XRP Price Analysis – August 7

  • The price is likely to find support at the $0.37 and $0.32 lows.
  • The XRP price broke the support at $0.43 and it's reaching the $0.40 low.

Ripple, LTCUSD, CryptoCompare chartXRP Chart by Trading View

XRPUSD Medium-term Trend: Bearish

Supply levels: $0.39, $0.40, $0.41                                     

Demand levels: $0.38, $0.37, $0.36  

Yesterday, the XRP price was in a bearish trend. We saw how it broke the support level at $0.43 on three occasions and it pulled back on each occasion. We are waiting to see how the bears would break the level at $0.43 and sustain their bearish status. Today, the XRP price has finally broken the support level at $0.43 of the lower range-bound zone.

The price is likely to find support at the $0.37 and $0.32 lows, if the bearish pressure continues. Traders are advised to initiate long trades at the end of the bearish pressure. Nevertheless, the MACD line and the signal line are below the zero line which indicates a buy signal.  Also, the XRP price is below the 12-day EMA and the 26-day EMA which indicates that the bearish pressure continues.

XRPUSD Short-term Trend: Bearish 

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

The 4-hour chart shows that the XRP price is in a downward trend. The XRP price has broken the support at $0.43 and it'is reaching the $0.41 low. Meanwhile, the XRP price is below the 12-day EMA and the 26-day which indicates that the bearish trend is ongoing.   Nevertheless, the Relative Strength Index period 14 is level 28 which indicates that the market is oversold suggesting that the bulls will take control of the market.         

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 Update: Focus on BTC, ETH, BCH, BNB, XMR, and DASH

Siamak Masnavi

This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Binance Coin (BNB), Monero (XMR), and Dash (DASH)—over the past 24-hour period.

Overall, September 17th is proving to be a bit of a mixed day, with 12 of the top 20 cryptocurrencies (by market cap) in the red at press time (around 06:25 UTC).

BTC-USD

BTC-USD 24 Hour Chart - 17 Sep 2019.png

The bad news is that are still waiting for the launch of Bakkt's physically-delivered daily and monthly Bitcoin futures contracts. So, Bitcoin is still trading mostly sideways, hovering around the $10,300 mark. The good news is that the launch is expected to take place in less than one week (i.e. on September 23), as was confirmed by this tweet that Bakkt sent out on September 16:

ETH-USD

ETH-USD 24 Hour Chart - 17 Sep 2019.png

The Ether (ETH) price continues its upward movement toward the $200 mark, up another 2.24% in the past 24-hour period (making it up 4.32% in the past 7-day period). What may have helped the Bitcoin price yesterday (September 16) is the announcement by crypto payment processor BitPay that in the near future it will be possible for its customers to accept Ether payments for purchases of goods and services. Also, the BitPay wallet will support Ether.

Ethereum co-founder Vitalik Buterin had this to say about the news:

"It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems. This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real world use cases for cryptocurrencies.

BCH-USD

BCH-USD 24 Hour Chart - 17 Sep 2019.png

On Monday (September 16), Bitcoin.com announced that it had entered into a strategic partnership with Taiwanese smartphone manufacturer HTC, as a result of which the Bitcoin.com wallet will come preinstalled on HTC's current and upcoming blockchain phones (Exodus 1 and Exodus 1s):

BNB-USD

BNB-USD 24 Hour Chart - 17 Sep 2019.png

Although BNB is currently in the red, this may change during the next several hours once all of the six mini announcements that Binance plans to make today have come out:

The first of the six announcements that Binance CEO Changpeng Zhao (aka "CZ") referred to is the addition of support for Cosmos (ATOM) to Binance's Margin Trading platform:

XMD-USD

XMR-USD 24 Hour Chart - 17 Sep 2019.png

OKEx Korea announced on Monday (September 16) that it intends to delist all five privacy coins it is currently supporting, i.e. XMR, DASH, ZEC, ZEN, and SBTC, due to concerns that these cryptocurrencies do not allow it to implement FATF's so-called "travel rule". 10 October 2019 is the date on which transaction (i.e. trading) support ends.

DASH-USD

DASH-USD 24 Hour Chart - 17 Sep 2019.png

Since OKEx Korea's delisting announcement mentioned DASH, you would expect it to be down today, just like XMR. However, it is not, and that is very likely due to the fact that today (September 17) is the day that trading in DASH is expected to start on Coinbase Pro on/after 09:00 PST (16:00 UTC) provided that there is sufficient liquidity.

Featured Image Court: Photo via Pixabay.com