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

Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

Continue Reading

Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

Published

on

SonicX
READ LATER - DOWNLOAD THIS POST AS PDF

When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

Continue Reading

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

Elite