February 19, 2019

Ripple Price Analysis: XRP Signaling Bullish Continuation

Ripple price followed Ethereum and bitcoin to move into a bullish zone above $0.3100 against the US dollar.
Buyers gained traction above the $0.3100 and $0.3150 resistance levels before sellers appeared near $0.3290.
There is a key bullish trend line formed with support near $0.3140 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price is currently correcting lower, but it remains supported above $0.3160 and $0.3140.

Ripple price jumped above key resistance levels against the US Dollar and bitcoin. XRP/USD is now trading with a positive bias and it could continue to rise towards $0.3300 and $0.3400.

Ripple Price Analysis

After a solid upward move in Ethereum and bitcoin, ripple price finally gained traction above $0.3050 against the US Dollar. The XRP/USD pair started a decent uptrend and broke the $0.3000 and $0.3060 resistance levels. The pair moved into a bullish zone above the $0.3100 resistance and the 100 hourly simple moving average. Buyers took control above the $0.3100 level, resulting in gains above the $0.3150 and $0.3200 resistance levels. The price traded close to the $0.3300 resistance and a new weekly high was formed at $0.3292.

Later, there was a sharp downside correction below $0.3260 and $0.3240. Besides, there was a break below the 23.6% Fib retracement level of the last wave from the $0.3052 low to $0.3292 high. The decline was such that the price tested the $0.3160 support area. An immediate support is near the $0.3150-0.3160 zone. It represents the 50% Fib retracement level of the last wave from the $0.3052 low to $0.3292 high. More importantly, there is a key bullish trend line formed with support near $0.3140 on the hourly chart of the XRP/USD pair.

Therefore, buyers are likely to take a stand near the $0.3160 and $0.3150 levels. If there are additional declines, the price could test the $0.3110 support. It coincides with the 76.4% Fib retracement level of the last wave from the $0.3052 low to $0.3292 high. The mains support is near the $0.3095-0.3100 zone (the previous resistance). To the topside, an initial resistance is at $0.3220, above which the price may rise towards $0.3260.

Looking at the chart, ripple price clearly moved into a bullish zone above $0.3100. However, buyers need to protect declines below $0.3100. If they fail, the price might move back in a bearish zone to $0.3000. This week, buyers could target the $0.3400 and $0.3500 resistance levels as long as the price is above $0.3095.

Technical Indicators

Hourly MACD – The MACD for XRP/USD just moved into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower towards the 50 level.

Major Support Level – $0.3100

Major Resistance Level – $0.3260

Published at Tue, 19 Feb 2019 05:00:32 +0000

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November 21, 2017

Hacker Allegedly Siphons $31 Million Out of Tether, Driving Further Speculations About the Cryptocurrency

Tether, a cryptocurrency pegged 1-to-1 to the U.S. dollar, was allegedly hacked today to the tune of $31 million.

Tether functions to convert U.S. dollars to a type of cryptocurrency. The project’s token (USDT) is pegged to the dollar and is used in exchange trading. The idea behind Tether is that instead of having to sell your bitcoin or other token for a fiat currency, you can convert it to USDT, and either hold it in USDT or else transfer your USDT to another exchange and use it to purchase tokens there.

As for the exchanges, USDT allows them to trade in something akin to dollars, without requiring them to have a bank account.

Tether operates on the “Omni Layer Protocol,” which itself operates on top of the bitcoin network, and uses bitcoin addresses. According to a blog post on the project’s website, $31 million worth of USDT was sent to an unauthorized bitcoin address on November 19, 2017.

In the blog post, Tether also noted it released a new version of the Omni Core software used by exchanges and wallets to support USDT transactions, thus implementing a temporary hard fork to the Omni Layer. As a result, the affected tokens are frozen in place, making them essentially worthless to the hacker.

“We strongly urge all Tether integrators to install this software immediately to prevent the coins from entering the ecosystem,” Tether wrote, adding that “any tokens from the attacker’s addresses will not be redeemed.”

Some exchanges, like Kraken, have stopped trading USDT temporarily while they upgrade to the newer software.

The heist was made in three separate USDT transfers out of Tether’s core Treasury wallet in the amounts of 23,000,000; 7,900,000; and 500,000 USDT. It is unclear why the hacker did not move all of the money out at once.

In addition to the other exchanges it trades on, USDT is widely traded on Bitfinex, an exchange that lost 119,756 BTC (worth $72 million at the time) in a hack that took place a year and a half ago.

News of the Tether attack comes at a time when some — notably the blogger “Bitfinex’ed” — are questioning whether USDTs are being issued without backing of actual U.S. dollars. Similarly, there has been growing speculation that Tether is being used in possible market manipulation to drive up the price of bitcoin.

The current market cap value of USDT is around $673 million. If that money is backed by real reserves, as Tether claims, the project would need to have at least that much in its bank account in Taiwan.

Tether publishes a bank account balance on its website’s Transparency page and claims the money is redeemable for U.S. dollars at any time directly through the Tether platform.

The project’s website has been up and down sporadically, since the hack. An archive of the site is available here.

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