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Ripple (XRP) Technical Analysis – Ripple Remains Guilty Until Or Unless Proven Otherwise
Since bottoming out in early April in the mid .40 range, Ripple enjoyed a nice counter-trend rally into higher ground that was ultimately stymied after only a few weeks at the par ($1.00) level. Ripple has since resumed its slide back down the slippery slope where XRP been unable to garner any real relative strength over the past several weeks.
While we can attest the most recent action in XRP to the overall cryptocurrency market climate, whereby a lack of catalyst or any sense of direction appears to be lacking, Ripple has found the footing a bit more slippery than many and has been unable to pick its head-up for air even though we’ve witnessed a small bounce throughout the cryptocurrency universe the past few trading sessions.
Whether it be something internally taking place or, just a victim of present market conditions, or perhaps a combination thereof, there’s no doubt that Ripple has a lot of work to do in order to get its technical house in order as we can observe from the daily chart below:
As we can witness above, XRP presently finds itself trading below its 20; 50 and 200-day moving averages. Not the recipe for a healthy technical picture/posture.
In addition, we can also observe that while the overall cryptocurrency market has found itself in slight bounce mode these past several days, Ripple has been unable to garner any meaningful upside momentum with the 50DMA (blue line) acting as a ceiling for any further potential upside, thus far.
To make matters worse, we can also see that XRP appears to be building-out a bear flag pattern (shaded box), and while the pattern remains in the development stage and incomplete as we stroke the keyboard, the formation is nonetheless a bit disconcerting and requires close attention moving forward in the days/weeks ahead.
Thus, from a technical perspective, it appears from our perch that XRP is lacking in relative strength; continues to trade beneath all of its important moving averages and in the process, remains mired in a potential bear flag development pattern that if such ‘plays-out’ in the days/weeks ahead, may just result in yet another move to lower depths.
That said, let’s take a look at some levels, both top-side as well as potential support that may just provide additional clues that both investors/traders may want to utilize in navigating the seas moving forward.
If, at any time in the days ahead XRP is capable of clearing the .72 level (50 DMA) and can ‘stick’, such would be the first inclination that perhaps an effort at higher levels is in the works. However, perhaps more importantly, should XRP move top-side of the .77 figure with volume as well as ‘follow-through’, such occurrence, should it materialize, would perhaps signal that buyers have wrested control away from sellers and would certainly alter the technical posture in a favorable manner.
On the flip-side, initial potential support can be found at the .62 level, with second-tier support located at the .55 figure. However, should the noted potential bear flag play-out, there remains the possibility that XRP could find its way back to the .45-.50 zone if it is unable to muster any upside mojo.
Nevertheless, Ripple has and continues to display poor relative strength and until or unless we witness a change of events, XRP remains guilty until proven otherwise.
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
Chart courtesy of tradingview.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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