Ripple Price Analysis: XRP Could Tumble Below $0.3000

Ripple price is following a declining path and it broke the $0.3100 support against the US dollar.
The price remains at a risk of a sharp decline below $0.3000 and $0.2980 in the near term.
There is a major bearish trend line formed with resistance near the $0.3040 level on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair remains in a downtrend and sellers remain in action below $0.3040 and $0.3080.

Ripple price declined below key supports against the US Dollar and bitcoin. XRP/USD could decline sharply below $0.3000 and $0.2980 to test the $0.2850 support level.

Ripple Price Analysis

In the past few days, there was a steady decline in ripple price from the $0.3200 swing high against the US Dollar. The XRP/USD pair traded below the $0.3150 and $0.3100 support levels to enter a bearish zone. There was even a close below the $0.3080 support and the 100 hourly simple moving average. Recently, the price even broke the $0.3050 and $0.3040 support levels. Finally, it spiked below the $0.3000 support and a new monthly low was formed at $0.2972.

Later, the price corrected higher and traded above the $0.3000 level. It surpassed the 23.6% Fib retracement level of the recent drop from the $0.3129 high to $0.2972 low. However, the previous support near the $0.3050 level acted as a strong resistance. Besides, the 50% Fib retracement level of the recent drop from the $0.3129 high to $0.2972 low acted as a resistance. More importantly, there is a major bearish trend line formed with resistance near the $0.3040 level on the hourly chart of the XRP/USD pair.

The pair declined again and it is currently trading below the $0.3020 level. It seems like there is a risk of a sharp decline below the $0.3000 and $0.2970 levels. The next key support is near $0.2850, where buyers might appear. On the upside, the price may continue to face sellers near $0.3040 and $0.3050. To start a recovery, the price must break $0.3050 and then $0.3080 in the near term.

Looking at the chart, ripple price is following a bearish structure from well above $0.3200. If sellers gain pace below the $0.3000 support, there could be a nasty drop towards $0.2850. The overall price action is suggesting more losses in bitcoin, Ethereum, XRP and other cryptocurrencies in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move into the bearish zone, suggesting more losses ahead.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 40 level, with a minor bullish angle.

Major Support Levels – $0.3000, $0.2975 and $0.2850.

Major Resistance Levels – $0.3040, $0.3050 and $0.3080.

Published at Tue, 05 Mar 2019 05:00:52 +0000

December 30, 2017

Bitcoin Interest Fork Slated for End of January

There have been a handful of forks from the main bitcoin Network over the past few months, and that seems to be continuing into the new year. bitcoin Interest plans to fork at block 505083, on January 22, 2018.

bitcoin Forks

Bitcoin Interest is the recently announced fork of the bitcoin network, including full replay protection. They’re planning on changing a few things, but keeping more of the protocol together. For those of you who don’t know, a fork is a split in the two networks. At the time of the fork, everyone who owns Bitcoins will have the same balance of BCI if they’re holding when the fork happens. The fork will form two separate networks, with their own coins, users, merchants, and miners.

There have been several since August, the first being bitcoin Cash. Many followed that were questionable, such as bitcoin Gold, bitcoin Diamond, and some others that have gained absolutely no traction. bitcoin Cash and Gold are the only two that have received support from the community.

bitcoin Interest

The team behind bitcoin interest have made a few key changes, but kept the core consensus rules intact. The BCI network will support Segregated Witness and keep the 1MB blocksize limit. On top of this, they’re changing the mining algorithm from SHA-256, the algorithm that all bitcoin ASIC miners are built for, to another known as Equihash. Equihash does not currently have ASICs built for it, meaning that this new network can be mined using GPU consumer hardware. The average block creation time has been kept at ten minutes, and the 21-million-coin limit has been preserved.

The coolest part about this new fork is the ability to earn interest on your current bitcoin Interest holdings. Once the network launches, you’ll be to “park” your coins and earn interest payments on it. As opposed to bitcoin, bitcoin Interest blocks will have two rewards. They’ll contain the standard miner reward along with a smaller reward that goes to a pool of investors who’ve parked their coins.

[youtube https://www.youtube.com/watch?v=RQGsZGh7RpY?feature=oembed&w=500&h=281]

Interest Rates

This pool is known as the Interest Pool, and blocks at first will contain a 1.08 BCI reward that will be distributed amongst pool members. This reward will decrease as the block height increases. The interest rate that you’ll receive is proportional to the numbers of coins you have parked compared to the total number of coins in the pool. For example, if you park 100 BCI and the pool’s total is 1000BCI, you’ll receive 10% of the interest rewards.

You also have options for how long to park your coins, or interest cycles as they’re referred to by the development team. You can park on a weekly or monthly basis, and if you unpark your coins during the interest period then you’ll lose any interest rewards you would’ve collected. The monthly option will pay out 70% of the rewards, whereas the weekly cycle will payout 30%.

Support

While the fork does not have a wallet to support it yet, some exchanges are already starting to support the fork. HitBTC has announced support and it’s assumed they’ll credit users with BCI based on their BTC holdings held within the exchange.

Since this fork has replay protection, it’s much easier to claim your airdrop than if it didn’t have those measures in place. Your BCI balance will be associated with your BTC private key, and you can simply enter your private key into any BCI wallet to have access to your coins. A word of warning however; make sure you move your Bitcoins to a different wallet with a different private key before you give out or private keys to anyone or any software. Keep it in a wallet until the date of the fork, and when you go to claim move them beforehand.

For more information about bitcoin Interest, please visit bitcoininterest.io.

What do you think about this upcoming fork? Do you plan on using the network? Let us know in the comments below!

Images courtesy of bitcoin Interest, AdobeStock, Shutterstock

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