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.
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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. 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
HODLing Stellar Is A Good Plan For 2019
HODLing, or holding on to a certain asset or assets has always been an extremely useful investment strategy, even before cryptocurrencies were even imagined. Now, with the market being more uncertain than ever, many are wondering what is the right thing to do with the coins in their possession.
Of course, things change depending on the coin in question, but today, we are going to talk about why it is a good idea to hold on to your Stellar (XLM) in 2019.
Why You Should Hodl Stellar (XLM)
The crypto market is rich with hundreds, and even thousands of different projects at this point, and separating valuable ones from those that are destined to slowly fade away can be tricky. However, even the biggest skeptics believe that Stellar is a coin that is here to stay.
XLM was first launched in 2014, and for a long time now, it has been among the top 10 cryptos by market cap. It is an open-source, decentralized protocol that allows users to send fiat currencies by using cryptocurrency as a method of transport. In a lot of ways, it is very similar to XRP. However, the biggest difference is that Stellar aims to offer its services to regular people, while XRP is more interested in working with banks and financial institutions.
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Reasons To Invest In Electroneum In 2019
2018 has been quite a rollercoaster for the crypto space. Coins went up and down more times than anyone could have guessed, not to mention two massive market crashes. However, in a few short weeks, the year will be over, and a new, positive period for the crypto world is expected to arrive.
While there are many predictions for 2019, today we are only interested in one thing — Electroneum (ETN). A lot of people quickly took notice of this coin, and many believe that it is among the coins of the future. Indeed, it has received a lot of attention, and many are interested in why that is, and why investing in it is a good idea. So, let’s take a look at a few reasons why you should invest in ETN in 2019.
1) It is fast
Speed and precision of any service have always been very important to people. This importance is even greater when making a profit depends on it. Electroneum developers were aware of this when they created it, and the coin is up to 5 times faster than Bitcoin. This means that ETN transactions can be confirmed much faster, which in turn reduces fees and waiting time.
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STEEMIT Running Out Of STEAM?
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If the big name projects are starting to do this will it also have a trickle-down effect on other ICO’s which have no products and are running out of cash? I definitely think so, and I also see this negatively affecting Ethereum for the mid-term. The question many have been asking is just how long can the bottom 1800 projects last with the current market conditions? How many ICOs did not liquidate their Ethereum and now are stuck with 1/10th the cash flow or more in some cases, how will they pay to continue operations? What about the growing number of projects laying off employees like in our current case? The question that bares in mind…
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