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XRP In Trouble While XLM Gains New Markets – Is This The Ultimate Battle?

XRP In Trouble While XLM Gains New Markets - Is This The Ultimate Battle?

XRP has been having quite a rough ride of late, and it seems that these issues are playing in favor of its rival, XLM. XLM is a crypto created by the Stellar Foundation. While things turn sour for Ripple’s XRP, the sun is rising on the XLM market. XLM has experienced its highest price surge […]

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XRP In Trouble While XLM Gains New Markets - Is This The Ultimate Battle?

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XRP has been having quite a rough ride of late, and it seems that these issues are playing in favor of its rival, XLM. XLM is a crypto created by the Stellar Foundation. While things turn sour for Ripple’s XRP, the sun is rising on the XLM market.

XLM has experienced its highest price surge in 2 years amid the ranging crypto bull run, while XRP’s price is still getting battered by the current bad publicity and legal issues that have left many uncertain of its future.

XRP’s woes have spurred lots of opinions from various experts. According to one Denis Vinokourov, who works with brokerage firm Bequant as the head of research, XLM’s good times partly stem from the fact that it’s essentially a modified XRP fork.

It’s worth noting that Stellar’s founder, Jed McCaleb previously worked at Ripple as one of the founders and CTO. Jed left Ripple to start Stellar, a token that is touted as very similar to XRP. It’s this relationship between the two that has people watching both.

Over the last 24 hours, XLM has scored a 80% price surge, a great addition to its already impressive 147% surge over the last 7 days. At the moment, XLM trades at around $0.33 and its trading volumes have doubled in the last two weeks.

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XRP In Trouble While XLM Gains New Markets - Is This The Ultimate Battle?
XLMUSD Chart By TradingView

SEC Vs Ripple

One major factor that has seriously affected XRP’s price is the ongoing legal face-off pitting Ripple against the US SEC. Apparently, the SEC has filed a case against Ripple, accusing the blockchain company of doling out a whole $1.3 billion in support for blockchain startups over the last 7 years. These funds were generated from XRP sales, and the SEC doesn’t seem to like that. 

The lawsuit has sent shocks across the XRP market, pushing its price to an almost 50% loss. Also, XRP will lose the early chance to gain from OCC’s recent decision to allow banks to employ blockchain networks in running settlement infrastructure via dollar-backed stablecoins. On the other hand, XLM is poised to greatly benefit from this new opportunity.

Stellar X Ukraine

The apparent troubles facing XRP aren’t the only thing propelling XLM. The Stellar Foundation has been selected by the Ukrainian government to develop a Central Bank Digital Currency to be used by the country’s Central Bank.

That’s a major gain that’s working to instill more trust within the XLM community and attract more investors into its fold.

Exchanges And Investors Are Ditching XRP

By all accounts, XRP doesn’t seem to be having any sunny days. The lawsuit by the SEC has turned away investors, even causing those already invested in it to shun away from it. Some exchanges are already reported to have delisted XRP while major crypto funds like Grayscale have removed the crypto from their list of managed investment assets. 

Still, it’s not yet over for XRP. For a major development company known to have a lot of connections and one that has succeeded in wooing various major banks onto its network, this particular battle may prove hard, but not outright fatal. Either way, time will tell.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/xrp-in-trouble-while-xlm-gains-new-markets-is-this-the-ultimate-battle/

Blockchain

Binance Coin, Dash, Synthetix Price Analysis: 17 January

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Binance Coin looked to revisit $38.72 as the price failed to hold up above its present resistance. Dash formed a symmetrical triangle on the charts and presented the possibility of a breakout above $135.69 resistance while SNX reversed course and fell by over 12% after hitting record levels.

Binance Coin [BNB]

Source: BNB/USD, TradingView

Binance Coin retested $41.8 and moved lower as the bulls failed to lift prices towards $44.82 resistance. Prices could revisit the $38.72 support if the fall continues over the next few trading sessions. If the price rises, that would present an upside of $44.82. However, indicators favored the bears and suggested that a move towards immediate support could be a likely outcome.

The MACD was on the verge of a bearish crossover as the signal line eyed a move above the fast-moving line.

The Awesome Oscillator agreed with the MACD and indicated that momentum was shifting towards the bears.

Dash [DASH]

Source: DASH/USD, TradingView

Dash flashed red at press time, as prices traded at $121.84, down by 3.87% in the past 24 hours. A look at the 4hr chart showed that the price had formed a symmetrical triangle, and a breakout could be witnessed over the next few trading sessions. A bullish outcome could see the coin’s trading price rise above its immediate resistance and target a move above the next resistance at $135.69. On the flip side, a downward breakout could see the coin move below support $113.1.

The Stochastic RSI moved in the oversold territory and signaled a potential pullback if the index reverses direction.

The Parabolic SAR’s dotted markers were below the candlesticks and indicated that the price action was in an uptrend.

Synthetix [SNX]

Source: SNX/USD, TradingView

Synthetix hit an all-time high of $17.24 but immediately dropped by over 12% in the last few trading sessions. For now, losses were cut short at $14.63 support, but a fall below the present defense would confirm a bearish pullback.

The Relative Strength Index pointed downwards from the neutral zone. If the index moves into the oversold region, the price could follow suit and drop towards $13.41 support.

The MACD witnessed a bearish crossover as the price fell from record levels. The red bars on the histogram suggested the likelihood of a further pullback in prices.

Source: https://ambcrypto.com/binance-coin-dash-synthetix-price-analysis-17-january

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Blockchain

Former Ripple CTO may have lost much more than $220M in Bitcoin

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David Schwartz, current chief technical officer at Ripple, is responding to reports his predecessor had lost access to hundreds of millions of dollars in Bitcoin. 

In a Quora post on Thursday, Schwartz said recent reports about former Ripple CTO Stefan Thomas forgetting the password to an encrypted hard drive containing thousands of Bitcoin (BTC) were true, but added Thomas had also lost access to hundreds of coins when the crypto asset was young.

The Ripple CTO said his predecessor used to test the development of a Javascript library for Bitcoin by using real coins when the price was well under a dollar.

“He would create unspent outputs with ‘1.0’ Bitcoin because that was the fastest and easiest number to type,” said Schwartz. “He likely created hundreds of such accounts, none of which he retained the keys for because they were just for quick experiments. Each of those accounts is worth $38,000 or so today.”

Even just one hundred of these accounts at 100 BTC would mean the coins within are worth more than $3 million. The price of Bitcoin has fluctuated between $30,000 and $40,000 since reaching an all-time of more than $42,000 on Jan. 8.

Last week, a New York Times profile on Thomas said that the German-born programmer has used eight out of ten attempts to guess the password to access an encrypted hard drive containing 7,002 BTC. He has only two guesses left on the IronKey hard drive before the data — and funds — are seemingly lost.

Schwartz confirmed the story on Quora, saying Thomas had put aside the coins, which were part of a payment for creating a video. However, he questioned the $200+ million figure cited by major news outlets:

“I believe today [Thomas’ Bitcoin is] worth about $114 million. I’m not sure where the $240 million number is coming from — maybe I’m remembering wrong.”

There are many similar stories of long lost Bitcoin from early in the coin’s development. Last week, Cointelegraph reported that a student had found private keys to access more than $4 million worth of Bitcoin at his grandfather’s house over the holidays.

Source: https://cointelegraph.com/news/former-ripple-cto-may-have-lost-much-more-than-220m-in-bitcoin

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Blockchain

Monero Price Analysis: 17 January

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

The Monero market has been descending over the past couple of days. The overall trend in the market has not been actively bullish, and for Monero the trend has turned to a bearish one. As the price climbed down the price ladder, the market may witness more bearishness.

At the time of writing the price of Monero was $152.24.

Monero daily chart

Source: XMRUSD on TradingView

The Monero chart has been showing that the price has been dropping after it hit the resistance at $170.89. This retracement has been currently testing the support at $151, and the price has been witnessing a strong downward pressure.

As the value of the digital asset continued to see a push and pull at the level, it may force the price to sink further down to the second support at $146. This would be an opportunity for traders to make a profit.

Reasoning

The 50 moving average has already been spiking above the candlesticks highlighting the downtrend of the coin. The RSI has moved closer to the overbought zone from the equilibrium zone, which suggested that the sellers in the market were growing.

Meanwhile, the MACD indicator was noting a rise in bearishness in the market. The strong red bars were growing and have continued in the market for a few days now. Whereas, the MACD line although under the signal line for a couple of days now, was witnessing its gap grow.

Crucial levels

Entry: $151.02
Stop-Loss: $156.78
Take-Profit: $145.10
Risk-to-Reward: 1.03

Conclusion

The current market conditions indicated an increased bearishness in Monero’s price action. As the digital asset trades close to the support, and if it ends up breaching it, the coin’s price is likely to drop to the next level of support at $146 which will, in turn, provide only a minimal profit to the short traders.

Source: https://ambcrypto.com/monero-price-analysis-17-january

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