XRP Price Analysis – February 15

  • The XRP price is in a bearish momentum in the short and medium-term trend.
  • The crypto’s price consolidates at the $0.30 price level.

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 in a sideways trend. On February 8, a bullish candlestick broke the bearish trend line. It was assumed technically that the bearish trend is terminated. The assumption was that if a candlestick had broken a bearish trend line and the following candlestick closed on the opposite of it; the current trend is said to be terminated.

From the daily chart, these conditions were fulfilled. On February 11, after the trend line was broken the bears pulled back price. Later, we have candlesticks in a rectangular blocks that are consolidating daily at a price of $0.30. However, from every indication price may breakout from this range bound movement.

There will be a continuation of the bullish trend of February 8, 2019. If we have a price breakout, the crypto will rally at the $0.33 or $0.40 price level. Meanwhile, the stochastic indicator is out of the oversold region and below the 40 % range which indicates that the XRP price is in a bearish momentum and a sell signal.

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 after the downward correction. The 12-day EMA and the 26-day EMA are trending horizontally indicating that price is in a sideways trend. The crypto’s price is neither below nor above the 12-day EMA and the 26-day EMA indicating that the price is in a sideways in trend.

Meanwhile, the stochastic indicator is in the oversold region and below the 20 % range which indicates that the XRP price is in a strong bearish momentum and a sell signal.

 

 

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JPMorgan Pays $2.5 Million for Overcharging Cryptocurrency Fees

JPMorgan Chase has reportedly agreed to pay $2.5 million to settle a class-action lawsuit filed against the financial institution in 2018, over it allegedly overcharging customers who were buying cryptocurrencies with Chase credit cards.

According to Reuters, JPMorgan Chase was overcharging users for buying cryptocurrencies as these transactions were being classified as cash advances. As part of the deal, JP Morgan did not admit to any wrongdoing to the 62,000 members of the class-action lawsuit, but a motion filed in Manhattan federal court reads the financial institution agreed to pay customers $2.5 million, noting it will see class members get “about 95% of the fees they said they were unlawfully charged.”

It adds:

.Chase has agreed to enter into this Agreement to avoid the further expense, inconvenience, and distraction of burdensome and protracted litigation, and to be completely free of any further claims that were asserted or could have been asserted in the Action.

One of the plaintiffs, Brady Tucker, reportedly claimed JPMorgan Chase violated the Truth in Lending Act since it did not inform its customers crypto purchases were being treated as cash advances. This saw them pay higher fees, which the bank then refused to refund and led to the class action lawsuit.

At the time the lawsuit was filed JPMorgan was seemingly hostile toward cryptocurrencies, with its CEO Jamie Dimon claiming bitcoin was a “fraud.” Since then, the bank has launched its own stablecoin called JPM Coin.

As CryptoGlobe reported, a report published by JPM late last month showed that using their “intrinsic value calculation,” developed by in-house analyst Nick Panigirtzoglou, bitcoin is correctly valued after the recent halving event.

Featured image by Drew Beamer on Unsplash.