Why Waning XRP Momentum May Be The Calm Before The Storm Surge

XRP investors are eager to see their altcoin of choice get back a lot closer to all-time high valuations. The crypto market underperformer recently …

XRP investors are eager to see their altcoin of choice get back a lot closer to all-time high valuations. The crypto market underperformer recently regained its number three rank thanks to an over 45% one-week rally.

However, things have since cooled down. Why is momentum currently waning, and what does this mean for an extended recovery? The same indicator on lower timeframes points to a pause from bulls, but on high timeframes suggests this is the calm before the storm. What can altcoin investors expect?

XRP Rebound Takes Pause, But Are Bulls Preparing An Even Stronger Push?

A rebound from nearly three years of a bear market takes time to recover from. First, momentum from the downtrend needs to decline, while positive momentum from bulls begins to build. After a phase of equilibrium where supply and demand reach a stalemate when the odds tip once again in the favor of bulls, a new uptrend begins.

That is exactly what XRP investors have been hoping for, after watching the asset fall over 99% from its all-time high of over $3.50 token. At the low this past Black Thursday, Ripple traded at just ten cents briefly.

The epic fall set the bottom and from there the asset has recovered over 200%, potentially giving bulls confidence to turn things around for good.

xrp macd daily bear div

xrp macd daily bear div

XRPUSD Daily MACD Bearish Divergence & Overbought | Source: TradingView

But before that happens, the recent rally appears to be pausing or running out of momentum. According to the moving average convergence divergence indicator, a momentum measuring tool, the asset has reached overbought conditions. There’s also a bearish divergence on the MACD on daily frames.

Related Reading | Short-Term XRP Target At 40 Cents, What Ripple’s Long Road To Recovery Looks Like

These factors indicate that a temporary pullback is likely in the asset and a pause in price action possible. But it may simply be the calm before a major surge in XRP.

Monthly MACD Flips Green For First Time In Two Years, Bullish Crossover Calls For New Uptrend

A ripple-effect may have already begun the moment the monthly MACD turned bullish for the first time in over two years.

The same tool that is showing a pause in bullish momentum and overbought conditions on daily timeframes, on higher timeframes is signaling that a new uptrend is only just now starting.

xrp macd monthly

xrp macd monthly

XRPUSD Monthly MACD Bullish Crossover | Source: TradingView

The moment the trend turned bearish, a red, negative reading on the MACD’s histogram began and lasted all throughout the bear market. A green flip on monthly timeframes may suggest that a new bull market has started, but hasn’t fully ramped up yet.

When the two moving averages converge and cross, it can act as a powerful buy or sell signal. This bullish crossover is underway right now on XRPUSD monthly charts, coinciding with a 200% rally already, a green flip on the histogram, and an environment ripe for inflation.

Related Reading | Silver Fractal: Are Crypto Altcoins On the Cusp of an Explosive Surge?

In the past, XRP turning bullish took valuations from under a penny to over $3 in a year. Is the recent slowing momentum just the calm before Ripple’s major storm surge?

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Ripple News Today – Not Having Smart Contracts Might be a Good Thing for XRPL According to …

Following the creation of Ethereum, many other smart contract platforms were created. XRP, on the other hand, was created primarily to solve financial …
XRPXRPXRP
  • David Schwartz, Ripple’s CTO, Claims Ripple’s Lack of Smart Contracts is a Good Thing for XRPL
  • Schwartz Admits That Ethereum Was Incredibly Successful as a Smart Contract Platform
  • XRP Reaches 3 Month High in Market-wide Rally

Ripple News Today – Bitcoin might be the original blockchain but Ethereum and many other blockchains that were invented after Bitcoin came with more features. One of the key features that sets other blockchains apart from Bitcoin is the smart contract compatibility. Ethereum was the first decentralized computer in the world. Developers can build smart contracts and decentralized applications on the Ethereum blockchain. Following the creation of Ethereum, many other smart contract platforms were created. XRP, on the other hand, was created primarily to solve financial problems in the real world. However, it doesn’t have a smart contract or dApp compatibilities.

Ripple News Today – David Schwartz, Ripple’s CTO, Talks About Smart Contracts and Ripple

Yesterday, the CTO of Ripple, David Schwartz, said that not having smart contracts compatibility isn’t such a bad thing for XRPL. However, he admitted there are some benefits to these smart contract compatibilities. In a series of tweets, David Schwartz explained why XRPL blockchain creators decided not to implement smart contracts on the XRPL ledger. He also talked about the pros and cons of these smart contracts. In his words; “Ethereum was wildly successful”.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3

ripplerippleripple

XRP(XRP)

$0.242

According to Schwartz, adding smart contracts would have made it more difficult for XRPL to serve as a payment network. Apart from this, smart contract platforms are also infected with fluctuating fee rates which will affect the performance of a payment services blockchain. It will also create multiple points for hackers to exploit. In his words;

“We were right that adding smart contracts makes a platform worse for payments. And we were right that it would introduce fee instability, performance issues, and have lots of attack surface.”

These problems listed by Schwartz are the same problems the Ethereum network is currently facing criticism for. Since the XRPL network doesn’t have smart contract compatibility, it doesn’t have these problems. Schwartz admitted that even if there are some disadvantages of smart contracts, Ethereum benefited from adding these smart contracts as well. He said that Ethereum has worked well as a public blockchain with built-in smart contracts. He said that Ethereum is technically successful.

XRP Price Prediction 2020 – Ripple XRP Price Prediction

XRP Price Prediction – XRP Reaches 3 Month High in Market-wide Rally

In other news, XRP has reached a 3-month high thanks to the market-wide bull rally. At the time of writing, the price of the token was $0.245945. It is up by 2.64% against the USD and up by 3.26% against Bitcoin BTC. The trading volume over a 24 hour period is $1,856,196,334 and the market capitalization is $11,030,310,133.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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Cryptocurrency Market News: Bitcoin $50000 bullseye in 2021 – CNBC’s Brian Kelly

The transition has elevated Cardano to a smart contract platform as well as staking while taking advantage of the Proof-of-Stake (PoS) consensus …

Here is what you need to know on Thursday, July 30, 2020.

Markets:

BTC/USD is struggling to hold above the key $11,000 level. This comes after another rejection from levels above $11,300. On Wednesday, Bitcoin bulls renewed the bullish case pulling the price back above $11,000. The price had spent some time between $10,000 support and $11,000 barrier after a reversal from the 2020 high at $10,400. For now, BTC/USD is trading 0.85% lower on the day following a retreat from $11,109 (opening value) to $11,014 (prevailing market value).

ETH/USD is also dancing in the red after losing 0.45% of its value on the day. From the opening value of $318, Ether is currently exchanging hands at $316. An attempt made on Wednesday failed to sustain gains towards $320. For now, the biggest task is to reclaim the ground above $320 which will allow bulls to focus on gains beyond $330 and ultimately $350.

XRP/USD as reported earlier is holding above $0.24. There has been a lower adjustment after testing the resistance at $0.25. Holding at $0.24 is key to the journey back to $0.25. However, according to the technical picture bears are mainly in control as observed with the downward trending RSI and the MACD.

Read more: Ripple Price Prediction: XRP/USD blasting to $0.25 after bouncing off $0.24 support

In the last 24 hours, the cryptocurrency market has recorded substantial losses. Some of the worst-hit cryptoassets among the top 100 include Ampleforth (-57.36%), Terra (-11.15%), iExec RLC (-8.37%) and Kava.io (8.59%).

Chart Of The Day: XRP/USD 4-hour

XRP/USD price chart

Market:

Brian Kelly, the host of CNBC’s Fast Money segment strongly believes Bitcoin is just at the beginning of its bullish scenario despite the progress made in the last couple of weeks. He says that among all the other assets he invests in including stocks, bonds and even precious metals, “Bitcoin has better fundamentals. And with fundamentals, I’m talking about the stock-to-flow ratio. It’s better than gold at this point because we had the halving, and when I look at the Bitcoin cycles, the bull markets tend to cluster around the halvings.” Kelly continued to explain:

So we’re tracking right along the 2016 halving cycle and that would imply that sometime in Q2 2021, you’re looking at a Bitcoin price of $50,000. So that’s kind of the long-term target. And in the shorter term, $10,500 was a really big number. We’re breaking out of a two-year range.

Industry:

Banks in the United States were recently given the regulatory green light to hold and provide custody services for cryptocurrencies. In line with this, Diginex has announced the launch of EQUOS.io, the first of its kind digital asset exchange platform. The platform will encompass world-class features such as spot trading, perpetual swaps, futures, options and a myriad of derivatives. A statement by the CEO, Richard Byworth says:

Our industry analysis has allowed us to understand the friction points for institutions to trade digital assets and address many of those with new and improved solutions around portfolio management.

I am truly excited by the impact that EQUOS.io will have on many aspects of how the industry operates today and how it will also expedite its future growth.

Consequently, Cardano has made the final leap from Byron mainnet to the new Shelly mainnet following a hard fork. The transition has elevated Cardano to a smart contract platform as well as staking while taking advantage of the Proof-of-Stake (PoS) consensus algorithm.

Regulation:

The Philippines Central Bank is reported to be studying the development of a central bank digital currency (CBDC). According to a report published by Bloomberg, the Governor of the regulator bank, Benjamin Diokno has confirmed the formation of a task group that will be diving into the possibilities of digital currency.

The group will explore areas such as the CBDC’s feasibility as well as any policy implications it may pose. The central bank will then examine the findings carefully before making the final decision whether to launch the national digital currency.

Quote of the day:

“What we know about Bitcoin is it’s extremely volatile. It’s highly speculative, and when it goes on these speculative runs, it goes a lot further than people expect. So I don’t think saying $20,000 is that outrageous when it’s already been there. You might question me on the $50,000, but that’s a year from now.” @Brian Kelly.

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Global Cryptocurrency Market 2020 | Know The Latest COVID19 IMPACT Analysis and Strategies …

A portion of the Leading key organizations Covered for this Research is ZEB IT Service, Coinsecure, Coinbase, Bitstamp, Litecoin, Poloniex, BitFury …

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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 30th 2020

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 30th 2020. It’s a bearish start to the day. Failure to move through the pivot levels will test …

For the day ahead

Ethereum would need to move through the $319 pivot to support a run at the first major resistance level at $325.

Support from the broader market would be needed, however, for Ethereum to break back through to $325 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $325.85 should cap any upside.

Failure to move through the $319 pivot would bring the first major support level at $312 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $306.

Looking at the Technical Indicators

First Major Support Level: $312

Pivot Level: $319

First Major Resistance Level: $325

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rallied by 5.57% on Wednesday. Following on from a 2.67% gain on Tuesday, Ripple’s XRP ended the day at $0.2437.

A bullish start to the day saw Ripple’s XRP rally to an early morning high $0.24459 before easing back.

Ripple’s XRP broke through the first major resistance level at $0.2379 before falling to an afternoon low $0.2369.

Finding late support, however, Ripple’s XRP rallied to a late intraday high $0.24988. Ripple’s XRP broke through the first major resistance level and the second major resistance level at $0.2451 before pulling back.

The late pullback saw Ripple’s XRP fall back through the second major resistance level.

At the time of writing, Ripple’s XRP was down by 1.48% to $0.24010. A bearish start to the day saw Ripple’s XRP slide from an early morning high $0.24382 to a low $0.24010.

Ripple’s XRP left the major support and resistance levels untested early on.

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