Blockchain

XRP May Be Primed for a “Massive Breakout” After Reclaiming Crucial Levels

XRP has been closely tracking Bitcoin and the other major altcoins throughout the past few days. Although this helped provide it with some slight momentum earlier this week, it has since caused it to see some notable downside, as the aggregated crypto market is beginning to show some signs of weakness. That being said, there […]

Published

5 months ago

September 2, 2020

Republished by Plato

XRP has been closely tracking Bitcoin and the other major altcoins throughout the past few days.

Although this helped provide it with some slight momentum earlier this week, it has since caused it to see some notable downside, as the aggregated crypto market is beginning to show some signs of weakness.

That being said, there are a few technical factors that seem to indicate that the cryptocurrency is well-positioned to see significant upside in the near-term, potentially allowing it to surge higher in the coming few days.

One particular analyst is pointing to its ability to reclaim the level where its first bull ran first began against its BTC trading pair, as well as its break above its 200-day moving average.

The confluence of these factors may allow XRP to break above the resistance it faces between $0.30 and $0.33, with a clear move past this price region potentially leading it up to fresh highs.

XRP Declines as Aggregated Crypto Market Flashes Signs of Weakness

At the time of writing, XRP is showing some signs of weakness as it is trading down over 8% at its current price of $0.27.

This is around the price at which it has been trading throughout the past few weeks, but it still marks a significant decline from weekly highs of $0.31 that were set around this time yesterday.

These highs were set in tandem with the movement seen by Bitcoin, during which the benchmark crypto rallied up to highs of $12,200 before it lost its momentum and slid to lows of $11,100.

This decline created a headwind for the aggregated crypto market, causing Ethereum, XRP, and most other altcoins to shed nearly all of their recent gains.

Analyst: The Token is Poised for a Significant Near-Term Breakout

While speaking about XRP’s current technical situation, one analyst explained that he is still bullish on the cryptocurrency despite it showing some signs of weakness.

He even notes that he is anticipating it to see significantly further upwards momentum in the near-term, explaining that it has reclaimed multiple crucial levels.

“XRP Primed for a massive breakout. Has reclaimed where it’s first bull run ever began on the BTC pair + 200D EMA. Has reclaimed the 17′ resistance + 18′ support with today’s close. The bull run has started. Unfortunately I sold off a bit into $BTC yesterday. Huge close 2day,” he said.

XRP

Image Courtesy of Pentoshi. Chart via TradingView.

Unless Bitcoin’s descent continues creating significant headwinds for XRP that push it below these levels, there’s a strong likelihood that further upside is imminent.

Featured image from Unsplash.
Charts from TradingView.

Source: https://www.newsbtc.com/2020/09/02/xrp-may-be-primed-for-a-massive-breakout-after-reclaiming-crucial-levels/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-may-be-primed-for-a-massive-breakout-after-reclaiming-crucial-levels

Blockchain

Millenials Prefer Bitcoin Over Gold, But it it Still Extremely Unequal, Study Finds

Published

9 mins ago

January 26, 2021

Republished by Plato

A recent study revealed that Bitcoin and the rest of the cryptocurrencies no longer have the bad reputation that haunted them in the past. In fact, it seems that as the years go by, the preference towards digital tokens is beginning to overtake historically favored assets such as gold and silver.

SimpleMoneyLife —a site focused on personal finance— published a research compiling information from a lot of notable sources —and providing their own insights and findings too. The results are interesting and show that there is still a lot to work on even though the ecosystem has grown a lot.

The research cited a study by deVere Group revealing that 67% of millennials believe Bitcoin is a superior safe-haven asset to gold. This narrative is increasingly gaining traction in the world of cryptocurrencies and traditional finance.

Cryptopotato recently reported that the CEO of Skybridge Capital named Bitcoin as a store of value comparable to gold, with the Bank of Singapore also making a case for this thesis.

Bitcoion vs Gold

SimpleMoneyLife claims that even as a scarce commodity, gold loses out to bitcoin in terms of rarity:

Unlike gold, we know exactly how much Bitcoin is currently in circulation and how much will be in 2050. Bitcoin is better at being scarce than gold.

The study also assures that the Blockchain technology market cap could exceed $40 Billion by 2025. Analysts say that this type of technology could influence how various industries currently do business and develop their activities. Some of the areas that will benefit the most from blockchain technologies are: Supply Chain Management, Secure Elections, Healthcare, Smart Contracts, Keeping Verified Records, Banking, and the Internet of Things (IoT).

Analysts also highlighted that the United States is starting to take a fresh look at blockchain technologies, adding that the country could begin investing close to $4.2 billion on blockchain solutions soon.

The Crypto Twitter community is also very active. SimpleMoneyLife explained that, on average, cryptocurrency enthusiasts send more than 70,000 tweets about Bitcoin every day. They did not share data on activity around other altcoins with a large social media presence such as Chainlink, Ethereum, XRP, Tron, or the new DeFi coins.

The Study Shows an Extremely Unequal Bitcoin Ecosystem

SimpleMoneyLife also highlighted some findings of the inequality of the Bitcoin ecosystem. As much as algorithmically Bitcoin has no preferences, socially, it does.

First, the Bitcoin ecosystem is male-dominated. The compilation notes that UBS says 85.77% of Males are Engaged in the Bitcoin Community Compared to 14.23% of Females.

Want to rdig deeper into the stereotypes? Bitcoin appears to be 80% dominated by white males. Hispanics and black respondents follow with 66% and 61%, of the rest respectively.

In terms of mining, China controls 65% of the network’s total power. Simultaneously, the rest is distributed around the world, with the United States far behind in first place with a mere 7.24% of mining power.

And in terms of wealth distribution, Bitcoin is extremely unequal, with just 2% of wallets controlling more than 95% of total Bitcoin wealth and the next 100 wallets dominating 13% of the remaining total.

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Source: https://cryptopotato.com/millenials-prefer-bitcoin-over-gold-study-simplemoneylife/

Blockchain

TA: Ethereum Trims Gains, Why ETH Could Find Strong Support Near $1,275

Published

37 mins ago

January 26, 2021

Republished by Plato

Ethereum started a downside correction after trading to a new all-time high at $1,480 against the US Dollar. ETH price is currently approaching the $1,300 and $1,275 support levels.

Ethereum started a fresh downside correction from the $1,480 resistance zone.
The price is down around 10%, and it is trading close to the 100 hourly simple moving average.
There was a break below a major bullish trend line with support near $1,385 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to find a strong buying interest near the $1,275 and $1,280 support levels.

Ethereum Price is Approaching a Major Support

After a strong increase above $1,400, Ethereum failed to test the $1,500 resistance zone. A new all-time high was formed near $1,480 before the price started a fresh decline.

There was a clear break below the $1,400 and $1,380 support levels. More importantly, there was a break below a major bullish trend line with support near $1,385 on the hourly chart of ETH/USD. The pair broke the $1,350 support level to move into a short-term bearish zone.

A low is formed near $1,292 and ether is currently attempting a fresh increase. It broke the 23.6% Fib retracement level of the recent decline from the $1,478 swing high to $1,292 low.

Source: ETHUSD on TradingView.com

On the upside, there is a major resistance forming near the $1,365 level. It is close to the 50% Fib retracement level of the recent decline from the $1,478 swing high to $1,292 low. There is also a connecting bearish trend line forming with resistance near $1,385.

Ether price is approaching a couple of important supports near $1,300 and $1,285. The main support is forming near the $1,275 level, below which there is a risk of a larger decline in the coming sessions.

Dips Supported in ETH?

Ethereum is currently down around 10%, and it is trading close to the 100 hourly simple moving average. To start a fresh increase, it must gain bullish momentum above the $1,365 and $1,385 resistance levels.

A successful close above the trend line resistance and $1,385 could set the pace for a fresh increase. The next major resistance is near the $1,450 and $1,480 levels.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently well below the 50 level.

Major Support Level – $1,275

Major Resistance Level – $1,380

Source: https://www.newsbtc.com/analysis/eth/ethereum-eth-could-find-strong-support-near-1275/

Blockchain

Kraken Daily Market Report for January 25 2021

Published

40 mins ago

January 26, 2021

Republished by Plato

Overview

Total spot trading volume at $1.6 billion, close to the 30-day average of $1.65 billion.
Total futures notional at $612.2 million.
The top 5 traded coins were, respectively, Bitcoin, Ethereum, Tether, Polkadot, and Chainlink.
While most coins were down, strong returns from Keep (+9.0%) and Icon (+7.2%).

January 25, 2021 $1603.8M traded across all markets today Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD
XBT $32302. ↑0.07% $653.4M	ETH $1320.8 ↓5.2% $642.8M	USDT $1.0000 ↓0.1% $149.4M	DOT $17.241 ↓4.2% $54.6M	LINK $23.501 ↓5.4% $38.6M
USDC $0.9999 ↑0.0% $27.8M	ADA $0.3436 ↓3.0% $21.2M	LTC $137.24 ↓2.7% $17.4M	XRP $0.2678 ↓2.1% $14.4M	UNI $11.352 ↓5.6% $10.4M
BCH $433.22 ↓1.5% $9.21M	AAVE $249.26 ↓6.7% $8.07M	XTZ $2.9227 ↓4.0% $5.88M	XLM $0.2614 ↓3.7% $5.26M	SNX $15.519 ↓12% $4.88M
ALGO $0.5579 ↓0.9% $4.48M	XMR $137.44 ↓0.5% $4.18M	CRV $2.0099 ↓11% $3.4M	ICX $0.8134 ↑7.2% $3.17M	TRX $0.0295 ↓1.6% $3.07M
YFI $29369. ↓8.9% $2.95M	DAI $1.0001 ↓0.18% $2.9M	GRT $0.5304 ↓4.5% $2.85M	FIL $22.429 ↓1.2% $2.51M	ZEC $88.030 ↓2.3% $2.32M
KSM $99.319 ↓4.5% $2.24M	COMP $213.27 ↓15% $2.2M	ATOM $7.7592 ↓6.0% $2.11M	EOS $2.6516 ↓2.4% $2.03M	WAVES $6.7022 ↓4.3% $1.72M
NANO $3.1847 ↓5.7% $1.65M	BAT $0.3018 ↓5.4% $1.6M	OMG $3.5432 ↓1.3% $1.54M	DASH $105.09 ↓1.1% $1.54M	KAVA $2.3747 ↓8.2% $1.39M
KEEP $0.3268 ↑9.0% $1.28M	QTUM $3.2947 ↓7.4% $1.26M	OXT $0.2944 ↓0.27% $1.21M	MANA $0.1633 ↓4.9% $999K	ETC $7.4950 ↓2.1% $810K
XDG $0.0083 ↓4.3% $647K	SC $0.0045 ↓3.1% $527K	KNC $1.3233 ↓4.4% $516K	MLN $38.473 ↓3.3% $463K	GNO $115.57 ↓4.3% $450K
BAL $21.029 ↓8.8% $405K	LSK $1.3277 ↓2.2% $306K	PAXG $1863.2 ↓0.16% $284K	REP $20.570 ↓4.0% $247K	ANT $3.8759 ↓9.7% $231K
STORJ $0.3888 ↓5.5% $117K	REPV2 $19.286 ↓2.4% $48.1K	TBTC $34102. ↑1.9% $46.9K

#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset

The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (January 25 2021)

Figure 2: Mid-size trading assets: (measured in USD) (January 25 2021)

Figure 3: Smallest trading assets: (measured in USD) (January 25 2021)

#####################. Spread %. ##########################################

Spread %

Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (January 25 2021)

.

#########. Returns and Volume ############################################

Returns and Volume

Figure 5: Returns of the four highest volume pairs (January 25 2021)

Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (January 25 2021)

###########. Daily Returns. #################################################

Daily Returns %

Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (January 25 2021)

###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.