XRP price takes a hit as coin breaches out of descending triangle pattern in short term

Despite the boost in its price, XRP failed to hold the price above $0.30 and slipped back to its bearish price zone. Short term charts of the coin suggested a breach of bearish pattern, after which its price stood at $0.2791, at press time. 1-hour  XRP’s 1-hour chart revealed the formation of a descending triangle […]
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Source: AMB Crypto

Ripple Moves Court to Dismiss XRP’s Securities Lawsuit, But Fails to Answer Questions

Coinspeaker
Ripple Moves Court to Dismiss XRP’s Securities Lawsuit, But Fails to Answer Questions
Ripple has recently moved to court making strong counter-allegations on one of the plaintiffs claiming XRP is a security. The company has filed a motion to dismiss the plaintiff’s claims.
Ripple Moves Court to Dismiss XRP’s Securities Lawsuit, But Fails to Answer Questions

Continue reading at Coinspeaker
Source: CoinSpeaker

Ripple Price (XRP) Holding Key Support: BTC & ETH Bounce Back

Ripple price is finding a strong buying interest near the $0.2850 level against the US dollar.
The price is currently consolidating and it is likely to climb back above $0.3000.
There is a connecting bearish trend line forming with resistance near $0.3000 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price could start a fresh increase if it surpasses the $0.3000 and $0.3050 resistance levels.

Ripple price is trading in a positive zone against the US Dollar, while bitcoin is rebounding. XRP price must stay above the $0.2850 support to bounce back above $0.3050.
Ripple Price Analysis
After a sharp upward move, ripple price started a downside correction from $0.3250 against the US Dollar. The XRP/USD pair traded below the $0.3120 and $0.3050 support levels. Moreover, there was a break below the $0.3000 support area. The bears even pushed the price below the 50% Fib retracement level of the upward move from the $0.2560 swing low to $0.3272 high.
However, the $0.2850 support area acted as a strong barrier for the bears. It seems like the 61.8% Fib retracement level of the upward move from the $0.2560 swing low to $0.3272 high is acting as a solid support. Additionally, the price is holding the 100 hourly simple moving average, which is currently at $0.2855. Therefore, the price could start a fresh increase as long as it is above $0.2850.
On the upside, there are two key resistances near $0.3000 and $0.3050. Moreover, there is a connecting bearish trend line forming with resistance near $0.3000 on the hourly chart of the XRP/USD pair. If there is an upside break above the trend line and the $0.3050 resistance, there are chances of a fresh rally towards the $0.3250 resistance area.
Conversely, a downside break below the $0.2850 support might spark further losses. The next key support is near the $0.2720 and $0.2730 levels. The 76.4% Fib retracement level of the upward move from the $0.2560 swing low to $0.3272 high is also near the $0.2730 level. If the price fails to stay above $0.2720, it could revisit the key $0.2650 support area in the near term.

Looking at the chart, ripple price is clearly holding the key $0.2850 support area and the 100 hourly SMA. Therefore, there are high chances of a fresh increase towards $0.3250. Only a close below the 100 hourly SMA might push the price to $0.2720.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is likely to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is slowly moving higher and it could surpass 50.
Major Support Levels – $0.2850, $0.2720 and $0.2650.
Major Resistance Levels – $0.3000, $0.3050 and $0.3200.
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Ripple-backed Coil enters into partnership with Mozilla, Creative Commons

Coil, a Ripple-backed organization which facilitates payment solutions for major companies on the Internet to accept XRP as a form of payment, has entered into a major partnership with Mozilla and Creative Commons. Founded by Ripple CTO Stefan Thomas, Coil came to an agreement with Mozilla and Creative Commons to launch a $100 million grant […]
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Source: AMB Crypto

5% Hike in XRP & LTC; Altcoins Make a Recovery as Bulls Charge at Full Blast

Litecoin(LTC)  and Ripple(XRP) are up by 4.78% and 4.74% and top 20 coins show an increase in price except for Tether(USDT). 
Source: coinmarketcap
Litecoin Heading Towards $75
Litecoin price is presently holding the $70.00 support area and shows signs of bullish divergence. The price may soon break the $73.00 and $75.00 resistance level. If the price undergoes a correction, it will find support near the $70.00 level. The next important resistance is near $82.00-83.00 zone.
Source- Trading View
Technical Indicators 
 
Source- Trading View
Relative Strength Index (14)- 54.62
Exponential Moving Average (5)- 71.77
Stochastic %K (14, 3, 3)- 83.07
Ripple Could Move Towards $0.3 Area 
Source-Trading View
XRP price made attempts to break $0.2650 resistance. However, the bulls failed to gain any momentum above $0.2650. It is likely that Ripple’s price will either surge towards $0.32650 or have a downside correction towards $0.2500. 
A broader look at the chart reveals a market that has been trending upwards although gradually. However, the prominent pattern is the lower highs pattern experienced from Sunday last week. An ongoing bearish correction risk setting off the trigger if XRP steps below the forming symmetrical triangle support.
Technical Indicators
Source-Trading View
Relative Strength Index (14)- 56.7385
Exponential Moving Average (5)- 0.26419
Stochastic %K (14, 3, 3)- 73.72280
Analysts Speak
With Bitcoin experiencing a price correction, it is seen that altcoins are experiencing a steady price rise. 
Source-Twitter
In the summer, @OracleOfAlts had predicted that Litecoin prices will be up and altcoins will rule the roost.
Source-Twitter
Another twitter user, with the handle “ATH Coming”  has predicted, that 2020 will mark a 1.5 trillion market cap for cryptocurrencies and Bitcoin’s dominance will be reduced to a mere 40-46%.
With that being said, it will be interesting to note if altcoins continue to show such price rises or the bullish trend is a short-term guest. While analysts continue to debate if altcoins would rise or not, these price indicators and on-going developments on alt – platforms are reassuring enough to predict good fortune for altcoin traders. 
The post 5% Hike in XRP & LTC; Altcoins Make a Recovery as Bulls Charge at Full Blast appeared first on Coingape.
Source: CoinGape

Ripple’s XRP Eyes Relief Price Rally; Here’s Why

XRP was rising on Tuesday as investors flew out of the bitcoin market amid growing uncertainties regarding its safe-haven status.
The Ripple blockchain’s native asset climbed 1.73 percent to $0.00455 on BitFinex exchange. That brought its week-to-date gains up by more than 2.5 percent, providing one of the first signs of a relief price rally after months. XRP’s moves appeared the same against bitcoin, wherein the asset surged by as much as 4.49 percent against the benchmark cryptocurrency.
Ripple’s XRP looking to switch interim bias in favor of bulls | Image credits: TradingView.com
The surge occurred as market analysts awaited a plunge in the bitcoin dominance, triggered by fears that the cryptocurrency is not behaving like a safe-haven asset. As covered by NewsBTC earlier, Bitcoin remained cautious as drones attacked two Saudi Arabian crude oil production facilities on Saturday. The attack dwindled the world’s oil supply by 5 percent, sending the global stock market, including the benchmark S&P 500, down. As the equity markets plunged, long-time haven assets such as Gold, Treasuries, and the Japanese Yen surged. But bitcoin didn’t.

Bitcoin dominance is now comparable to where it was before there was even a developed market for altcoins.
Hard to see it getting much stronger from here. pic.twitter.com/pgfNWLQipr
— Mati Greenspan (@MatiGreenspan) September 16, 2019

The mum approach prompted bitcoin traders to hedge into the altcoin market. In the last 48 hours, Ethereum climbed by as much as 6.72 percent against the US dollar – and 7.69 percent against bitcoin. The ETH/BTC instrument, as of now, is registering its four-day winning streak. The sentiment also breathed life into the XRP market, which, as renowned analyst Mohit Sorout noted, was trading in oversold territory for three months straight.
The Bitazu Capital partner said he now expects “a relief rally” in the XRP market.
Intraday Hedging
But XRP’s interim upside action could live short, after all. The Next Web reports that Ripple’s core investor base is not happy with the way the blockchain project is developing. They think the San Francisco company is dumping XRP tokens, which has even led some disappointed ones to start a petition on Change.org, titled “Stop Ripple Dumping.”
“The only logical explanation is that Ripple is dumping on us. And not small amounts either – literally, billions. We have seen the reports of them disclosing this, so it’s a fact,” the petition reads. Over 3,500 signatories have shown support.
The petitioner cites Ripple’s financial reports as evidence. The Q2/2019 report shows that the firm sold $106.87 million and $144.64 million worth of XRP in direct institutional sales and programmatic sales, respectively. Meanwhile, the Q1/2019 data brings a similar picture – Ripple sold $890 million worth of XRP to fund institutions and support exchanges.

It's incredible that there is enough demand that $250M doesn't completely crash the price. But I have long thought that Ripple is misleading XRP holders and most of them don't seem to understand that dumping like this to fund a business is not only unsustainable but ill-advised
— Larry Cermak (@lawmaster) July 25, 2019

Meanwhile, the XRP/BTC instrument plunged by more than 70 percent.
Technical analysts, nevertheless, see XRP breaking out of its downtrend – against both the dollar and bitcoin. However, with Bakkt launching the first physically-settled bitcoin futures contracts next week, altcoins could see speculators driving back to the king cryptocurrency.

Reminder, the hype is bakkt with substance.
Unlike other futures exchanges, this is settled in bitcoin. Actual bitcoin is paid out, not just the fiat equivalent to the price of bitcoin.
The result is better price discovery and liquidity for bitcoin.
— Rhythm (@Rhythmtrader) September 16, 2019

Bitcoin was down 0.65 percent against the dollar at the time of this writing.
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XRP’s likely bullish breakout may lack significant momentum

After consolidating under the $0.260 mark for a majority of last week, XRP’s price exhibited a growth of over 4 percent which improved its valuation to $0.265 on 14th Sept. XRP’s value underwent correction afterward and at press time, was valued at $0.257. However, short-term charts of XRP exhibited another positive outlook. XRP 1-hour chart […]
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Source: AMB Crypto

XRP built for practical use case to solve inefficiencies in legacy banking systems, says Ripple exec

“We do not see crypto as replacing fiat.” Breanne Madigan, Head of Global Institutional Market at Ripple said at The OECD Global Blockchain Policy Forum 2019. In the finance session, Madigan stated that Ripple was inclined toward interoperability and that “replacing fiat” was not their goal. The Ripple exec said, “We see opportunities for the […]
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Source: AMB Crypto

Ripple exec talks about XRP as a means of liquidity management

On the stage of The OECD Global Blockchain Policy Forum 2019, Ripple’s Global Head of Banking, Marjan Delatinne revealed the firm’s vision for XRP while addressing complexities surrounding the traditional financial system in terms of cross-border remittances. She stated: “We have been working with XRP to ensure that it has the key characteristics in order […]
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Source: AMB Crypto

XRP Network Closes 50 MM Ledgers, Will This Milestone Shake the Stagnant Price?

The XRP network is reported to have crossed more than 50 million closed ledgers. While this is a reason to rejoice for XRP community to rejoice, the news does not seem to have had much of an impact on the price of the cryptocurrency. In an entirely different event,  Ripple CEO, Brad Garlinghouse, has addressed some community concerns in a recent interview, explaining some major distinctions between XRP and bitcoin as well as the reasons the company follows in its monthly XRP sale.
50 Million Closed Ledgers Create Excitements Amid Other Concerns
As per a tweet from a twitter user, Warren Paul Anderson on Friday morning, the XRP network has crossed 50 million closed ledgers. The news has created great excitement among Ripple supporters, despite concerns that the parent company, Ripple might be doing more harm than good to the popular cryptocurrency. Despite the excitement, the development has failed to shake up the XRP price. In fact, XRP, at present, is trading at $0.254, down 0.41% from yesterday’s price.
Source: Twitter
The XRP Ledger is a shared global ledger. Participating individuals can rely on the decentralized nature of the ledger without having to trust a single centralized institution or authority that controls the system. The server software rippled, does this by managing a database or ledger that can only be updated following very specific rules. Each instance of rippled maintains a full copy of the ledger, and the peer-to-peer (P2P) network of rippled servers shares candidate transactions among themselves. The described networking system has now crossed over 50 million in magnitude.
Ripple CEO Responds To Community Concerns
In another event, renowned CNN Anchor, Julia Chatterley interviewed Ripple CEO, Brad Garlinghouse. Garlinghouse revealed the reasons behind Ripple’s monthly sale of XRP, the distinctions between XRP and bitcoin and called Facebook Libra, “just a whitepaper” in the long run.
While explaining Ripple’s huge sales of XRP and whether this has any direct impact on XRP price, Garlinghouse maintained that Ripple’s market impact on the price of XRP is no worse than how bitcoin whales manipulate BTC’s price. Further, he noted that XRP was a better alternative to bitcoin in terms of cost and speed of transactions.
According to Garlinghouse, transactions on the XRP network presently cost significantly lesser than $1 and take place in just 3 seconds as against a $1 fee and 10 minutes confirmation time per transaction in the Bitcoin network.
Bitcoin is a store of value, it’s digital gold. But if a bitcoin transaction costs $1 and an average of 12 minutes per transaction, that is not gonna be great for a payment solution. Payment within XRP is uniquely and extremely well positioned to solve that payment problems. Extremely fast, about 3 seconds per transaction and it cost about a 1000th of a penny…”
When asked about the accusations regarding Ripple dumping XRP, Garlinghouse responded that it was not in their best interest to do that and the company was interested in a “healthy, successful ecosystem”.
Garlinghouse also said that most of the XRP the company owned was in an escrow so “we can’t touch it”. When asked if Ripple was offering discounted prices to certain clients, Garlinghouse initially denied the claim and also said that there was a lock-up period for them. But Garlinghouse eventually gave away that these investors were getting XRP for “slightly cheaper”.
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Source: CoinGape

Ripple’s Brad Garlinghouse: Nobody is in a position to manipulate XRP prices

On the 12 September 2019, Ripple’s CEO, Brad Garlinghouse, was interviewed on CNN International by Julia Chatterley on her show, First Move. During the interview, Garlinghouse said Ripple is seeing more momentum than ever with regard to people using XRP to make transactions. He also mentioned how people speculate on different asset classes and that […]
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Source: AMB Crypto

Analyst Predicts 60% Drop in Altcoins Relative to Bitcoin [BTC] MCap

Bitcoin [BTC] closed  6.5% higher at $10,400 on a weekly scale. The week saw another altcoin dumping as Bitcoins dominance crossed above 70%. Nevertheless, the alts have made a brief comeback during the weekend. While the gains are slight, this is one of the very few instances of altcoin rise relative to BTC this year.
Crypto analyst Willy Woo, however, suggests that this rise has could be temporary. He said in a tweet,
Though locally oversold and may see some bounce in coming weeks, longer term, into 2020, I can’t see these levels holding (relative to Bitcoin).
Currently, altcoins are testing their three-year support w.r.t BTC. The weekly RSI of altcoins with respect to Bitcoin’s Market capitalization is currently oversold. This could be a level of reversal. However, Woo suggested that room to grow is not very large. According to him, the next rise could be one of the last attempts for altcoin revival.
ETH/BTC 1-Week Chart on Bittrex (TradingView)
Moreover, while Bitcoin is finding utility as a store of value, the fundamentals and regulation around altcoins have been weak post the ICO bubble of 2017.
Cryptocurrency MarketCap Relative to Bitcoin (Source: Tweet)
According to him, the parity between Bitcoin and crypto market was close before 2016. However, due to the ICO scams and fraudulent investment schemes, the price blew-up in a bubble.
Here’s the same data visualised on the price domain. Total crypto cap priced in BTC supply.
The 2017 gap that opened up was made of ponzi fluff, ERC20 ICOs investing in other ERC20 ICOs blowing up their combined caps like a fiat money printing machine.
Furthermore, while the rise in Bitcoin was tremendous as well during the 2017 bubble. The rise in altcoins was astronomic. Ripple, for instance, recorded yearly gains near 19000% through 2017. Hence, he feels that the correction to those levels hasn’t occurred yet. The current sentiments are nowhere near hyped value.
Altcoin MCap/BTC MCap Analysis (Source: Twitter)
According to Woo, altcoins will continue losing value w.r.t to Bitcoin. Therefore, the only chance of a rise in value is if the Bitcoin price continues to grow upwards. He says as they are testing the lows on the trendline with Bitcoin, this level could be the last area of support. He tweeted,
If this level fails, I’d expect roughly a 60% drop relative to Bitcoin’s cap before we some the next area of support.
Willy Woo is also a Bitcoin bull. Hence, this time if Bitcoin reaches $20,000, the dominance of bitcoin over the crypto-market could be bear near 83%. Coincidentally, it also aligns with the psychological levels in the market established by Max Keizer’s similar prediction. During the 2017 run, it was less than 50%.
Do you have any additions or comments on Woo’s analysis? Please share your views with us. 
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Source: CoinGape

XRP community divided over price: Why the so-called fork may NOT be a viable solution

XRP community on Twitter distinguishes itself from the rest by the title bestowed upon it- ‘XRP army’; however, a troop from this army has shifted allegiance. Leading this faction is a Twitter user ‘Crypto Bitlord’, according to whom, he/she (they) act as the delegated spokesperson for a disenchanted and disillusioned camp. Bitlord’s first operation was […]
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Source: AMB Crypto

Crypto Analyst Says XRP Fireworks Are Coming After Bounce From 2014 Support

Few crypto tokens or altcoins have been affected by the crypto bear market than XRP, also known as Ripple. Even though Bitcoin and many others have regained much of their lost all-time high value, XRP is still down over 93% from its $3.84 price record.
Investors have grown increasingly bearish on XRP, and many expect the asset to continue to fall into oblivion. however, one crypto analyst says that “fireworks” are “incoming” for XRP, as the asset’s price hit historic support stemming all the way back to 2014.
Fireworks Incoming If XRP Historic Support Holds
Altcoins are regularly valued in both USD and BTC. XRP is down by 93% from its all-time high in USD value and is now resting on support on the XRP/BTC trading pair that dates all the way back to 2014 on crypto exchange Poloniex, according to one crypto analyst.
Related Reading | Crypto Analysts: Ripple Most Bullish USD Chart, XRP Target 2000% Gains
The analyst claims that support at this level will hold, the trader’s sentiment has flipped bullish after long being bearish on the crypto asset, and expects that “fireworks” will occur in the coming days now that XRP has hit that significant support level.
XRP has held support at roughly 2500 satoshi – the lowest unit of measurement in BTC. The analyst expects a strong move up to 4000 sats, which would represent a 60% increase in value relative to Bitcoin.
As bad as the outlook has been for XRP against its USD trading pair, bleeding out all throughout 2018, against the BTC ratio is where the real destruction has occurred in 2019. Bitcoin’s parabolic rally sucked all the capital out of altcoins, causing BTC dominance to grow to levels not seen since before the last bull run.

$XRP I'm ready to stop being bearish. Bias has changed. Notes on chart. Historical level dating back to 2014 on Polo chart. Sellers losing momentum. Targeting 4k. Fireworks incoming pic.twitter.com/0vTe43tXeu
— Pentoshi (@Pentoshiswallet) August 29, 2019

Even the founders of altcoin projects admit that most tokens in the market lack utility, however, XRP has real-world use cases and is already in use by many financial institutions. Ripple is among the few crypto assets to remain high up within the top ten cryptocurrencies by market cap since the list existed, while most other altcoins have not only struggled to maintain the positions, they’ve often struggled to remain relevant at all.
XRP’s sell pressure has largely been driven by its own executive team, however, with that set to stop, and with retail investor sell pressure finally beginning to exhaust, the current support XRP is resting on very well could hold, and those fireworks could soon be for Ripple bag holders to celebrate an eventual move to the upside.
Related Reading | Crypto Analyst: Altcoin Annihilation Responsible for Bitcoin Breakdown 
If the support doesn’t hold, though, another massive drop may be in the cards, and XRP could reach lows not seen in over five years.
Featured image from Shutterstock
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Ripple CEO Tries to Set the Record Straight Regarding Massive XRP Sales

XRP – the cryptocurrency that is closely associated with the FinTech company Ripple – has faced a significant amount of bearish volatility as of late, which many analysts believe has been caused by Ripple selling a large amount of tokens onto the markets each quarter.
Brad Garlinghouse, the CEO and founder of Ripple, is now trying to set the record straight when it comes to the controversy surrounding XRP and is shooting back at critics who claim that it is a security.
Ripple CEO Claims It Is Clear That XRP is Not a Security 
One oft-cited critique of XRP is that it is likely to be designated as a securities product due to its close ties to Ripple.
Although the debate surrounding this topic is quite heated and has split the crypto community, Garlinghouse explained in a tweet that it is “clear” that XRP is not a security, signaling that he is confident that Ripple will win the class action lawsuit they are currently facing from investors who claim that the cryptocurrency is a security token.
“As a defendant in the class action lawsuit, I won’t get into the details (response from Ripple is coming soon). I will say: SEC guidance isn’t issued by the Commission and isn’t law, rule or regulation. It’s clear XRP is not a security and the UK and others have said as much,” he explained.

1/ As a defendant in the class action lawsuit, I won't get into the details (response from Ripple is coming soon). I will say: SEC guidance isn't issued by the Commission and isn't law, rule or regulation. It's clear XRP is not a security and the UK and others have said as much.
— Brad Garlinghouse (@bgarlinghouse) August 27, 2019

Garlinghouse: Quarterly XRP Sales Done in Attempt to Expand XRP Utility 
In addition to the class action lawsuit that Ripple is currently engaged in, the company is also facing controversy surrounding news that they have been selling a large amount of tokens onto the markets due to using inflated volume data.
News of this led many investors and analysts to claim that Ripple has been the force behind XRP’s lackluster price action over the past several months, but Garlinghouse explained that the sale of the crypto has been done with a goal of expanding its utility.
“XRP sales are about helping expand XRP’s utility – building RippleNet & supporting other biz building w/XRP ie Dharma & Forte. Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH,” he said.

2/ XRP sales are about helping expand XRP's utility – building RippleNet & supporting other biz building w/XRP ie Dharma & Forte. Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.
— Brad Garlinghouse (@bgarlinghouse) August 27, 2019

Assuming that Ripple’s quarterly sales of the crypto continues to decline on a quarterly basis and that the company resolves the lawsuits it is currently engaged in, it is highly probable that XRP will be able to incur some upwards momentum – assuming the aggregated crypto market incurs stable growth.
Featured image from Shutterstock.
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