Connect with us

Blogs

Ripple (XRP) Technical Analysis – Ripple Continues To Coil Suggesting Indecision, For Now

Published

on

Ripple

While the debate rages between loyal Ripple (XRP) supporters and those who view XRP as “The Bankers” coin, we remain objective with regards to the matter as we have no horse in that race. However, what we do continue to monitor is the technical action surrounding the popular coin. With that being said, let’s take a look at XRP from a technical perspective and allow the action to dictate as opposed to debate.

For nearly the entire 2017 year of trade, XRP found itself in a flat-line position, almost in a comatose state trading in the $0.20 range, that is, until December when XRP awoke in a rather violent manner producing extraordinary gains as XRP went on to deliver a 15+ bagger off of its lows with an all-time high print of $3.30 on January 4 of this year.

Fast forward to today, when observing the Daily chart below, we can see that after a tumultuous 1Q18 where 80% of its December gains were shed, XRP presently finds itself in the early stages of recovery. Of note, after bottoming-out at the $0.50 level in late March; early April, Ripple has since recaptured its 20/50 and 200- Day moving averages respectively, which is both encouraging and technically healthy.

In addition, we can also see from the chart above that XRP is coiling in a side-ways manner illustrated within the box suggesting that indecision reigns at present with neither bull nor bear seemingly willing to take control, yet, indicative that a move up or down out of the box is likely to set the tone of direction and its next move.

Thus, while XRP remains in decent technical shape trading above all its important short; intermediate and longer-term moving averages and should be provided the benefit of the doubt until or unless proven otherwise, it appears that the Jury remains in deliberation while we await the verdict.

Therefore, moving forward, both investors/traders may want to keep a close eye on the action of XRP for further clues/evidence that suggests a favorable risk/reward outcome. Should XRP be capable of ‘taking-out’ the $0.97 level and perhaps, more importantly, the psychologically round $1.00 level, such development would likely suggest a potential move to the $1.10-$1.20 zone, while the $0.76-$0.78, as well as the $0.63-$0.65 zones, provide potential support.

For those seeking to jump the gun in an attempt to get a head start, just be certain to define your risk parameters before pulling the trigger.

Happy Trading!

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. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of tanakawho via Flickr

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

Published

on

Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

Continue Reading

Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

Published

on

Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

Continue Reading

Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

Published

on

Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

Continue Reading

Press Release