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Bitcoin [BTC] and XRP see massive price drops as top order shifts

Akash Anand

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Bitcoin [BTC] and XRP see massive price drops as top order shifts
Source: Unsplash

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.”



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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Analysis

XRP/USD Price Analysis: Coin stagnates even after massive adoption news

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Source: Pixabay

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.

1-hour

Source: TradingView

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.

1-day

Source: TradingView

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.



Conclusion

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.

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XRP

xRapid will not ‘flip the switch’ on XRP price, say prominent XRP community enthusiasts

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xRapid will not 'flip the switch' on the price of XRP say prominent XRP community enthusiasts
Source: Pixabay

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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