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XRP receives another boost as Canadian cryptocurrency exchange Bitbuy adds coin to its roster

Akash Anand

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XRP receives another boost as Canadian cryptocurrency exchange Bitbuy adds coin to its roster
Source:Pixabay

XRP was given a massive boost after Bitbuy, a Canadian cryptocurrency platform, heeded to its growing user base and added the world’s third largest cryptocurrency to its platform.

Making the announcement, the exchange tweeted,

“#whenXRP?  NOW!
XRP is now live on Bitbuy! Buy, sell, deposit and withdraw #XRP today.
#xrparmy #xrpcommunity”

The exchange revealed that XRP can be now traded with Canadian dollars [CAD], with Bitcoin [BTC] arriving on the platform soon. In what is yet another cap in XRP’s adoption spree, Bitbuy is the fifth exchange to list XRP on its platform in this week alone. Bitbuy’s website read:

“Bitbuy is a Canadian owned and operated digital currency platform. Originally founded as InstaBT in 2013, the company’s mission is to provide convenient, dependable and secure access to Bitcoin and other digital currencies. Bitbuy currently operates out of downtown Toronto and is a wholly owned subsidiary of First Ledger Corporation.”

Bitbuy wasn’t the only exchange involved with XRP this week, as CoinField, another Canadian cryptocurrency exchange, revealed that XRP was going to be added as a base pair for 130+ trading pairs on its testnet.

The tweet by CoinField read,

“We’re glad to announce 130+ new coins have been successfully integrated to our #TESTNET and will be added to @CoinFieldEX eventually once our #legal evaluation and security review is done. We will offer these new coins in both fiat & #XRP based trading pairs. #cryptocurrency”

The XRP community received the new developments with applause, with many claiming that it will result in an increase in the coin’s prices and market volume. This, however, was not an opinion shared by some popular community members, who went on to state that xRapid will not ‘flip the switch’ on the price of XRP.



The conversation was started by Nayer Malik, a Twitter user, who tweeted,

“@galgitron @Hodor @jungleincxrp @C3_Nik …Guys what r ur thoughts on Bob Way’s view regarding X-Rapid usage not increasing the price in and of itself.”

To this, Galgitron, a crypto enthusiast, replied,

“Sure, there may be some massive FOMO buy-in once banks announce they are starting to use xRapid, and that will send the monkey [price action] hundreds of feet into the air, but, only speculation creates parabolics.”





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Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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