XRP/USD and XRP/BTC charts show a cycle that is being followed since April 2018. The first cycle started in April 2018 and ended in September 2018. The end of the cycle pushed the prices by a massive amount, which was followed by the start of the second cycle.
The first cycle started after the price of XRP fell from its peak and the correction wave continued plummeting the prices by approximately 60%. The boom that followed the correction pushed the prices by 185% in approximately 10 days. The first cycle progressed in five steps, where the prices formed falling wedges with price breakouts at the end of each wedge.
As seen on the chart attached, the five steps were enclosed in a bigger falling wedge, which eventually broke out to the top.
The second cycle is very similar to the first cycle; the prices falling in steps and completing four of the five steps, with each fall being in a falling wedge pattern.
In addition to the above, the patterns are exhibiting ~18% drop pattern, which is followed by a rise of ~22%. The fourth pattern dropped by ~22% and assuming the same, the prices in a short-term scenario would drop [by approximately 18% to 20%]. The drop could be immediate or could take a couple of days to manifest.
This final drop will be the fifth pattern, after which the prices will shoot up to the resistance at 0.0001042 BTC, which would be an increase of approximately 100%.
In addition to the above, the Stochastic RSI showcased that it still has room to move to the downside. As seen on the chart, there is a strong resistance at the 35-level.
XRP paired against the US Dollar shows a bearish pattern over the course of 5-6 months. The descending triangle formed is accompanied by decreasing volume, further confirming the pattern.
In a relatively long time frame, the price of XRP seems to be heading lower. The breakout of the descending triangle will push the price of XRP as low as $0.1470 by the end of May 2019. The RSI shows that the price still has a lot of room to move to the oversold zone as it has only reached the 50-level, further confirming the downtrend for XRP.
XRP/BTC chart shows that it will dump in a shorter time frame and then be followed by a massive pump. The XRP/USD chart showed exactly the same result as that of the XRP/BTC chart in the smaller time frame. XRP prices might reach as low as $0.14705 by the end of May 2019 or even sooner, but a short term drop is imminent.
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XRP/GateHub: Hacker continues to prowl the market as part of stolen XRP transferred to Digifinex
XRP, the third largest cryptocurrency by market cap, was the highlight of the cryptocurrency space after a hacker stole a significant amount of coins from GateHub, a wallet that supports the top cryptocurrencies in the market. Nearly 23 million XRP were stolen from the platform via an attack by the hacker earlier this month.
The service provider stated that this could have been the cause of “suspicious API calls” in its initial statement, adding that they did not find any loopholes on the platform that would have enabled the hacker in carrying out the attack.
Further, in a recent Twitter post, GateHub also alerted its users about phishing emails, asking them to transfer their funds with the subject “Critical Security Warning/ Action Required – New Secured Wallets.” The platform advised users not to transfer their funds to the address mentioned in the phishing email.
Keeping this aside, the hacker has been moving around the stolen funds to several exchange platforms. Earlier today, according to Whale Alert, the hacker moved 30,000 XRP equivalent to $13,055 to DigiFinex, an exchange platform headquartered in Singapore. The transfer was made from rDBneo78RVCfMdAbvPo4v2sf8uk3RKKe1b address to DigiFinex’s rnG2XVwdULE5mfWA5EFxnyTkUGgg2K39AP address at 09:05:41 UTC on June 17, 2019.
Notably, this was not the only transaction made by the hacker to DigiFinex. On June 16, two transfers were made to DigiFinex at 17:01:51 UTC and 17:27:31 UTC from rfrnAC417ewiPbRqRzvJCgnBSgMJRMzSuv address. The XRPs that were transferred were worth $28,590 at the time of transfer. Apart from this, Whale Alert also recorded transactions made to different addresses yesterday.
DigiFinex was not the only exchange platform the stolen funds were transferred to. According to previous transactions recorded by Whale Alert, the hacker has sent some funds to Bitfinex and OkEx over the past few days. Another cryptocurrency exchange, ChangeNOW, recently released a statement surrounding the hack, stating that the attacker had sent some funds to their exchange platform as well. The exchange added that it was able to secure some of the stolen funds, which would be later sent back to GateHub.
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