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XRP Ripple Price – Big Stick; Big Volume

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XRP Ripple price
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For the past two (2) weeks, XRP Ripple price had been trading in what appeared to be a Bear Flag pattern that one would have thought would likely resolve in the direction of the primary trend, which is lower.

However, XRP had other things in mind for investors/traders as yesterday Ripple ripped into higher ground on enormous volume that certainly caught the attention of those who continue to keep a close eye on the daily action throughout the cryptocurrency landscape.

While XRP has further work ahead of itself from a technical perspective, yesterday’s action caught our attention, in a Big way, with the Big Stick; Big Volume action as we can observe from the daily Chart below:

When observing the daily chart above, we can clearly witness the move that Ripple put-in in yesterday’s session. In addition to the large bar and volume, we can also witness that XRP shot up and through its 20-day moving average and now finds itself resting at its 50 day SMA.

Of further note, it’s been five (5) months since Ripple has witnessed this type of volume explosion, whereby both investors/traders may want to take notice and pay heed.

As previously mentioned, while Ripple still has further work ahead in order to repair the technical damage inflicted over the course of 2018 and still trades well below its 200-day moving average, it’s days like yesterday that ‘may’ be the first shot across the bow that potentially fuels additional firepower in the days/weeks ahead.

Thus, both investors/traders may want to utilize the following levels for additional clues/evidence with respect to direction moving forward.

If XRP can spend the next several days churning/consolidating yesterdays thrust into higher ground, we may just have the making of a right shoulder in a potential inverted Head-and-Shoulders pattern that would certainly be constructive and healthy should such development materialize.

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

Therefore, while some pause and a breath would certainly do Ripple some good and allow it to build additional energy/cause for another attempt at loftier levels, both investors/traders may want to pay particular attention to the action in Ripple in the days/weeks ahead. We may just experience another rip into higher ground.

As always, Risk Management remains priority number one, especially when trading against the overall primary trend of the tape, which remains lower, for now.

Happy Trading!

~iBC

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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 Trading View

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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