XRP Long-term Price Analysis - – February 17

  • There has been no indication showing us a good buying position for XRP, as the pair needs to drop to $0.25 or less.
  • Some investors may consider entering the market now.

XRPUSD Long-term Trend – Ranging

  • Distribution territories: $0.40, $0.45, $0.50
  • Accumulation territories: $0.20, $0.15, $0.10

The price of XRP has been going through ranged movements as it hasn’t been able to build upward movement after the February 8 spike it saw. The cryptocurrency has been featuring lower lows and highs around the $0.30 mark.

Ripple, XRPUSDXRP Chart by TradingView

In the last few days, XRP’s 14-day SMA has been moving around its price. The 50-day SMA is located between the $0.35 and $0.30 marks, above the 14-day SMA. The Stochastic Oscillators have crossed around range 40 where they appear to be consolidating.

This means the cryptocurrency’s price is likely going to continue ranging. There has been no indication showing us a good buying position for XRP, as the pair needs to drop to $0.25 or less for the bulls to have a strong position. Some investors may consider entering the market now.

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

Justin Sun Congratulates CZ on Binance Coin (BNB) Price Setting a New All-Time High

On Saturday (April 20), Justin Sun, the Founder and CEO of TRON Foundation congratulated Changpeng Zhao (aka "CZ"), the CEO of Binance, and the rest of the Binance team on the Binance Coin (BNB) price breaking its previous all-time high (ATH), which had been set in January 2018.

This was the tweet Justin sent out at 08:54 UTC on April 20:

CZ replied with this tweet:

According to CryptoCompare, at 07:05 (UTC), the BNB price reached the new ATH of $25.42, as can be seen in the 24-hour price chart shown below:

BNB - 24 Hour CC Chart - 20 Apr 2019.png

As CryptoGlobe reported on April 18, there have been quite a few catalysts behind the impressive rise in the price of BNB over the past three months, a few of which are listed below:

  • High successful initial exchange offerings since January 28 (BitTorrent, Fetch.AI, Celer Network) via Binance Launchpad.
  • Ever-expanding list of use cases for Binance Coin.
  • Regular quarterly BNB token burns (the 7th one was reported by Binance on April 16).
  • Successful mainnet launch of Binance Chain (on April 18), with the swap from ERC20 BNB tokens (on Ethereum) to BEP2 BNB tokens (on Binance Chain) expected to begin on April 23 at 00:00 (UTC).

With regard to future BNB price catalysts, since Binance seems to be betting its future on Binance Chain, the main ones are probably:

  • a successful token swap process (i.e. from ERC20 BNB to BEP2 BNB);
  • existing projects, such as decentralized social media platform Mithril, announcing their migration to Binance Chain; and
  • new projects deciding to adopt Binance Chain.

Finally, if you are a BNB token holder and you are worried about how to prepare for the mainnet token swap, the best advice comes from Binance:

 

Featured Image Courtesy of Binance