XRP Price Analysis – February 21

  • The XRP price is trading at $0.33 after testing the $0.34 resistance level.
  • The crypto will rise if more buyers come in at the $0.34 price level and the crypto's price is sustained above the EMAs.

Ripple, XRPUSDXRP Chart by Trading View

XRPUSD Medium-term Trend: Bullish

  • Resistance Levels: $0.56, $0.58, $ 0.60
  • Support Levels: $0.32, $0.30, $0.28

Yesterday, February 20, the XRP price was in a bullish trend. The crypto's price reached a high of $0.34 and was resisted. The crypto's price is facing resistance at the $0.34 price level. On January 10, the bears broke the $0.34 price level which was then a support level but today it is a resistance level. The bulls have not been able to break the $0.34 resistance level since January 10.

Nevertheless, the bullish trend may have been terminated because of the broken trend line. We will confirm this termination when another candlestick closed on the opposite of the trend line.  The crypto's price is above the 12-day EMA and the 26-day EMA which indicates that the price is the bullish trend zone and most likely to rise.

On the upside, the crypto will rise if more buyers come in at the $0.34 price level and the crypto's price is sustained above the EMAs. Then the bulls should be able to overcome the resistance level. Meanwhile, the stochastic indicator is in the overbought region and below the 80 % range which indicates that the XRP price is in a  bearish momentum and a sell signal.

 XRPUSD Short-term Trend: Bullish

Ripple, XRPUSDXRP Chart by Trading View

On the 4-hour chart,  the XRP price is in a bullish trend. Yesterday, February 20, the XRP price was ranging above the $0.33 price level. The bears have broken the 12-day EMA and price is approaching the 26-day EMA. Nevertheless, if the bears break below the EMAs, the crypto will resume its downward trend.

Meanwhile, the stochastic indicator is out of the overbought region but 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.         

Coin Metrics: Over 94% of Daily BSV Transactions ‘Generated by a Weather App’

Siamak Masnavi

According to the latest research by blockchain analytics/research boutique Coin Metrics, as of July 14, over 94% of Bitcoin SV's daily transactions are reportedly being generated by "a weather app."

Coin Metrics' findings were published on Tuesday (July 16) in issue #8 of their weekly newsletter "State of the Network".

This shocking discovery was made while Coin Metrics was doing research on the on-chain activity of Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin SV (BSV). 

Although Coin Metrics found that BSV's "overall transaction count has been growing," they noticed that the majority of these transactions include the OP_RETURN opcode.

According to the Bitcoin Wiki, OP_RETURN is "a script opcode used to mark a transaction output as invalid" and "any outputs with OP_RETURN are provably unspendable."

This means that this opcode can be used to store data on the blockchain. However, as the Bitcoin Wiki points out, many Bitcoiners "believe that use of OP_RETURN is irresponsible in part because Bitcoin was intended to provide a record for financial transactions, not a record for arbitrary data," and it's "less costly and far more efficient to store non-currency data elsewhere."

In the case of the Bitcoin SV blockchain, it appears that BSV transactions are "increasingly including OP_RETURNS", and that, since May, the majority of OP_RETURNs are coming from a web-based weather app, "WeatherSV", which records to and retrieves from the Bitcoin SV blockchain weather information.

The WeatherSV website says that it is demonstrating "the ability to index and retrieve climate data immutably stored on a distributed ledger."

Furthermore, Coin Metrics found that the majority of BSV’s overall transactions are being generated by WeatherSV, in fact over 94% (as of July 14):

Coin Metrics Chart - 16 July 2019.png

According to data from CryptoCompare, at press time, BSV is trading at $11.31, down 11.04% in the past 24-hour period:

BSV-USD Chart - 17 July 2019.png

Featured Image Credit: Photo via Pexels.com. BSV Chart Courtesy of Coin Metrics.