The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:
Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.
XRP is now sitting at .51704 as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.
Ripple XRP Mega Breakout
The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.
While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors could see in today’s crypto markets.
The reversal is real
As my colleague Ali Qamar said yesterday:
Unlike other cryptocurrency projects, Ripple has some concrete partnerships with real financial institutions, but this sustained price action indicates that market confidence has indeed returned to the project, as this price action is not continuing because of any one specific catalyst.
XRP spillover effect
The rally in XRP has spilled over into other markets and has lifted Bitcoin and Ethereum. Bitcoin has now broken through its 50-day moving average as well and is trading at 6720 at the time of this writing. It’s 50-day is positioned around the 6600 level, which was serious resistance. Many were shorting 6400 to 6500 and have now been forced to cover. With XRP continuing to build momentum, we look set to test the next major resistance level of 6950 to 7000. Furthermore, the RSI is still neutral at just above 50, signaling that there’s a lot more room to run before getting into overbought territory.
From the chart above, you can see that Bitcoin has made higher lows than the last time we tested the 6000 level. A break above 7600 would be a clear signal that the crypto bear market would indeed be over. Bitcoin would then be above the 200-day moving average and many investors that have been on the sidelines will come in and we would have a new bull run.
Ethereum is still trading below its 50-day moving average as seen in the chart below.
I still think Ethereum is going to lag behind Bitcoin as there still hasn’t been much of a move higher in the ETHBTC pairing. ETHBTC still has a long way to go to get above its 50-day and 200-day moving averages.
XRP and Bitcoin look set to continue their treks higher. It shall certainly be an interesting weekend and one which we will be watching.
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. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Charts courtesy of Trading View
Problems in Cardano camp as the CEO disagrees with foundation chairman
Cardano (ADA) has been one of the best blockchain projects so far. The organization runs on three different arms to make it a tremendous decentralized blockchain protocol. Three different bodies behind Cardano: IOHK – headed by Charles Hoskinson, oversees the software development of the blockchain network, Emurgo, manages the upcoming projects under developments by Cardano; and Cardano Foundation – led by Micheal Parson, takes charge of Cardano’s ecosystem.
However, despite being governed by three different bodies, there seems to be a significant conflict in the blockchain project’s camp. Hoskinson recently via an open letter accused the Chairman of Cardano Foundation of carelessness, prejudice, and misuse of Cardano funds.
Hoskinson stated that the Foundation Chairman had been the obstacle towards the progress of it. In a video, the head has urged the community to support the movement towards the sacking of the Foundation chairman.
Further, in Cardano’s open letter, Parson was accused of neglecting his chairmanship obligations. Firstly, Parson employed his colleagues and relatives with little or no knowledge and qualifications to show.
The open letter further stated that cases of fraud were also found on Parson during his time as the chairman of Cardano Foundation. He as well has been accused of staying away from his duties as a Chairman of the foundation, of which he doesn’t interact or chat with the community.
After the open letter was passed out by Cardano, the community has gone to support…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
BAT Coin Price Grows Due To Possible Coinbase Listing
Following the recent Coinbase announcement regarding the new listing of 0x, a lot of investors started speculating which cryptocurrency might be next. While Coinbase has announced reviewing several altcoins throughout 2018, it appears that most experts believe that BAT coin might be the one that this exchange will support next.
Basic Attention Token, also known as BAT coin, is an open-source, decentralized project created on Ethereum’s network. Its platform is also known for its integration with the web browser called Brave.
As an ERC20 token, BAT coin is among the coin that Coinbase seems to be interested in, which is what qualifies it for the listing. As a result of speculation, BAT has seen a significant price surge in the last 24 hours. The coin grew by as much as 12%, which made it even more interesting to investors, considering that the majority of other altcoins are currently trading in the red.
At the time of writing, the value BAT coin is $0.204778 per unit, with the coin being ranked as 44th on CoinMarketCap. The gains have made BAT attract additional attention, although there is still no confirmation that Coinbase will actually introduce this coin to its platform.
Even so, a lot of investors remain hopeful that this might be the case, as the recent listing of 0x indicates that Coinbase is finally ready to expand its token list. Furthermore, the exchange made it clear some time…
Using Blockchain with Benefits to Your Business: Simple Explanations
Elon Musk hits the world of cryptocurrency
Ripple’s David Schwartz: ‘The XRP ledger is decentralized’
Don't Miss2 weeks ago
Exclusive: Ripple (XRP) to be exhibited at SWIFT’s Sibos conference
Altcoins1 week ago
TRON TRX: A Perfect Way To Bring Games To Blockchain
Altcoins2 weeks ago
Electroneum (ETN) on the rise, can it make to highest market cap coins?
Altcoins2 weeks ago
Why is xRapid not bringing XRP price up?
Don't Miss1 week ago
Exclusive: Singapore to develop Ripple (XRP)-powered invoice trading platform
Altcoins2 weeks ago
You think Tron (TRX) looks good? It’s even better
Altcoins4 days ago
Electroneum (ETN) investors can have a broad smile on their face
Altcoins1 week ago
Moeda Loyalty Points (MDA) Up Over 300% This Week – But Why?