The cryptocurrency market has been seeing a rollercoaster ride in terms of price with the market seeing multiple ups and downs. On January 10th, the market saw a massive bearish drop with almost all the major cryptocurrencies seeing significant price drops. Bitcoin [BTC], Ethereum [ETH] and XRP all saw drops in the 1-hour chart that has been noted by both users and investors.
At the time of writing, Bitcoin was still below the $4000 mark with a 1-hour drop of 1.14% and a 24-hour drop of $5.8%. The cryptocurrency was trading for $3822.02 with a total market cap of $66.68 billion. The 24-hour market volume of $6.28 billion was majorly shared by Bitmex and Coinbit, with the former holding a 16.08% hold on the total trade while the latter saw $325.6 million worth of Bitcoin trade.
Bitcoin was also in the news recently when China’s second-biggest maker of Bitcoin hardware, Cannan Inc shelved plans for its proposed Hong Kong IPO.
Another cryptocurrency getting attacked by the bear was XRP, sliding by 3.10% in an hour and 6.7% in the 24-hour spectrum The cryptocurrency was trading for $0.34 with a total market cap of $14.065 billion. XRP held a 24-hour market volume of $775.485 million which was split between Upbit and ZB.COM.
UPbit held control of 7.81% of the total XRP transactions while ZB.COM witnessed 6.87% of the total transactions taking place on the platform.
XRP had received a boost last week when Ripple announced that the company had partnered with over 200 financial institutions. Brad Garlinghouse, the CEO of Ripple had said:
“People got really excited about the potential of a new platform and the hype got ahead of the reality. That unequivocally has happened in this space… There’s religious fervor around all of them — some people seem to think these are the crusades and this is a holy war is being fought.”
XRP/USD Price Analysis: Coin stagnates even after massive adoption news
The third largest cryptocurrency, XRP, was moving sideways for almost two months, without any price surge or drop. The price was stuck between a support and a resistance, and it didn’t look like it will break out any time soon.
The price of XRP at press time was $0.3217, while the market cap was at $13 billion. The 24-hour trading volume was $801 million. A huge chunk of the trading volume for XRP was coming from ZBG exchange. It contributed a total of $92 million in trading volume, via the XRP/USDT trade pair.
The hourly chart for XRP showed an uptrend that extended from $0.3072 to $0.3187, while the downtrend extended from $0.3445 to $0.3257. The immediate support was at $0.31608, while the subsequent supports were at $0.3038 and $0.2928. The immediate resistance was at $0.3260.
The Bollinger Bands were undergoing a squeeze and indicated a reduction in the volatility of XRP. The price was dipping into the simple moving average, and indicated that the market was bearish.
The Stochastic RSI indicator showed a bearish scenario as well, but a stronger one when compared to the Bollinger Bands.
The one-day chart of XRP showed a downtrend that extended from $0.9027 to $0.3220. The price of XRP in the longer time frame showed the support at $0.2587. The resistance points for XRP were at $0.5836, $0.6880, and $0.9027.
The MACD indicator showed a declining uptrend i..e, the green Aroon line. The Aroon downtrend line was also reducing.
The Chaikin Money Flow indicator showed a subzero CMF line, which signified that money was flowing out of the XRP market.
The Relative Strength Index showed a stagnant RSI line at the 50-line, where the momentum of sellers and buyers were equal.
The one-hour chart showed bearish pressure for XRP incoming, as indicated by the Bollinger Bands and Stochastic RSI indicators. The CMF, Aroon and the Relative Strength indicator showed a bearish trend for XRP as well.
xRapid will not ‘flip the switch’ on XRP price, say prominent XRP community enthusiasts
XRP, the cryptocurrency closely related with the company Ripple, has been at the center of speculation and arguments, with respect to xRapid and XRP’s price.
There have been a lot of accounts on Twitter promoting the fact that the price of XRP will rise and shoot to the moon, after banks and financial institutions start using xRapid for cross-border payments.
The most famous theory put out by people was the price of XRP hitting $589 by the end of 2018, which didn’t happen.
However, a recent conversation started by prominent XRP enthusiasts, has suggested that xRapid would not massively affect the price of XRP.
Nayer Malik [@sinjunsmyth], a Twitter user, stated,
“@galgitron @Hodor @jungleincxrp @C3_Nik …Guys what r ur thoughts on Bob Way’s view regarding X-Rapid usage not increasing the price in and of itself?”
In response, Galgitron [@galgitron], a prominent XRP enthusiast and a contributor to the XRP community, added that he had “been saying that all along.” In one of his blogs Galgitron stated,
“Sure, there may be some massive FOMO buy-in once banks announce they are starting to use xRapid, and that will send the monkey [price action] hundreds of feet into the air, but, only speculation creates parabolics..”
C3|Nik [@C3_Nik] acknowledged the above and replied,
“It was seen like blasphemy to say that xRapid would not move prices that much by itself (e.g. “not the flip-the-switch kind of event”). It is interesting that the people who spread that narrative and misled others still have so many followers. Selling dreams.”
A Twitter user, @Crypt_Megalodon, voiced his opinion, which was different from the others. He tweeted,
“Well when you consider the US money supply being 15 trillion alone, the XRP cap doesn’t worry me. If/when XRP becomes the standard world wide, inflation will be rapid with mass adoption. I agree, with years, but, the value can be prodigious! The cryptoloution has already started.”
Considering the price of XRP at press time was only $0.31, and that there were more than a couple of Ripple customers that had already started using xRapid for cross-border transactions, the increase in the price of XRP due to xRapid seemed highly unlikely.
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