line to depict the low nature of the market.
The Parabolic SAR is bearish on the price trend of Litecoin. Furthermore, the dots are aligned above the candlesticks to give a negative outlook on the case.
The Aroon Indicator is showing more strength in the downtrend as of now. The uptrend is weakening more with time and crashing in favor of the downtrend.
The MACD has made a bearish crossover by the signal line to depict a clear sign of the bear’s presence. The reading line is slumping further to confirm the stance.
1-day
LTCUSD 1-day candlesticks | Souce: tradingview
Similar to the above scenario, a downtrend can be observed in the one-day candlesticks as well wherein the trendline extending from $89 to $55 is forming a descending trend with the support set at $35.7. Moreover, an earlier support was set at $51 that was breached multiple times to finally dunk to the current level.
The Bollinger Bands are expanding to broaden the gap for prices to fluctuate. The volatility in the market was not high, but is predicted to increase as the bands diverge from the tunnel pattern.
The Chaikin Money Flow is extremely bearish on LTC at present. This can be observed as the reading line is crashing without any upturns to travel below the 0-line.
The Relative Vigor Index is also in tune with the above indicator to project a negative view on the market. The RVGI has made a bearish crossover by the signal and is traveling below to side with the bear.
Conclusion
In the technical analysis, the majority of indicators are predictive of a bearish run for the cryptocurrency. Therefore, it is a clear sign that the bear market has not ended as of yet. Furthermore, LTC may see a high level of volatility as predicted by the Bollinger Bands.
The post Litecoin [LTC/USD] Technical Analysis: Bear market stays clear of finishing line appeared first on AMBCrypto.
Source: AMB Crypto

All eyes on Tether as US Regulator investigates Bitcoin Rigging Criminal Probe

It was in way back in May 2018 when the US Department of Justice began a criminal probe into whether there was involvement of traders in manipulating the prices of Bitcoin last December when it reached the all-time highs. But looks like now all eyes are on Tether and its use by traders to rake up prices.
Is Tether a key element that skyrocketed the prices?
According to the recent report published by Bloomberg, the attorneys at the U.S. Justice Department, that were probing the case of illicit trading activities related to driving the prices of Bitcoin to USD 20000, are currently focusing on Tethers and Bitfinex’s involvement in this manipulation. According to the reports, there seems to be a suspicion that Tether was used to rake up the bitcoin prices last year. And as Bitfinex has the same management team as Tether Ltd. And since most coins were first released via Bitfinex it is considered the Hong Kong-based exchange had equal involvement.
This is the not the first time Tether’s and Bitfinex’s name has been linked to the bitcoin price manipulation. Both, Tether Ltd. and Bitfinex, had received subpoenas in January from the U.S. Commodity Futures Trading Commission. It is also believed that the Justice Department and CFTC are coordinating their examinations.
There is still no official comments or exact clarity as to the government officials are an only investigating activity that occurred on Bitfinex or if any of the exchange executives too were involved in any kind of wrongdoing.
In June this year, a research report by a finance professor at Texas University had evaluated the role of Tether in the inflated prices of bitcoin and other cryptocurrencies last year. By using algorithms, the research found a significant association of Tether in the price spike.
Well, we will have to wait and watch what would be the outcome of this probe but its somewhat looks difficult for Tether and Bitfinex to come out clean from this.
What is your view on Tether and its illicit role in Bitcoin price manipulation? Do let us know your views on the same
The post All eyes on Tether as US Regulator investigates Bitcoin Rigging Criminal Probe appeared first on Coingape.
Source: CoinGape

Huobi Plays Party Line in China, Creates Communist Committee

What do Bitcoin and communism have in common? Huobi.
The world’s third largest digital assets exchange has set up a Communist Party committee via its $2.9 million-subsidiary, Beijing Lianhuo Information Service, reported the South China Morning Post.
The decision comes under the garb of a political charter given by the Chinese Communist Party to local enterprises. According to it, any company having at least three party members as employees will establish a particular branch to promote the party’s agenda.
The protocol – so far – has seen participation from state-backed enterprises. Only recently, private companies have begun to take an interest in it while eyeing government support. They include gaming titan Tencent Holdings, search engine Baidu, smartphone manufacturer Xiaomi, e-commerce company Alibaba Group Holding, owner of the South China Morning Post. Latest tech start-up like Douyu, a live video streaming platform, is also the newest to join the communist party wing.
Huobi has reportedly become the first blockchain enterprise to have established itself in China’s political space. The company now expects to expand its venture capital and research & development operations inside the mainland.
Related Reading: Huobi, Kraken Assign BCH ‘Throne’ to ABC, Yet Bitcoin Cash Hashwar Continues
Political Mileage
Huobi founder and chief executive Li Lin, who holds a 99 percent stake in Beijing Lianhuo, termed its launch as a “milestone” for the blockchain industry. Lin attended the Beijing Lianhao’s opening ceremony with 50 other party members, according to Huobi’s official press release.
Cao Zhou, one of the party members who attended the ceremony, particularly stressed the importance of government and private enterprises joining hands to promote the industrial and tech space in China.
“We must enhance the party’s political leadership, and carry out the party’s principles and policies in private enterprises,” he added.
Lin, in comments given for the company’s press release, also projected Huobi as a perfect match for China’s policies on the blockchain, believing the company will be more successful than ever with the government support.
What Does It Mean for Bitcoin?
As Huobi gains a foothold in the Chinese blockchain space, the company will continue to keep its digital currency exchange away from the mainland.
Now operating from Singapore, the Huobi digital asset exchange garners a daily trading volume of US$560 million, according to data available at CoinMarketCap. But due to China’s strict stance on retail trading of digital assets like Bitcoin, Huobi now keeps only its non-exchange business inside China, which includes operations related to venture funding and blockchain consultation.
It is clear that Huobi’s expansion into China will not be impacting its relationship with an exchange that the Chinese government considers “banned.” Nevertheless, the company’s closeness with the party officials could gain it rights to lobby the digital currency regulation, now that reports are indicating that the use of Bitcoin is not entirely illegal in China.
Featured image from Shutterstock.
The post Huobi Plays Party Line in China, Creates Communist Committee appeared first on NewsBTC.
Source: New feedNewsBTC.com

Ethereum Classic (ETC) Bears Haven’t Been This Confident In Weeks

The recent market selloff has once again pumped some life into Ethereum Classic (ETC) bears that were long presumed dead. The above daily chart for ETCUSDShorts presents a strong bearish setup. When the number of shorts plunged below the trend line, it was expected to create some fear among the bears because significant selloff was likely to follow. However, the recent market meltdown has led to an increased number of bears shorting Ethereum Classic (ETC) once again. The number of shorts is up more than 25% for the day but it has yet to test the trend line. That being said, it is expected to trade in the zone shown in red until Ethereum Classic (ETC) recovers.
The price of Ethereum Classic (ETC) dropped along with the rest of the market but we did see some signs of resilience. While most altcoins dropped almost 15% or higher Ethereum Classic (ETC) held its ground against such drops. However, ultimately it had to fall more with the rest of the market. That resulted in Ethereum Classic (ETC) breaking below $6 to form a new yearly low. It might have been quite unreasonable to expect an already undervalued cryptocurrency like Ethereum Classic (ETC) drop to $5 while coins like Ripple (XRP) and Stellar (XLM) openly defy Bitcoin (BTC)’s pull. However, the fact remains that a lot of people in this market do not care about the tech; they only care about the money.

Chart for ETC/USD (1W)
A lot of people seem to be bothered by manipulation. Wherever there is a market there is manipulation. It is hard to find a market which is not manipulated at times. That being said, there are certain control in place in other markets to prevent manipulation to such a degree that might do irreparable damage to the entire market. For instance, consider the number of new but promising cryptocurrency projects that have raised funds via ICOs. This market meltdown has stripped them off the funds they had raised to work on those projects. The only reason this has happened is because those projects chose to tie themselves to cryptocurrency markets. Ethereum (ETH) has been used by a ton of new companies to raise funds for ICOs.
This has resulted in a large inflow of money into Ethereum (ETH) and after those ICOs raise money with Ethereum (ETH) they dump it all on open market for fiat money without any concern for its impact on the price of Ethereum (ETH) or the general market. The recent market correction has exposed how flawed this approach to fundraising is. As previously mentioned, Ethereum Classic (ETC) always considers the long term effects of such actions. This is why the Ethereum Classic (ETC) team has been discouraging holding ICOs on the Ethereum Classic (ETC) blockchain. In fact, the director of ETC Cooperative, Anthony Lusardi recently tweeted that he would personally like to thank all ICOs for not using the Ethereum Classic (ETC) blockchain.
Source: Crypto Daily

OKEx Denies Claims Trader Unfairly Lost $700,000 on BCH Futures Contracts

Cryptocurrency traders have reportedly suffered huge losses after digital asset exchange, OKEx, quickly settled bitcoin cash (BCH) futures contracts – without properly informing users before the BCH hard fork on November 14th. Qiao Changhe, the founder of Beijing-based Consensus Technologies, has alleged that he lost $700,000 because OKEx’s management closed the BCH futures contracts at a point that did not accurately reflect cryptocurrency prices (at that particular time).
Source: Crypto Globe

Bitcoin Shopping May be Closer than We Think

CoinSpeaker

Bitcoin Shopping May be Closer than We Think

Baran Giresunluoglu, professional investor and stock trader, shares his clues to Bitcoin shopping, which he thinks could be even closer than we think.

Bitcoin Shopping May be Closer than We Think

Continue reading at Coinspeaker
Source: CoinSpeaker

Hodl Tight, Bitcoin Will Reign Again

November has been a pretty bleak month for cryptocurrency, the markets are hitting new yearly lows and for the first time in a very long time, we are witnessing a huge shakeup in the state of the markets. At the time of writing, XRP now sits above Ethereum by market capitalisation as Stellar now sits above Bitcoin Cash. The top end of the markets have been rattled, in a sentiment that has continued throughout. This marks a major incident, one that is leaving investors feeling a little deflated.
What does this mean?
Well, firstly if you look through the news, you’ll see a stream of reports stating that this is the time to buy. Of course, by definition what we see at the moment are very cheap prices, meaning you can buy Bitcoin for a low price and you can purchase EOS for a low price too. Let’s also bear in mind that we know Bitcoin has the potential to hit $20,000.00 and we know that EOS has the potential to hit $20.00, so now seems to be a sensible time to buy – you have the potential to get the very most out of your money.


What we should consider however though, does what you see in the markets today, really make you want to buy cryptocurrency? If you’ve never bought before, perhaps it’s worth taking a little gamble? If you already own crypto though, do you really want to risk anymore of your money on a market that has failed to perform for nearly 12 months?
What we see today and what we have seen through the past month is the pure essence of volatility. The cryptocurrency markets are very volatile, meaning investment is very risky. Just because prices are low now, it doesn’t mean that prices will fly back up again – indeed, if prices do fly, great, you’ve taken a good return on your investment, but you should be aware of the fact that prices might not fly back up again. So, when we tell you to only invest what you can afford to lose, this is what we mean.
Should I buy now?
So the real question, should you buy now? If you have money you can afford to lose, perhaps – there is a chance you’ll make a profit. However, please do remember that we are not investment advisors, therefore I would never actually recommend you invest, instead, what I will recommend is that you use the falling markets to inspire you to do further research, check out current prices and check out historical trends. Keep up to date with the news and keep your eyes on what is going on throughout the entire industry. This way, you can ensure you are best informed and can make educated investment decisions, that will hopefully enable you to see a return eventually.
What will happen next?
We all want to know what will happen next here, in order to determine if the markets will recover. Remember, we’re not experts, so this is just speculation, however, this is what we would like to see happen:
Bitcoin dominance currently stands way over 50%, therefore we know that Bitcoin has a grip on the markets. When Bitcoin moves in any given direction, the rest of the markets are likely to follow when dominance is so high. So, what we expect to see is Bitcoin start to recover (probably through correction) and in turn, we expect the rest of the markets to pull up too. Bitcoin could well climb back towards $6,000.00, when it does, the rest of the markets should continue.
Moreover, when the markets crash like this, we generally see a bull run initiate just after the end of the crash – this is generally down to a manic buying spree, so, with prices low, lots of investors will start to pump cash back into the markets, causing value to spike once more.
None of these scenarios will push Bitcoin up to $20,000.00 anytime soon, therefore don’t expect the next bull run to be the ride of your life, instead, just keep your eyes out for the signs that it might happen.
Overall, our advice is this – research well, keep your eyes on the prize and ensure you are trading in a safe manner. This is hard evidence that the cryptocurrency markets are volatile, it’s a tough industry to be involved in, one that really is full of surprises.
Source: Crypto Daily

USDX Wallet: a Solution for Effortless Crypto Transfers

CoinSpeaker

USDX Wallet: a Solution for Effortless Crypto Transfers

USDX Wallet, which enables multi-level security of transactions and instant transfers of assets via a phone number, is an efficient solution to conduct effortless crypto transfers. Its token sale is already live.

USDX Wallet: a Solution for Effortless Crypto Transfers

Continue reading at Coinspeaker
Source: CoinSpeaker

Coinbase XRP Saga Continues

One of the biggest United States-based cryptocurrency exchanges, Coinbase has introduced support for XRP as a feature of their custodian service. The addition of the token was originally announced by Coinbase back in October in light of actual support coming for the coin for traders to both buy and sell.
In comparison to the unregulated landscape of most digital currency exchanges, Coinbase Custody includes a layer of assurance for large capital investors. Rather than aiming towards specific customers or the user base as a whole, Coinbase custody is prepared for hedge funds and institutional investors with millions in assets, providing what is easy to use secure platform for storing and funding cryptocurrency specifically as fresh faces to the industry don’t fully understand the concept of private keys and cold storage wallet. On top of the pros of an upgraded financial security, Coinbase Custody “provides investors with insurance coverage on their stored assets which now extends to XRP, despite the coin not being listed directly on the exchange.”
Over the past week, we have seen the markets crash, climb and then over the past day, crash once again which sent Bitcoin below the $5,000 key resistance level. Not only that but XRP has taken over Ethereum as the second biggest cryptocurrency in the space and there is even talk of XRP taking over Bitcoin by the end of the week as the leading cryptocurrency. The currency is down from its once all-time high of $3.80 earlier in the year. Funnily enough, this was due to an appreciation created through investor anticipation of the token being listed on Coinbase, XRP and Ripple are always making regular headlines for building adoption throughout this year. As reported by EWN, “XRP thus far has embodied the paradox of cryptocurrency growth, that development and new adoption for blockchain and crypto have continued to grow exponentially despite the slumping prices.”
As said by Ethereum World News:

“With the proverbial bloodbath taking place in cryptocurrency’s market capitalization, a long-anticipated union of Coinbase and XRP could be the exact pairing to reignite interest. While investors will continue to be hesitant over any association between XRP and Coinbase, particularly after the coin rose and plummeted following rumours of a listing in January 2018, the addition on the Coinbase Custody program is some small indication that there could be interest between the two parties.”

It was back in July that Coinbase announced the possibility of five new currencies being added to the exchange, with XRP’s primary competitor Stellar XLM being listed as a front-runner. Despite this, Stellar doesn’t have any relation to the exchange in any context outside of that first reveal.
What are your thoughts? Let us know what you think down below in the comments!
Source: Crypto Daily