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Trend analysis – Ripple (XRP) and Litecoin (LTC) continue to go down

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Ripple Litecoin

The cryptocurrency market continues to be on a dip (again), a move that, by far, has been the most historically pronounced in the sector. Naturally, this has affected each and every one of the cryptos, but ones more than others have shown worrying behaviors that have caused panic and despair among the community, and to say the least, the speculative tendency does not seem to have a near ending.

In this sense, last week two of the most remarkable examples were Bitcoin (BTC) and Ethereum (ETH), coins that despite being the top 2 of the market haven’t been able to avoid the bearish performance of the cryptosphere. This time, another two that seem to be on the same path are without a doubt Ripple (XRP) and Litecoin (LTC), cryptos that belong as well to the crypto hall of fame. Let’s see the key points behind the most recent crypto trends.

Ripple (XRP): The bearish tendency continues

XRP USD

Snapshot is taken from TradingView

Ripple (XRP) has decreased 85% percent from its highest value set in January this year, and as it seems, the tendency is going to continue bearish, so the possibilities of reaching even lower values are very high. In fact, the token set the long-term objective at the second half of last year to hit the 25-cent mark, which at the moment remains active, a fact that will represent -48% from the actual price or -92% from its highest price of January.

In the meantime, a pattern is recognizable at first sight and is the tendency to have both lower lows and highs compared to the values that were reached by the token in May. Although it is still not discarded the possibility of a rebound like the one that we observed between April and May, even when possible the most likely to occur later is a drop of the prices one more time.

Litecoin (LTC) goes down below the trend-line resistance

LTC USD

Snapshot is taken from TradingView

The 100 line of Litecoin (LTC) recently broke and showed with it pessimistic results that even suggested the possibility of a more significant decrease. It is still not determined what will be the target of the downside unlike with Ripple (XRP), but as it is prognosticated, it will have even more remarkable repercussions, positioning down below the 40s or even worse.

The token will find support later around the 69 line, and even further on the 50. For its part, the trend-line resistance created in the peak of May was recently identified on some of the trades made, so this will serve as a guide to predict the behavior of the crypto in the mid-term.

Conclusion

The panorama for the cryptocurrency world is not the best as of now, and speculation is one of the things that have been affecting the most the market. Whether this will be a repetitive pattern still remains a question, but whether one has invested in Ripple and Litecoin or not, best thing as of now is to stay calm and see the next steps of the sector.

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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 Maxpixel.net

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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 been…

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