From the look of things, it looks like things are back to horizontal trends not only for Ripple (XRP) but the whole cryptocurrency markets as very little progress has been witnessed over the past 24-hours. As it was this time yesterday, the total market cap is still hovering around the over 210 billion US dollars region, showing little or no signs of bouncing back to previous levels marking a lazy day in the cryptocurrency market.
Following its last Thursday dump of about 300 US dollars, Bitcoin has remained on a flat line fighting not to depreciate any further than that. Earlier this week, the number one ranked cryptocurrency undervalued to exchange at 6,300 US dollars and is now trading slightly above that level.
According to some cryptocurrency analysts, Bitcoin seems to be making a symmetrical triangle formation regarding its price trends, something that could lead to its breakout from the consolidation. In regards to its trade volumes, the number one digital currency has fallen back after the recent upward price surge that has seen trade volumes stabilize at about 4 billion US dollars. In regards to Ethereum, the digital coin is still week but is holding to its impressive 210 US dollar price tag currently, recording no change from yesterday.
Ripple (XRP) Making Headlines with Bullish Movements
Out of the many virtual currencies available in the crypto market, Ripple (XRP) is one of the few digital currencies that has been following up with bullish movement in recent time.
According to some cryptocurrency analysts, one of the reasons behind Ripple’s (XRP)’s impressive performance in the market is the recent positive publicity that RippleNet has been enjoying. RippleNet recently boarded Moneynetint to its long list of partners and users. While XRP as a digital currency does not have anything to do with RippleNet, XRP prices usually perform positively on positive reviews and news touching the Ripple Network.
During the last spike in September, XRP formed a bearish divergence – thanks to its formation of a series of lower lows. This latest price surge is coming close to breaking the series of lower lows that could have essentially changed the entire market structure. On Tuesday, Ripple prices appreciated by over 3 percent maintaining its upward momentum that was seen on Monday.
It has been an irregular past few sessions, as the crypto market continues to search for a stable, committed direction.
As from the last week of September, XRP/USD price action has been forming a bullish flag pattern that was instigated by the price surge that made way for a bull run. During Monday’s session, a breach from that flag was recorded, leaving the door open to a further upward trend.
Technically, following the recent breach from the pattern mentioned above, the current market is susceptible to XRP/USD further buying pressure. All eyes are on the potential of the bullish upper wick that has been expected to be filled from 15th October.
Other Ripple News
Weiss Rating recently engaged the Twitter community in on what they considered as the best cryptocurrency to invest in under the 1 US dollar mark. From the finding that was received, a majority of Twitter users consider Ripple (XRP) as the best digital coin to invest in and posses.
— CoinIdol (@CoinIdol) October 15, 2018
From the over 5,000 Twitter users who participated in the poll, more than 60 percent of them showed their confidence and preference towards the controversial digital asset that currently lacks good publicity in the cryptocurrency ecosystem due to its fundamental philosophy, Ripple (XRP).
Out of the four options that were offered for polling, Cardano (ADA) was the digital coin that managed to give Ripple (XRP) a run for its money, managing to garner about 25 percent of all the votes. The third and fourth placed cryptocurrencies were Stellar Lumens (XLM) and IOTA who managed to get 8 percent and 3 percent respectively in the Weiss rating poll.
At the time of writing, Ripple (XRP) is currently exchanging at around 0.46 US dollars and in the green.
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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 Meineresterampe/PixaBay
STEEMIT Running Out Of STEAM?
Has Steemit seen its glory days run dry? There have been many rumors that the CEO Ned Scott has pushed the company to the blockchain focus that he forgot about Steem being a social media platform. Now, these are just things some of the former employees have been heard saying, but it is a rather interesting take as to what is going on. Give the following video a watch where I break down what is happening with Steem. I also give my thoughts on what may happen to other large ICOs and how we may see this trend continue as we have seen with ConsenSys laying off 10% of their workforce.
If the big name projects are starting to do this will it also have a trickle-down effect on other ICO’s which have no products and are running out of cash? I definitely think so, and I also see this negatively affecting Ethereum for the mid-term. The question many have been asking is just how long can the bottom 1800 projects last with the current market conditions? How many ICOs did not liquidate their Ethereum and now are stuck with 1/10th the cash flow or more in some cases, how will they pay to continue operations? What about the growing number of projects laying off employees like…
The Three Biggest Problems with Crypto
In this bear market, everybody’s asking the same questions. Why is Bitcoin falling? When will the market turn around? Is this the end of the crypto boom?
However, before we can answer questions like these, we need to step back and do an honest appraisal of where our industry stands and what is really holding it back. Despite its growing popularity, cryptocurrency still struggles to gain mainstream appeal. While crypto has managed to distance itself from the early days, when it was used to buy illegal goods online, the currency still conjures up negative feelings for a lot of people unfamiliar with the technology — and all too often, for good reasons.
Cryptocurrency is still relatively new, which means that many casual users are still exploring different ways to use crypto in their day-to-day lives. Unfortunately, this lack of knowledge leaves a lot of users vulnerable to scammers seeking to take advantage of their ignorance and inexperience.
We’ve contacted various types of people within the crypto community, surveying newbies, traders, investors, and professionals, asking what the biggest problems in crypto are. We found there to be three major problems holding the industry back:
Is Crypto a Bubble?
A lot of people are wondering if the whole crypto phenomenon is nothing else but a bubble. We’d say it would be a fair question except that these people asking it have been skeptics from the very beginning, so they’re not really assessing the market on its own right and performance but just singing the same old song.
We believe that the current market conditions do not justify the notion of crypto as a bubble and we’ll explain to you why.
First, we start by reviewing a bit of market dynamics. Every market, every asset, every currency develops in cycles that repeat over time. Each cycle is comprised of four different stages called “phases”:
It all starts at Stealth. A new stock, asset, or cryptocurrency hits the market. Nobody knows anything about it so nobody pays any attention to it or tries to buy it. The price is slow and it stays very much the same until the market becomes aware it’s there. Hence the name for the following phase.
As the market realizes this new thing exists it starts to pay attention to it and to buy it, so it takes off, the price rises steadily until it faces its first sell-off. The price drops a little. Then something else happens. The media pays, at last, attention to this hypothetical coin…
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