Ripple price traded higher but failed near the $0.5530 level against the US Dollar. XRP/USD likely made a double top pattern and it could decline short term.
Key Talking Points
Ripple price traded higher recently, but it could not break the $0.5530 resistance against the US Dollar.
There is a major bullish trend line forming with support at $0.4900 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
The pair may perhaps find support on the downside near the $0.4950 and $0.4900 levels.
Ripple Price Forecast
During the past few sessions, there was a rise above the $0.4800 level in Ripple price against the US Dollar. The XRP/USD pair surged higher and traded above the $0.4950, $0.5250 and $0.5300 resistance levels.
However, the upside move was capped by the $0.5530 level. The stated level $0.5530 prevented gains earlier as well, which means the price was rejected twice recently from the $0.5530 level.
It seems like a double top pattern is forming near $0.5530 and the price may decline in the short term. It has already broke the 50% Fib retracement level of the last leg from the $0.4743 low to $0.5562 high.
At the moment, a pivot zone near $0.5080 is acting as a support. Moreover, the 61.8% Fib retracement level of the last leg from the $0.4743 low to $0.5562 high is also acting as a support at $0.5056.
Should there be a downside break below $0.5056, the price may test the 100 simple moving average (2-hours) at $0.4950. There is also a major bullish trend line forming with support at $0.4900 on the 2-hours chart of the XRP/USD pair.
As long as the price is above the 100 simple moving average (2-hours) at $0.4950, there is a chance that XRP might bounce back. However, a downside break below $0.4950 may ignite further losses towards the $0.4500 level in the near term.
On the upside, the $0.5500, $0.5530 and $0.5560 levels are major hurdles for an upside continuation in ripple price.
Trade safe traders and do not overtrade!
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Introduction
If you are a passionate reader, then you would be excited to know there is a venture just for you on . There is something about reading that you can’t get from a TV or movie. Now with the rise of cryptocurrency, some have identified that the writing niche is still not yet . However, this is now set to adjust to new blockchain innovation that is set to launch an interactive way to read books.
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Use of Blockchain
The SHK token is ERC-20 standard and is the main utility for access to and transactions on the iShook platform.
iShook’s contribution to blockchain development is in the utilization of the Ethereum blockchain for monetization and distribution of creative content.
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The need for a custom token is in allowing access to the platform and participation in the marketplace.
The contribution to the blockchain ecosystem is in developing a new decentralized ecosystem and marketplace for creative content owners to monetize their intellectual property and connect with their audience.
Advantages OF iShook
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COMPETITORSARCONASQUAREXTHEFANDOMEToken Sale
iShook Token (SHK)
Total supply: 1 Billion SHK
Token Price: 1 ETH = 1,000 SHK
Hard Cap: n/a
Min Cap: n/a
Token Allocation
57% ICO
36% Locked in iShook Wallet
03% Vendor Payments
3.5% Advisors
0.5% Marketing
ICO Proceeds Distribution
30% Scaling
24% Marketing
20% Reserve
18% R&D Overhead
08% Legal
ROAD MAP
Company and Team
iShook has an established team with 4 lead team members, 8 tech-team members, and 5 advisors.
The core team has experience in the e-reading space, finance, securities and accounting law, business development, software programming/engineering, web and mobile app development, and graphic design.
Beni E Rachmanov (CEO, founder)Michael YUSUPOV (CFO and co-founder)Jason Butcher (COO and founder)Benjamin Theobald (Co-founder, Investor)VERDICT:
With the advancement in technology, people are becoming aware of the content they are consuming. And with the , it might finally be time for the world of books to welcome this new technology. An innovation of iShook character is an excellent example of how technology and reading can co-exist. iShook aims to provide to the average internet user the ability to discover rich and valued content across multiple delivery platforms and at the same time, their solutions promote and reward the writer of that content. So, this technology is fruitful for new evolve writers to get a platform not just to post their content but also let them to earn tokens. However, as is the case with so many of these projects, it will all depend on how quickly they can get people to switch over to their platform when determining how successful this project will ultimately be.
REFERENCE
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