AMB Crypto’s statistical analysis based on web searches show that cryptocurrencies like TRON [TRX], Ripple [XRP] and Ethereum [ETH] are favored over Bitcoin [BTC] nowadays by most of the people worldwide. In India also, the statistics from the exchange Unocoin show that more people are buying these cryptocurrencies instead of Bitcoin and except for Bitcoin, there is a huge buy wall that has been formed for the major cryptocurrencies. But unfortunately, Bitcoin has a large sell wall, which means that the price of Bitcoin against the Indian Rupee might go down. Bitcoin, at 1:02 PM UTC, was trading at 434499 Rupees which is the equivalent of $6689.63.
The sentiment analysis segment brings to you the sentiments about the market taken from people around the world. A group of investors, miners, journalists, skeptics, and influencers were interviewed and their valuable comments are posted along with the current prices and future trends of the major coin which are in the top 20 list. This analysis is focused on the upcoming giant Ripple [XRP] who is currently at the number 3 spot.
For those of you who do not know about the cryptocurrency, Ripple claims to be ‘the world’s only enterprise blockchain solution for global payments’ with its RippleNet. It guarantees access with greater speed and certainty at lower costs. RippleNet is like a web that connects several banks, payment providers, digital asset exchanges and corporates to provide one frictionless experience to send money globally.
At 1:20 PM UTC, Ripple was priced at $0.484 with a market capital of $18.942 making the third most famous cryptocurrency yet. A key bottom for Ripple’s price was formed at $0.4588 which has moved higher against the US dollar. A short-term bullish trend was observed when it peaked an intraday high of $0.512 at 2:44 AM UTC today but this was short-lived. The coin failed to stay above the $0.50 mark which was the crucial support for it previously.
Jacques Finch, a cryptocurrency enthusiast from Alabama says:
“The reason for this sudden downtrend is as of now unclear as most of the coins have faced this in the short-term. The price was finally back above $0.50 and all the signs were looking bullish. The upside momentum it gained was soon lost and the coin’s recovery lost its traction due to some unforeseen causes.”
Bob Warner, a financial advisor from Kansas says:
“Ripple is falling to the swing lows again as the prices are falling ridiculously. Looks as though it is heading towards the previous bottom at $0.46 after which it gained traction. The analysts are of the opinion that the price will rise in the near future. Ripple is experiencing a selling pressure on Bitfinex due to this unexpected fall in its prices.”
David Clark, an altcoin miner from Hamilton says:
“Despite of the recent loss, I would still say that buying XRP would be the best option now as the coin will soar to greater heights in recent future. A strong support is form at $0.45 and once it breaks its resistance levels it will go up till $0.72 which will be the breakout zone. From there the XRP price is expected to go up till $0.90. So invest wisely and in future there are chances for a good return.”
To conclude, 57% of Ripple respondents feel bearish about the future of the coin even. This could be attributed to the coin’s inability to stay above the $0.50 mark. Another 43% are however Ripple believers and feel that it has the potential to move up as far as coin market capitalization is concerned.
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Ripple’s XRP reaches its highest market volatility since September 2018
Ripple’s performance during the crypto-winter led many analysts to believe that there was only a very small chance of breakout for the XRP/USD pair, according to various technical analysis. While the cryptocurrency sported a consistent downtrend throughout 2018, September’s market volatility resulted in an unusual spike to $0.8 in trading value.
While XRP’s price was not able to maintain its seemingly one-off price rise, it traded throughout the year while maintaining a strong support at $0.27. At the same time, the third largest cryptocurrency had been crippled by contracted volatility, and the downfall of the market leader, Bitcoin [BTC].
Contrary to popular beliefs, Ripple’s XRP witnessed a major increase in its transaction volumes recently. Compared to the previous year, the cryptocurrency’s transaction volume has now almost doubled, hinting at the probability of a bull market for the token. At press time, XRP’s trading volume had risen by $1 billion, as investors continued to put their money into the XRP market.
While every market dip opens up an opportunity to accumulate XRP, the bull run is expected to take place as long as the XRP/USD pair’s value manages to steer over the ongoing support at $0.27. Additionally, the bullish trend is also positioned to retain its ongoing sideways trend, contrary to sudden alternating spikes in the past.
With the XRP market displaying more volatility and signalling more buyers, the coin’s market is currently positioned to make a 1400% jump back to its $3 value.
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