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Ripple (XRP) Price Analysis: January 22, 2018
The entire cryptocurrency world is experiencing a much-anticipated market correction with prices across the cryptocurrency sphere trading down. Almost all the popular cryptocurrency daily price charts are showing price reversal patterns from all-time highs made over the last couple of months.
The cryptocurrency market is exhibiting classic signs of “follow the herd” mentality as traders that are taking profits (those at the front of the “herd”) are being followed by those traders that entered the market late, and are now having to cut their losses (those at the back of the “herd”). While all the “we told you so” media pundits that are reporting the “bursting of the bubble” are take their victory lap, savvy investors (that don’t follow the “herd”) who have been patiently waiting for a favorable market entry point are now in a much better position to pull the trigger.
The exposure of the cryptocurrency market in the news has garnered the attention of many institutional and private investors. Many of these investors felt that they “missed the boat” on the cryptocurrency opportunity. This massive market correction may be seen as the time to enter the market and may spark another bull run on the cryptocurrencies that may again see new all-time highs.
Ripple (XRP) is in a great position to capitalize on the current market conditions. In terms of market capitalization, Ripple is now the third largest cryptocurrency with a $53.224 billion market cap.
While Bitcoin and Euthereum remain at the top of the market capitalization list, they are priced at $11662.00, and $1069.20 respectively, leaving room for a great deal of downside risk if the market continues on its slide. Ripple, on the other hand, is trading at a mere $1.37, with daily volume that typically ranks in the top five. At Ripples’ current price, there’s not near as much downside risk as Bitcoin or Ethereum.
Chart #1: Ripple Daily
From a technical analysis perspective, Ripple has just completed a head-and-shoulders price reversal pattern (as shown in Chart #1 above) for which it has retraced almost 78% of the price runup which started on December 11, 2017, to its all-time high of $3.32 on January 4, 2018. Price has bounced off of a resistance level at $.86 and has consolidated at$1.37 where it is currently trading.
We can conclude with some degree of confidence that cryptocurrencies are here to stay. That being said, with the completion of the head-and-shoulders reversal price pattern, along with the fact that Ripple doesn’t have much room for price to fall, puts it in a prime position for upside movement once the market correction cycle is completed. This puts Ripple is in a promising position to attract many of the new investors entering the market as a result of the discounted prices resulting from the market correction.
For those patient investors that have been patiently waiting for a favorable market entry point, this is it. We will be watching closely.
We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of coinmarketcap.com
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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