XRP Price Analysis – February 22

  • The bulls were unable to break the $0.34 resistance level since January 10.
  • If the bulls have a price breakout, the bulls will break the resistance level and reach a high of $0.40.

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  21, the XRP price was in a bearish trend. From the daily chart, the crypto's price was resisted at the $0.34 price level. This was the price level the bears broke as support level since January 10. The broken support level turns a resistance level to the bulls. The $0.34 price level had remained unbroken since  January 10.

On January 31 and February 21, the bulls were repelled at the $0.34 resistance level. The crypto's price is above the 12--day EMA and the 26-day EMA which indicates that the price is likely to rise. On the upside, if the bulls have a price breakout, the bulls will break the resistance level and reach a high of $0.40.

On the other hand, if the bears have a price break down, the bears will break below the EMAs and find support at the $0.30 price level.  Meanwhile, the stochastic indicator is in the overbought region and but below the 80 % range which indicates that the XRP price is in a  bearish momentum and a sell signal.

 XRPUSD Short-term Trend: Bearish

Ripple, XRPUSDXRP Chart by Trading View

On the 4-hour chart,  the XRP price is in a bearish trend. Yesterday, the bears broke below the 12-day EMA and the 26-day EMA as the price fell to the low of $0.32. In the 4-hour chart, the crypto's price is below the EMAs which indicates that price is likely to fall.  In the meantime, the crypto's price is ranging below the EMAs.

Meanwhile, the stochastic indicator is in the oversold region but below the 20% range which indicates that the XRP price is in a strong 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.         

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