Ripple (XRP) Price Could Bleed Despite Bitcoin Price Surge

Ripple price remained in a bearish zone and failed to recover above $0.2980 against the US dollar.
The price is currently trading near the $0.2910 support and remains at a risk of more losses.
This week’s highlighted bearish trend line is still intact with resistance near $0.2950 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is currently under pressure and it could spike below the $0.2900 support before a fresh increase.

Ripple price is struggling to start a rebound against the US Dollar and declined versus bitcoin. XRP must break the $0.2950 and $0.2980 resistance levels to start a strong upward move.

Ripple Price Analysis

Recently, there was an upward move from the $0.2910 support area in ripple price against the US Dollar. The XRP/USD pair traded above the $0.2950 and $0.2960 resistance levels. The price even tested the $0.3000 level, but it failed to retain gains. As a result, there was a fresh decline below the $0.2980 level and the 100 hourly simple moving average. There was a clear failed attempt near $0.3000 and the price is currently trading well below the $0.2950 level.

It traded to a new weekly low at $0.2901 and it remains at a risk of more losses. Recently, there were a couple of swing moves above the 23.6% Fib retracement level of the last drop from the $0.2996 high to $0.2901 low. However, the broken support near the $0.2950 level acted as a resistance. Besides, the 50% Fib retracement level of the last drop from the $0.2996 high to $0.2901 low capped the upward move. More importantly, this week’s highlighted bearish trend line is still intact with resistance near $0.2950 on the hourly chart of the XRP/USD pair.

Therefore, there is a strong resistance formed near the $0.2950 and $0.2960 levels. The next resistance is near the $0.2980 level and the 100 hourly SMA. A successful close above the $0.2980 and $0.3000 levels is must for the bulls to gain traction. Above $0.3000, the main resistance is near the $0.3080 level.

Looking at the chart, ripple price is clearly struggling to gain traction above $0.3000 despite strong bullish moves in bitcoin above $6,200. Therefore, there is a risk of more losses below the $0.2910 and $0.2900 support levels in the near term. The next important support for the bulls could be $0.2850 (the previous swing low).

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level, with a bearish bias.

Major Support Levels – $0.2910, $0.2900 and $0.2850.

Major Resistance Levels – $0.2950, $0.2980 and $0.3000.

Published at Fri, 10 May 2019 08:14:30 +0000

April 21, 2017

7 Reasons Why BTC Price is Now Climbing to $1300

bitcoin price now appears to be shrugging off politics that have split the community as it looks to test the critical $1,300 mark yet again.

Key Resistance Level at $1,300

BTC price is again coming within striking distance of the critical $1,300 mark, currently sitting at $1,250 at press time.

Back on March 6, bitcoin set the all-time closing high of $1,277 with a record-high spike of around $1,330 a few days later fueled by ETF hype before crashing more than 25% after the rejection by the Securities and Exchange Commission.

But the world’s first decentralized cryptocurrency has rallied since its March 24 low of $960 when divisive politics and heightened fears of a hard fork put downward pressure on the price.

What’s more, the resurgence also comes at a time when Chinese exchanges have still not resumed their bitcoin withdrawals.

In addition to being up 30% so far in 2017, bitcoin’s market capitalization is now looking to break its all-time high of about $20.6 billion as it climbs towards the critical $1,300 resistance level.

“$1300 is a significant psychological price point,” Civic CEO, Vinny Lingham, wrote back in February. “This is the point that arguably no one who had previously bought coins during the last ‘bubble’ is under water.”

7 Positive Trends Driving BTC Price

With Litecoin coming closer to SegWit activation, many hope that the ‘silver to bitcoin’s gold’ will become a testbed for this promising technology. This has made Litecoin price rise significantly in recent weeks while also raising hopes for SegWit activation on bitcoin while allaying fears of a contentious hardfork.

However, this is only one positive factor in what has been a string of good news for bitcoin in recent weeks.

First, Japanese businesses and several major retailers already seem enthusiastic about experimenting with bitcoin payments following their legalization in the country on April 1st.

Second, bitcoin adoption appears to be growing everywhere in the world from P2P trading to remittances to the amount of people actually using it for payments, according to a recent Cambridge University study, which noted:

[T]he number of people using cryptocurrency today has seen significant growth and rivals the population of small countries.

Third, following increasing regulatory clarity from China, Russia may also be planning to ‘legalize’ bitcoin by as early as 2018. Meanwhile, another major economy, India, is seeing major growth with people increasingly using bitcoin as a store-of-value and for online purchases in the wake of the demonetization disaster.

Fourth, the traditional global banking system including SWIFT appears to be under constant attack from hackers, not to mention the NSA. As a rule, any weakness and uncertainty in the traditional financial spells good for a potentially better alternative that’s more secure due to its decentralized, pseudonymous natures and immutability aspect.

Fifth, major companies such as Microsoft are beginning to actually use the bitcoin blockchain for other things besides money such as record time-stamping and document verification. This could introduce more use cases for the bitcoin network, boosting its development, growth, and overall value as a result.

Bitfinex Sticking Out Like a Sore Thumb

Another major factor in the upward pressure on BTC price is bitcoin exchange Bitfinex, which seems to be experiencing problems on the fiat side due to recent complications with partner banks. There also seem to be problems with liquidating the USDT (Tether) cryptocurrency token that replaces the USD currency on the Poloniex exchange.

A perfect storm may be forming on Bitfinex. ~half of all BTC in custody are borrowed (sold for fiat / another crypto). If bitcoin goes up…

— Alistair Milne (@alistairmilne) April 21, 2017

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Therefore, it comes as no surprise that bitcoin on Bitfinex is trading at nearly $1,330 or $80 above market price as traders seek safety. Of course, the solvency of the Bitfinex exchange is also coming increasingly under question despite official statements to the contrary.

[Editor’s note: It remains to be seen whether this is a positive or a negative factor for the BTC price in the short term. However, shaking out insolvent businesses should be a healthy step for the bitcoin economy moving forward.]

In any case, bitcoin should continue to chug along as its overall growth since 2014 has made it more resilient and much more capable of withstanding another ‘Mt.Gox’ scenario if it arises.

Will bitcoin finally break the $1300 psychological barrier? Share your thoughts below!

Images courtesy of coinmarketcap.com, shutterstock

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