XRP Price Analysis – February 14

  • The crypto continues its range at the low of $0.30 after the downward correction.
  • A price breakout will enable the bulls to take price to the highs of $0.33 and $0.40.
  • A price breakdown will depreciate the crypto to find support at the lows of $0.28 and $0.29.

Ripple, XRPUSDXRP Chart By Trading View

XRPUSD Medium-term Trend: Ranging

  • Resistance Levels: $0.56, $0.58, $ 0.60
  • Support Levels: $0.29, $0.27, $0.25

The XRPUSD pair is still trading at the $0.30 price level after the downward correction. On February 12, the bulls were making attempt to complete the breaking of the 12-day EMA and the 26-day EMA but the bulls failed. On February 11, the crypto’s price completed the downward trend correction.

Then followed by the appearance of small body candlesticks like the Doji and spinning tops which are above the 12-day EMA. These small body candlesticks describe the indecision of buyers and sellers at the $0.30 price level. On the upside, if the crypto’s price has a price breakout the bulls are likely to take price to the highs of $0.33 and $0.40.

On the downside, if the crypto’s price has a price breakdown, the crypto will find support at the lows of $0.28 and $0.29. Meanwhile, the Relative Strength Index period 14 is level 43 which indicates that price is in a sideways trend.

XRPUSD Short-term Trend: Ranging

Ripple, XRPUSDXRP Chart By Trading View

On the 4-hour chart, the XRP price was in a sideways trend zone. The 12-day EMA and the 26-day EMA are trending horizontally indicating the sideways trend. The crypto’s price has been fluctuating below and above the 12-day EMA and the 26-day EMA. The price bars are below the EMAs indicating the lows of $0.30 arising from the daily trading of the cryptocurrency.

Meanwhile, the stochastic is below the 40 % range which indicates that the XRP price is in a bearish momentum and a sell signal.

 

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.