XRP Price Analysis – July 31

  • XRP price is out of the range-bound zone after the bearish trend.
  • The support level at $0.43 has been broken, XRP price is likely to find support at the previous low of $0.24.

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

XRP Price Medium-term Trend: Ranging

Supply levels: $0.43, $0.44, $ 0.45                                     

Demand levels: $0.40, $0.39, $0.38

Yesterday, July 30, the XRP price was range bound between the levels of $0.51 and $0.43. Today, the bears have broken the support level $0.43.

XRP price is likely to find support at the previous low of $0.24. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the price of XRP is below the 12-day EMA and 26-day EMA  which indicates that a bearish trend is ongoing.

XRP Price Short-term Trend: Bearish

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

On the 4-hour chart, the XRP price is in a downward trend. The price of XRP has broken the support level at $043. The price of XRP is below the 12-day EMA and 26-day EMA  which indicates that the bearish trend is ongoing. Meanwhile, the Relative Strength Index period 14 is level 26  which indicates that the market is oversold suggesting bulls to take control of price.

                                                            

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

Crypto Market-Maker Altonomy Receives $7 Million in Funding from Polychain Capital

Altonomy, a New York-based cryptoasset trading, advisory, and asset management company, has completed a $7 million fundraising round from Polychain Capital, a leading hedge fund and venture capital firm.

Co-founded by Ricky Li, a former Manager of Research and Product at the CME Group, Altonomy has also received funding from 7 Blocks.

Additional Capital Will Allow Altonomy to Have More Inventory

Commenting on how the additional capital could help Altonomy’s business operations, Li said: 

As a liquidity provider for altcoins, more funding will allow us to have more inventory, taking larger exposure and managing risk more effectively.

Li added that the extra funding would allow Altonomy’s trading desk to provide better services - as the platform would not need to “put constraints” on customers at settlement.

Funds May Be Used to “Source Liquidity for Customers”

Olaf Carlson-Wee, the Founder and CEO at Polychain Capital, remarked:

As a long-time user of Altonomy’s trading services, it was an easy decision for us to invest in their business when the opportunity became available.

Carlson-Wee, a former Product Manager and Head of Risk at Coinbase, also mentioned that the additional funding would help “source liquidity for customers, regardless of token type, order size, market cap, or whether the asset trades on centralized or decentralized exchanges.”

According to Coindesk, Li had suggested to investors in January 2019 that they “liquidate enough ETH so they would have at least two years of runway.” However, Li is now anticipating that cryptocurrency prices may continue to recover - after enduring a long bear market that lasted throughout 2018.

Altonomy Introduces Cloud Service for Crypto Mining

In addition to providing crypto trading and asset management services, Altonomy introduced a new product last year, called the AltMiner. According to Li, AltMiner’s cloud service allows Altonomy’s bigger investors to mine various cryptocurrencies.

Altonomy’s management claims that the AltMiner has a “superior return profile” with the “newest generation of miners, low electricity costs and a secure hosting site.”

During an interview with CryptoGlobe in May 2019, Lee explained how Altonomy’s crypto trading services were developed and their potential benefits.

One of Altonomy’s main services, called electronic execution, allows mining firms, investment companies and crypto exchanges to “enter and exit positions as an outsourced execution desk.”

As a high-frequency market-maker, Altonomy also provides liquidity for various tokens to several crypto spot and derivatives trading platforms.