Ripple Long-term Price Analysis

  • The ranging trend has been notably been having much lower lows than lower highs.
  • The ranging trend may be prolonged for next few weeks

XRPUSD Long-term Trend – Ranging

 

Distribution territories: $1.00, $1.10, $1.20.

Accumulation territories: $0.40, $0.30, $0.20.

Market movements in XRPUSD still have a ranging outlook this week. Recently, the ranging trend has been notably been having much lower lows than lower highs. The pair’s value has only been lightly driven past the accumulation territory of $0.50. The price«s action has also been hovering around the immediate accumulation territory.Ripple, XRPUSD, Cryptocompare chartSource: CryptoCompare

The sudden downward slide in most cryptocurrency, on June 10, has forced it to trade around the accumulation territory of $0.50 which still serves as part of its range-bound confinement. Both the two SMAs are still within the confinement, as the 50-day SMA is closely above the 13-day SMA.

The price seems to currently be inactive between the tight space of the 13-day SMA and horizontal line at $0.50. The Stochastic Oscillators are now consolidating close below range 20. The ranging trend may be prolonged for next few weeks. The current trending outlook is expected to take a new form by briefly driving the market price down to find a better chance for the bulls. Traders are expected to look for a financially safe way of taking long entries.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Binance Raises Eyebrows After Confirming Coinmarketcap Acquisition

Binance Holdings Ltd., the firm behind leading cryptocurrency exchange Binance, has confirmed the acquisition of cryptoasset tracking platform CoinMarketCap.

In a blog post, Binance confirmed the acquisition and claimed CoinMaketCap “stays committed” to providing quality cryptocurrency data to its users “while benefiting from Binance’s expertise, resources and scale.” It added CoinMarketCap has “maintained independence from external stakeholders since its inception” and will keep being an independent business entity.

In the post, Binance CEO Changpeng Zhao was quoted as saying CoinMarketCap is the “landing page of crypto.” The acquisition was first reported on by TheBlock, which wrote the platform could be changing hands for as much as $400 million in cash and stock.

While Binance’s BNB token and the Binance exchange are listed on the platform, the post responded to users’ concerns surrounding the acquisition writing:

CoinMarketCap and Binance are separate entities that maintain a strict policy of independence from one another: Binance has no bearing on CoinMarketCap rankings, while CoinMarketCap has no influence over Binance’s operations.

As CryptoGlobe reported, users expressed concern surrounding CoinMarketCap’s data after the acquisition was first reported, as managing the platform could be very beneficial for Binance, which could use it as a funnel to gain new users.

Speaking to Bloomberg News Nic Carter, co-founder of Coin Metrics, noted that Binance could also set its platform as the preferred exchange by topping the rankings by default.  Carter added:

While the move may cause some to question CMC’s [CoinMarketCap’s] ability to remain a neutral data provider, it could potentially be very productive for Binance.

Binance’s blog post details CoinMarketCap’s founder Brandon Chez is stepping down as CEO to focus on his family, while current Chief Strategy Officer Carylyne Chain has been named interim CEO.

The cryptocurrency exchange recently raised users’ ire after participating in what was dubbed a hostile takeover of the STEEM blockchain, later on removing the vote. CoinMarketCap’s data itself has also been heavily criticized, with one filing with the Securities and Exchange Commission from Bitwise Asset Management arguing 95% of the trading volume it reports is fake or non-economical in nature.

Cryptocurrency exchanges have been known to use schemes that help boost their trading volumes – in some cases allegedly going as far as wash trading – to boost their rankings on CoinMarketCap and gain visibility.

Addressing the issue Zhao noted it wasn’t an easy problem to fix, adding that almost everything “requires some kind of judgement or algorithm.” While the acquisition comes at a time in which the economy has been suffering because of the COVID-19 outbreak.

Market volatility has, however, been good for crypto exchanges. Zhao revealed Binance’s traffic increased about five times over the past few weeks, while Coinbase had already revealed its volumes grew after the March 12-13 market crash.

Featured image by David McBee from Pexels