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XRP/USD Technical Analysis: Bear tighten their grasp on the coin

Namrata Shukla

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XRP/USD Technical Analysis: Bear tighten their grasp on the coin
Source: Pixabay
XRP, the second-largest coin on the CoinMarketCap list, has fallen by over 2% in the past day and is seen falling further.

At the time of press, the coin was valued at $0.3087, with a market cap of $12.7 billion. The coin reported a 24-hour trading volume of $835 million with a leap of 2.64% over the past day. The coin has recorded a fall of 2.64% over the past day and it continues to fall by 0.07% over the past hour.

1-hour

Source: Trading view

Source: Trading view

XRP reported a massive downtrend in the one-hour chart, which started from $0.3208 to $0.2909, with a minimal uptrend marked from $0.3124 to $0.2952. The coin marked a resistance at $0.3392 and a support at $0.3112.

Awesome Oscillator indicates a bearish market losing momentum.

Bollinger Bands shows that the market volatility is high as the bands have diverged. The moving average line is over the candlesticks pointing toward the bear’s reign.

Chaikin Money Flow also points toward the bearish market as the marker is under zero.

1-day

Source: Trading View

The one-day chart of the coin noted a significant uptrend from $0.2684 to $0.4785. The coin plunged after that and a downtrend was marked from $0.5158 to $0.3276, with a resistance marked at $0.4141. The coin noted a strong support at $0.2887.

Parabolic SAR indicates a bearish market as the markers have aligned above the candlesticks.

MACD line is under the signal line after undergoing a recent crossover changing the market into a bearish one.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.

Conclusion

The bear attack is strong this time as all the indicators predict a bearish trend. The coin has been suffering from January 27 and is still trying to fight the vermilion market.





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Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum

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Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum
Source: Unsplash

Every revolutionary product comes with its own fallacy. However, to its internal metrics, in order for that product to remain adherent to the principle it hopes to expound, the cryptocurrency world is no less. Bitcoin [BTC] and other Proof-of-Work [PoW] cryptos have an in-built fallacy as well, the dreaded “51 percent attack.”

A recent study by cryptocurrency analytics firm LongHash, detailed the cryptocurrencies that are the closest to being subjected to the aforementioned attack.

The report looked at ten of the most significant PoW coins including, Bitcoin, Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Dash [DASH], Bitcoin SV [BSV], Zcash [ZEC], Monero [XMR], Ethereum Classic [ETC], and Bitcoin Gold [BTG].

Prior to detailing the study, Longhash listed out the two key points required to execute a 51 percent attack. First, a single mining pool/entity/individual would have to control over 50 percent of a network’s mining power. Second, the energy expenses related to the same, based on renting or sheer purchase of mining power.

Dividing the parameters of performance into two key parts, LongHash initially looked at the one-hour attack cost based on data from OnChainFX as on June 19, and consequently, the percentage of mining power available for rent on NiceHash. The matrix for an unsuccessful attack would be a high one-hour attack cost with low power availability, deeming the network “quite safe.”

Source: LongHash

Bitcoin took the top spot, with the report stating that there exists “very little power available to rent,” coupled with a “very high hourly attack cost.”

Traversing down the estimate cost Y-axis, several coins are scattered including, LTC, ETH, BCH, ZEC, BSV, DASH, and XMR, citing low power available via NiceHash. However, the estimated cost to rent the mining power is fairly low.

The report added,

“Most tokens, however, are clustered in the bottom-right corner of our chart, with low mining power availability and hourly attack costs north of $10,000, which makes them appear relatively safe.”

Moving horizontally further down the total mining power X-axis, BTG is the sole cryptocurrency exhibiting around 35 percent mining power availability on Nice Hash, with the lowest estimated cost to rent 51 percent of mining power for sixty minutes.

The biggest worry by far, was Ethereum Classic. The ETH hardfork had more than 80 percent of its mining power available on NiceHash, while the hourly attack was estimated to cost less than $10,000.

Earlier this year, the ETC network was the subject of a 51 percent attack, with several exchanges pausing ETC-related transactions in the process. The attack led to several cases of network double-spends and re-organisations totaling around $1.1 million or 219,500 ETC.





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