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XRP vs Stellar Lumens [XLM] Price Analysis: Coins in bearish territory post correction

Rishi Raj

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XRP and Stellar Lumens [XLM] Price Analysis: Coins bearish post correction
Source: Pixabay

Ripple’s XRP made the headlines for carrying out more than 9 billion XRP transactions between wallets. However, the bullish ride did not last long. XRP was priced at $0.4363, with a market cap of $18.4 billion. The 24-hour trade volume came up to be $2.02 billion, out of which BW.com contributed 5.86% via XRP/USDT. XRP saw a 3.58% gain in the past 24 hours, at press time.

Stellar Lumens [XLM] was priced at $0.1320 with a market cap of $2.5 billion and was placed tenth, according to CoinMarketCap. The 24-hour trade volume came up to be $434 million, out of which LATOKEN contributed 12.83% via the XLM/BTC pair. XLM saw a gain of 2.97% in the past 24 hours, at press time.

1-day XRP

Source: TradingView

The one-day chart of XRP showed a downtrend from $0.5821 to $0.4554. The support point at $0.2881 was tested in December 2018, and $0.3595 acted as resistance on multiple occasions. The resistance points were at $0.4509 and $0.5272.

The Bollinger Bands had diverged and indicated decreased price volatility.

The Awesome Oscillator showed an increase in short-term momentum, presenting a bullish buying opportunity.

The Klinger Oscillator indicated a bearish environment for the coin.

1-day XLM

Source: TradingView

The one-day chart of XLM showed a downtrend from $0.2775 to $0.1395. The support point at $0.0728 was tested in February 2019, and $0.1122 was tested a couple of times in the past, after acting as a resistance as well. The resistance points were at $0.1406 and $0.2535.

The Parabolic SAR indicated a bearish trend as the dotted markers were below the candles.

The Klinger Oscillator showed the Klinger Oscillator to be below zero, and indicated a bearish trend.

The Awesome Oscillator showed an increase in short-term momentum, presenting a bullish buying opportunity.

Conclusion

The one-day chart of XRP showed a bearish trend post correction, as indicated by the aforementioned indicators. The same can be said about the one-day chart of XLM.





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Mastered the colonial language, inspired by music and places, crypto geek. Fries on mind 24/7, believes that Romeo and Juliet could have worked things out.

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Wall Street is on the losing side of Bitcoin’s impressive price rally

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Even as Bitcoin breaks $13,000 Wall Street is on the losing side of the price rally
Source: Unsplash

Wall Street, complete in their tailored suits, suede shoes, and leather briefcases, have once again placed their bets against Bitcoin.

Despite the fact that the collective cryptocurrency market broke the $350 billion mark, with Bitcoin alone accounting for 62 percent of the same and trading at $2,000 over its price at the beginning of the week, hedge funds were not impressed.

The Wall Street Journal citing data from the Commodity Futures Trading Commission reported that crypto-vested managers were holding 14 percent short positions more than long ones on the now, primary avenue for BTC Futures contracts, the Chicago Mercantile Exchange [CME].

A key point to remember here is that CME contracts are cash-settled and hence, no Bitcoins are actually being transferred, with the traders simply placing bets on the cash-equivalent price of Bitcoin.

Well-suited hedge fund owners however weren’t alone, with other stakeholders excluding the small scale crypto-investors holding a 3x on short positions, indicating a further pessimistic sentiment.

Smaller investors were however, long on the BTC market, with the CFTC report stating that investors holding 25 BTC or less were holding four times the long positions as their more exuberant counterparts. It should be noted that the CFTC report was prepared as the price of Bitcoin was still in the $9,000 range, prior to the five-figure surge.

BitMEX, a popular cryptocurrency exchange offering derivatives trading services, saw over $64.38 million in shorts liquidated when Bitcoin broke $10,000. The same was replicated when the price shot past $12,000.

Short positions indicate not just a sheepish position, but rather an investors’ contractual affirmation that the price of an asset will more likely fall than rise. Long positions on the other hand, indicate a pessimistic point of view. Hence, based on Wall Street’s trading activity, institutions are not buoyant about the cryptocurrency market.

In what could be a reverse-catalyst for the digital assets industry, Bitcoin decided to use this negativity as fuel to breach $11,000 earlier this week. Not done with the Wall Street bears just yet, BTC pumped yet again on June 26, with the price breaking the $12,000 ceiling with a further climb to $13,000 looking likely.

Who said Coin Street doesn’t go past the Wall Street express lane?





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