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XRP Bitcoin (BTC) Price Analysis: The Jigsaw Puzzle

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XRP
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While the action across the cryptocurrency complex has been pervasive to the downside over the past 10 days, the picture that has been created on the charts varies powerfully from coin to coin in terms of where this leg of the trend fits into the jigsaw puzzle of the larger pattern characterizing the bear market underway so far in 2018.

This nuance is profoundly exemplified by a comparison between the charts for XRP and Bitcoin (BTC), as we shall see below.

XRP

Price Analysis

  • High: $0.3574
  • Low: $0.33081
  • 24-Hour Volume: $355.75M
  • 7-day Percent Change: -23.08%

XRP has been perhaps the poster boy for the brutality of the downside we have seen over the past week, with this move representing a vicious break of support leading to a great waterfall decline.

The downside was triggered for XRP when it broke a support level formed over the course of six weeks of persistent last-ditch holds at the $0.43 level. When that level finally gave way amid selling across the complex, positions that had been built up by accumulation at that level began to be thrown overboard without care for cost basis or execution price.

The support level we picked out as most obvious several days ago was at the $0.30 level. While we haven’t seen this level tested yet, it would take only a slight extension of the downward move to trigger that test and put this critical level into play.

For now, we must consider this trend in place and respect that view until we see technical signals in XRP that demonstrate either a more severe capitulation or the presence of stronger handed buyers sitting on the bid.

Bitcoin (BTC)

Price Analysis

  • High: $6378.6
  • Low: $6239.9
  • 24-Hour Volume: $4.93B
  • 7-day Percent Change: -17.02%

By contrast to the action in XRP, Bitcoin (BTC) remains solidly above its recent bear market lows established at a pivot formed toward the end of June.

The key level in play here at this point is the one we picked out over recent days at the $6100 level.

At this point, Bitcoin (BTC) has clearly broken key support levels along the way, such as a rising 50-day simple moving average now back above at the $6800 level.

That said, we have also seen the triggering of clear oversold levels in many different oscillators, including the 14-day RSI on the daily chart and to the MACD indicator on the hourly chart.

Given that these oversold oscillator readings are coming in confluence with the key $6100 support level, traders looking for a speculative bounce position may already have their signals in place for a move back up to test the $6550 level just above.

Should we see downside momentum reassert itself in BTC, then all eyes will be on the $5750 level as the only thing standing between this chart and new 2018 lows.

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

Analyzing The Best-Performing Cryptos

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cryptos
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Over the nebulous first half of this year, some tiny cryptos were able to grow by more than 1000% and reach the desired top 100, while others that were already in the top 50 bastions simply zeroed. What factors led them to perform like this? Luck, external factors or well-made decisions?

First of all, it is important to clarify that it would be unwise to analyze them disregarding the market context (crypto and non-crypto) of the period, so we’re using a holistic approach.
In our timeframe, considering the traditional market cycle of emotions, in contrast to the standard chart below, the euphoria quadrant had a much larger peak and a much shorter duration, starting in the middle of 2017 and ending at the beginning of 2018, while we were stuck in the period of “excitement” since, maybe, 2015. The emotions in red passed in a rush and at the end of July, we were already in deep “despondency”.

Source: https://russellinvestments.com/ca/insights/the-market-cycle-of-emotions

Besides to the fact that the market completed half of the cycle in less than half a year, some very relevant things, besides the usual phenomena expected of an investment market, happened during this period. In addition to the hype the period enjoyed and the fact that bad, inexperienced investors were frantically joining the crypto market, we…

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Is Tether (USDT) really a stable coin?

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Tether
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Tether is one of the top digital assets in the crypto-sphere. The coin was launched in November 2014 after it changed its name from Realcoin so that the crypto community doesn’t associate it to the altcoins. It is important to know that Tether is a currency that helps to convert fiat currencies into digital currencies.

Moving forward, there have been lots of FUDs around Tether these days as regards to whether it is going to be a truly stable coin as the market has seen dips lately. Also, the FUDs around Tether have raised questions on whether there are any backings to the digital asset.

It is crucial to know that other factors have been attributed, and one of them was a report from last month that stated that Tether and Bitfinex, had gone their separate ways with Noble Bank. The separation made Bitfinex suspend fiat wire deposits – without no reason or whatsoever.

Tether, in regards to market worth, comprises about 92 percent of the market capitalization of stable coins. Also, this stable coin offers two purposes: to stabilize the volatility of Bitcoin, and also to preserve the amount of money purchasing power investors have at hand when the value of larger cryptocurrencies such as BTC drops.

The coin is a good alternative for traders when trying to cash-in on fiat currencies, as we do know that trying to move money from different exchanges to fiat…

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TRON Partnership Involves Cloud Computing

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TRON partnership
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It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.

Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.

Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.

However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.

Baidu to…

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