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Ripple (XRP) Price Prediction: Key Support Turned Resistance

Ripple (xrp) price prediction: key support turned resistance

Ripple (XRP) Price Prediction: Key Support Turned Resistance

Ripple (xrp) price prediction: key support turned resistance
  • Ripple price declined heavily after it broke the $0.3000 support area against the US dollar.
  • The price broke the $0.2920 and $0.2850 support levels, and traded close to $0.2800.
  • Yesterday’s highlighted key bearish trend line is intact with resistance at $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct higher in the short term, but sellers are likely to protect $0.2980 and $0.3000.

Ripple price nosedived below many important supports against the US Dollar and bitcoin. XRP tested $0.2800 and it is currently correcting higher towards the previous support levels.

Ripple Price Analysis

This week, we mostly saw bearish moves in ripple price below $0.3200 against the US Dollar. The XRP/USD pair gained bearish momentum after it broke the $0.3060 support and the 100 hourly simple moving average. Sellers got control and pushed the price below the key $0.3000 support level. Finally, there was a sharp decline below the $0.2950 and $0.2920 support levels. The price cleared a connecting bullish trend line with support at $0.3000 to enter a bearish zone.

The decline was such that the price spiked towards the $0.2800 level and formed a new weekly low at $0.2798. At the moment, the price is correcting higher above $0.2850. It broke the 23.6% Fib retracement level of the recent decline from the $0.3083 high to $0.2798 low. However, there are many resistances near the $0.2950 and $0.2970 levels. The 50% Fib retracement level of the recent decline from the $0.3083 high to $0.2798 low is also near the $0.2940 level to act as a hurdle. Moreover, yesterday’s highlighted key bearish trend line is intact with resistance at $0.2980 on the hourly chart of the XRP/USD pair.

Therefore, if the price corrects higher, it could face a strong resistance near the $0.2940 and $0.2970 levels. Only a successful close above the $0.3000 level is likely to open the doors for a decent rebound. If not, the price is likely to remain in a downtrend below the $0.2970 resistance. On the downside, an initial supports are near the $0.2820 and $0.2800 levels. If there are more losses, the price could test $0.2750.

Looking at the chart, ripple price seems to be struggling below the $0.3000 pivot level. As long as it stays below $0.3000, sellers remain in control. An upside correction from the current levels towards $0.2970 can be seen as selling opportunity.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently placed strongly in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently recovering from the extreme oversold levels.

Major Support Levels – $0.2820, $0.2800 and $0.2750.

Major Resistance Levels – $0.2950, $0.2970 and $0.3000.

Published at Fri, 26 Apr 2019 04:58:28 +0000

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Bulgaria Could Slash its National Debt Thanks to Seized BTC

Whilst early investors are rejoicing about the recent surge in the price of bitcoin, the increase is delighting elsewhere too. As part of a national anti-corruption operation in Bulgaria back in May, the government there seized 213,519 BTC from organised criminals. Today, these coins are worth $3.6 billion, or to put it another way, around one fifth of the entire country’s national debt. At the time they were seized, they were only worth $500 million.

The confiscations followed a widespread crackdown by the Southeast European Law Enforcement Centre (SELC). ZeroHedge report that it was in response to cases of customs fraud perpetrated by organised criminals. A large-scale search of over 100 properties led to 23 arrests. Of this number, five were Bulgarian customs officers. Computers, tablets, bank documents, and other communications equipment were also seized. The story was picked up by Russia Today. According to them, the SELC said:

The organized criminal group consisted of Bulgarian nationals with connections in the former Yugoslav Republic of Macedonia, Greece, Romania, and Serbia.

Local police contend that the group had managed to infect customs’ computer systems with a virus. The goal was to falsify data about shipping containers. They would mark certain containers waiting to be exported as having already gone through the necessary checks prior to departure. Naturally, unchecked shipments could contain literally anything, and having such a compromised route for illicit goods is a very valuable asset to a criminal network. The SELC believe that the decision was made to use bitcoin as a way of storing profits because it’s more difficult to track and follow than traditional currencies.

What’s perhaps more interesting than the seizure itself is what the Bulgarian government plans on doing with the coins. For now, there has been no official announcement. Will they follow the US example of privately auctioning confiscated coin being as such a windfall could dramatically aid their economy. One Twitter user expressed the fear that’s sure to have crossed many minds:

https://platform.twitter.com/widgets.js

The temptation to flood the market with the seized coins must be strong being as Bulgaria could immediately repay 18% of their national debt instantly. However, they could equally decide to take the riskier strategy of becoming a long-term hoarder of the cryptocurrency and potentially use it to back their own currency in the future. Just a thought, Bulgaria. We wouldn’t want you to do anything too hasty now.

 

Image: ShutterStock

 

The post Bulgaria Could Slash its National Debt Thanks to Seized BTC appeared first on NEWSBTC.

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