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Ripple (XRP) Stellar (XLM) Price Analysis – Exhaustion Awaits

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Ripple
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Today, we’re going to take a close look at two charts that bear some clear resemblance within the spectrum of large market Coins in the crypto complex right now.

Both Ripple (XRP) and Stellar (XLM) are in wide-swinging trading ranges, or consolidative patterns, in the wake of the energetic mania style bull market that we saw to close out 2017. And both of them may be said to be in relatively bearish postures at present, however, with the potential to inflect and thereby exemplify and highlight what could be interpreted as powerful accumulation bids by strong hands setting the terms of support at key levels.

The most important feature that would mark such a shift would first be signaled by an exhaustion of the selling force that has defined this bearish trend for most of this year to date.

Ripple (XRP)

Price Analysis:

  • High: $0.45184
  • Low: $0.44020
  • Major Resistance Level: $0.47
  • Hourly MACD: Steady Downside Momentum

Chart courtesy of tradingview.com

Ripple (XRP) has established clear and important support around the $0.45 level. This level was established as a level of interest earlier this year when the coin made its lows toward the end of March and the beginning of April. We have now begun to test that level and slightly break underneath it, as we formulate the action for June and July.

This is a critical stage for XRP. As the pattern evolves, one no doubt can see the potential for something similar to a descending triangle pattern underway at a relatively significant time frame.

Under most circumstances, such a pattern has bearish implications. However, it can also be an exceedingly bullish pattern if the attempt to follow through on the downside is denied, thereby highlighting the importance of the level for deep-pocketed bulls who have begun to move in and accumulate this coin.

While we don’t yet see the signals that would differentiate these outcomes in the case of XRP, we do know that recent lows have been exemplified by oversold readings on a number of different important technical oscillators, suggesting that downside momentum has at the very least stalled out.

Selling pressure may well resume, but the region on the XRP chart defining the recent lows toward the end of June should be marked out with a close eye as it can define a reasonable risk point for speculative entries in Ripple (XRP) right now.

Stellar (XLM)

Price Analysis:

  • High: $0.196650
  • Low: $0.183387
  • Major Resistance Level: $0.215
  • Hourly MACD: Oversold on Sharp Momentum

Chart courtesy of tradingview.com

When we look closely at the Stellar (XLM) chart, we see something quite similar to the picture we find in many different coin charts at present: an important low toward the end of the first fiscal quarter that is being retested in recent action.

This process can be viewed a couple of different ways. From one point of view, it’s precisely what you may expect as part of the procession of a bear market. Levels get established, and then they get broken.

But that’s exactly where this type of chart becomes very interesting.

It is, in fact, an important technical testing ground. One assumes that the level being tested represents a spot on the chart – a price level – where we previously saw a large supportive bid enter the complex has a whole, and in Stellar (XLM), in particular.

And that’s where the testing process bears itself out as such an important feature in the construction of a technical chart pattern: if we see XLM attempt to break below that level and effectively fail at that breakdown, then we may, in fact, be seeing an important low come into place that offers a sound entry point for aspiring bulls to get involved with defined risk.

Happy Trading!!

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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.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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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…

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Altcoins

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

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SonicX
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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…

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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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…

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