XRP, the third largest cryptocurrency, was fighting the bears at press time and registered a 1.78% fall over the past day. Similarly, Stellar Lumens [XLM], the ninth largest cryptocurrency, was also on the same boat and registered a fall of approximately 2.13% over the past day.
At press time, XRP was valued at $0.3255, with a market cap of $13.60 billion. XRP noted a 24-hour trading volume of $859 million and observed a fall of 9.43% over the past week. After falling in the past week, XRP dipped by 0.36% over the past hour.
The long-term chart of XRP marked a downtrend from $0.5551 to $0.3660 and failed to mark any significant uptrend. The resistance was marked at $0.3880 and the support was at $0.2905.
Bollinger Bands appeared to have diverged, increasing the volatility in the market. The moving average line was above the candlesticks, marking a bearish trend.
Awesome Oscillator indicated towards a weakened bearish trend.
Chaikin Money Flow pointed towards a bearish trend for XRP as the marker aligned under the zero line.
Stellar Lumens [XLM]
XLM had noted a fall of 9.89% over the past week and was valued at $0.1142, at press time. The market cap was noted to be $2.20 billion and the 24-hour trading volume noted by XLM was $253 million.
According to the one-day chart of XLM, a steep fall was noted from $0.2775 to $0.1340, followed by a minuscule uptrend from $0.0838 to $0.1153. XLM met with strong resistance at $0.1349 and support at $0.1009.
Parabolic SAR marked a bearish trend for XLM, as the markers aligned above the candlesticks.
MACD line was under the signal line and pointed towards a bearish reign.
Relative Strength Index indicated that after going into the overbought zone, XLM’s buying and selling pressures were evening each other out.
The long-term charts of XRP and XLM predict a bearish trend taking over the collective market.
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Bitcoin [BTC] Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021
With a year left for the highly anticipated Bitcoin [BTC] halving, many expect the price of the top-cryptocurrency to surge prior to May 2020. Analysts have previously opined that three months to one year before the halving does the price of the cryptocurrency move up.
A new piece of research from the cryptocurrency analytics firm, CoinMetrics, suggested that in addition to the precursor pump, Bitcoin [BTC] will reach its “local peak” 18 months after the halving.
CoinMetrics charts the price of the top coin, divided based on the 2012 and 2016 halving, showing a noticeable trend. A little more than a year after the first halving when the 210,001 block was mined, the price of Bitcoin surged above $1,000 for the first time, in December 2013 to be precise.
Next, During the July 2016 halving, the coin was trading at just above $600 and within the suggested period of 18 months, the top virtual currency saw its second peak. On 17 December, the coin reached a never-before-seen high of over $19,700 as the Chicago Futures exchanges embraced the digital assets market.
With the price of Bitcoin over $5,000 for the first time in over four months, and the precursor halving bulls on the horizon, the price could surge. Furthermore, based on CoinMetrics’ inference, Bitcoin will see its third peak, higher than $20,000, by the close of 2021, eighteen months after the May 2020 halving.
The halving protocol was placed in the original whitepaper to thwart inflationary pressure that would arise with more blocks mined and more Bitcoins supplied. Historical charts prove that this objective has been adhered to, with a constant drop in the inflation rate with the two previous halvings.
In 2012, the inflation was over 25 percent and immediately after the miner reward reduction to 25 BTC per block, it dropped to under 15 percent. A bracket between 7 percent and just under 20 percent sustained until the second halving in July 2016.
The second halving saw a decline in inflation rate to under 5 percent for the first time in the coin’s history, which has been maintained till today. CoinMetrics pegs the inflation, at press time, to be 3.8 percent. Furthermore, if the historic trend continues, the inflation rate would drop by more than 50 percent to 1.8 percent in May 2020.
Based on the current market and using a historical outlook, analysts suggested that 2019 will be the year of building the industry while the price effect will manifest next year, with the halving being at the very core. Many believe that institutional interest on the rise and the growing crypto-adoption surge could result in a bullish 2020.
Charlie Lee, BTCC’s co-founder suggested in December 2018 that Bitcoin’s next rally will begin in “late 2020”, months after the halving and would peak in December 2021 at 333,000. However, the precursor to this rise would be a January 2019 bottom of $2,500 which did not materialize.
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