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XRP Bitcoin Cash (BCH) Price Analysis  — Fourth Time’s a Charm?

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XRP
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As the narrative of recent action continues to plot itself out across the cryptocurrency market landscape, we see a number of coins intensifying their dramas where critical price levels are concerned.

Our focus today will be to look at two coins – XRP and Bitcoin Cash (BCH) – that represent very poignant examples of this technical phenomenon on the charts.

XRP

Price Analysis

  • High: $0.448
  • Low: $0.43228
  • Major Resistance Level: $0.45
  • Hourly MACD: Rolling Over

A close examination of the chart for XRP will reveal the critical nature of support at the $0.43 level. Since late June, we have tested this level four distinct times, with the coin finding a renewed bid of support in every instance.

For technicians, this is actually a relatively rare concept: as a rule of thumb, one does not anticipate the potential of a quadruple bottom. Generally speaking, the fourth time is generally a very unlikely bet for support.

However, XRP managed to find that support once again over the past 24 hours, revealing a continued strong supportive bid at the level, and sending the coin sharply back up to test newly established resistance at the $0.45 level.

This suggests the possibility that accumulation at this level is from deep pockets with a strong resolve to continue collecting reserves of XRP based on some level of conviction that higher prices loom on the horizon.

That said, no matter how strong the support level may be, XRP HODLers will no doubt be hoping they don’t need to weather a fifth test of the level.

Bitcoin Cash (BCH)

Price Analysis

  • High: $772.82
  • Low: $746.07
  • Major Resistance Level: $770
  • Hourly MACD: Rolling Over

Bitcoin Cash (BCH) has been an example of relative strength during the course of the action over the past month, with a sharp 30% rise in the middle of July, and what appears to be relatively strong support now in place between $735 and $750.

A move back above $780 would represent a breakout to retake the 50-day simple moving average and get the $900 level back in the sites for those exposed to Bitcoin Cash (BCH).

If we do see a break back to the downside, all eyes will be on the $650 level, where we saw a double bottom from between the June lows and the July lows in a move that leveraged a bullish divergence in the 14-day RSI oscillator in BCH.

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

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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