March 13, 2019

Ripple Price Analysis: XRP Trading Near Make-or-Break Levels

Ripple price retested the $0.3045 support level and later corrected higher against the US dollar.
The price recovered above $0.3060, but it struggled near the 100 hourly simple moving average.
There is a crucial bearish trend line in place with resistance at $0.3100 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair must settle above $0.3100 and the 100 hourly SMA to gain bullish momentum.

Ripple price faced many hurdles recently against the US Dollar and bitcoin. XRP/USD is currently struggling near the $0.3100 resistance and likely preparing for the next move.

Ripple Price Analysis

There was a slow and steady decline in ripple price below the $0.3120 resistance against the US Dollar. The XRP/USD pair extended declines recently and revisited the $0.3045 support level. Buyers protected the $0.3045 area once again and the price started an upside correction. A low was formed at $0.3044 and the price moved above the $0.3060 and $0.3065 resistance levels. The price even broke the $0.3080 level and the 50% Fib retracement level of the recent drop from the $0.3129 high to $0.3044 low.

However, the upside move was capped by the $0.3100 resistance and the 100 hourly simple moving average. Besides, the 61.8% Fib retracement level of the recent drop from the $0.3129 high to $0.3044 low acted as a resistance. More importantly, there is a crucial bearish trend line in place with resistance at $0.3100 on the hourly chart of the XRP/USD pair. It seems like there is a strong resistance formed near $0.3100 and the 100 hourly SMA.

Therefore, buyers need to gain strength above $0.3100 to start a decent rebound. The next resistance is at $0.3125 or the $0.3129 swing high. Above these, the price could test $0.3150 and the 1.236 Fib extension level of the recent drop from the $0.3129 high to $0.3044 low. On the other hand, if the price fails to move past the $0.3100 resistance, there could be a fresh decline. An initial support is near the $0.3065 level, below which the price may slide to $0.3045.

Looking at the chart, ripple price is trading near make-or-break zone near $0.3100. If buyers fail to gain strength above $0.3100 and the 100 hourly SMA, the price could decline once again. The main support is near the $0.3045 level, below which there is a risk of a drop to $0.3015.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move into the bearish zone, with a negative bias.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 50 level, with a positive angle.

Major Support Levels – $0.3065, $0.3045 and $0.3015.

Major Resistance Levels – $0.3095, $0.3100 and $0.3125.

Published at Wed, 13 Mar 2019 05:00:24 +0000

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January 8, 2018

Tether Now Supported on the Ethereum Network

Tether has switched from the previously used Omni protocol to the Ethereum network, citing lower fees and faster confirmations for the switch.

“Tethered” to the Dollar

Tethers are a very controversial product in the cryptocurrency space and have been for months on end. They are a cryptocurrency that is backed by traditional fiat currencies, such as the United States Dollar or the Euro. Many exchanges have adopted tethers, as they offer a method of implementing USD pairs without having to use dollars. This loophole can allow exchanges to work with “dollars” without having to jump through regulatory hoops.

The old tether system used the Omni protocol, a system that allows for custom smart contracts using the bitcoin network’s security. The switch to Ethereum is exciting, as they’ve already migrated USDT and EURT to the new network.

The company announced that the switch was due to high fees and slow confirmations, two problems that Ethereum offers a solution to. Tether has launched the new contracts and is in the process of transferring value across the chains. It may take some time for a full roll out onto Ethereum.

Concerns About the Token

Tether has come under fire as of late for some questionable actions. Many are still awaiting a full third-party audit on the tether reserves. The reserves are bank accounts that Tether claims have a matching number of dollars as the number of USDT in circulation. More eyebrows were raised when it was discovered that tether has a clause in their ToS stating they have no obligation redeem the tethers at face value.

Tethers can only be purchased by institutional investors, not the public. So far, over $1.5 trillion has been produced by Tether, which is currently being using in circulation by exchanges and individuals worldwide.

Do you think that Tether’s switch to the Ethereum blockchain was a smart move? Do you use tethers? Let us know in the comments down below!

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