Litecoin (LTC) Long-term Price Analysis

  • The two SMAs are closely moving a bit above the accumulation territory of $80
  • The bulls will have to build upon any correction that can possibly occur.

LTCUSD Long-term Trend - Bearish

Distribution territories: $100, $120, $140.

Accumulation territories: $70, $50, $30.

The bears have been significantly influencing the price of Litecoin this week. Since July 24, while the crypto’s price was above the 14-day SMA and was pushed further northbound to touch the 50-day SMA, it kept on been experiencing a series of declines. The cryptocurrency has been continually falling, and now seems to be being driven towards a low once experienced on June 28 and July 10.

Litecoin, LTCUSD, Cryptocompare chartLitecoin Chart by TradingView

The two SMAs are closely moving a bit above the accumulation territory of $80. The price has been trading below the two SMAs in the last couple of days.  The Stochastic Oscillators have crossed and moved to touch range 20, but still point south.

 This suggests the bearish trend is still in play. The crypto may need to briefly push further southwards to start recovering. However, the bulls will have to build upon any correction that can possibly occur. Investors may have to wait for an upward breakout to engage in good long entries. Traders may wait for the price to push southward a bit to initiate a buy order

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

Santander Clarifies It Isn't Using XRP for International Payments

Spanish bank Santander has recently clarified via microblogging platform Twitter that it isn’t using the XRP cryptocurrency for international payments, but is instead using a product developed by Ripple, the firm behind the token.

Santander’s clarification came shortly after it mistakenly told a Twitter user who asked whether it was using XRP that it was using the cryptocurrency for “international payments to 18 EU countries and the USA” through its One Pay FX app.

Given the attention the tweet received, Santander clarified the very next day it was a misunderstanding, and that its One Pay FX app uses Ripple’s xCurrent technology, and not the XRP token.

In its tweet Santander linked to a press release from last year, in which it revealed it was going to use blockchain-based technology to conduct international transfers for clients “on the same day in many cases or by the next day.” Per the document, Santander was the first bank to “roll out a blockchain-based international payments service to retail customers in multiple countries simultaneously.”

As CryptoGlobe covered in March of last year, the Spanish bank partnered with Ripple to launch the One Pay FX app, which is said to rely solely on Ripple’s xCurrent and RippleNet products, not XRP. The app’s users aren’t just able to see their transactions get settled in a short amount of time, they’re also able to see how much each transfer will cost.

One Pay FX was initially available to users  in Spain, the UK, Brazil, and Poland. Over time, Banco Santander revealed it was set to roll it out to more countries throughout the world. Notably, Santander has invested in Ripple back in 2015 and 2016.

Last year, Ripple formed various partnerships to see financial institutions use its products. Among them was MoneyGram, with the goal of speeding up fiat currency settlements. It also joined a consortium of 61 Japanese banks to create an instant payments app .