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XRP Technical Analysis: Bears to dominate the market on a long run

Laira Rebecca

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XRP Technical Analysis: Bears to dominate the market on a long run

XRP, the second largest cryptocurrency by market capitalization has seen a significant downfall since the month of November and it continues the struggle to gain its momentum back. At the time of writing, XRP is trading at $0.28 with a market cap of $11.75 billion. The coin has shown a decline rate of approximately 7% in the past 1 week.

1-hour:

XRP 1-hour chart | Source: TradingView

XRP 1-hour chart | Source: TradingView

The 1 hour chart of XRP is currently depicting a downtrend extending from $0.31 – $0.29 with a support point set at $0.28.

Bollinger Band is currently showing a bearish trend as the candlesticks are forming below the Simple Moving Average [SMA]. The bands are diverging by leaving a huge gap for volatility in the XRP market.

The Chaikin Money Flow [CMF] has dropped down below the zero line, indicating a slow moving money inflow in the market at the moment.

The Awesome Oscillator is also on the bearish end as the indicator shows an increasing red bars forming below the zero line.

24-hours:

XRP 1-day chart | Source: TradingView

XRP 1-day chart | Source: TradingView

The daily chart of XRP is clearly on the bearish side with a downtrend extending from $0.51 – $0.29. The support and resistance points are set at $0.27 and $0.55 respectively.

The Parabolic SAR has formed an extended dotted indicator above the candlesticks, pushing them completely downwards to further test the existing support points.

The MACD is currently moving along the lowest mark with both the moving average and signal lines showing a downtrend in this timeline.

The Relative Strength Index [RSI] has touched the oversold mark and continues to move in the same direction without any progress.

Conclusion:

In this Technical Analysis, we notice that in both the timeframes all the indicators depicts a bearish presence in case of XRP. The Parabolic SAR and MACD in the one day statistics indicate that the bears are clearly dominating the market on a long run.





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

XRP

XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind

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XRP TipBot goes online after a tiny downtime
Source: Unsplash

XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”

A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.

Wind tweeted,

XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.

After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.

The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.

This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.

XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.

SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.

Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.





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