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Ripple (XRP) Price Remains Vulnerable Below $0.3050

Ripple (xrp) price remains vulnerable below $0. 3050

Ripple (XRP) Price Remains Vulnerable Below $0.3050

Ripple (xrp) price remains vulnerable below $0. 3050
  • Ripple price struggled to gain bullish momentum and declined below $0.3000 against the US dollar.
  • The price is currently trading below key supports and it could extend losses below $0.2940.
  • There is a short term bearish trend line forming with resistance near $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair remains at a risk of more losses towards the $0.2900 and $0.2850 support levels.

Ripple price is currently in a declining mode against the US Dollar and bitcoin. XRP failed to hold gains and it could continue to move down towards the $0.2850 level.

Ripple Price Analysis

This past week, there were decent gains in ripple price above the $0.3050 level against the US Dollar. The XRP/USD pair traded above the $0.3100 level, but it failed to gain strength above the $0.3120 resistance. As a result, there was a fresh decline below the $0.3080 and $0.3050 support levels. The price recently broke the $0.3000 support, and the 76.4% Fib retracement level of the last wave from the $0.2949 high to $0.3125 high. It opened the doors for a break below the $0.2950 support level.

The price is currently trading with a bearish angle and below the $0.2960 and $0.2950 supports. If it extends losses, the next stop for the bears could be $0.2907 and $0.2900. The 1.236 Fib extension level of the last wave from the $0.2949 high to $0.3125 high is also near the $0.2907. Below $0.2900, there could be a sharp drop towards the key support near $0.2850. The 1.618 Fib extension level of the last wave from the $0.2949 high to $0.3125 high near $0.2840 may also act as a support.

On the upside, there is a strong resistance forming near $0.3000 and the 100 hourly simple moving average. There is also a short term bearish trend line forming with resistance near $0.2980 on the hourly chart of the XRP/USD pair. The pair needs to clear the trend line, the $0.3000 barrier, and the 100 hourly SMA to start a decent upward move. The next key resistance above the $0.3000 level is near the $0.3050 level.

Looking at the chart, ripple price is clearly under pressure below the $0.3000 pivot level. Having said that, the $0.3050 level is also a strong resistance. Therefore, as long as the price is below $0.3000 and $0.3050, there is a risk of more losses in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD declined below the 40 level, with no major recovery sign.

Major Support Levels – $0.2920, $0.2900 and $0.2850.

Major Resistance Levels – $0.3000, $0.3020 and $0.3040.

Published at Mon, 06 May 2019 05:54:37 +0000

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Here’s How SonoCoin Is Trying To Use Sound To Transfer Value

Companies are rushing to try and make peer to peer, blockchain based value transfer quicker and simpler right now and this company thinks it’s been able to do just that.

bitcoin just broke through a major resistance level and interest in the space has never been higher. Companies of all shapes and sizes are popping up, looking to take advantage of the rush to develop and establish the blockchain-centric infrastructure that’s going to serve as the foundation for technological advance for many years to come and many of these are conducting ICOs to try and pick up funding. The ICO space, however, and likely as a direct result of the above statement, is pretty crowded right now and a company that wants to stand out and – in turn – to attract investor capital through an initial offering has to serve up something unique. Reports have just hit press that a company called SonoCoin is about to launch its efforts to do just that and, at a glance, the company looks as though it certainly checks the ‘unique offering’ box.

SonoCoin has developed a blockchain based peer-to-peer value transfer system that uses a digitally encrypted audio file as its transfer token. In contrast to bitcoin, which uses a Proof-of-Work (PoW) protocol, SonoCoin uses a Proof-of-Stake (PoS) protocol to verify transactions and, again unlike bitcoin, the exchange token can be sent via any means through which a standard data/audio file can be sent – email, messenger application, etc.

So how does it work?

The company has developed an algorithm that takes a transaction hash, a secret key and the index (which is defined as the number of outputs when the coin was formed) and converts it into a .wav file.

This file can then be sent from one device to another (basically, so long as the devices have a microphone and a speaker that can emit, recognize and interpret sound, which pretty much all mobile devices do right now) and, on receipt, an application (which is already available for some devices) specifically designed to interpret these SonoCoin sound files will record and register the transaction.

And why is this news now?

The company is currently conducting a presale of its tokens and intends to move into the second phase of this presale on December 14, at the end of next week. During phase one and phase two (phase one has been active since this time last week), a total of 30 million coins will be issued. Subsequent to the presale, 40 million coins will be issued as part of the full ICO.

How successful the ICO will be remains to be seen but the assumption is that, post-completion, SonoCoin will look to pick up a listing for its coins on the major exchanges in the space – Bittrex, Poloniex, etc. and it’s at that point that we’ll really get an idea of the market appetite for this sort of alternative-format type value transfer.

Here’s the company’s Whitepaper for anyone looking to get a better idea of how SonoCoin works.

What do you think of this sort of application of blockchain technology? Will the ability to transfer value via sound files aid mainstream adoption of algorithm-based peer-to-peer transactions? Let us know in the comments section below!

Image courtesy of Tess Watson via Flickr

The post Here’s How SonoCoin Is Trying To Use Sound To Transfer Value appeared first on Bitcoinist.com.

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