After Yesterday’s Bloodbath, Losses Continue for Major Cryptos, XRP Overtakes Ethereum

Thursday, Nov. 15: yesterday’s fall in crypto markets continues today, with Bitcoin (BTC) dipping below the $5,400 mark, and total market capitalization dropping as low as $174 billion, according to data from CoinMarketCap.

After an extended period of low price volatility, crypto markets experienced a massive decline yesterday, Nov. 14, with Bitcoin dropping from its average trading price of around $6,400 to as low as $5,506.

The recent dive has marked a new volatility record for markets this year. According to BitMEX Daily Historical Bitcoin Volatility Index, Bitcoin volatility rate has exceeded the index of seven for the first time since April this year.

BitMEX Daily Historical Bitcoin Volatility Index. Source: BitMEX

While top 20 cryptocurrencies by market cap are seeing more losses with some coins down almost five percent on the day, major virtual currency Ripple (XRP) has again overtaken Ethereum (ETH) as the second top cryptocurrency in terms of market cap at press time. according to CoinMarketCap.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin continues its downward trend today, with its price dipping as low as $5,358. As of press time, the biggest cryptocurrency is down around 4 percent, and is trading at $5,589. In terms of its 7 day outlook, Bitcoin is down almost 14 percent.

Bitcoin 24-hour price chart

Bitcoin 24-hour price chart. Source: CoinMarketCap

In contrast, Ripple has managed to see some gains as of press time. XRP is up 2.2 percent and trading at $0.464 at press time. After seeing its intraday low of $0.43, Ripple has continued to hold a relatively stable support of around $0.45 over the day.

Ripple 24-hour price chart

Ripple 24-hour price chart. Source: CoinMarketCap

Ethereum, the third top coin by market cap, has dipped below $180 and dropped to as low as $170 earlier today. The altcoin is down around 3.35 percent at press time, and trading at $177.95. Ethereum has seen big losses over the past 7 days, down almost 17 percent.

Ethereum price chart

Ethereum price chart. Source: CoinMarketCap

Total market cap has dipped even lower today, dipping below $180 billion. As of press time, market cap is $183.5 billion, seeing a slight rebound from $174 billion earlier the day. At press time, daily trade volume amounts to more than $22.3 billion. The total number of cryptocurrencies listed on CoinMarketCap has decreased to 2,080.

Total market capitalization weekly chart

Total market capitalization weekly chart. Source: CoinMarketCap

Meltem Demirors, the Chief Strategic Officer (CSO) of crypto exchange-traded products firm CoinShares has subsequently commented on the recent breakdown, claiming that the cause of the sudden bear market is that institutions are “taking money off the table” due to the hard fork of Bitcoin Cash (BCH). With that, Bitcoin Cash is suffering the biggest losses over 7 days period, at almost 30 percent as of press time, and is trading at $420.

The Bitcoin Cash hard fork is scheduled for today, Nov. 15. Yesterday, the world’s largest crypto exchange OKEx announced early delivery of BCH futures contracts in order to avoid market manipulation and to prevent the crypto markets immense but expected “short-time” volatility.

Fundstrat Global Advisors analyst Rob Sluymer predicted that to repair the “technical damage” caused by the recent collapse of Bitcoin will take “weeks, if not months.”



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XRP Eclipses Ethereum, What is Next For The Major Cryptocurrencies?

It what has been one of the largest single purges of the cryptocurrency markets this year, Ripple’s XRP token has surpassed Ethereum in terms of market capitalization.

The Bottom Just Fell Out Of The Bottom

Just when we thought that things couldn’t get much worst and the bottom was in, the bottom fell out and markets nosedived again. Over the past 24 hours crypto markets have dumped almost $30 billion as they fell from around $210 billion to a 2018 low of $180 billion. The dust has settled at around $185 billion but the carnage in the altcoin camps is plain to see. Trade volume has doubled to $24 million but it is all flowing one way, out of the digital door.

Ethereum’s loss has been Ripple’s gain as XRP has finally usurped ETH and taken the second spot on the market cap charts. Ethereum has been on the floor for weeks now but yesterday’s 16% slide sent its market cap below $18 billion for the first time since July 2017. The price of ETH plunged to match its 2018 low of $174 and it has failed to recover much from that level.

Conversely XRP fell around 14% at the same time but has managed to make a better recovery making its total 24 hour loss around 10%. Before yesterday’s dump, XRP had made a gain of 15% on the month compared to Ethereum’s loss of almost 4% over the same thirty day period. As a result the market cap of XRP has not fallen as much which has pushed it into second place according to Coinmarketcap.

At the time of writing XRP has a market capitalization of $18.4 billion compared to Ethereum’s $18.2 billion so things are still pretty close. Bitcoin has not escaped unscathed this time around as its market cap has dropped below $100 billion for the first time since October 2017. Aside from Ethereum and Bitcoin Cash, some of the biggest losers have been IOTA, Ethereum Classic, Cardano and Monero, all losing 16 – 18 percent.

As new yearly lows are being hit, the crypto twitter-sphere is still dominated by Bitcoin Cash wars and more mudslinging. Some analysts have alluded to a big dump before bulls can get in, others called a Bitcoin bottom at $6k. Most have been wrong so far, so at this stage in the game it is largely guesswork. The crypto winter could well extend deep into 2019 and only the fittest will survive.

 

Image from Shutterstock

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XRP Posts 6% Gains as Japan and Brazil Adopt Ripple Tech for Payments




Ripple’s XRP token has a posted a 6 percent profit to establish a fresh weekly high towards $0.534. The bullish behavior also got the coin close to replacing Etherum as the second-largest cryptocurrency by market cap.

SOURCE: TRADINGVIEW.COM

The XPR/USD value appreciated from 0.506-fiat to 0.535-fiat on Monday. The price action underwent a weak downside correction later. It found support at 0.516-fiat and is since hinting a further upside bias. The pair is now trading at 0.532-fiat, looking to reclaim the weekly high, followed by a breakout towards 0.556-fiat, the November 6 high. The level also poses as a potential upside target for the intraday long position albeit the long-term bearish bias.

To the downside, a push below 0.516-fiat could enable the market to locate the next likely support at 0.506-fiat. The level also marks a downside target for day traders, looking to enter short positions towards the levels and generate maximum intraday profits.

Ripple-based Interbanking Corridor

Japan’s MUFG Bank on November 9 announced the signing of a Memorandum of Understanding (MoU) with Banco Bradesco S.A., a Brazil-based banking service. The MoU discussed a partnership between the two organization to create a cross-border payment corridor that would be powered by the Ripple technology.

However, the press release about the MUFG-Bradesco partnership never elaborated which of the Ripple solution they would utilize. The San Francisco company currently offers xCurrent and xRapid solutions in its line of products. Many a time, the adoption of the xCurrent solution has been wrongly attributed to the rise in XRP value. Though, the product does not make it mandatory for participants to purchase XRP to complete a cross-border transaction. The xRapid solution, on the other hand, exclusively uses XRP tokens.

The XRP price action remained relatively calmer on the day of the announcement. Around that time, the US Dollar was posting fresher highs, as discussed in this analysis, weakening all the quoted assets, including Bitcoin and Ripple.  The XRP upsides developed only after the comments of Ripple’s CEO Brad Garlinghouse about the coin’s long-term bullish sentiments surfaced.

Ripple Better than Bitcoin and SWIFT

Amidst the rumors that Ripple was looking to partner with SWIFT, Garlinghouse cleared that the interbank messaging network was, in fact, a rival. He went on by saying that Ripple would likely replace SWIFT as the world’s leading interbank financial network.

“The technologies that banks use today that Swift developed decades ago hasn’t evolved or kept up with the market,” he said. “Swift said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.”

The CEO also projected XRP as a better currency than Bitcoin. He said that their money is 1,000 times cheaper and faster than the world’s leading crypto-asset. The comments came after the rumors about White House looking to pit XRP against Bitcoin surfaced last month.

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Ripple on Coinbase Rumours Swell as XRP Chases Ethereum’s Second Spot

One of the world’s leading cryptocurrency exchanges may list Ripple’s XRP on its trading platform. While the rumor stands unconfirmed, its impact is already visible on the XRP’s market cap, which has come close to surpassing that of Ethereum.

The token on Tuesday surged as much as 26 percent from its November 4 low at $0.449, forming intraday peak towards $0.569 on the BitFinex exchange. The rally saw aggressive buying action with traders entering long positions on higher high formations. A downside correction ensued during the early European trading session. XRP dropped down and now seems to have located moderately strong support at $0.528.

Coinbase Theory

Initial theories suggested that Ripple’s expansion into the Middle East caused the XRP rally. But the signals of Coinbase, a US-based crypto exchange, adding XRP to its platform started eclipsing the earlier hypotheses.  The news is almost a couple of months old already, and the rumor itself is nearly two years old.

In September, Coinbase had announced that it would add new crypto assets to its exchange. The San Francisco company explicitly stated that its priority would be more towards those digital assets that are compliant with local law.

The announcement led XRP followers to believe that their token was going to be listed on the famous American exchange. At the time of the news, XRP had surged 9% in a day.  However, Coinbase is yet to publish the names of the digital assets it would integrate by the end of this year.

In the meantime, the name Ripple got mentioned alongside the White House. There is a rumor that the Trump administration may pit a much more controlled XRP against a decentralized digital currency phenomenon like Bitcoin. It has led speculators to believe that getting listed on Coinbase could be a walk in the park for XRP.

Conflicting Theories

Ripple CEO Brad Garlinghouse earlier clarified that holding XRP tokens does not provide holders rights to company’s dividends of ownership. In a broader sense, XRP is a utility token currently powering the cross-border payment aspects on the Ripple blockchain. The more demand there is for the token, the higher its price would go – the rules are clear.

“XRP is completely separated from Ripple,” Garlinghouse explained.

However, traders think otherwise. They tend to hold XRP and speculate on their price action based on the fundamental signals from Ripple. New partnerships, for instance, boosts XRP price every time even though the companies involved in the deal may not use the digital coin in reality.

From a legal point of view, a lack of asset class denotation alone could hamper XRP’s chance to get listed on a regulated US exchange. For instance, if the SEC ends up classifying XRP as a security token, then it would discourage exchanges like Coinbase to deal with it due to drastically stricter regulations. Nevertheless, XRP could get listed on equity exchanges under the same denotation.

But, as of now, XRP is functioning as a utility token and appears to be falsely tied with the progress of its parent company Ripple – barring xRapid, which does use the token to settle international transactions.

In the meantime, it is better to hear from Coinbase what it truly thinks about adding XRP as a tradeable asset on its platform. Until then, the rallies appear meaningless in the longer term. At the time of writing XRP’s market cap in third spot is $21.5 billion and Ethereum’s, just above it, is $22.8 billion.

 

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Crypto Markets in The Green, XRP Sees Major Boost Briefly Overtaking ETH by Market Cap

Tuesday, Nov. 6: top cryptocurrencies have seen strong gains on the day, with Ripple (XRP) temporarily overtaking Ethereum (ETH) as the top altcoin by market capitalization.

Market visualization from Coin360

Bitcoin (BTC) is up 0.3 percent over the last 24 hours, and is trading at around $6,447 as of press time. Having briefly dipped below $6,400 during the day, BTC has rebounded and is pushing a slightly higher price point. BTC is still down 1.67 percent over the past 30 days.

Bitcoin 7-day price chart. Source: CoinMarketCap

Bitcoin 7-day price chart. Source: CoinMarketCap ​​​​​​​

ETH has seen some growth over the 24-hour period, up 3.64 percent from $206 to $215 at press time. ETH has won back its position as the second largest cryptocurrency with a market capitalization of $22.2 billion at press time.

Ethereum 24-hour price chart. Source: CoinMarketCap

Ethereum 24-hour price chart. Source: CoinMarketCap

The XRP price has increased by almost 10 percent on the day, which resulted in it briefly overtaking ETH in terms of market cap. At press time, XRP is trading at $0.53, while the coin’s market cap is around $21.4 billion.

Ripple 24-hour price chart. Source: CoinMarketCap

Ripple 24-hour price chart. Source: CoinMarketCap

Bitcoin Cash (BCH) is still seeing gains following its recent hard fork, gaining 8.59 percent on the day and trading around $602 at press time. On its weekly chart, the coin’s lowest price point was on Oct. 31 at $415, but has steadily moved to its highest point of $607 today.

Bitcoin Cash 7-day price chart. Source: CoinMarketCap

Bitcoin Cash 7-day price chart. Source: CoinMarketCap

Stellar (XLM) is trading at around $0.260 as of press time, having gained almost 7 percent on the day. The altcoin’s market cap is around $4.93 billion, while its daily trading volume is around $95.4 million.

Total market capitalization of all cryptocurrencies is over $217 billion at press time, according to CoinMarketCap, after seeing an intra-week low on Oct. 31 around $202 billion.

Total Market Capitalization 7-day chart. Source: CoinMarketCap

Total Market Capitalization 7-day chart. Source: CoinMarketCap

On Nov. 5, Michael Novogratz delivered a fresh bullish price prediction for BTC, suggesting that  the leading cryptocurrency could hit highs of “$20,000 or more” in 2019. Novogratz said that next year conditions should change markedly, with institutional investors’ “FOMO” (‘fear of missing out’) causing a surge in prices.

Also yesterday, BTC futures trading on the U.S. Chicago Board Options Exchange (CBOE) hit record low volatility levels in October, in stark contrast to the rocky global equity markets. The average weekly volatility for the week ending Oct. 26 was reportedly just three percent for XBT-CBOE Bitcoin futures, the lowest ever level since they launched for trading on Dec. 10, 2017.



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Just a Ripple? XRP Price Hits One-Month High But Eyes Correction




Ripple (XRP) on Tuesday established a bullish setup after rising more than 10 percent against the US dollar.

The pair broke above the October peak to set a new one-month high at 0.569-fiat. It was previously stuck in a narrow trading range for multiple weeks amidst lower volatility. While the lack of bias-defining price action is itself not significant, the absence of solid bullish momentum, coupled with failed rally attempts of the recent weeks, confirms XRP’s overall downtrend. The latest rally marks the asset’s latest attempt to break above a strong resistance trendline.

Source: TradingView.com

However, nothing concrete is backing the XRP rally at this moment. The coin’s fundamentals have remained strong even in the times of bearish actions. The launch of xRapid, the presence of Bill Clinton and the financial market’s key players at Ripple’s Swell Conference, and many strategic partnerships are all favoring XRP’s rise in the long term. The company has also expanded its operations to the Middle East, with its Global Head Dilip Rao confirming that banks in the region would be using XRP to settle cross-border payments.

The volume indicators in the last 24 hours point to a massive traffic coming from Japanese and Korean markets. At the same time, tether is also contributing about 18% of the volume in XRP markets, hinting the influence of USDT traders on the altcoin.

XRP/USD Technical Analysis (4H Chart)

The latest upside breaks in the XRP/USD chart now look to correct some of its action. Those who closed their long positions already could allow the rally to step back for a while before confirming an extended bullish momentum. That said, the pair could likely repeat the September 26 action, while targeting its low at 0.496-fiat as the potential support.

The corrective action is further confirmed by the RSI momentum indicator and the Stochastic Oscillator, both of which are inside their oversold areas and should attempt a pullback anytime.

To the upside, the XRP/USD pair is testing the falling upper trendline in red as a potential breakout threshold. The pair has previously failed to break above the said level, so its invalidation could fuel the bullish bias further. Any such upside action could put XRP traders’ long position towards 0.624-fiat.

A full-fledged assault on bears could be confirmed once the XRP/USD pair breaks above 0.93-fiat, the April high. Until then, sharp corrections on every near-term rally should not surprise traders.

Featured Image from Shutterstock. Charts from TradingView.

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Ripple (XRP) Briefly ‘Flippens’ Ethereum to Become 2nd-Largest Cryptocurrency




Ripple (XRP), long the world’s third-largest cryptocurrency, capped off an impressive single-day rally with a foray onto the market’s silver podium, briefly evicting ethereum (ETH) from the market cap ranking it has long called home.

Ripple (XRP) Challenges Ethereum for Silver Podium

The rally, as CCN reported, saw the ripple price rise an astounding 14 percent on a day when bitcoin (BTC) traded sideways, and no other large-cap cryptocurrency rose more than 4 percent. In fact, XRP’s single-day return was triple that of Metaverse ETP, whose 4 percent gain was second-best among top 50-cryptocurrencies. Following the upswing, the circulating value of XRP briefly surpassed the circulating value of ethereum. According to CoinMarketCap, ripple assumed the silver crown shortly after 9:42 UTC and briefly claimed as much as 10.35 percent of the total cryptocurrency market cap.

ripple ethereum
Source: CoinMarketCap

Can XRP Sustain Momentum?

While crypto startup Ripple, still the majority owner of the token, has made progress in promoting the adoption of its blockchain products — including xRapid, which unlike the firm’s more established services utilizes the XRP cryptocurrency — it’s not clear what predicated today’s rapid ripple upswell.

In any case, it’s not the first time this year that ripple has managed to punch past ethereum to become the largest speck in bitcoin’s rearview mirror. On several occasions, XRP has seen an unexpected price surge that is uncorrelated to the rest of the market, enabling the token to attain the silver podium, albeit brieefly. In September, for instance, ripple rose a dramatic 64 percent within a single daily trading session, ultimately peaking above $30 billion after sitting as low as $11 billion just two weeks prior.

However, on each of these previous occasions, the XRP rally quickly ran out of gas, and the asset proved unable to cement its position as the silver to bitcoin’s gold. The two cryptocurrency assets remain neck-and-neck as of the time of writing, but it appears that history will once again win out. At present, ethereum has a $21.9 billion market cap, giving it a more than $700 million edge on ripple’s $21.2 billion valuation.

Featured Image from Shutterstock

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XRP Nears 50 Cents as Price Rises to One-Month Highs

The price of XRP, the world’s third-largest cryptocurrency by market capitalization, jumped 6 percent on Monday, to reach its highest total in 30 days, according to CoinDesk data.

At 15:01 UTC, the cryptocurrency rose to $0.49 cents for the first time since Oct. 8, and was last seen trading at $0.4950, marking roughly a 6.14 percent increase since the day’s open.

At press time, XRP is the biggest winner among the top 10 cryptocurrencies by market capitalization, reporting a seven-day gain of 11.13 percent, according to data from CoinMarketCap.

XRP’s market capitalization rose by more than $2.1 billion over that period, effectively reversing most of the losses over the last four months to reach July levels.

According to CoinDesk data, XRP was up 144 percent year-over-year, having doubled from $0.20. So far in 2018, however, its price has dropped 82 percent from its all-time high of $3.95.

The cryptocurrency is one of a number of networks to see appreciating values during the Monday session. Well-known cryptos including bitcoin and Cardano have seen 24-hour profits of 1-2 percent while BasicAttentionToken (BAT) and Zcash are up 4-8 percent.

The total market capitalization of all cryptocurrencies is up $2.8 billion from its yesterday’s top of $209.8 billion and is currently sitting just below $213 billion, CoinMarketCap data shows.

Disclosure: The author holds USDT at the time of writing.

XRP image via Shutterstock

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Ethereum & Ripple (XRP) Plunged, Tron Led Oct. Index




The month of October saw many altcoins continue to bleed out in price, with ethereum (ETH) and ripple (XRP) each declining by more than 10 percent. After almost ten months of mostly bearish price action in the cryptocurrency space, there was just one crypto token that managed to tread water in October — tron (TRX).

Tron’s [Previously] Volatile Nature

Tron’s October stability comes as a bit of a surprise for a coin that is often volatile. Earlier this year, Finder.com conducted a study ranking the top fifty cryptocurrencies by market cap in order of volatility. For the first two months of 2018, tron ranked as the most volatile.

This past month, tron saw a 30-day change of about one-quarter-of-one percent, with that movement occurring to the upside.

tron price ethereum ripple crypto cryptocurrency
Source: onchainfx

Tron’s Controversial October ‘Partnership’

Tron, along with founder Justin Sun, has been accused of over-hyping partnerships. Earlier this year, CCN reported on a tron partnership with Chinese firm Baofeng that didn’t quite live up to the hype.

Last month, on Oct. 12, founder Justin Sun published a tweet hinting at another future partnership announcement.

The mysterious partnership turned out to be with cloud computing company Baidu. But according to another report by CCN, tron was only a client of Baidu — not a partner in the conventional sense of the word. It seems as though tron’s Twitter account even removed their tweet announcing the Baidu partnership. A Google search still finds a link for the tweet, but said link leads to a page that seemingly no longer exists and has not been archived by the Wayback Machine.

Tron did have positive developments in October, however, with news of its upcoming decentralized exchange.

“Tron (TRX) fans had reasons to cheer earlier this morning following the release of the dedicated decentralized exchange (DEX) for tron’s TRX-standard tokens” Hacked reported. But according to the same article, this news was overshadowed by a market-wide price downturn.

Altcoins Continue To Bleed

This month also showed XRP down more than 18 percent, and litecoin (LTC) down almost 17 percent.

According to CoinMarketCap data, Verge (XVG) saw price highs over $0.26 during its peak last December. Verge now sits at just over $0.01. According to these numbers, Verge has seen a decline in price of almost 95 percent over the past year.

Amazingly, Ryan Selkis (better known as “TwoBitIdiot”) predicted such numbers in his 95 Crypto Theses For 2018, posted in January during the height of the last bull market. He said:

“There is no rhyme or reason to prices in crypto, and there will not be in 2018. Best to embrace that this will be a sentiment-driven market until the crash. Stay safe and embrace the opportunity to sit on the sidelines and do research! There will be gems to swoop up in the coming 99 percent off sale.”

Featured Image from Shutterstock

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XRP Makes a 23% Monthly Decline, Among the Biggest in October




Ripple’s XRP was among the best performing cryptocurrencies in September. But the bullish sentiment hasn’t sustained well this month.

The XRP-to-USD pair has recorded a 24 percent monthly loss as October heads to a close, falling from 0.5831-fiat to 0.4400-fiat. The coin got sold off to the tune of over $7 billion, despite being surrounded with strong fundamentals all month long. That includes the launch of the xRapid system, new partnerships with Viamericas, Moneytenint, and National Bank of Kuwait, and the release of Ripple’s Q3 report that showed XRP sales doubled compared to its Q2 output.

Ripple October Performance | Source: ONCHAINFX

Early October Losses

The early-October signs were negative overall, as XRP was inside a downside correction wave from the higher highs established at $0.79080. No fundamental factors attributed to the bearish bias. On the technical front, however, the XRP market saw price being pumped during the mid-September session as traders established their long targets on higher highs – again on the promise of strong fundamentals around the market. It included the xRapid launch and the strategical and infrastructural developments reported on October 1 during the Ripple’s Swell conference

The XRP price dropped anyway, forming lower lows towards $0.37924 after day traders started exiting their long targets on higher profits.

The sentiments began improving only after the 11th, as XRP recorded one of the fastest price recoveries on daily crypto charts, rising 16 percent within a seven-hour trading window. The volume around the same time surged from the $400 million to $900 million range marks. Analysts believed that while the impact of the xRapid launch and Swell conference was not immediately visible on the XRP market, its long-term relevance assisted the coin hugely.

Ripple Chart 1D | Source: TradingView.com

Tether Effect

The XRP/USD pair received another fundamental push during the mid-October when traders started swapping their Tether tokens for other crypto assets. The period saw inorganic surges across the crypto market, with every top coin including Bitcoin, Ethereum and Bitcoin Cash marking volatile upside actions. XRP surged 10 percent on the day, setting new intraday tops at 0.52438-fiat on BitFinex.

The price later corrected to the downside and is continuing on a stable sideways trend ever since amidst low volume. On October 29, the XRP/USD pair dropped towards 0.43491-fiat in response to a market-wide drop. The price action has slowed down once again, but the news of Ripple’s latest new partnerships are sustaining the coin’s bullish bias in the long term.

XRP/USD Technical Analysis

The XRP/USD pair is now being supported by its 100-hour simple moving average to the downside, while its upside looks pretty capped by the 200-hour simple moving average. In near-term, the price is looking to set a breakdown action by breaking below the 50% Fibonacci level at 0.43889-fiat, bringing a short opportunity towards the next in range at 0.39525-fiat. To the upside, a breakout action can come into effect after the XRP/USD breaks above 0.48253 to set long targets on 0.62379-fiat.

The RSI momentum indicator is trending lower into the oversold region, while the Stochastic Oscillator is trending inside a neutral area. Overall, the bias looks neutral on daily charts.

Featured Image from Shutterstock. Charts from TradingView.

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