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Crypto Market Staging Comeback: Bitcoin Cash, XLM, EOS, TRX Price Analysis

Crypto market staging comeback: bitcoin cash, xlm, eos, trx price analysis

Crypto Market Staging Comeback: Bitcoin Cash, XLM, EOS, TRX Price Analysis

Crypto market staging comeback: bitcoin cash, xlm, eos, trx price analysis
  • The total crypto market cap is currently consolidating below the $167.0B resistance.
  • bitcoin cash price is currently above $260 and it could rebound towards $270 and $275.
  • EOS price is likely to climb slowly above the $4.75 and $4.80 resistance levels.
  • Stellar (XLM) price is making an attempt to move back above the $0.1000 resistance.
  • Tron (TRX) could test the $0.0245 resistance, where seller are likely to appear.

The crypto market cap is likely to recover along with bitcoin (BTC) and Ethereum (ETH). BCH, stellar (XLM), ADA, EOS, ripple and tron (TRX) could correct higher in the short term.

bitcoin Cash Price Analysis

Bitcoin cash price declined heavily in the past three days after it settled below the $300 support against the US Dollar. The BCH/USD pair broke the $290 and $280 support levels. It even tested the $260 support and currently consolidating gains above the $260 level.

On the upside, the $270 level may act as a strong resistance, above which the price is likely to climb above the $275 level in the near term.

Stellar (XLM), EOS and Tron (TRX) Price Analysis

EOS price was under a lot pressure as it broke the $5.00 and $4.80 support levels. The price traded close to the $4.50 support and recently recovered above $4.70. On the upside, there are a few important hurdles near the $4.75 and $4.80 resistance levels. On downside, the main supports are $4.62 and $4.50.

Stellar price settled below the main $0.1020 and $0.1000 support levels. It is currently correcting higher and it could make an attempt to climb back above the $0.1000 level. The next key resistances are near $0.1020 and $0.1040. On the downside, the main supports are $0.0975 and $0.0960.

Tron price remained in a strong downtrend below the $0.0250 support level. TRX price broke the $0.0240 support and recently traded close to the $0.0225 level. It is currently correcting higher and it may perhaps test the $0.0245 resistance.

Looking at the total cryptocurrency market cap hourly chart, there was a strong rebound from the $158.0B and $160.0B support levels. The market cap is now above the $164.0B level and it is likely to break a crucial bearish trend line with resistance at $166.0B. A successful close above the $166.0B and $167.0B resistance levels may open the doors for more upsides. The next key resistance is at $170.0B, where sellers may emerge. On the other hand, a failure to clear the $167.0B resistance might trigger bearish moves in the near term. Overall, there are high chances of a strong recovery in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, WAN, WTC, ICX, and other altcoins in the near term.

Published at Sat, 27 Apr 2019 15:27:56 +0000

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Is Ripple Price Being Fueled by Confused Investors?

Riding the wave of recent positive news for Ripple, the XRP token is roaring with a 200% price surge over the weekend as the cryptocurrency market is reaching higher highs. But is Ripple for real or is it being fueled by confusion among new investors? 

Is Ripple For Real?

Jokes were abound this weekend as the cryptocurrency industry embraced April Fool’s Day in usual fashion. Meanwhile, Ripple experienced a serious surge with its market cap soaring from $360,000 USD to over $2.3 billion.

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The price of Ripple XRP token experienced a whopping seven-fold increase in the past few days, and easily outperformed recent stalwarts such as Dash, Monero and the SegWit hopeful Litecoin in the past week. Even bitcoin, which managed to break the $1,100 barrier on news of becoming a legal form of payment in Japan, could not match yesterday’s 200% rise. 

The rise comes amid news of Bank of Tokyo-Mitsubishi UFJ recently joining Ripple’s Interbank Group for Global Payments Based on Distributed Financial Technology.

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“We are pleased to join Ripple’s Global Payments Steering Group,” said Hirofumi Aihara, General Manager, MUFG Digital Innovation Division. “…Collaborating with other members of GPSG, MUFG will contribute to the creation of standards for Ripple’s network.”

Ripple is positioning itself as a cheaper payment network, particularly for large banks and enterprises, with a much higher throughput compared to bitcoin. CEO Brad Garlinghouse explained that Ripple could rival traditional systems such as Visa with nearly 70K transactions in just 3.7 seconds and at a lower cost than bitcoin.

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However, the token might be setting up for a reality check as some believe the price surge has been fueled by a “misunderstanding.” Critics on Bitcointalk.org reacted to the meteoric rise, pointing out that Ripple, the company, is not the same as the XRP token and its Ripple Consensus ledger.

According to Ripple, its Global Payments Steering Group (GSPG) is where “leading banks are working with Ripple to reduce the time and cost of settlement, while also enabling new types of high-volume, low-value global transactions.”

By coming together to form the GSPG, these banks are laying the foundation for a new payments network, underpinned by Ripple’s solutions and supported by rules and governance for global settlement.

In other words, new demand for the XRP token could merely be speculative at this point as banks would be able to bypass transactions on the Ripple Consensus Ledger with their own Ripple-inspired platforms.

The commentator also noted:

Check the volumes, [Poloniex] currently stands for $150M+ volume, RCL only 20. What now is happening is a pump, driven by people misunderstanding the news.

The Rise and Rise of Cryptocurrencies

Overall, April is getting off to a hot start for cryptocurrencies as the total market capitalization is now a record $27 billion. It has been on an uptrend, particularly accelerating as of late following the rejection of the COIN bitcoin ETF in mid-March.

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Though Bitcoin price has remained relatively stable oscillating between $900 and $1,200 amid scaling uncertainty, its overall dominance of the market has seen a huge drop from 84% to 68%.

Nevertheless, while the rejection of the first ever ETF might be seen as a setback for bitcoin to some, the media attention received in the run-up to the decision appears to have attracted new investors to the crypto space as a whole.

What is the real cause for Ripple’s price rise? Is bitcoin waning dominance a temporary phenomenon? Let us know in the comments below!

Images courtesy of coinmarketcap.com, Shutterstock, twitter, MUFG 

The post Is Ripple Price Being Fueled by Confused Investors? appeared first on Bitcoinist.com.

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