EOS Price Analysis – December 31

  • The bulls are in control of the medium outlook while the short-term outlook is in consolidation
  • Patience should be exercise trading the consolidation.

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOSUSD Price Medium-term Trend: Bullish

Supply zones: $9.00, $10.00, $11.00

Demand zones: $2.00, $1.00, $0.50

EOS resumes bullish trend in its medium-term outlook. The bullish marubozu candle followed by the bullish engulfing candle on 28th December confirmed the bulls are now in charge of the market. EOSUSD rose to $2.88 in the supply area over the weekend as momentum gradually reduces on 29th December with the formation of a long-tailed inverted candle.

Correction to the move resulted in the bears dropping the price to $2.58 in the demand area.

Today's opening 4-hour candle formed a bearish railroad and price was down to $2.53 in the demand area as the bearish momentum shows exhaustion and possible bull return.

The price is below the two EMAs crossover while the stochastic oscillator signal points down at 22% which reflect the downward price movement before a possible reversal to the upside.

EOSUSD Price Short-term Trend: Ranging

Eos, EOSUSD, Cryptocompare chartEOS chart by tradingview

EOS  is in a range bound-market in its short-term outlook. After a bullish opening at $2.73 and minor push of the price to $2.77 in the supply area, the bears gradually staged a return which was confirmed by a bearish engulfing candle at $2.74 which dropped EOSUSD to $2.65 in the demand area.

The price is below the two EMAs and the stochastic oscillator signal points up at 38% as the cryptocurrency ranges.

EOS is in consolidation and trading between $2.78 in the upper supply area and at $2.53 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.

 

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

Ripple XRP Sales Fell 74% in Q3 Amidst Mounting 'FUD'

Michael LaVere
  • Ripple XRP sales fell 74 percent in Q3 2019 according to their most recent report.
  • Blockchain startup says increasing FUD and misinformation about XRP contributed to the decline in sales. 

San Francisco-based blockchain startup Ripple saw a decline in XRP sales of 74% for Q3 2019, with the company citing increased fear, uncertainty and doubt (FUD) during that timespan. 

According to Ripple’s XRP Markets Report released Oct. 18, the sale of XRP dropped from $251.5 million in Q2 to $66.2 million in Q3, constituting a decrease of 74%. Ripple’s sale of XRP constitutes a portion of the coin’s 100 billion max supply that the company controls, primarily in distribution to institutional clients.

The report states, 

As readers may recall from the previous quarterly report, Ripple publicly announced our intention to shift to a more conservative volume benchmark for our XRP sales, away from CoinMarketCap and to CryptoCompare Top Tier. In the third quarter, we significantly reduced our XRP sales, consistent with the messaging we shared in the Q2 report. For Q3 19, our total XRP sales were $66.24 million vs. $251.51 million in the previous quarter.

While the dollar-amount of XRP sold fell precipitously from Q2 to Q3, the price of XRP also dropped 35% during that time, contributing to the depression in sales. Total XRP volume also declined between the second and third quarter of 2019, falling 53%. 

Ripple claims to have shifted away from “programmatic sales” during Q3 to focus on a “few strategic partners” who are focused on building XRP utility. The report also cites an uptick in “FUD” and the “spread of misinformation” about XRP as contributing to the decline in sales. 

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