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Ripple (XRP): A Repeat of 2017?
Just like any other cryptocurrency, Ripple (XRP) has had its ups and downs during its lifetime. However, unlike many other cryptos, Ripple’s behavior seems to be a bit too controlled, and the comparison of its charts actually shows a progression pattern.
Ripple (XRP) history repeats itself
While studying Ripple (XRP) charts, many have noticed that the crypto seems to be following the same route that it took in 2017. The crypto was discovered to actually have cycles, albeit unofficial ones, but so far, the theory does seem true enough.
At first, Ripple starts by making gains during a month’s time. Some investors manage to make a profit, while some decide to sell as soon as possible, which causes the price to corrects. This pattern is the very same one that Ripple took last year, and it can be seen on XRP/BTC charts.
Over a year ago, in late March, Ripple experienced a huge price increased, which marked the end of the 26-day long cycle. In the following months, Ripple’s price against Bitcoin corrected, and Ripple saw bottom at the year’s end.
That is when January 2018 came, and Ripple started another cycle where it continued to rise for – you’ve guessed it – 26 days. The next 94 days saw Ripple’s price going continuously own again, which was followed a new cycle of correction, which lasted for 110 days.
According to the theory backed by charts, Ripple’s current price has not reached its bottom yet, and it will continue to drop for a little while longer. If XRP continues to follow the patterns shown on the charts, this situation should last for about a week more, which is when Ripple’s 110 days of price correction are supposed to end, and crypto will be on the rise once more.
Ripple expected to keep following the cycle
According to Ripple’s behavior so far, many are expecting the coin to continue following the predetermined cycle before it can begin a new one, and see a price increase again. It still manages to remain the third largest crypto on the CoinMarketCap, and it has had a lot of success when it comes to developing its products, entering partnerships, and gathering support from the community. In fact, it is believed that this progression will continue since XRP is sought out by many companies.
Ripple’s xRapid product, and its ability to make international payments quickly, and cost-effectively has made this currency the favorite of banks around the world.
According to charts that are comparing Ripple with Bitcoin, XRP is almost at its bottom, which will start a new cycle of rising and falling. However, the situation is slightly different when we compare Ripple with the US dollar. In fact, Ripple has touched the so-called resistance line only once since the price correction started, and that was when its price was $1.
Currently, both the situation, as well as the conditions are relatively similar to that period. This might indicate that the XRP/USD might be facing a rejection soon, which might bring a new bearish setup.
Many have tried to explain this unusual behavior, and the most likely explanation includes Bitcoin’s price increase, which has attracted a new wave of retail investors. These are likely those who have been hesitant to join the market until the conditions are perfect, and have finally grown tired of waiting.
Despite the fact that Ripple’s cycle is not yet ready for such a change, the prices still managed to go up, pulled up by Bitcoin’s bullish run. And, while Ripple is still expected to return to its price drop that will continue until the cycle ends, it is important to remember that brighter times are indeed coming, at least according to what we have seen so far.
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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.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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