Ripple Price Analysis: XRP/USD Could Resume Decline Below $0.34

Key Highlights

  • Ripple price failed to move above the $0.3900 and $0.4000 resistance levels against the US dollar.
  • Yesterday’s crucial bearish trend line is active with resistance at $0.3620 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could decline once again as long as it is below the $0.3620 and $0.3720 resistances.

Ripple price failed to gain traction above key resistances against the US Dollar and Bitcoin. XRP/USD is likely to slide again below $0.3400 in the near term.

Ripple Price Analysis

Yesterday, we saw a minor upside recovery above the $0.3600 level in ripple price against the US Dollar. The XRP/USD pair even traded above the $0.3800 level, but it struggled to clear the $0.3850 and $0.3900 resistances. There was also a rejection noted near the $0.3850 level and the 100 hourly simple moving average. Besides, the price failed to stay above the 61.8% Fib retracement level of the last drop from the $0.4140 high to $0.3125 low.

As a result, there was a fresh decline below $0.3700 and the price moved back in a bearish zone. During the decline, the price broke the 61.8% Fib retracement level of the last wave from the $0.3133 low to $0.3850 high. The price tested the $0.3300 level where buyers emerged. Moreover, the 76.4% Fib retracement level of the last wave also acted as a support near $0.3302. On the upside, an initial resistance is near the $0.3600 level. More importantly, yesterday’s crucial bearish trend line is active with resistance at $0.3620 on the hourly chart of the XRP/USD pair.

Looking at the chart, ripple price is clearly facing a lot of hurdles on the upside near the $0.3600 and $0.3620 levels. On the downside, a break below the $0.3400 level could really increase selling pressure.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just around the 50 level.

Major Support Level – $0.3400

Major Resistance Level – $0.3620

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Bitcoin, Ripple, Ethereum, Bitcoin Cash, Stellar, EOS, Litecoin, Cardano, Monero, TRON: Price Analysis, Nov. 26

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

The digital currencies were relatively stable from early September of mid-November, after which the decline started. Since then, incessant selling dragged the total market capitalization of cryptocurrencies from above $210 billion on Nov. 14, to just below $116 billion on Nov. 25, a fall of close to 45 percent.

After such a waterfall decline, an equally sharp pullback is probable. However, the markets will not switch over from a strong bear phase to a bull phase instantly. Mike Novogratz, ex-Goldman Sachs partner and founder of Galaxy Digital, believes that the cryptocurrencies will stage a turnaround next year.

While the fall has hurt traders’ accounts, it has not stopped the adoption of cryptocurrencies. In an apparent first, businesses in the U.S. state of Ohio will be able to pay their taxes in Bitcoin. This facility may possibly be extended to the individual taxpayers in future, according to the Wall Street Journal (WSJ).

BTC/USD

Bitcoin dropped to a low of $3,620.26 on Nov. 26, from where the bulls attempted a pullback that hit a roadblock just above the $4,200 level. Currently, the bears are attempting to resume the downtrend. The zone between $3,000–$3,500 is an important support and we expect it to hold.

The fall in the last few days has plunged the RSI into deeply oversold levels. Though in a bear phase the RSI frequently stays close to the oversold zone, a reading of 11 on the RSI indicates capitulation.

Usually, such a sharp decline is followed by an equally sharp throwback rally. The BTC/USD pair will face minor resistance at the downtrend line but we expect it to be crossed. The upside targets are a pullback to 38.2 percent Fibonacci retracement level of $4,712.89 and a 50 percent retracement level of $5,050.40. The 20-day EMA is also just above this level and might act as a stiff resistance.

It is difficult to trade the rebound, hence, only experienced traders willing to take a risk should attempt to go long, if the virtual currency sustains $4,250 for about four hours. The stop loss can be kept just below $3,500. As this is a risky trade, use only 30 percent of the usual allocation. On the downside, if the digital currency breaks below $3,620.26, a fall to $3,000 is likely.

XRP/USD

Ripple broke below the support of $0.37185 on Nov. 25, but buying at lower levels helped it recover most of the intraday losses. The bears are currently attempting a sell off once again.

XRP/USD

If successful, the XRP/USD pair can decline to the support line of the channel, which will act as a strong support. However, if the level fails to hold, a retest of $0.24508 is possible.  

On the other hand, if the bulls push prices above $0.37185, a pullback will begin that can extend to $0.43 where we anticipate a strong resistance from the 20-day EMA. We do not find any buy setups; hence, we are not suggesting a trade in it.

ETH/USD

The buyers seem to have deserted Ethereum because there is not even a reasonable attempt to pullback after such a decline.

ETH/USD

On Nov. 25, the bears easily broke below the support of $110. The ETH/USD pair found some support at $102.96 but the pullback has been weak. A break of the $102.96 level can drag the digital currency to $83.  

On the upside, the recovery will face roadblocks at $130 and $140. If these two levels are crossed, a pullback to $158 is possible. However, we do not find any reliable buy setups, hence, it is best to stay on the sidelines.

BCH/USD

As the hash war in Bitcoin Cash is over, we have reintroduced it in our analysis. Due to the fork, we will have to look at it afresh.

BCH/USD

Within a short span of 20-days, the decline has been massive. The bulls are attempting to provide support close to $148.27. If they succeed, a pullback to 38.2 percent Fibonacci retracement and 50 percent retracement of the recent fall is probable.

If the bulls fail, the BCH/USD pair might extend its downtrend. Though it is in uncharted territory, the next major support is at $100. Traders can wait for a bullish pattern to form before initiating any long positions.

XLM/USD

Stellar broke below the critical support of $0.184 and $0.1547188, which is a bearish sign. It found some buying at $0.13427050 but the bulls are struggling to sustain the pullback.

XLM/USD

A breakdown of the Nov. 25 lows will resume the downtrend and push the XLM/USD pair to the next support at $0.08. Any recovery will face a stiff resistance at the $0.184 level. We do not find any reliable buy setups, hence, are not proposing a trade in it.

EOS/USD

Though the RSI is in oversold territory, the bulls could not initiate a recovery in EOS as it continues to trade below the $3.8723 level.

EOS/USD

The immediate support is at $3. If the EOS/USD pair bounces off this support, it will face a minor resistance at the downtrend line, above which $3.8723 will act as a major resistance. If the bears plummet prices below $3, the next support is at $2.40. Traders should wait for a trend reversal before attempting to buy it.

LTC/USD

Litecoin is in a firm bear grip. It broke its support at $32 and fell to a low of $28 on Nov. 25. There has been no reasonable pullback since the decline started on Nov. 14, which shows a lack of buying interest by the bulls.

LTC/USD

Below $28, the next support is at $20, but considering the oversold readings on the RSI, we anticipate a pullback within the next few days.

On the upside, the recovery will face a stiff hurdle at the 20-day EMA. We expect the LTC/USD pair to form a range before starting a new uptrend. Until then, we suggest traders remain on the sidelines.

ADA/USD

Lack of buying pushed Cardano to $0.033065 on Nov. 25. If this support breaks, the slide can extend to the next support at $0.025954.

ADA/USD

The RSI is in deep oversold levels that can result in a pullback that will face resistance in the zone of $0.50 and the 20-day EMA. We shall wait for a confirmed bottom to form and the chart pattern to signal a reversal before suggesting a trade on the ADA/USD.

XMR/USD

Monero broke below the support of $60 and slipped to $54.081 on Nov. 25. If this level is broken, there is a psychological support at $50, below which the slide can reach the $40 level.

XMR/USD

If the bulls hold the support of $54.081 and begin a recovery, the XMR/USD pair can rise to $71 and above that to $81. We expect a strong resistance at $81. Due to the oversold readings on the RSI, we anticipate a recovery within the next few days. However, there are no buy setups yet, hence, we are not recommending a trade in it.

TRX/USD

TRON broke down of the support at $0.0122194 and dipped to an intraday low of $0.01089965 on Nov. 25. The bulls have managed to hold prices close to the Nov. 20 lows but they have not been able to push prices higher.

TRX/USD

The RSI is deeply oversold, which shows that selling has been overdone. A recovery from the current levels can carry the TRX/USD pair to the overhead resistance of $0.01587681, where we expect sellers to step in.

Contrary to our opinion, if the bears continue to pound the digital currency, a fall to $0.00844479 is possible. Traders should wait for a new buy setup to form before buying.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.



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Coincheck Completes Token Additions With Ripple, Factom Relaunch

Hacked Japanese cryptocurrency exchange Coincheck has begun trading a wider range of assets Nov. 26, a press release confirmed, ten months after funds worth over $530 million were stolen.

Monex Group, the Internet broker which purchased the hacked exchange in March for around $33.5 million, made the announcement following months of remedial measures and security improvements.

The release of Ripple (XRP) and Factom (FCT) token trading means Coincheck is now operating services for all “tradable cryptocurrencies” on the platform.

“Coincheck has been steadily resuming as each service’s technical safety is confirmed through the supports of external experts,” the release stated, adding:

“As of the announcement today regarding XRP and FCT, Coincheck has resumed depositing and purchasing services for all tradable cryptocurrencies on Coincheck.”

Various other services, including leveraged transactions and an affiliate service, will go live in due course, Monex added.

Two weeks previously, Coincheck had resumed trading of NEM (XEM), the token which bore the brunt of its losses, while further functionality was restored at the end of October.

Last week, Zaif, another Japanese platform which lost around $60 million in September this year due to a hack, completed its handover to new owner Fisco, officials reporting they planned to begin compensating customers before the end of November.



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Ripple Price Analysis: XRP/USD Facing Uphill Task Near $0.40

Key Highlights

  • Ripple price fell sharply, traded below the $0.3500 support area, and later recovered against the US dollar.
  • There is a major bearish trend line in place with resistance at $0.3750 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to struggle to clear the $0.3900 and $0.4000 resistance levels in the near term.

Ripple price is under heavy selling pressure against the US Dollar and Bitcoin. XRP/USD must break the $0.3750 and $0.3900 resistances to recover further.

Ripple Price Analysis

There was a nasty downside move from well above the $0.4200 level in ripple price against the US Dollar. The XRP/USD pair tumbled and broke the $0.4000 and $0.3500 support levels. There was even a close below the $0.3500 level and the 100 hourly simple moving average. The decline was such that the price traded close to the $0.3100 level. A new monthly low was formed at $0.3126 before the price started an upside correction.

It recovered above the $0.3400 and $0.3500 levels. There was also a break above the 50% Fib retracement level of the recent decline from the $0.4143 high to $0.3126 low. However, the upside move was capped by the $0.3900 resistance and the 100 hourly SMA. Moreover, there is a major bearish trend line in place with resistance at $0.3750 on the hourly chart of the XRP/USD pair. The pair also struggled to settle above the 61.8% Fib retracement level of the recent decline from the $0.4143 high to $0.3126 low. It seems like the price must break the $0.3800, $0.3900 and $0.4000 resistance levels to move back in a positive zone.

Looking at the chart, ripple price is currently under pressure below the $0.3900 resistance. On the downside, the main supports are $0.3550 and $0.3400.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just near the 50 level.

Major Support Level – $0.3400

Major Resistance Level – $0.3900

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XEM, Ripple, EOS, Bitcoin, IOTA

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

At the start of the year, the total market capitalization of cryptocurrencies was above $828 billion and many expected it to touch $1 trillion. However, after the hype of last year, the current bear market has been bone-crushing with no end in sight. The bloodbath in cryptocurrencies has plunged total market capitalization to below $130 billion and falling.

After the recent collapse, many analysts have forecast a further fall in prices and expect Bitcoin to bottom out around $3,000 or even $1,500. Others, however, believe that the fall is a good opportunity to buy for the long-term, as they believe that the fundamentals are improving.

Another important recent development was that the costly Bitcoin Cash war has ended, with Bitcoin Cash SV deciding to move on, leaving Bitcoin Cash ABC in charge of the Bitcoin Cash brand name. Whether or not this will result in a pullback in crypto prices remains to be seen.

XEM/USD

NEM (XEM) is the best performer among the top cryptocurrencies in the past seven days, though it has slumped about 18 percent, showing bear dominance across markets.

Though the bears succeeded in breaking down the range, they are struggling to sustain prices at lower levels. Buying at lower levels has kept the XEM/USD pair close to the range of $0.07790717–$0.13125258.

The 20-day EMA has turned down and the RSI is in the negative territory, which shows that the bears have an upper hand. If they succeed in sustaining below the range, the fall can extend to the next support level at $0.05.

On the other hand, if the bulls defend the bottom of the range and push prices higher, a range bound action is likely to ensue. A trend reversal will be signaled after the price sustains above the range. In such a case, the rally can carry the digital currency to $0.2. We suggest traders wait for the trend to change and a new uptrend to start before venturing out to buy it.

XRP/USD

Ripple (XRP) continues to be in the news as it announces new partnerships with various banks across the world. Though it has tied up with a few large banks elsewhere, it is yet to make an impact in the U.S. The latest rumor was that it might seal a deal with Bank of America, which would give a major boost to the digital currency.

Such rumors are a great buying opportunity during a bull phase. However, during a bear phase, traders should be careful while buying the rumor because if it turns out to be false, prices might plunge.

XRP

After holding out the week before last, the XRP/USD pair succumbed to selling in the past week. The pair has dipped close to the first support at $0.37185. If this support breaks, a retest of the year-to-date low of $0.24508 is probable. The zone between $0.22 and $0.24508 is likely to act as strong support.

Long-term investors can wait for the prices to stabilize at lower levels and then buy a portion of their desired allocation. The remainder can be added at higher levels as the digital currency starts a new uptrend.

If the bulls defend the $0.37185 level, the virtual currency will continue to remain in a tight range of $0.37185–$0.565. We anticipate a pickup in momentum if the bulls scale the overhead resistance of $0.7644. The target to watch on the upside is $1.28372. Though $0.96490 might act as a minor resistance, we expect it to be crossed.  

EOS/USD

The number of on-chain transactions on the EOS (EOS) network tops that of other popular cryptocurrencies, according to Blockchain Center. A report by BitMEX, a Bitcoin/dollar derivatives market based in Seychelles, has raised various question marks regarding EOS and has said that the protocol has a long way to go if it wants to challenge the dominance of Ethereum in the DApp world.

EOS

The EOS/USD pair broke down through critical support at $3.8723, marking a new year-to-date low. If the price sustains below this level, the fall can extend to the next lower level of $3 and below that to $2.1531.

The down sloping 20-week EMA and the RSI below 40 levels show that the path of least resistance is to the downside. The bearish view will be invalidated if the bulls quickly push the price above $3.8723 and scale the $4.49 mark. A trend change will be signaled if the digital currency breaks out of the $6.8299 range.

BTC/USD

Last year after Thanksgiving, Bitcoin (BTC) started its scorching rally that peaked at $19,531.9, rising 144 percent within a month. However, this year, the digital currency is in a firm bear grip and is struggling to hold on to support levels.

Many have declared that the crypto bubble has burst and it’s all downhill from here. Bitcoin, however, has seen worse falls than these in the past and has recovered on every occasion.

The launches of Intercontinental Exchange-backed trading platform Bakkt and a crypto asset custody service by Fidelity in 2019 are poised to attract the institutional money that has been slow to enter the asset class. A favorable decision on a Bitcoin exchange-traded fund (ETF) in the U.S. could also result in the start of a new uptrend.

BTC

The BTC/USD pair extended its downtrend and easily broke below the minor resistances of $5,450 and $5,000. Though the next logical support is way lower at $2,974–$3,504.99, we expect some support close to the $4,100 mark. The RSI is about to enter into the oversold territory for the first time since January 2015, which shows the extent of damage in the current fall.

Any recovery will face a slew of resistances at $5,000, $5,450 and at $5,900. It is risky to try to catch a falling knife; hence, traders should wait for the virtual currency to find some buying support before entering long positions.  

IOTA/USD

In a series of blog posts, the IOTA (MIOTA) foundation has announced that it is looking to remove the so-called Coordinator from the IOTA network. As the Foundation claims, this move will be a major step towards decentralization for the protocol.

Recently automotive industry app developer High Mobility announced a partnership with IOTA. Under the new collaboration, developers at High Mobility will build new types of mobility apps based on IOTA’s ledger.

IOT

The bears broke below the support at $0.4037 and continued lower, touching an intraweek low of $0.28. Currently, the MIOTA/USD pair is attempting to climb above $0.3193.

The down sloping 20-week EMA and the RSI in the negative territory show that every pullback will be met with selling pressure. If the support at $0.28 breaks, the fall can extend to the next lower level at $0.1427, with a minor support close to $0.23 levels.

On the other hand, if the price recovers from the current levels and rises above $0.4037, the digital currency might consolidate for a few weeks before attempting to start a new uptrend. We suggest traders wait for the trend to change before buying.



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Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, Dash: Price Analysis, Nov. 23

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Does a crash in prices indicate the decaying fundamentals of an asset class? In many instances it does, but the market usually gets the fundamentals of an emerging technology wrong, both in the short term and in the long term.

In May 1997, Amazon’s share price was quoting at $18. Short-term expectations propelled it to $300 by December 1998 and from there it slumped to $6 per share after the dotcom bubble burst. At that point, the market was severely underestimating its potential and the non-believers were claiming victory. However, the model proved everyone wrong, and Amazon became the second company in the history to reach a market capitalization of $1 trillion.

Blockchain entrepreneur and industry advisor, Vinny Lingham, said to Cointelegraph: “The climate can change once more companies with solid use cases emerge from their development cycles, gain traction and prove sound business value to make a difference.” Just because the prices have crashed, it doesn’t signal the end of an asset class.

As the price action in the near-term is dictated by technicals, let’s look at the charts and forecast the probable price action.

BTC/USD

During a waterfall decline, support levels are not honored, making it difficult to predict the bottom. The pullbacks also usually last only for about 1–3 days. Bitcoin attempted a recovery on Nov.r 21 that failed at $4,799.74.

Subsequently, the BTC/USD pair has resumed its downtrend, making a new low. Both the moving averages are sloping down and the RSI is deep in the oversold territory. This shows that the sellers are in command.

The immediate support on the downside is $4,100, below which, the fall can extend to $3,500– $3,000.  

Any recovery attempt will face stiff resistance at the downtrend line and $5,000. Though we want to use the current fall to buy, we believe that the traders should wait for a level to hold before initiating any long positions.  

XRP/USD

Ripple has broken down of the uptrend line, which shows that it is also being affected by negative sentiment. However, it remains well above its lows, which confirms its outperformance.

XRP/USD

The moving averages have started to turn down and the RSI has dipped below 40, which suggests that the supply is outpacing demand.

The next support on the downside is $0.37185 and below that, $0.26913. The XRP/USD pair will point to a consolidation if the prices quickly scale above the uptrend line and the moving averages flatten out. For now, it is best to stay on the sidelines.

ETH/USD

Ethereum is not finding buyers at higher levels. The pullback stalled at $141.91, which shows a lack of buying support.

ETH/USD

Currently, the bears are attempting to extend the decline to the next support level at $110. Though anything is possible in the markets, we believe that the oversold levels on the RSI point to a probable pullback. We don not recommend trading on hope, hence, we shall wait for a new buy setup to form before suggesting any trade in it.

On the upside, the ETH/USD pair will face a stiff hurdle at $167.32. The 20-day EMA is also close to this level, making it a critical resistance to cross for the bulls.

XLM/USD

Stellar is at a critical level. If the bears sustain prices below $0.184, it will be negative and can result in the start of a new down move. The lower levels to watch on the downside are $0.1547188 that is the intraday low of March 18 and $0.138565, which is the intraday low hit on Dec. 22 of last year.

XLM/USD

Conversely, if the bulls successfully defend the $0.184 level, the XLM/USD pair, might pull back to the 20-day EMA and above it to the downtrend line. We suggest traders wait for a new buy setup to form before entering any long positions.

EOS/USD

Though EOS has broken down of the critical support at $3.8723, it has not plunged. This shows some buying support at lower levels. The oversold reading on the RSI also points to a recovery attempt.

EOS/USD

If the bulls scale $3.8723, a move to the downtrend line and above it to $4.493 is probable. The 20-day EMA is also located close to this level, hence, $4.493 will act as a major roadblock.

If the EOS/USD pair fails to rise above $3.8723, it can slump to $3. We do not find any bullish patterns developing, hence, we are not proposing a trade in it.

LTC/USD

The bulls have been attempting to hold the support at $32 for the past three days, but have not been able to push Litecoin higher.

LTC/USD

Still, the oversold levels on the RSI point to a probable pullback. On the upside, the LTC/USD pair will face stiff resistance at the 20-day EMA and above that at the $47.246–$49.466 zone.

On the other hand, if the bears sink prices below the support zone of $32–$29.653, the fall can extend to the next support at $20.

ADA/USD

The pullback in Cardano could not scale the $0.05 level and the price is back at the support of $0.041.

ADA/USD

If the ADA/USD pair breaks down and sustains below $0.041, it can slide to the next lower target of $0.025954.

On the other hand, if the bulls succeed in rebounding from close to current levels, the digital currency will again attempt to break out of $0.05. If successful, the pullback can extend to $0.060105, which is likely to act a major resistance because this is the previous support and the 20-day EMA is also close to this level.

XMR/USD

Though the bulls attempted a pullback in Monero on Nov. 21 and 22, they could not push prices above $72. As a result, the price turned down once again.

XMR/USD

In this down leg, if the XMR/USD pair plunges below $60, the fall can extend to the next support at $46.

If the virtual currency finds buyers at the current levels, the bulls will again attempt to break out of the $72 level. If this level is crossed, the pullback can continue to next overhead resistance of $81.

TRX/USD

TRON could not scale above the previous support-turned-resistance of $0.01587681 in the past two days. However, a small positive is that the bulls have held prices above the Nov. 20 intraday low of $0.0122194.

TRX/USD

We anticipate the bulls to make another attempt to climb above $0.01587681 and reach the next resistance of $0.0183.

However, contrary to our expectation, if the TRX/USD pair plummets below $0.0122194, the fall can extend to the next lower level of $0.00844479.

DASH/USD

Dash continues to trade near the support of the descending channel. This shows that sellers have the upper hand.

DASH/USD

Any breakdown of the channel will be a negative development that can push the DASH/USD pair down to the next support at $75.

If the support of the channel holds, the bulls will attempt another pullback to scale $120 levels and reach the next overhead resistance of $129.58. We believe that the traders should wait for a trend reversal before initiating any long positions.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.



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SBI Ripple Asia, Japan Payment Card Consortium Partner on Blockchain System to Fight Fraud

SBI Ripple Asia and the Japan Payment Card Consortium have announced a joint proof of concept (PoC) to combat fraud with blockchain technology, according to an official release published Nov. 16.

According to the news release, the PoC will be conducted on R3‘s blockchain platform, Corda, and will aim to prevent damage wrought by fraudulent transactions by enabling the real-time sharing of data between parties using blockchain.  

The Japan Payment Card Consortium counts nine major credit card issuers – including American Express (Amex), Credit Saison and Toyota Finance – and two payment-card technology providers as members. SBI Ripple Asia is a joint venture from Japanese financial services giant SBI Holdings and blockchain firm Ripple that has been working to advance blockchain-powered solutions for the financial and enterprise sector since its establishment in 2016.

Corda has reportedly been chosen for the PoC due to its data privacy and security set-up. The release outlines that data in the system is to be “shared only with those that have a ‘need to know.’” Each company will own a Corda node, and while each company implements its own security policy, the data sharing among the nodes is secured by Corda.”

Japanese IT services provider TIS, which is a member of the R3 consortium, will reportedly develop a secure and scalable information sharing system for the PoC on the basis of Corda.

Although at the PoC stage, information will be shared only between the participant card companies. The consortium says it will consider extending data sharing to a broader range of parties – such as merchants and payment service providers (PSPs) – in future, in the name of better protecting against fraud industry-wide.

Hewlett Packard Enterprise (HPE)’s Mission Critical Distributed Ledger Technology (DLT) Lab has been chosen as a secure host environment for testing the new PoC.

As reported in October, SBI Ripple Asia’s consumer-focused payments app MoneyTap has recently gone live, after successfully securing a license from domestic financial regulators.

Also last month, Cointelegraph reported on Japanese car manufacturing giant Toyota’s partnership with blockchain ads analytics firm Lucidity to tackle fraud in the advertising industry.



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Ripple Price Analysis: XRP/USD Facing Key Resistance Near $0.4500

Key Highlights

  • Ripple price is currently consolidating below the $0.4500 and $0.4600 resistances against the US dollar.
  • There is a key contracting triangle formed with resistance at $0.4460 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is preparing for the next break either above $0.4500 or below $0.4280.

Ripple price is trading in a tight range against the US Dollar and Bitcoin. XRP/USD may soon make the next move either above $0.4500 or towards $0.4000.

Ripple Price Analysis

Yesterday, we discussed that ripple price may correct higher above $0.4200 and $0.4300 against the US Dollar. The XRP/USD pair did recover higher after trading as low as $0.4011. It moved above the $0.4180 resistance and traded with a positive bias. During the upside, it broke the 23.6% Fib retracement level of the recent decline from the $0.5180 high to $0.4011 low.

However, the price faced a strong resistance near the $0.4500 zone, which was a support earlier. There were a couple of attempts to trade above $0.4500 and $0.4520, but buyers failed. Later, the price started consolidating and it is currently trading above the $0.4260-80 support. There is also a key contracting triangle formed with resistance at $0.4460 on the hourly chart of the XRP/USD pair. A break above the triangle could push the price towards $0.4680 and the 100 hourly simple moving average. An intermediate resistance is the 50% Fib retracement level of the recent decline from the $0.5180 high to $0.4011 low at $0.4590.

Looking at the chart, ripple price seems to be preparing for the next break either above $0.4500 or below $0.4280. If there is a downside break, the price could trade below the $0.4250 and $0.4120 support levels. The main support is at $0.4000 and the key resistance is at $0.4500.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just near the 50 level.

Major Support Level – $0.4280

Major Resistance Level – $0.4500

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Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, Dash: Price Analysis, Nov. 21

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Bottoms are formed during market capitulations. After Bitcoin broke below the critical support of $5,900, investors dumped their holdings, fearing a complete loss on investment. For someone who does not believe in the future of cryptocurrencies and who was in it only for making a quick buck, it might be the right thing to do.

However, for the others, who believe in the story of blockchain and cryptocurrencies, the current fall offers a great opportunity to invest for the long term. During bottom formations, the outlook is always very dire and every bit of news is viewed as negative.

One such news was the U.S. Justice Department investigating the probability of Bitcoin manipulation in 2017 using stablecoin Tether. Though we believe that any regulatory step to protect retail investors is a long-term positive, the markets did not view it in the same way.

After the fall, while naysayers are claiming victory and forecasting a further fall, the bulls see an opportunity to buy for the long term. It is difficult to predict a bottom when markets are gripped in fear. Hence, we believe it is better to wait for the markets to show signs of stabilization before attempting a buy.

The software companies did not vanish after the dotcom bubble. The world did not come to an end after the financial crisis of 2007–2008. In the same way, this bear market will also pass and the stronger cryptocurrencies will rise and reward investors. Therefore, be patient and let the markets offer us a relatively low-risk buying opportunity.

BTC/USD

Bitcoin nosedived to a low of $4,368.69 on Nov.20. The fall of the past two days gives the impression of panic selling by investors. Usually bottoms are formed after such a round of liquidation.  

Both moving averages have turned down, which is a negative sign. The RSI has hit deeply oversold levels, which suggests that selling has been overdone and a pullback is likely.

The bulls might attempt to carry the BTC/USD pair to the downtrend line, which can prove to be a roadblock. If the downtrend line is crossed, we expect the bears to offer strong resistance in the zone of $5,450–$5,700.

The next leg down will give us a better insight about the bottom. If the bears slice through $4,368.69, the fall can extend to $4,000 and below it to the major support zone of $3,500–$3,000.

On the other hand, if the bulls successfully defend $4,368.69, the probability of it being the bottom increases. It is difficult to pinpoint the bottom right away. We can confirm a bottom only in hindsight.

XRP/USD

Ripple has emerged as one of the outperformers during the recent fall. It has stretched its lead over Ethereum after becoming the second most valuable cryptocurrency in terms of market capitalization.

XRP/USD

The XRP/USD pair is currently finding support between the trendline and $0.40. Both the moving averages remain flat, which points to range bound action in the near term. On the upside, $0.519 and $0.565 will act as resistances.

On the downside, if the bears sink prices below $0.40, a fall to $0.37185 and below that to $0.26913 is probable. Though we are relatively bullish on the digital currency, we shall wait for a new buy setup to form before proposing any trade.

ETH/USD

Ethereum extended its fall on Nov. 20 and broke below the support of $136. The RSI has reached deeply oversold levels, which previously resulted in a pullback.

ETH/USD

Currently, the bulls are attempting to pullback from the $126.20 level, which is likely to face a stiff resistance at $167.32. The downtrending 20-day EMA will also be a difficult hurdle to cross.

If the next leg down breaks below $126.20, the ETH/USD pair can extend its decline to $110. As the trend is down, we shall wait for a new reliable setup to form before recommending a trade.

XLM/USD

Stellar broke down of the ascending channel on Nov. 19 and followed it up with another sharp fall the next day. However, the bulls have managed to hold the critical support at $0.184.

XLM/USD

The current pullback attempt is likely to face a stiff resistance at the support line of the channel and above it at the downtrend line.

If the bears sink the XLM/USD pair below the critical support at $0.184, it can slide to the next support at $0.13 and below that to $0.09.

EOS/USD

EOS broke below the critical support of $3.8723 and dived to a low of $3.4703 on Nov. 20. In doing so, the RSI dipped into deeply oversold territory that indicates that the selling has been overdone and a pullback is probable. Currently, the bulls are attempting to climb back above the overhead resistance at $3.8723. If successful, the pullback can extend to $4.493, which might again act as a stiff resistance.

EOS/USD

If the pullback stalls at $4.1778, the bears will again attempt to sink the EOS/USD pair below the support at $3.8723. If successful, the decline can extend to the next support at $3. The falling 20-day EMA and the RSI in the oversold territory show that the bears have the upper hand.

LTC/USD

Litecoin dipped to an intraday low of $31.78 on Nov. 20, which was just below our suggested support of $32. The pattern target of a breakdown from the descending triangle is $29.653. We believe the zone between $32–$29.653 will act as a strong support.

LTC/USD

However, as the trend is down, any attempt to pullback will face a stiff resistance at the 20-day EMA that is sloping down. Above this, the next major resistance will be in the $47.246–$49.466 zone.

We believe that after such a sharp fall, the LTC/USD pair might attempt to form a bottom around current levels. However, the traders should wait for a confirmed bottom and a new buy setup to form before attempting to buy.

ADA/USD

Cardano fell in the past two days and overshot our suggested support of $0.043722 and made an intraday low of $0.041572. The RSI has declined deep into the oversold territory, which suggests a pullback is around the corner.

ADA/USD

The pullback can carry the ADA/USD pair to the overhead resistance at $0.060105. However, the trend is down, hence, any attempt to recover will face a hurdle at the previous support of $0.060105 and at the 20-day EMA, which is sloping down.

If the next leg down breaks below the support at $0.041572, the fall can stretch to the next lower support of $0.025954.

XMR/USD

Monero is trying to find support close to the $64.525 level. The RSI has entered deeply oversold levels, which shows that selling has been incessant. We believe that the bulls will attempt a pullback from the current levels that can carry the digital currency to the overhead resistance at $81.

XMR/USD

The bears are likely to attempt to turn down the XMR/USD pair from $81. If the next down leg breaks $64.525, the fall can extend to $60 and below that to $46 levels.

Our bearish view will be invalidated if the bulls scale $81 and sustain above it. Currently, there are no bullish patterns that suggest a buy, hence, it is best to remain on the sidelines.

TRX/USD

In the past two days, TRON broke below the two critical supports of $0.0183 and $0.01587681. With the RSI dropping close to 15 on Nov. 20, it shows that the selling has been overdone and a relief rally is likely.

TRX/USD

In a down trending market, every previous support acts as a resistance after it is broken down. Hence, we anticipate a stiff resistance at $0.01587681 and $0.0183. If the TRX/USD pair turns down from one of these levels, the bears will attempt to sink the price to the next support at $0.00844479.

On the other hand, if the bulls scale $0.0183 within the next few days, it will confirm that the current fall was a fake breakdown. We shall wait for the trend reversal to happen before suggesting any trade in it.

DASH/USD

Dash is currently trading inside a descending channel. It broke below the critical support of $129.58 on Nov. 19 and made a new 52-week low at $98.01 on the next day. It is presently finding support at the bottom of the channel. The bulls might attempt to push prices back above the $129.58 resistance. If successful, the pullback can extend to the upper end of the channel, close to $160.  

DASH/USD

However, as the DASH/USD pair is in a downtrend, we anticipate a strong resistance at $129.58 and at the 20-day EMA. During the next down move, if the support at $98.01 breaks, the next support is at $75. Traders should wait for the trend to reverse and a bottom to form before initiating any long positions in it.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.



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We Won’t Use Blockchain until More Banks Use Ripple




Major money transfer service TransferWise has indicated that in spite of excitement over the growth of Ripple’s global payment solution, it has not seen a compelling case for using blockchain technology to carry out its business — yet. Speaking to Fortune recently, TransferWise chairman and co-founder Taavet Hinrikus stated that while there exists a lot of excitement over the possibilities created by the blockchain, its operational realities present a new set of challenges on their own.

Excitement Versus Reality

Speaking on a new episode of Fortune’s “Balancing the Ledger,” Hinrikus stated that London-based TransferWise, which currently conducts money transfers among more than 70 countries, supports the idea of blockchain-based transfers in principle, but that right now they are trickier to handle than the existing framework. As a result, the firm, which undercuts SWIFT by processing cross-border transactions at high speed for as little as 1.5 percent commission, sees little benefit in adopting blockchain technology in the near-term.

Explaining why this is, he said:

“We’ve heard this dream many times from different people. However if you start digging into it, you realize that it may look great on paper, but in reality, to make use of it, it’s really hard. We’ve looked at different blockchain technologies, but yet we haven’t found anything which enables us to do what we do in a way that is cheaper or faster.”

In part as a result of fintech companies increasingly finding new ways to sidestep the expensive SWIFT network, blockchain transfers are becoming less competitive compared to other emerging alternatives. Fintech companies that consider implementing blockchain frameworks now require more and more significant upsides to make the switch worthwhile, he said.

Not Impressed by Ripple’s Current Partner Network

ripple blockchain
Source: Shutterstock

According to Hinrikus, TransferWise has examined Ripple’s high-speed, cross-border payment solution, RippleNet, and has found no compelling reason to use it given its current level of adoption.

Explaining why this is, he remarked:

“If every bank in the world was going through the Ripple network, it would be amazing. Yet how many banks are using Ripple today in production? It’s a very short list. In that sense we’re big supporters of Ripple or anything else…and if any of these gets enough adoption, and it actually materially helps us do things cheaper and faster, we’d love to, but so far we haven’t found one.”

In June, CCN reported that Western Union CEO Hikmet Ersek expressed a distinct lack of enthusiasm over a potential switch to Ripple after the company carried out an XRP trial run. Ersek stated at the time that the results of the trial did not show any real cost savings that would warrant overhauling the existing system to use XRP for cross-border payment settlement.

Featured Image from TechCrunch/Flickr

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