Connect with us

Blogs

Ripple and Monero Technical Analysis: Ripple Bouncing Back/ Monero’s Bullish Bounce

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

It has certainly been an interesting week for cryptocurrencies, which is still greatly affected by a negative change, especially the top 10 coins. Bitcoin, the leader peaked at $6,762 as the cryptocurrency market enters the second week of recovery. Among the many positive news that has affected cryptocurrency prices positively, the recent Imperial College London Research findings were a major boost.  All top 10 coins experienced a negative change, ranging from 0.4% to 5.1%. Particularly, two coins have caught our eye, both for different reasons, namely, Ripple and Monero. Both Ripple and Monero are very popular among the crypto-community, with a combined market cap of over $21 billion between them.

Ripple:

When it comes to Ripple, the cryptocurrency experienced decent bullish moves above $0.4600 against the U.S. Dollar in the past 2 to 3 days. The XRP/USD pair traded above the $0.475 and $0.480 resistance levels, with a high formed at the $0.4877 mark.

The price started a downside, however, after the aforementioned high, declining further and breaking the 23.6% FIB retracement level of the last level. A break was formed for the XRP/USD pair below an ascending channel with support at the $0.4820 mark on the hourly chart. The price also tested the 50% FIB retracement level of the last wave.  At the time of writing (09/07), Ripple was ranked 3rd valued at $0.478454, and consolidating losses near the $0.4780 level and the 100 hourly simple moving average. A key bullish trend line is seen forming with support at the $0.4680 on the chart.

Chart courtesy of tradingview.com

Monero

Monero’s situation is somewhat different, gaining traction since its bounce off the channel support and is testing the mid-channel area of interest. If we apply the Fibonacci extension tool on Monero’s latest correction move, a 38.2% level lines up with the aforementioned barrier.

At the time of writing, (09/07) Monero’s value was $137.36, placing it firmly at 13th. Analysts are predicting something big for the coin. If buyers return, Monero’s price could hit the next barrier at the 50% extension (roughly $145.25). Stronger Bullish momentum can lead Monero all the way up to the full extension at $161.56.

Chart courtesy of tradingview.com

Final Thoughts

Blockchain technology is surely powering the cryptocurrency craze at the moment, with its implementation receiving a lot of mixed reactions from the community.  Apart from Ripple, Monero is on the rise, with its potential still remaining highly unexploited at the moment.

Happy Trading!!

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

Continue Reading

Altcoins

Top 3 Coins to Buy Before They Go Big

Published

on

coins
READ LATER - DOWNLOAD THIS POST AS PDF

Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

Continue Reading

Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

Published

on

crypto credit cards
READ LATER - DOWNLOAD THIS POST AS PDF

It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

Continue Reading

Elite