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XRP/USD Price Analysis: Coin could soon go for a bullish ride

Namrata Shukla

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XRP/USD Price Analysis: Coin scheduled for a bull ride
Source: Pixabay

The cryptocurrency market has been seeing a new high for the past few days. This new green market has lifted Ethereum [ETH] and put it in the second position, replacing XRP. XRP also underwent a hike but that did not help it from slipping from the second position.

At press time, the coin was valued at $0.302, with a market cap of $12.4 billion. The coin registered a 24-hour trade volume of $469 million with a fall of 0.72% over the past day. The coin has recorded a rise of 1.09% over the past week, however, is noted to fall by 0.06% over the past hour.

1-hour:

Source: Trading view

Source: Trading view

The coin’s one-hour chart marks an uptrend from $0.3217 to $0.3046 and is followed by a downtrend from $0.3215 to $0.3059. The coin traced immediate resistance at $0.3088 while another strong resistance was noted at $0.3154. The coin also marked support at $0.3041.

Bollinger Bands appear to be diverging, increasing the volatility in the market. The moving average line was under the candlesticks, indicating a bullish trend.

Awesome Oscillator also marks a weakened bullish trend.

Chaikin Money Flow also indicates a bullish reign as the marker has just crossed the zero-mark.

1-day:

Source: Trading view

Source: Trading view

The one-day chart of the coin noted an uptrend from $0.2707 to $0.4785 and was followed by a downtrend from $0.5551 to 0.3177. The coin marked resistances at two points, at $0.3177 and $0.3276. Support was noted at $0.2933.

Parabolic SAR points towards a bearish market, as the markers have aligned above the candles.

MACD line is over the signal line, marking a bullish market.

Relative Strength Index indicates that the buying pressures and selling pressures have evened each other out.



Conclusion

As per the majority of the indicators like MACD, Awesome Oscillator, Bollinger Bands, and Chaikin Money Flow, a bullish ride is scheduled for the token, however, the lingering presence of the bear cannot be ignored.





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Bitcoin [BTC] Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021

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Bitcoin Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021
Source: Pixabay

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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