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Flash Crash: Bitcoin [BTC] plunges below $3,800 support; XRP crumbles under pressure of the bear

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Flash Crash: Bitcoin [BTC] plunges below $3,800 support as XRP crumbles under pressure of the bear
Source: Pixabay

The cryptocurrency market had a good start for 2019 and has now started bleeding without any sign of relief, with huge red candles for all cryptocurrencies, including Bitcoin [BTC], XRP and others.

Bitcoin was showing good signs of an uptrend after a very long time, but has now dropped down below the $4,000-line, which was being held up steadily for the past few days.

The price of Bitcoin in the one-hour chart has fallen from $4,024 to $3,809 and has still not stopped falling. The major volume for BTC is coming from the exchange, BitMEX, and it contributes a whopping 15%, which is $1 billion, via the trading pair BTC/USD

The market cap of BTC has dropped below $70 billion line and is currently at $68 billion with 24-hour trade volume coming down to $5.6 billion.

The second candle for BTC, which opened at $3,847, is constantly sliding down the rabbit hole with no signs of stopping. The candles are yet to close as the massacre continues.

XRP

As for XRP, the second-largest cryptocurrency in the world, has also suffered the same fate, where the prices dropped from $0.38 to as low as $0.35, which is a massive reduction of 11% within an hour.



The bears have taken the reins back from the bulls and are on a rampage to crash the markets. However, this news for XRP has turned out to be good in a way as XRP has regained its second position back and pushed Ethereum back to the third spot.

The total trading volume for XRP is at $635 million and a majority was contributed by  ZB.com, with trading pairs XRP/BTC.



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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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Ripple

76467|Ripple partner SBI Holdings announces foray into mining space; will compete with giants Nvidia and Bitmain

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Ripple partner SBI Holdings announces foray into mining space; will compete with giants Nvidia and Bitmain
Source: Pixabay

SBI Holdings, Inc. announced the establishment of its chip mining arm, the SBI Mining Chip Co., Ltd or SBIMC. With this development, the Tokyo-based firm will foray into the manufacturing of mining chips, a strategic move to enhance its existing digital asset business.

The official notice issued by the financial giant stated that the SBI Group practiced its digital asset mining business overseas, and now planned to diversify its potential business scope.

SBI group partnered with a US-based semiconductor firm to roll out the new manufacturing unit. The group, which is a strong advocate of a wide range of businesses based on blockchain elucidated,

“The SBI Group will promote efficient, reliable and sustainable mining operations to develop a sound and solid cryptocurrency market.”

SBIMC will be led by Adam Traidman, who was an investor in the company and also served at NASA previously. Among his many accomplishments, Traiman formerly served as the CEO in Chip Estimate and WearSens.



SBIMC will be leading chip manufacturer, Nvidia’s latest competitor. The Taiwan-based firm sustained losses during the crypto-winter, but it recovered after the recent acquisition of Mellanox, a semiconductor player. The Bitcoin mining giant, Nvidia, had predicted a bullish crypto market was confident of clearing its stockpiled mining equipment. The chipmaker was also reported as the worst performer in the S&P 500 list, at the end of 2018.

Another big rival in the mining ecosystem is Bitmain. The Beijing-based mining giant has also been operating poorly after registering a loss amounting to $500 million, owing to the massive crashes in cryptocurrency prices.

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Analysis

76205|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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