XRP, the second largest altcoin in the market, has at the hands of its parent company Ripple, been vying to create a niche for itself. With the banking sector’s affair with the cryptocurrency going strong, the altcoin’s price, which began 2019 off in sluggish fashion, finally joined the party and despite weak performances off-late, the price is likely to soar.
However, according to a crypto-analyst, XRP may be in for a “2x” move shortly. Identifying what will be the second of a double bottom, the price looks to rebound from this touted “bottom” into a significant upswing.
In the analyst’s words,
“Double bottom, followed by an easy 2x. Soon /
It should be noted however, that the analysis here was conducted with Bitcoin as the base currency and the pair being XRP/BTC, rather than a fiat or stablecoin pair. With Bitcoin driving market growth since the beginning of April, and barring one isolated XRP swing, market tendencies have been firmly in favor of the king coin.
Stating that the second of the “double bottom” for XRP was in the range of 0.0004BTC, this zone was highlighted as the “buy zone.” The altcoin began rising out of this bottom during the previous month, as the collective market breached the $270 billion mark, prior to the recent pullback. This double bottom manifested itself last time in September 2018, post which XRP’s price skyrocketed, before being halted in November 2018, owing to the Bitcoin Cash hardfork bears.
If one were to go by the “2x” increase, the price of the altcoin, expressed in terms of Bitcoin, would rise by 0.000058BTC or by 133.26 percent. Hence, the price would be over the margin of 0.0001. The last time XRP reached this price range was during the close of the previous year, when it performed better than much of the overarching market, even overtaking Ethereum [ETH] for a period of time.
However, only a few trades made it over 0.001 BTC, whereas the rest were below the mark.
With XRP joining the likes of Bitcoin and Ethereum and breaking into its Golden Cross, good times are on the horizon for the cryptocurrency. The crossing of the 50-day MA over the 200-day MA came at the right time for the cryptocurrency as prior to the formation of the golden cross, XRP, together with its Bank Coin counterpart, Stellar Lumens [XLM], had dropped by over 12 percent in price against the USD since the beginning of 2019.
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Bitcoin continues to hover over $9,000; did Facebook’s Libra prolong bullish swing?
Over a week ago, Bitcoin was trading at $7,650 and was rebounding off $8,000 for the second time in a matter of days. Now, the largest cryptocurrency in the market has marked a 13-month high and is trading for the third consecutive day over $9,000. So, what happened over the past week to move the prices by that margin?
Well for starters, everyone’s favorite Satoshi Nakamoto, Craig S Wright, was handed another court order by a US district court to prove who he thinks he is, or else, possibly, be charged. Or was it because of a little known company called Facebook releasing their own cryptocurrency with backers like Visa, MasterCard, Uber, PayPal, among others?
We think it’s the latter.
Project Libra, the hotly-anticipated digital asset by Facebook, was unveiled on Tuesday, complete with its own blockchain, wallet, and participants paying a $10 million entry fee to partake in the project’s internal governance. Many have described Libra as being revolutionary for the world of FinTech and an important channel for the remittance and retail payments industry. Some have even suggested that it could be “bullish for Bitcoin.”
Given the rapid BTC price rally and pertinent Libra developments in the ensuing week, some argue that the $9,000 ascendance would not have materialized without Facebook. Bitcoin well and truly broke the $8,000 mark on June 13, with the announcement nearing. A steeper price incline was seen on June 15 when, in one day alone, the price surged from $8,200 to $8,800 as news of the “Libra Consortium” broke out.
On June 16, the $9,000 mark was officially broken for the first time since May 2018, sustaining itself well into June 18, the official day of the Libra launch. Correction was expected as Libra’s formal launch saw sentiments high, but since this was a mere tickle for the industry ahead of any formal launch in 2020, the market was expected to duck back down below $9,000. However, around 24-hours after the announcement, the price continues to hover above $9,100.
To add to the above, the sentiment around Bitcoin is higher than its ever been since May, when the price was around $8,000. As detailed by The Tie, the cryptocurrency market’s response to Project Libra has been “positive,” despite the king coin falling against the US Dollar by 0.75%. Social media chatter on the rival platform, Twitter, has also seen a surge, with the Bitcoin tweet volume rallying to its highest point yet and mentions of Bitcoin with “Libra,” “#Libra,” or “Facebook,” accounting for over 7,000 tweets, with a vast majority of them positive.
Libra is a digital asset meant to transact via a blockchain and be stored in an online wallet, confirming to the core pillars of digital assets on one end. On the other, it is centralized, backed by a basket of fiat currencies and supported by several payment players which ardent crypto-proponents would like to replace.
Whichever way you look at it, Facebook is still bringing in a massive user base into the world of digital assets, allowing them the channel to engage in online payments and providing them their own wallets, all on a blockchain. Hence, it bears no surprise that Bitcoin is responding positively.
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