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Tron, XRP Price Analysis: Correcting their Positions

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Tron

Tron (TRX) is trying to strengthen its position around the $0.035 level against the US dollar and is very slowly moving upwards.

XRP is trying to make a break through the $0.4620 level against the US dollar after crossing the $0.45 USD.

Tron (TRX/USD)

Price Analysis

  • High: $0.0364 USD
  • Low: $0.0350 USD
  • Major Resistance Level: $0.040
  • Hourly MACD: Placed slightly in the Sell region.

Chart courtesy of tradingview.com

After experiencing a short uptrend last week, from 18th July 2018 onwards the price of Tron against US dollars had been showing red candles. In between, on 21st July a small green candle had formed. Today, so far the price action candle of TRX/USD is in green with the price at the time of writing showing $0.0355 USD. (As of 23rd July 2018) As can be observed from the chart, the TRX/USD pair has been largely experiencing downtrends since early March. If seen holistically, the cryptocurrency market has been showing more red signals than green from the beginning of 2018 itself.

The price of the TRX/USD pair had fallen below the $0.035 level and is currently trying to correct its position along the $0.035 line. The moving average (blue line), at the time of writing points at 0.0367. This indicates that the short-term uptrend, observed at the moment may continue for today at least. The ‘secret project’ of Tron is slated to be made public on 31st July. This is likely to generate some excitement and create pressure on the buyers, pushing the price in the upward direction. However, at the moment the hourly MACD shows that the pressure is on the sellers.

Ripple (XRP/USD)

Price Analysis

  • High: $0.4637 USD
  • Low: $0.4473 USD
  • Major Resistance Level: Near about $0.52
  • Hourly MACD: Placed slightly in the Sell region.

Chart courtesy of tradingview.com

The XRP/USD had been facing a situation similar to that of Tron (TRX) with the price going down again from 18th July 2018. Currently, as can be observed from the chart, the price action of Ripple (XRP) against the US dollar has been sporting a green candle. At the time of writing, the price of the XRP/USD pair shows $0.4551 approximately. Ripple’s price fell from above $0.5000 last week to below $0.4500. The pair had crossed the $0.4600 and $0.4500 support levels. The moving average (blue line) at the time of writing marks at 0.4673. At one point, the price had marked as low as $0.4292 USD when the buyers strengthened and stopped the price from moving further below. The XRP/USD pair had moved above Fibonacci retracement level 23.6% when dropping from $0.5204 high to $0.4292 low. At the $0.4620 level and the 100 hourly SMA, Ripple was resisted strongly. The 38.2% Fibonacci retracement level of this fall also prevented upsides. If the price of the XRP/USD becomes strong at the $0.4650 level then, one can expect the price to move upwards to the $0.5000 level. The hourly MACD is currently placed slightly in the Sell zone.

As observed from the charts, both Tron and Ripple are trying to correct their positions against the US dollar after the drop last week.

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

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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