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XRP/USD Technical Analysis: Currency likely to slump post the xRapid boost

Priyamvada Singh

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XRP/USD Technical Analysis: Currency likely to slump post the xRapid boost
Source: Pixabay

In the past week, XRP, the third-largest cryptocurrency on CoinMarketCap, has experienced much turbulence in the market. As the adoption of xRapid progressed with big institutions joining in, the market value of XRP also took a flight to reflect the success.

However, the token has returned to the bearish zone as of now. At press time, XRP was down by 4.22%, trading at $0.5 with a market cap of $20.4 billion. The total trading volume was recorded at $640.9 million.

1-hour:

XRPUSD 1-hour candlesticks | Source: tradingview

XRPUSD 1-hour candlesticks | Source: tradingview

In the one-hour scenario of XRP candlesticks, the uptrend is stretching from $0.46 to $0.51 whereas the resistance level is set at $0.55, which is an immediate resistance formed after breaking multiple levels in the previous rally. The coin saw a major uptrend, as depicted in the chart.

The Parabolic SAR is flashing the red sign at the XRP market. The dots are aligned directly above the candles to side with the bear’s agony.

The MACD is running bearish on the price trend as well. The reading line is running below the signal, crashing every time it makes contact with the signal for a bullish crossover.

The Chaikin Money Flow is also floating below the 0-mark. Despite the indicator being bearish, it is struggling to make its way up to the bullish zone.

1-day:

XRPUSD 1-day candlesticks | Source: tradingview

XRPUSD 1-day candlesticks | Source: tradingview

The one-day XRP chart shows the trendlines extending from $0.27 to $0.45 [uptrend] and $0.58 to $0.55 [downtrend]. There is still time for the price to experience concentration in order to cause a breakout in the price trend.

The Bollinger Bands are depicting a volatile market for the coin. The bands are widening, giving space for price fluctuation to take place.

The RSI hit the ceiling and made contact with the overbought zone. However, the indicator is currently moving downwards and suspects a bearish run for the market.

The Klinger Oscillator made a bullish crossover by the signal. At present, the indicator is returning home to the bear’s den as it approaches a downhill walk.

Conclusion

In the technical analysis, the majority of indicators are bearish on the price run for XRP after being bullish previously. However, a major fallback is not expected as the market is mildly volatile and a price trend breakout may not occur soon.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Analysis

Bitcoin continues to hover over $9,000; did Facebook’s Libra prolong bullish swing?

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Bitcoin continues to hover over $9,000; did Facebook's Libra prolong the bullish swing?
Source: Unsplash

Over a week ago, Bitcoin was trading at $7,650 and was rebounding off $8,000 for the second time in a matter of days. Now, the largest cryptocurrency in the market has marked a 13-month high and is trading for the third consecutive day over $9,000. So, what happened over the past week to move the prices by that margin?

Well for starters, everyone’s favorite Satoshi Nakamoto, Craig S Wright, was handed another court order by a US district court to prove who he thinks he is, or else, possibly, be charged. Or was it because of a little known company called Facebook releasing their own cryptocurrency with backers like Visa, MasterCard, Uber, PayPal, among others?

We think it’s the latter.

Project Libra, the hotly-anticipated digital asset by Facebook, was unveiled on Tuesday, complete with its own blockchain, wallet, and participants paying a $10 million entry fee to partake in the project’s internal governance. Many have described Libra as being revolutionary for the world of FinTech and an important channel for the remittance and retail payments industry. Some have even suggested that it could be “bullish for Bitcoin.”

Given the rapid BTC price rally and pertinent Libra developments in the ensuing week, some argue that the $9,000 ascendance would not have materialized without Facebook. Bitcoin well and truly broke the $8,000 mark on June 13, with the announcement nearing. A steeper price incline was seen on June 15 when, in one day alone, the price surged from $8,200 to $8,800 as news of the “Libra Consortium” broke out.

On June 16, the $9,000 mark was officially broken for the first time since May 2018, sustaining itself well into June 18, the official day of the Libra launch. Correction was expected as Libra’s formal launch saw sentiments high, but since this was a mere tickle for the industry ahead of any formal launch in 2020, the market was expected to duck back down below $9,000. However, around 24-hours after the announcement, the price continues to hover above $9,100.

Source: Twitter

To add to the above, the sentiment around Bitcoin is higher than its ever been since May, when the price was around $8,000. As detailed by The Tie, the cryptocurrency market’s response to Project Libra has been “positive,” despite the king coin falling against the US Dollar by 0.75%. Social media chatter on the rival platform, Twitter, has also seen a surge, with the Bitcoin tweet volume rallying to its highest point yet and mentions of Bitcoin with “Libra,” “#Libra,” or “Facebook,” accounting for over 7,000 tweets, with a vast majority of them positive.

Libra is a digital asset meant to transact via a blockchain and be stored in an online wallet, confirming to the core pillars of digital assets on one end. On the other, it is centralized, backed by a basket of fiat currencies and supported by several payment players which ardent crypto-proponents would like to replace.

Whichever way you look at it, Facebook is still bringing in a massive user base into the world of digital assets, allowing them the channel to engage in online payments and providing them their own wallets, all on a blockchain. Hence, it bears no surprise that Bitcoin is responding positively.





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