Ripple (XRP) Price Facing Significant Resistance, Time To Sell?

Ripple price is currently struggling to surpass the $0.2560 and $0.2600 levels against the US dollar.
The price is likely to decline unless there is a clear break above the $0.2600 resistance.
This week’s major bearish trend line is active with resistance near $0.2575 on the hourly chart of the XRP/USD pair (data source from Kraken).
A clear break below the $0.2500 support might start another decrease in the near term.

Ripple price is facing a lot of key hurdles against the US Dollar and bitcoin. XRP price is likely to struggle near $0.2600 and it could resume its decline.
Ripple Price Analysis
After forming a support near the $0.2420 level, ripple started an upside correction against the US Dollar. XRP/USD recovered above the $0.2500 resistance area and even climbed above $0.2560.
However, the price failed to gain strength above the $0.2600 resistance and the 100 hourly simple moving average. A high was formed near $0.2585 and the price recently trimmed its recent gains.
It declined below the $0.2500 level and tested the $0.2480 support. A low was formed near $0.2478 and the price seems to be trading in a range. Moreover, it broke the 23.6% Fib retracement level of the recent decline from the $0.2585 high to $0.2478 low.
On the upside, the price is facing a lot of hurdles near the $0.2520 and $0.2560 levels. An immediate resistance is near the $0.2520 level. Besides, the 50% Fib retracement level of the recent decline from the $0.2585 high to $0.2478 low is near the $0.2532 level.
The next key resistance is near the $0.2545 level and the 100 hourly simple moving average. More importantly, this week’s major bearish trend line is active with resistance near $0.2575 on the hourly chart of the XRP/USD pair.
Therefore, the price is likely to struggle near the $0.2545 and $0.2560 levels. The main resistance is still near the $0.2600 area, above which the price is likely to start a strong rise towards $0.2750 or even $0.2820.
On the downside, an initial support is near the $0.2480 level. If the price fails to stay above $0.2480, it could continue to move down towards the $0.2420 support area.
Ripple Price
Looking at the chart, ripple price is clearly facing a lot of hurdles on the upside near $0.2560 and $0.2600. As long as there is no close above $0.2600, the bears remain in control.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is struggling to gain momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and is just below the 50 level.
Major Support Levels – $0.2480, $0.2420 and $0.2400.
Major Resistance Levels – $0.2545, $0.2560 and $0.2600.
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Annual XRP Swell Pump Amounts To Bearish Ripple Retest

Each year, the annual Ripple-hosted Swell conference causes a strong XRP price pump leading up to the event, but the asset typically corrects in a post-event sell-off back to normal price ranges.
This year, the pump was underwhelming, and according to one crypto analyst, has amounted to nothing more than a bearish retest that was rejected, signaling that XRP may have a lot further to fall.
Swell-Driven XRP Pump Results in Bearish Retest and Rejection
Ripple’s annual conference acts as a gathering of the finest minds in the finance sector and payments space, putting a central focus on the company’s many products and services, as well as Ripple protocol’s native cryptocurrency token, XRP.
Related Reading | Ripple Swell Conference: XRP Price Pumps and Dumps in the Past, Will History Repeat?
In past years, it’s acted as a stage for big names like former United States President Bill Clinton, former Fed Chairman Dr. Ben Bernanke, and Sir Tim Berners-Lee, often considered to be the inventor of the world wide web.
With so much news and buzz expected from the event, investors begin loading up on XRP in advance of each year’s Swell, causing the price of the asset to swell, as well. This year was no different, and the price of XRP rose from a fresh bear market low at 21 cents per XRP, to as high as 31 cents before the asset was rejected and a sell-off began.

$XRP Imagine holding this crap for a year with the hopes of a Swell pump only to get a bearish retest.
Absolutely necccable pic.twitter.com/mDcueWMyGF
— CryptoDude (@cryptodude999) November 20, 2019

The resulting Swell pump and following rejection, according to one crypto analyst was nothing more than a bearish retest of former diagonal support turned resistance. And now that the asset has been rejected from key resistance on high timeframes, XRP is at risk of falling much further.

Ripple Rejection Coincides With Long-Term Moving Averages, Is 1 Cent Ripple Ahead?
Interestingly, the diagonal support where the Ripple Swell pump was rejected from also coincided with a retest of both the 50-week and 200-week moving averages. XRP was unable to close a weekly candle above either of the key moving averages, and it could signal that another massive decline is coming.

Below current price levels, horizontal support lies at roughly 14 cents per XRP – a support level dating back to the 2017 crypto bull market. If support there cannot hold, a far deeper drop would be possible, one that would take the price per XRP to as low as 3 cents per XRP.
Related Reading | Could a Post-Swell Ripple Dump Cause XRP To Drop Another 50%?
Long-term support lies back as low as one cent or lower per XRP, which would take Ripple back to pre-crypto bubble prices. However, such a drop would represent another 90+ percent fall from current prices – and Ripple is already down over  90% from its all-time high price of $3.80.
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Ripple’s Technological Advantage Forms Positive Outlook for XRP: Here’s What to Expect

Coinspeaker
Ripple’s Technological Advantage Forms Positive Outlook for XRP: Here’s What to Expect
With all of the developments evolving around Ripple and its RippleNet, XRP has become a preferred crypto asset to complement the global economy. Check out what’s most likely to lie ahead of the coin.
Ripple’s Technological Advantage Forms Positive Outlook for XRP: Here’s What to Expect

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Source: CoinSpeaker

Ripple (XRP) Price Trading Near Crucial Juncture, Can Bulls Make It?

Ripple price is currently correcting higher and is trading above $0.2520 against the US dollar.
The price seems to be approaching a major resistance area near the $0.2600 level.
This week’s crucial bearish trend line is intact with resistance near $0.2600 on the hourly chart of the XRP/USD pair (data source from Kraken).
Ethereum is also correcting higher, but it is likely to face resistance near $180.

Ripple price is gaining bullish momentum against the US Dollar and bitcoin. However, XRP price must break the $0.2600 resistance to move into a positive zone.
Ripple Price Analysis
This week, we saw a sharp decline in ripple below the $0.2500 support area against the US Dollar. Moreover, XRP/USD broke the $0.2450 support area and settled well below the 100 hourly simple moving average.
Finally, the price tested the $0.2400 support area and recently started an upside correction. It broke the $0.2450 and $0.2480 levels to start the current correction wave. Besides, there was a break above a connecting bearish trend line with resistance near $0.2500 on the hourly chart of the XRP/USD pair.
Ripple is now trading above the 50% Fib retracement level of the downward move from the $0.2660 high to $0.2400 swing low. On the upside, there is a strong resistance near the $0.2580 level and the 100 hourly simple moving average.
Additionally, the 61.8% Fib retracement level of the downward move from the $0.2660 high to $0.2400 swing low seems to be preventing gains. The main resistance on the upside is near the $0.2600 level.
More importantly, this week’s crucial bearish trend line is intact with resistance near $0.2600 on the same chart. Therefore, a clear break above the $0.2580 and $0.2600 resistance levels might push the price back into a bullish zone.
In the mentioned bullish scenario, the price is likely to rise towards the $0.2720 and $0.2750 resistance levels. Conversely, the price may perhaps struggle to break the $0.2600 resistance and it could start a fresh decline.
An initial support is near the $0.2520 level, followed by $0.2500. Any further losses might lead the price back towards the $0.2400 support area in the near term.
Ripple Price
Looking at the chart, ripple price is nicely correcting above the $0.2520 resistance. Having said that, the bulls are clearly facing an uphill task near the $0.2580 and $0.2600 resistance levels. If they fail to gain momentum above $0.2600, the price could resume its decline.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards 55 or 50.
Major Support Levels – $0.2520, $0.2450 and $0.2400.
Major Resistance Levels – $0.2580, $0.2600 and $0.2685.
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Led by Bitcoin, Crypto Market Prices Continuously Falling

Coinspeaker
Led by Bitcoin, Crypto Market Prices Continuously Falling
Fresh decline in the market is considered by some to expose Bitcoin price to a potential return to $7,400. In contrast, other analysts suggested that BTC’s recent trading into a falling wedge is a bullish pattern.
Led by Bitcoin, Crypto Market Prices Continuously Falling

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Source: CoinSpeaker

SoftBank and Naver to Create a Joint Tech Giant in a Bid to Sidestep Competitors

Coinspeaker
SoftBank and Naver to Create a Joint Tech Giant in a Bid to Sidestep Competitors
SoftBank and Naver will create a joint business where each will hold 50%. The new company will compete with global companies in Japan and operate both Line and Z Holdings (Yahoo Japan’s operator).
SoftBank and Naver to Create a Joint Tech Giant in a Bid to Sidestep Competitors

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Source: CoinSpeaker

Grayscale's Bitcoin Trust hovers at $2.2 billion despite price drop

Grayscale’s Bitcoin Trust holds its mark of $2.23 billion Assets Under Management [AUM] despite a rough day for the underlying cryptocurrency. According to an update from the investment company on NovThe post Grayscale’s Bitcoin Trust hovers at $2.2 billion despite price drop appeared first on AMBCrypto.
Source: AMB Crypto

Ripple-Invested MoneyGram’s Stock is Down 26%

The shares of Dallas-based, Ripple Inc-backed, MoneyGram, took a nosedive Thursday Nov 14, posting losses worth 26%. MoneyGram is one of the world’s largest money transfer giants. Mid this year, Ripple Inc. announced their strategic deal with MoneyGram that would see the latter incorporate xRapid for efficiency and cost-reduction.
Trump To Be Blamed For This?

Moneygram just took a big 💩 pic.twitter.com/imSNnJqryl
— michael burns (@michael02020930) November 13, 2019

Commentators are pinning this drop to the failure of the Trump led administration to strike a trade deal with China.
Market participants were hopeful that the first phase of the trade deal will be struck Monday following President Trump’s announcement that China had agreed to buy US’ farm produce to the tune of $50 billion annually. However according to people aware of the discussion, China negotiators were cautious about putting a specific figure in the agreement’s text leading to a snag, triggering a market wide slump of share prices.
Reuters reports that the US and China are currently locked in what they have termed as an “in-depth” discussion to level out their differences and come to an agreement on the first phase of this protracted and economically consequential trade agreement. China wants imposed tariffs removed as that would signify the importance of the agreement.
“If both sides reach a “phase one” deal, the degree of tariff cancellation should fully reflect the importance of the “phase one” deal; and its importance should be appraised by both sides together. Both sides are conducting in-depth discussions on this now.”
Ripple’s ODL Fails to Help Moneygram’s Share Price
The slump in share price comes a day after they incorporated Ripple’s On-Demand Liquidity (ODL) in exotic markets. The ODL is a suite of services that includes xRapid, a solution that uses XRP for fund transfer. Through xRapid, fund transfer between countries would be instantaneous and cheap. Speaking of the incorporation at the Asia House Global Trade Dialogue in Singapore, Marjan Delatinne, the head of Global Banking at Ripple said:
“MoneyGram, for instance, is a case that went live recently. They are using this solution in a few markets, as I mentioned in more exotic markets like Mexico, Thailand – and they see already a great efficiency decrease in the costs in the way that the treasury and liquidity management is happening.”
MoneyGram balance sheet continues to remain lackluster. Despite incorporating xRapid in Q3 2019, their quarterly earnings report showed that the money transfer giant is still in the red, posting a $7.7 million loss. Even so, their CEO, Alex Holmes, is confident saying that they will continue in their business transformation, seeking to improve customer experiences and focus on innovating.
Feature Image Courtesy of Flickr, Mike Mozart.
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Source: CoinGape

XRP's collective breach of ascending channels raises red flags

XRP’s price has been under immense volatility off late.

24th September marked a collective fall for the entire crypto industry after which XRP continued to recover its valuation. The third-largest The post XRP’s collective breach of ascending channels raises red flags appeared first on AMBCrypto.
Source: AMB Crypto

List of Crypto All-Time High Prices Shows How Far Market Must Recover

Bitcoin may be once again ready for a bull run, but the rest of the crypto space has a lot of catching up to do in order to return to peak prices set years ago.
A list circulating social media depicts the most popular cryptocurrencies then and now, and shows just how far the entire crypto market needs to recover in order to return to those prices, and potentially beat them.
Two Years Later: The Crypto Market Is Still 80% Or More Down From All-Time High
In 2017, cryptocurrencies and Bitcoin went from a completely unheard of technology for mainstream common-folk, to the talk of the town.
The allure of rags to riches stories and ballooning asset prices drew in a massive influx of retail investors with little to no previous investment experience, and the end result was them getting stuck holding extremely heavy bags, as early adopters sold off the assets at all-time high prices.
Related Reading | Published Author and Altcoin Trader Highlights 5 Crypto Set to Outshine Bitcoin 
Many of the top ten cryptocurrencies by market cap have completely fallen out of favor since, and are down anywhere between 94% to as much as 100% from their all-time high prices. Even the current top ten, comprised of actual crypto assets with real utility, are down anywhere from 82 to 92%, with only one rare altcoin outperforming Bitcoin, which itself is still down 54% from its previous all-time high of $20,000.

ATH vs Current Price pic.twitter.com/r7ufra0vtg
— Mario Lemieux (@MarioLemieux99) November 11, 2019

According to the list, Binance Coin tops the entire market in terms of performance, down only 48% from the asset’s all-time high. Bitcoin is right behind it, at 54%. At one point, Bitcoin had reclaimed even more lost ground, but a rejection around $14,000 sent the first-ever cryptocurrency back into a downtrend, and it is still struggling to return to the bull run it appeared to be kicking off earlier this year.
Altcoins, however, haven’t fared as well as Bitcoin, with the majority of the alternative crypto assets still down anywhere 80% or higher from their all-time highs.
The second place-crypto by market cap, Ethereum, which topped out at over $1,400 is still down 87%, while the number three crypto-asset, XRP, remains down 92%. Bitcoin Cash, the hard fork that was introduced at the height of the crypto hype bubble, is also down 92%.
Litecoin, which experienced a halving this past year, saw much stronger gains leading up to the event, but a post halving sell-off has taken the asset’s price back to as much as 82% down from its all-time high.
EOS, which wasn’t introduced to the market until after the bubble began to pop, remains down 84%. Stellar and Tron both faired similarly, down a respective 91 and 92% from their former all-time high.
The altcoins that formerly made up the top ten cryptocurrencies by market cap back at the bubble peak, have struggled even harder to return to mean. These assets, such as IOTA, Dash, NEO, and Dash, are all down anywhere from 94 to 96%. Verge and XEM are down 98% and 99%, and BitConnect, a proven scam, has resulted in a total loss.
Related Reading | Nearly Two Years Later, A Retail Crypto Fund Experiment Is Down 81% 
The math is even more damning, as not only is Verge, for example, down 99% from its all-time high, it would require an over 6450% gain to break above its all-time high, suggesting that many investors still holding these heavy bags, may be stuck at a loss forever.
The example also shows that while investing in the crypto market top ten is typically the wisest and least risky of choices, even that doesn’t mean an asset won’t fall out of favor completely and end up down 99% from its highest possible price.
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Japan’s SBI Holdings Forms Alliance with Fukushima to Use Ripple’s MoneyTap

Coinspeaker
Japan’s SBI Holdings Forms Alliance with Fukushima to Use Ripple’s MoneyTap
SBI Holdings and Fukushima Bank formed a partnership that will see the reduction of operational costs and contribution to “regional revitalization.”
Japan’s SBI Holdings Forms Alliance with Fukushima to Use Ripple’s MoneyTap

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Source: CoinSpeaker

CoinField’s CEO Explains the Timeline for Trading Stocks and ETFs on Sologenic Platform

Coinspeaker
CoinField’s CEO Explains the Timeline for Trading Stocks and ETFs on Sologenic Platform
The Sologenic platform that was introduced by CoinField will merge traditional financial markets and crypto on the XRP Ledger.
CoinField’s CEO Explains the Timeline for Trading Stocks and ETFs on Sologenic Platform

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Source: CoinSpeaker

XRP Plunges 6% Despite Network Being “Stronger Than Ever”

After a brief attempt to climb above its strong resistance level at $0.30 earlier this week, XRP faced a strong and swift rejection and is now moving down towards its monthly lows that currently sit around $0.26.
This bearishness has come about in the midst of Ripple’s highly anticipated Swell event, and as the Ripple CEO announced fresh deals involving XRP that, according to him, have made the XRP network “stronger than ever.”
XRP Plummets 6% as Bears Take Control
At the time of writing, XRP is trading down nearly 6% at its current price of $0.27, which marks a significant retrace from its daily highs of roughly $0.30.
Earlier this week, XRP’s bulls attempted to propel the cryptocurrency past $0.31, which ultimately proved to be a fleeting move that was closely followed by today’s bearish movement.
It is important to note that XRP is not alone in facing mounting selling pressure today, as Bitcoin has similarly faced a sharp sell-off that sent it plunging from the lower-$9,000 region to lows of $8,800.
BTC’s drop instantly sent shockwaves through the aggregated crypto market and has led virtually all major altcoins to post similar losses.
For XRP, it is important to note that this bearishness came about shortly after it had attempted to validate a long-term bottom formation that analysts had been closely watching, which means that today’s move invalidated this bullish possibility and may spell trouble for its near-term price action.
Peter Brandt, a highly regarded analyst, recently pointed to this since-invalidated formation, saying:
“This chart interpretation remains valid — $XRP is taking another run at a breakout.”

This chart interpretation remains valid — $XRP is taking another run at a breakout. https://t.co/u2td4qhTHF pic.twitter.com/ser515KBWr
— Peter Brandt (@PeterLBrandt) November 6, 2019

Ripple Expands Network, But Investors Aren’t Impressed
XRP’s ongoing drop has come about concurrently with Ripple’s Swell event, where the company announced that they already have over 300 customers, with over two dozen utilizing XRP-related products.
Brad Garlinghouse – Ripple’s CEO – spoke about this in a recent tweet, explaining that the network is “stronger than ever” and continuing to grow.
“Good things come in 3s – at our 3rd annual Swell event we announced @Ripple has more than 300 customers, more than 2 dozen of which are using #XRP through On-Demand Liquidity. The network is stronger than ever, and momentum behind ODL is only beginning,” he explained.

Good things come in 3s – at our 3rd annual Swell event we announced @Ripple has more than 300 customers, more than 2 dozen of which are using #XRP through On-Demand Liquidity. The network is stronger than ever, and momentum behind ODL is only beginning. https://t.co/NQGEoH8hJI
— Brad Garlinghouse (@bgarlinghouse) November 7, 2019

Clearly, however, investors are not impressed by Ripple’s progress in building utility around XRP, as it has been one of the worst performing major altcoins in 2019, and only time will tell as to whether or not the company’s progress will ultimately be reflected in XRP’s price.
Featured image from Shutterstock.
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