Strength Building on XRP Chart After Modest Gains — Price Analysis

  • Short term trend: Mostly sideways on BTC pairing
  • Long term trend: Locked in a downtrend, still

It’s no secret now that altcoins have been popping off, pulled up by Bitcoin’s (BTC) bullish moves, as well as declining Bitcoin dominance. XRP (XRP), however, has been one of the few majors to not see much positive price action since the rallies began, and is still stuck in a downtrend that has been in play (versus BTC) since October 2019. But signs of strength are there.

We start with a daily XRP/BTC chart, we see the curious case of rising RSI strength coupled with two very direct selloffs that have come already in the new year. It seems that XRP is being compressed under the EMAs, and above the 2600 satoshi mark. The histogram also has maintained its position on the positive side of the range, suggesting that maybe XRP is being accumulated here.

Mostly sideways with a bit of growing strengthXRP chart by TradingView

If we look at the huge weekly USD pairing, however, we see that XRP is still in a dire state in terms of long term trend. We see a downtrending price still trapped under the 21 EMA (with a fresh rejection in the current week), and RSI downtrending to match price.

Stuck on the 21XRP chart by TradingView

Volume has been building a bit throughout 2019, although not much. The histogram here is, in fact, diverging bullish from price, although the EMAs are still very much inverted (bearish). XRP has a lot of work to put in here to return to an uptrend.

Finally, on the XRP/USD daily, we see some good signs – but must remember that most of these are inflationary effects of Bitcoin. XRP has engaged the critical resistance region starting at about $0.23, going up to about $0.25; and derived from summer support.

Mostly due to BitcoinXRP chart by TradingView

The 55 EMA has been taken and waits for a retest, but even holding above $0.20, at the most recent support, would constitute a higher low and preserve the beginning of a medium term uptrend.

Ultimately, XRP/USD will not look really enticing for trend traders until it has secured a position above $0.25. Even if things are looking interesting now, it is nowhere near that milestone. But volatility seems to be returning to the crypto markets, and perhaps XRP will get there sooner than expected.

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

Featured Image Credit: Photo via Pixabay.com

Ripple’s Xpring Building Interoperability Bridges Between XRP and ETH

Michael LaVere
  • Ripple's investment arm Xpring is committed to building interoperability bridges between XRP and Ethereum. 
  • Xpring sponsored last weekend's hackathon and development conference ETH Denver. 

Ripple’s investment and development arm Xpring plans to build a bridge of financial connectivity between Ethereum and XRP. 

According to a blog post on the official Xpring website, the crypto development company has announced its attention to increase interoperability between XRP and ETH. Xpring, which bills itself as an “open developer” platform for money, sponsored the ETH Denver event held last weekend.

The Xpring team was inevitably asked about a Ripple-backed enterprise supporting Ethereum, to which they replied, 

Xpring is default open, meaning we build open source software, open protocols and open standards and we love to work with others that do too.

The post claims nearly all of Xpring’s 40+ engineers work on open-source software and that the company is committed to supporting multiple forms of development on the XRP Ledger. 

The post also explained the importance of interoperability between cryptocurrency projects, 

We believe that developers should be given a choice on how to solve their problems, which is one of the reasons why we think interoperability is so important for crypto and blockchain technology to reach mainstream adoption.

In order to support interoperability, Xpring sponsored three challenges in the lead-up to ETH Denver, Each of the challenges was centered around building bridges between XRP and Ethereum through the Interledger Protocol (ILP). 

The post concluded by reiterating Xpring’s commitment to open development and growing interoperability, 

We look forward to working with more blockchain communities in the future.

Featured Image Credit: Photo via Pixabay.com