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XRP Fails to Break Out Above $0.30 – What’s Next?

XRP/BTC is following a descending resistance line. The bullish reversal will not be confirmed until the pair breaks out. This is a shorter-term analysis. For the longer-term one, click here. Symmetrical Triangle XRP has been trading inside a symmetrical triangle since it reached a high of $0.385 on Dec.25, 2020. Both the resistance and support … Continued

The post XRP Fails to Break Out Above $0.30 – What’s Next? appeared first on BeInCrypto.

Republished by Plato

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The XRP price is currently trading inside a neutral pattern, the breakout/down of which is likely to determine the trend’s direction.

XRP/BTC is following a descending resistance line. The bullish reversal will not be confirmed until the pair breaks out.

This is a shorter-term analysis. For the longer-term one, click here.

Symmetrical Triangle

XRP has been trading inside a symmetrical triangle since it reached a high of $0.385 on Dec.25, 2020. Both the resistance and support lines have been validated three times

At the time of writing, XRP was trading very close to the support line of this triangle. The symmetrical triangle is a neutral pattern, allowing for either a breakout or a breakdown.

While technical indicators are neutral, XRP is trading below the $0.30 area, which previously acted as support and has now turned to resistance. Until it manages to move above it, the short-term trend is bearish.

Symmetrical Triangle
Chart By TradingView

XRP’s Future Movement

Cryptocurrency trader @Crediblecrypto outlined an XRP chart, stating that a move towards $0.46 is likely.

XRP Range
Source: Twitter

The $0.47 area previously acted as support, and the breakdown below was the catalyst for the acceleration of the downward move. Furthermore, it is the 0.618 Fib retracement level of the entire downward stretch. If XRP manages to clear it, the trend will probably turn bullish.

However, XRP is currently facing resistance from the 0.382 Fib retracement level at $0.35. Technical indicators are gradually turning bullish but have not confirmed the reversal yet.

A price movement above the $0.35 resistance would cause the RSI to move above 50 and the Stochastic oscillator to form a bullish cross. This would somewhat confirm the bullish trend.

Therefore, while a move above $0.47 would definitely indicate that the long-term trend is bullish, even an increase above $0.35 would go a long way in supporting a trend reversal.

Daily
Chart By TradingView

XRP/BTC

The daily chart shows that XRP/BTC has been following a descending resistance line since Nov. 24, 2020. At the time of writing, XRP was trading just below this support line at 760 satoshis.

While technical indicators on the daily time-frame are bullish, the reversal will not be confirmed until XRP breaks out from the descending resistance line due to the significant bullish divergence in the RSI.

A breakout would likely take XRP towards the 0.382 Fib retracement level at 2037 satoshis.

XRP/BTC
Chart By TradingView

Conclusion

To conclude, the price action and indicator readings for XRP are relatively neutral. Whether XRP breaks out or down from the current pattern will likely determine the direction of the trend.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

Follow Author

Source: https://beincrypto.com/xrp-fails-to-break-out-above-0-30-whats-next/

Blockchain

XRP Fails to Break Out Above $0.30 – What’s Next?

XRP/BTC is following a descending resistance line. The bullish reversal will not be confirmed until the pair breaks out. This is a shorter-term analysis. For the longer-term one, click here. Symmetrical Triangle XRP has been trading inside a symmetrical triangle since it reached a high of $0.385 on Dec.25, 2020. Both the resistance and support … Continued

The post XRP Fails to Break Out Above $0.30 – What’s Next? appeared first on BeInCrypto.

Republished by Plato

Published

on

The XRP price is currently trading inside a neutral pattern, the breakout/down of which is likely to determine the trend’s direction.

XRP/BTC is following a descending resistance line. The bullish reversal will not be confirmed until the pair breaks out.

This is a shorter-term analysis. For the longer-term one, click here.

Symmetrical Triangle

XRP has been trading inside a symmetrical triangle since it reached a high of $0.385 on Dec.25, 2020. Both the resistance and support lines have been validated three times

At the time of writing, XRP was trading very close to the support line of this triangle. The symmetrical triangle is a neutral pattern, allowing for either a breakout or a breakdown.

While technical indicators are neutral, XRP is trading below the $0.30 area, which previously acted as support and has now turned to resistance. Until it manages to move above it, the short-term trend is bearish.

Symmetrical Triangle
Chart By TradingView

XRP’s Future Movement

Cryptocurrency trader @Crediblecrypto outlined an XRP chart, stating that a move towards $0.46 is likely.

XRP Range
Source: Twitter

The $0.47 area previously acted as support, and the breakdown below was the catalyst for the acceleration of the downward move. Furthermore, it is the 0.618 Fib retracement level of the entire downward stretch. If XRP manages to clear it, the trend will probably turn bullish.

However, XRP is currently facing resistance from the 0.382 Fib retracement level at $0.35. Technical indicators are gradually turning bullish but have not confirmed the reversal yet.

A price movement above the $0.35 resistance would cause the RSI to move above 50 and the Stochastic oscillator to form a bullish cross. This would somewhat confirm the bullish trend.

Therefore, while a move above $0.47 would definitely indicate that the long-term trend is bullish, even an increase above $0.35 would go a long way in supporting a trend reversal.

Daily
Chart By TradingView

XRP/BTC

The daily chart shows that XRP/BTC has been following a descending resistance line since Nov. 24, 2020. At the time of writing, XRP was trading just below this support line at 760 satoshis.

While technical indicators on the daily time-frame are bullish, the reversal will not be confirmed until XRP breaks out from the descending resistance line due to the significant bullish divergence in the RSI.

A breakout would likely take XRP towards the 0.382 Fib retracement level at 2037 satoshis.

XRP/BTC
Chart By TradingView

Conclusion

To conclude, the price action and indicator readings for XRP are relatively neutral. Whether XRP breaks out or down from the current pattern will likely determine the direction of the trend.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

Share Article

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

Follow Author

Source: https://beincrypto.com/xrp-fails-to-break-out-above-0-30-whats-next/

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Blockchain

Mark Cuban Backs Ethereum-Based Data Marketplace dClimate

Mark Cuban Ethereum

Rate this post Dallas Mavericks owner, Mark Cuban is betting big on Ethereum’s future. The billionaire investor is joining Ethereum-based data project dClimate, a decentralized network for climate data, forecasts, and models based on the Ethereum blockchain and powered by the oracle network Chainlink Mark Cuban to Join Ethereum and Chainlink Data Project dClimate  Cuban has been advocating for crypto investments and adoption in the last few years. The tech entrepreneur has shown a great deal of interest in Ethereum in particular. During an interview, Cuban discussed the blockchain’s potential to disrupt banking, healthcare, and software companies. He also claimed that Etherem has a “greater long term” value as compared to Bitcoin. Following that, he invested in an Ethereum scalability startup Polygon. With his latest investment, Cuban is set to unleash Ethereum’s disruptive capabilities in a sector that ripe for a change: data. dClimate connects businesses and entities in need of climate data with publishers who can fulfill their needs. The company uses blockchain to eliminate middlemen and ensures transparency with an in-built mechanism to score the data quality. It also employs Chainlink — an Ethereum-based project that delivers information in and out of a blockchain network — to fetch the climate data. Chainlink is designed to connect blockchains with data in the real world in a secure manner. Over the last year, Chainlink has benefitted immensely from hundreds of partnerships with crypto-related projects, resulting in a 1000% surge in the value of LINK, its native token. Cuban’s Expertise is Invaluable to dClimate According to dClimate co-founder Sid Jha, Cuban’s understanding of blockchain and smart contracts could evolve and add transparency to the climate data industry. Furthermore, he stated, “His insights and expertise will be an invaluable asset to the dClimate team as we build a platform that can be leveraged by the many stakeholders who need reliable and secure weather data to build climate resilience.” Apart from Ethereum, Cuban has also expressed an interest in Dogecoin, a meme-currency that has a market cap of over $40.7 billion. His professional basketball team, Dallas Mavericks is also supportive of the crypto revolution and started accepting Bitcoin for payments two years ago.

The post Mark Cuban Backs Ethereum-Based Data Marketplace dClimate appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

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Rate this post

Dallas Mavericks owner, Mark Cuban is betting big on Ethereum’s future. The billionaire investor is joining Ethereum-based data project dClimate, a decentralized network for climate data, forecasts, and models based on the Ethereum blockchain and powered by the oracle network Chainlink

Mark Cuban to Join Ethereum and Chainlink Data Project dClimate 

Cuban has been advocating for crypto investments and adoption in the last few years. The tech entrepreneur has shown a great deal of interest in Ethereum in particular. During an interview, Cuban discussed the blockchain’s potential to disrupt banking, healthcare, and software companies. He also claimed that Etherem has a “greater long term” value as compared to Bitcoin. Following that, he invested in an Ethereum scalability startup Polygon.

With his latest investment, Cuban is set to unleash Ethereum’s disruptive capabilities in a sector that ripe for a change: data.

dClimate connects businesses and entities in need of climate data with publishers who can fulfill their needs. The company uses blockchain to eliminate middlemen and ensures transparency with an in-built mechanism to score the data quality. It also employs Chainlink — an Ethereum-based project that delivers information in and out of a blockchain network — to fetch the climate data. Chainlink is designed to connect blockchains with data in the real world in a secure manner. Over the last year, Chainlink has benefitted immensely from hundreds of partnerships with crypto-related projects, resulting in a 1000% surge in the value of LINK, its native token.

Cuban’s Expertise is Invaluable to dClimate

According to dClimate co-founder Sid Jha, Cuban’s understanding of blockchain and smart contracts could evolve and add transparency to the climate data industry. Furthermore, he stated, “His insights and expertise will be an invaluable asset to the dClimate team as we build a platform that can be leveraged by the many stakeholders who need reliable and secure weather data to build climate resilience.”

Apart from Ethereum, Cuban has also expressed an interest in Dogecoin, a meme-currency that has a market cap of over $40.7 billion. His professional basketball team, Dallas Mavericks is also supportive of the crypto revolution and started accepting Bitcoin for payments two years ago.

READ  Diginex Is the First Crypto Exchange to Go Public on Nasdaq

#DClimate #Ethereum #Ethereum and Chainlink #Mark Cuban

Source: https://www.cryptoknowmics.com/news/mark-cuban-backs-ethereum-based-data-marketplace-dclimate/

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Bitcoin Struggles to Breach $40k After Fed Schedules Interest Rate Hike

Bitcoin Fed

Rate this post Bitcoin struggled to soar above $40,000 as investors unpacked the latest Fed announcement. On Wednesday, the Federal Reserve announced that it planned to increase interest rates twice in 2023, much sooner than the markets expected. The announcement incited fears that the banking system could also curtail its bond-buying program. Bitcoin Tumbles Amid Fed Announcement on Interest Rate Hikes in 2023 Bitcoin (BTC) prices are tumbling again after briefly showing signs of recovery. The currency was changing hands at an intraday low of $38,300, following its decline from the $40,000 mark. Meanwhile, in the stock markets, DOW and S&P 500 also recorded a drop of 0.77% and 0.54% respectively. The latest decision on interest rates comes in light of rising inflation in the United States. The country — currently experiencing a 13 year high in consumer prices — is projected to see its inflation rates spike from 2.4% to 3.4%. While Fed chair Jerome Powell has termed the projected rates to be “transitory”, investors are worried about the implications of ongoing inflation for a post-pandemic economy. In the meantime, investors tied to risky assets such as stocks and cryptocurrencies are also anticipating the Fed to roll back its $120 billion monthly bond purchase program, which could be winded down before the planned interest rate hikes. Current Bitcoin Price Activity is Normal Range-Bound Trading BTC prices briefly breached $40,000 but fell short of $45,000, as the currency traded at nearly $41, 350 on 15 June. But the digital asset couldn’t maintain this level longer and plummeted further. Even as BTC fell from $40,000 to $38,300, investors are confident about the primary cryptocurrency’s resilience. Some believe that Bitcoin’s price activity matches its range-bound trading. At this point, investors are hoping for BTC to hold at $37,000, which could represent its support level. Interestingly, major exchanges have recorded a continuous inflow of BTC over the last few days. Miner outflows have also been increasing according to the findings of CryptoQuant, which suggest that BTC inflows produce bearish results for the market.  Additionally, the currency’s 50 and 200-day moving averages are also on their way to convergence, leading to the formation of a bearish death cross. While they are not the strongest indicators of the current spot price action, they help understand the existing resistance for bulls. 

The post Bitcoin Struggles to Breach $40k After Fed Schedules Interest Rate Hike appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

Published

on

Table of Contents

Rate this post

Bitcoin struggled to soar above $40,000 as investors unpacked the latest Fed announcement. On Wednesday, the Federal Reserve announced that it planned to increase interest rates twice in 2023, much sooner than the markets expected. The announcement incited fears that the banking system could also curtail its bond-buying program.

Bitcoin Tumbles Amid Fed Announcement on Interest Rate Hikes in 2023

Bitcoin (BTC) prices are tumbling again after briefly showing signs of recovery. The currency was changing hands at an intraday low of $38,300, following its decline from the $40,000 mark. Meanwhile, in the stock markets, DOW and S&P 500 also recorded a drop of 0.77% and 0.54% respectively.

The latest decision on interest rates comes in light of rising inflation in the United States. The country — currently experiencing a 13 year high in consumer prices — is projected to see its inflation rates spike from 2.4% to 3.4%. While Fed chair Jerome Powell has termed the projected rates to be “transitory”, investors are worried about the implications of ongoing inflation for a post-pandemic economy.

In the meantime, investors tied to risky assets such as stocks and cryptocurrencies are also anticipating the Fed to roll back its $120 billion monthly bond purchase program, which could be winded down before the planned interest rate hikes.

Current Bitcoin Price Activity is Normal Range-Bound Trading

BTC prices briefly breached $40,000 but fell short of $45,000, as the currency traded at nearly $41, 350 on 15 June. But the digital asset couldn’t maintain this level longer and plummeted further.

Even as BTC fell from $40,000 to $38,300, investors are confident about the primary cryptocurrency’s resilience. Some believe that Bitcoin’s price activity matches its range-bound trading. At this point, investors are hoping for BTC to hold at $37,000, which could represent its support level.

Interestingly, major exchanges have recorded a continuous inflow of BTC over the last few days. Miner outflows have also been increasing according to the findings of CryptoQuant, which suggest that BTC inflows produce bearish results for the market. 

Additionally, the currency’s 50 and 200-day moving averages are also on their way to convergence, leading to the formation of a bearish death cross. While they are not the strongest indicators of the current spot price action, they help understand the existing resistance for bulls. 

READ  BCD Technical Analysis: Price Likely to Fall Below the First Support Level of $4.32

#Bitcoin price #Federal Reserve Bank #Federal Reserve Interest Rate

Source: https://www.cryptoknowmics.com/news/bitcoin-struggles-to-breach-40000-after-fed-schedules-early-interest-rate-hike/

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