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XRP v. Stellar Lumens [XLM] Price Analysis: XRP awaits bull rally as XLM holds firm

Sarvesh Kumar

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XRP v. Stellar Lumens [XLM] Price Analysis: XRP caught with the bear while XLM finishing bears cycle.
Source: Pixabay

XRP was in the news recently after 23 million XRP were reportedly stolen during a security breach on GateHub. Its competitor, Stellar Lumens [XLM] remained firm on the 10th position on cryptocurrency charts. However, Cardano was closing in on market cap, and may soon overtake XLM on the charts.

1 Day XRP chart

Source: TradingView

The 24-hour trading volume for XRP was recorded at $2.2 billion, while its market cap was recorded to be over $17 billion. XRP was priced at $0.4197, at press time.

An uptrend was noted from $0.2930 to $0.3980, with resistance at $0.4591 and the support at $0.2803.

Parabolic SAR indicated a bearish market, as the dotted markers for the indicator were seen above the candles.

The MACD indicator suggested a bearish market as the MACD line was below the signal line. However, a bullish crossover was deemed imminent.

Klinger Oscillator indicated an upcoming bullish crossover

1 Day XLM chart

Source: TradingView

The 24-hour trading volume for XLM was almost $450 million, with its market cap recorded at $2.4 billion. XLM was priced at $0.1265, at press time.

An uptrend was noted from $0.0747 to $0.0878, with resistance at $0.1638 and support at $0.0721.

Bollinger Bands indicated squeezing volatility in the market.

The Aroon indicator suggested some bullish activity since the Aroon Up Line was way above the Aroon Down line.

Awesome Oscillator suggested that market momentum had nearly exhausted itself.

Conclusion 

XRP remained firmly in the bears’ territory. However, in light of the imminent crossovers, some bullish movements were anticipated. Comparatively, XLM held firm and stable, posting minor gains.





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I am a journalist here at AMBCrypto. I cover news on prices of various coins in the crypto-verse and also work on the latest news of coins like - Bitcoin| Ethereum| Litecoin and more.

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Bitfinex LEO token comes out of nowhere to take the 13th spot on CMC with $1.8 billion in market cap

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Bitfinex LEO tokens comes out nowhere to take the 13th spot on CMC with $1.8 billion market cap
Source: Unsplash

It has been less than two months since the New York Attorney General’s Office slapped Bitfinex in the face with an accusation of “fraud,” over their $850 million undisclosed loss cover-up. Now, their “LEO” token curated to remedy the ordeal is officially up on the 13th spot on the biggest crypto-market aggregator, CoinMarketCap [CMC].

With a valuation of over $1.8 billion, LEO officially referred to as “UNUS SED LEO,” was placed higher than the likes of Monero [XMR], Dash [DASH], IOTA [MIOTA], and Ethereum Classic [ETC]. While the entire crypto-space was still mulling the prospects of Facebook’s Project Libra, LEO came out of nowhere and climbed the coin ladder.

Paolo Ardoino, CTO at Bitfinex, hailed the quick-climb of LEO as “not a bad start.” He tweeted,

Source: Twitter

Shades of the Bitcoin SV [BSV] price climb were revisited when the cryptocurrency shot up to the 8th spot on the ladder, less than a month after forking from Bitcoin Cash [BCH] in December 2018.

Bitfinex released the LEO whitepaper on May 8 and stated that the price of LEO tokens would be 1 USDT, but later clarified that “other forms of consideration” and “USDt equivalents” would also be accepted. In the whitepaper, the utility of LEO was spelled out as,

“LEO will be the utility token at the heart of the iFinex ecosystem. Token holders will experience benefits across the entire portfolio and are expected to obtain benefits from future projects, products, and services, whether or not detailed within this white paper.”

The exchange stated that the main objective of the proceeds generated via the LEO token sale will be towards replenishing the working capital of the exchange and to pay for any general business expenses. The whitepaper highlighted that LEO tokens can be used to redeem fee reduction on either Bitfinex or EthFinex.

Further, with the larger community viewing the LEO issuance as a ‘scapegoat tactic’ to remain in the vicious Bitfinex-iFinex-Tether circle, the exchange clarified its stance on the repurchasing and burning of tokens. Bitfinex will buy back the tokens on a monthly basis for a price, “equal to a minimum of 27% of the consolidated gross revenues of iFinex,” based on previous month’s calculations. This will carry on until no tokens are in public circulation.

At press time, the circulating supply was exactly LEO 1 billion, while the token was priced at $1.82. It was experiencing a 5.1 percent decline against the US Dollar over 24 hours.





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