XRP, the second-largest cryptocurrency in the world, still holds its position with a market cap of $13 billion and 24-hour trading volume at $370 million.
Most of the trade volume for XRP comes from ZB.COM exchange via trade pair XRP/BTC. The price of XRP is at
$0.32, however, is on a slight rise today.
The uptrend for XRP in the one-hour time frame has vanished into thin air, while the downtrend strengthens as it extends from $0.3860 to $0.3247. The support at $0.3205 was breached January 20, 2019, at 12:00 UTC. The prices have resurfaced after a brief dip. The resistance at $0.3426 and $0.3806 are holding steady.
The Parabolic SAR indicator shows a positive trend for XRP as it is seen placed below the price candles in the charts.
The MACD indicator shows a bullish crossover, which started at 22:00 UTC and is close to crossing over to the top of the zero-line.
The Awesome Oscillator also shows decreasing green bars that have spawned and are at the verge of crossing over to the top of the zero-line, indicating a bullish crossover.
XRP’s trend lines in the one-day chart show a similar trend where the uptrend has not gained significant momentum yet. The uptrend extends from $0.2931 to $0.3215. The downtrend ranges from $0.9027 to $0.3754. In this timeframe, XRP being supported at $0.2627, while resistance lines are still holding strong at $0.5821, $0.6899, and $0.9027.
The Aroon indicator shows a downtrend that has gained excessive momentum, while the uptrend is failing to neutralize it.
Chaikin Money Flow, as seen in the chart above, has crashed and burned, indicating that the larger timeframe for the coin is in the bear’s territory.
The RSI shows a similar construct for XRP as the momentum of sellers is increasing, while the buyers are shying away from them.
The one-hour shows a bullish trend for XRP’s prices, as all the indicators [SAR, MACD, and AO] show that bulls’ are taking the prices on a rally. The longer timeframe for XRP shows a slight bear trend as the indicators Aroon, CMF, and RSI all indicate a downtrend.
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC] Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021
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.
Subscribe to AMBCrypto’s Newsletter
Craig Wright’s ‘harassment and libel’ campaign might have hit a roadblock
Bitcoin [BTC] proponent Adam Draper: There will be more digital currencies than fiat in 10 years
Bitcoin [BTC] could combat money laundering & cross-border terrorism, says Tunisian Central Bank Guv
Coinbase is a huge net positive for not just cryptocurrencies, but for the world, says Bitcoin Cash proponent Roger Ver
John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more
Bitcoin SV [BSV]: John McAfee ‘sues Calvin Ayre in four different countries’; vows to bankrupt him
Cardano [ADA]: Proof of Stake [PoS] throws away expensive process & advances the network, says Charles Hoskinson
Cardano [ADA]: We will emerge from 2019 more decentralized than any other network, says Charles Hoskinson
Bitcoin [BTC]: Don’t buy into it if you are not ready to be rekt, warns Richard Heart
XRP takes another step into mainstream adoption as Skype hints a possible integration
Japanese ‘Amazon’ Rakuten opens registration for trading cryptocurrencies on Rakuten Wallet
Breaking: SBI Virtual Currencies delists Bitcoin Cash [BCH] in response to Binance’s Bitcoin SV delisting
Is John McAfee among crypto adherents who knows Satoshi’s true identity?
Ethereum [ETH] and Tron [TRX] Price Analysis: ETH welcomes bull in market, while TRX fights the bear