Ripple Long-term Price Analysis

  • The bears are finding ways of pushing its price southward, overpowers the bulls’ capabilities.
  • Within the next few days the 14-day SMA trend-line may be broken northwards.

XRPUSD Long-term Trend – Ranging

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

Accumulation territories: $0.30, $0.20, $0.10.

XRP is still range-bound, the cryptocurrency’s price movements have been having lower lows and lower highs. Additionally, it has been noticed that the range-bound confinement the distribution accumulation territories of $1.00 and $0.50 were in has been breached southward by the current slow price action.Ripple, XRPUSD, Cryptocompare chartRipple Chart by TradingView

Additionally, it has been noticed that the range-bound confinement the distribution accumulation territories of $1.00 and $0.50 were it has been breached southward by the current slow price action.

The market is now slowly ranging northwards below the 14-day SMA’s trend-line. The 50-day SMA is still above the 14-day SMA. The Stochastic Oscillators have moved into the oversold region and are now lightly pointing northward below range 20.

This suggests the slowly moving bearish trend may soon come to an end. The ranging movement may continue for a while below the 14-day SMA trendline, however. Within the next few days the 14-day SMA trend-line may be broken northwards. A safe long entry can be executed while that assumption eventually proves out.

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 Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.