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Prices hold steady valuations as market moves towards a neutral trend |

Prices hold steady valuations as market moves towards a neutral trend |

Prices hold steady valuations as market moves towards a neutral trend |

Prices hold steady valuations as market moves towards a neutral trend |

Bitcoin [BTC] and it’s silver counterpart Litecoin [LTC] managed to hold off major price decline over the trend period as the coins witnessed a standstill. At press time, Bitcoin [BTC] raised its valuation by 3.30 percent in comparison to the US dollar and the trade volume garnered about $11.7 billion.

Litecoin [LTC] exhibited a similar growth with a hike of 2.66 percent with respect to the US dollar and was priced at $81.09 at press time. The market capitalization recorded by the coin was around $4.9 billion.

Bitcoin one-day chart:

Source: Trading View

The one-day chart of Bitcoin exhibited the uptrend due to the surge and pushed up the valuation from $3952.4 to $5310.3. The new support line scaled after the hike was placed at $4931.9 and the resistance remained at 5312.4. The price held a sideways movement between these two lines at press time.

The Parabolic SAR indicated a bearish trend for the coin as the dotted markers remained above the candlesticks.

The Chaikin Money Flow or CMF line was above the zero line in the chart which implied that capital was coming into the market.

The MACD indicator showed a bearish crossover and the histogram was below the red line which pointed towards a bear trend for the coin.

Litecoin one-day chart:

Source: Trading View

Litecoin [LTC] had dropped in valuation after the price surge as the valuation extended from $92.512 to $83.976. The new support line for the trend was scaled at $61.225 and the resistance line remained strong at $93.144.

The Bollinger Bands indicator implied a volatile period for the coin as the markers converged in the market.

The Relative Strength Index or RSI pointed towards acquired neutrality between the selling pressure and buying pressure as the line remained under the 60-marker.

The Awesome Oscillator or AO indicated a bearish momentum in the market at press time, but continued to lose the upper hand with declining red bars.

Conclusion:

The SAR, MACD and the CMF indicated a bearish downtrend for Bitcoin on the daily charts. The indicators for Litecoin showed a bearish decline while the prices moved sideways.

The post Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Prices hold steady valuations as market moves towards a neutral trend appeared first on AMBCrypto.

Published at Thu, 18 Apr 2019 14:41:15 +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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