Ripple May Continue Its Downtrend Despite Opposition by Bulls at $27 Support Level
Nov 14, 2019 at 17:23 // News
Ripple (XRP) has been under strong contention as bears attempt to sink the price below $0.27. In the first instance, the bears took the price to a low at $0.27 while price corrected upward but was resisted. The market fell back to the same support and commenced a sideways move.
Nevertheless, according to our earlier assumption, the market will fall to a low at $0.24 because XRP may not face resistance at the lower price levels. If the market does fall the $0.24 price level may also depreciate to a low at $0.22. Conversely, the $0.27 support level is the previous low in October and if it holds the price will rally above the $0.31 price level.
Ripple (XRP) Indicator Analysis
The coin is approaching level 42 of the Relative Strength Index period 14 which indicates that XRP is falling. As the price breaks the support line of the channel, there is the tendency of price continual dropping.
- Hacker News
Key Supply Zones: $0.35, $0.40, $0.45
Key Demand zones: $0.25, $0.20, $0.15
What Is the Next Direction for Ripple (XRP)?
The indicators have shown that XRP is falling including the EMAs which are pointing southward. However, what determines the direction of XRP is the $0.27 support level. If the support level is breached, then we expect the price to reach a low at $0.22 or $0.24. Likewise, if the support level holds, the coin may rally above $0.31 or $0.34 price level.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
If reproduced, please indicate the source: http://www.uucj.net/ripple-may-continue-its-downtrend-despite-opposition-by-bulls-at-27-support-level/
Can you tell us a bit about your background? I have a background in Law with a Masters of International Business in Australia as well as having completed a strategic management course from the University of Cambridge Judge Business School. Life started out in banking with the Standard Chartered Bank through their international program which gave me business exposure across the regions and different departments in the bank. My biggest learning journey was with the CEO’s office which taught me about stakeholder management & strategy, wealth management and the importance of understanding personal finance and the investor mindset. Subsequently, the entrepreneurial spirit took over which led me to be in the founding team of a FinTech startup, PolicyStreet, and to manage a smart city accelerator program with the Malaysian Government (LuxTag, a NEM partner company was a participant of the accelerator). Together with others, we also founded the FinTech Association of Malaysia which is now the peak industry body representing Financial Technology in the country. In 2016, I moved to Australia after spending most of my time in South East…Nov 16, 2019
Recent statistics revealed that MakerDAO’s tokenized dollar, DAI, has been handling billions of dollars per month in November and December 2019. Transaction volumes surge in late 2019 According to recent information from Dune Analytics, the blockchain-based token, DAI, created by MakerDAO, was seeing major transaction volumes over the last few months. The data shows that DAI monthly transaction volume reached $2.5 billion in November 2019 and over $1 billion in December 2019. Previously, DAI only managed to approach $2 billion in transactions during July of the same year, but the situation in November allowed it to exceed the earlier milestone by over $500 million. Another thing to note is that this information is likely much more accurate than any data that is provided by centralized exchanges, which are known for often faking the numbers in order to make themselves look busier. With DAI transfer volumes being on blockchain — a technology known for its transparency and immutability — it is a lot more difficult and expensive to fake such information. DAI originally saw a surge in transaction volumes back in…Jan 14, 2020
Ethereum (ETH/USD) glided higher in today’s North American session as the pair traded as high as the 189.27 level after buying demand emerged around the 184.97 area early in today’s North American session. Earlier in today’s Asian session, ETH/USD traded as low as the 183.30 area, below the 183.82 area that represents the 23.6% retracement of the appreciation from 148.08 to 194.86. Notably, this level was also just below the 38.2% retracement of the appreciation from 166.40 to 194.86. Chartists are also observing that the market remained above the 184.72 level during a pullback today, a level that represents the 61.8% retracement of the appreciation from 178.46 to 194.86. The 184.01 area remains an important technical level for the pair, an upside price objective related to buying pressure that emerged around the 90.00 level in March. Other levels of technical significance include the 198.09 and 199.16 levels, upside price objectives related to buying pressure that emerged around the 90.00 level. If the pair is able to resume its upward trajectory above current price activity, additional upside price objectives include the…Apr 24, 2020
Bitcoin price is in recovery mode, after the first-ever cryptocurrency suffered a record-breaking collapse and fall to under $4,000, shocking the crypto community and the world at large. The selloff has led to extremely oversold conditions, according to the Relative Strength Index indicator. When combined with a Bitcoin valuation substantially below where the highly cited stock-to-flow model predicts, its the ideal setup for an epic rally, according to the theory’s creator. Understanding Bitcoin’s Stock-to-Flow Model Because Bitcoin is the first of its kind, and its use case has yet to be proven or implemented at speed or scale worthy of its potential, it is difficult to give the asset a proper valuation, and instead, price discovery is left to the constant tug of war between buyers and sellers. However, few analysts have attempted to perform fundamental analysis on the crypto asset by looking at the asset’s hard-coded digital scarcity, rather than financial figures and manufacturing reports common across stocks. Related Reading | Bitcoin Price Weekly Closes As Shooting Star Doji, Epic Plunge May Follow One such model exists, called the…Apr 14, 2020
Australian Reserve Bank (RBA) recently revealed that it simulated the use of central bank digital currency (CBDC) in a wholesale payment system based on the Ethereum network, with interesting results. RBA investigates the possibility of a Central Bank Digital Currency Recently, the RBA revealed that it has decided to simulate the use of a CBDC in a wholesale payments system. Their plan was to see whether a system where banks settle customer payments between themselves would be able to operate on a permissioned Ethereum-based network. As many likely knows, a number of central banks recently started experimenting with digital currencies, with hopes of creating a working system that would soften the impact of Facebook’s Libra. However, with Libra facing regulatory issues, central banks are advancing with their own plans. They still are not convinced that cryptocurrencies such as Bitcoin offer a real alternative to traditional money, however, they do appear to see the value in shifting towards digital money. As the central banks of China, Sweden, Turkey, and numerous other countries are working on developing their CBDCs, the RBA revealed…Jan 16, 2020
<a data-ail=”593295″ target=”_blank” rel=”nofollow” href=”https://cryptonewmedia.press/tag/bitcoin/” >Bitcoin</a> (<a data-ail=”593295″ target=”_blank” rel=”nofollow” href=”https://cryptonewmedia.press/tag/bitcoin/” >BTC</a>) integrated on <a data-ail=”593295″ target=”_blank” rel=”nofollow” href=”https://cryptonewmedia.press/tag/blockchain/” >blockchain</a> communication and wallet app Sylo – CryptoNinjas Bitcoin (BTC) integrated on blockchain communication and wallet app Sylo”/> bitcoin (BTC) on its ‘Smart Wallet & Messenger’ mobile”/> bitcoin–btc-integrated-on-blockchain-communication-and-wallet-app-sylo/”/> Bitcoin (BTC) integrated on blockchain communication and wallet app Sylo”/> bitcoin (BTC) on its ‘Smart Wallet & Messenger’ mobile”/> bitcoin–btc-integrated-on-blockchain-communication-and-wallet-app-sylo/”/> Bitcoin (BTC) integrated on blockchain communication and wallet app Sylo Comments Feed” href=”https://www.cryptoninjas.net/2020/03/26/bitcoin–btc-integrated-on-blockchain-communication-and-wallet-app-sylo/feed/”/> cryptocurrency-widgets/assets/public/css/style.css?ver=3.1.4″ type=”text/css” media=”all”/> cryptocurrency-widgets/assets/public/css/selectize.custom.css?ver=3.1.4″ type=”text/css” media=”all”/> cryptocurrency-widgets/assets/public/css/jquery.dataTables.min.css?ver=1.10.16″ type=”text/css” media=”all”/> btc-integrated-on-blockchain-communication-and-wallet-app-sylo%2F”/> btc-integrated-on-blockchain-communication-and-wallet-app-sylo%2F&format=xml”/> bitcoin (BTC) on its ‘Smart Wallet & Messenger’ mobile app. The Sylo product design team has been set on delivering bitcoin to the app since late 2019; BTC is now accessible on both the Android and iOS app versions. Op …”/> Bitcoin (BTC) integrated on blockchain communication and wallet app Sylo – CryptoNinjas”/> bitcoin (BTC) on its ‘Smart Wallet & Messenger’ mobile app. The Sylo product design team has been set on delivering bitcoin to the app since late 2019; BTC is now accessible on both the Android and…Mar 26, 2020
The most devastating cryptocurrency Ponzi scheme in history may be contributing to bitcoin’s 2019 price decline. That’s according to blockchain analytics company Chainalysis, which has been tracking funds from the roughly $3 billion PlusToken scam since the thing blew up at the end of June 2019. As the scammers have scrambled to obfuscate hundreds of millions of dollars’ worth of bitcoin they accrued, they’ve left a trail on the Bitcoin blockchain, and Chainalysis has been following it for months. And according to its research, released in a recent blog post, these movement dead-end at a handful of independent over-the-counter (OTC) desks that operate on the Huobi exchange. If Chainalysis’s findings are to be believed, the scammers have sold some 25,000 BTC for just shy of $200 million in profit — and they’ve got at least another 20,000 that’s been untouched since September 2019. Ponzi Shuffle PlusToken was a cryptocurrency Ponzi scheme that operated for nearly a year. The scheme coaxed “investors” to deposit bitcoin, ether and other cryptocurrencies by promising monthly returns of up to 30 percent in bitcoin or…Dec 18, 2019
Frances Coppola, a CoinDesk columnist, is a freelance writer and speaker on banking, finance and economics. Her book “The Case for People’s Quantitative Easing” explains how modern money creation and quantitative easing work, and advocates “helicopter money” to help economies out of recession. There’s a desperate shortage of dollars. Despite the Federal Reserve creating new money at an unprecedented rate, the US dollar exchange rate is rising. The U.S. Government is pouring trillions of dollars into the economy to support failing businesses and people losing their jobs. When governments and central banks put new money into the economy, consumer prices usually rise. But in March, against what you would expect, consumer prices fell by 0.4%. As dollars are apparently being swallowed up by the black hole created by the coronavirus, issuance of dollar-backed stablecoins is soaring as more and more people invest in them. Especially popular are stablecoins such as USDT, USDC, BUSD and Pax, which are backed one-for-one with dollar reserves. See also: Money Reimagined: Demand for USD Stablecoins Foreshadows Financial Disruption What’s driving this growing interest in stablecoins? One…May 4, 2020
Global banking giant HSBC will explore the use of blockchain for the issuance of fixed income securities in a joint trial with Singapore Exchange (SGX) and investment firm Temasek. Focused on the Asia bond markets, the trial intends to streamline the bond issuance process and reduce associated costs by applying tokenized securities and smart contracts, HSBC Singapore announced Nov. 13. While Asia’s fixed income markets continue to grow, bond issuance and servicing processes remain inefficient, according to HSBC. This is purportedly due to the absence of a single platform for the exchange of information between multiple parties and tracking tools throughout the life of the bond. Joint trial to employ smart contracts As such, the new trial will apply tokenized securities and smart contracts — blockchain-powered execution agreements between a number of parties — to facilitate interactions between investors, bond arrangers and custodians. Lee Beng Hong, the head of the fixed income department at SGX, noted that having HSBC and Temasek in the trial will allow the firm to assess whether smart contracts and distributed ledger technology can fix some…Nov 14, 2019
ExxonMobil will supply isopropyl alcohol and polypropylene to aid in the fight against coronavirus. The company has drastically cut costs in the face of the oil demand shock. Supplying ingredients to hand sanitizer and PPE makers will not make up for Exxon’s lost oil revenue, though. A demand shock occasioned by the coronavirus pandemic has sent crude prices cratering to under $30 a barrel. Oil stocks have consequently suffered. Year-to-date ExxonMobil (NYSE:XOM) has plunged over 40%. ExxonMobil has lost over 40% of its value since the year started. | Source: TradingView Besides slashing operating costs and capital expenditure, ExxonMobil is turning to the production of key ingredients used in making hand sanitizers and personal protective equipment (PPE). In a statement ExxonMobil said: The company is maximizing production of products critical to the global response, including isopropyl alcohol, which is used to manufacture hand sanitizer, and polypropylene, which is used to make protective masks, gowns and wipes. Source: Twitter Hand sanitizers will not halt ExxonMobil’s revenue decline While being a welcome response to the coronavirus pandemic, the move will not arrest…Apr 8, 2020