Uncategorized

Ripple Price Analysis: XRP Fails to Climb Back Above $1 as Bears Intervene

Key Support levels: $0.89

Key Resistance level: $1

The bulls did not have enough strength to keep XRP above $1 despite a worthy attempt two days ago. Price only spent a day above $1 before losing this level. Since then, the cryptocurrency has been falling towards the support at $0.89, and $1 remains the key resistance.

This shows that bears continue to control the price action. Until bulls reclaim and hold prices above $1, XRP is unlikely to draw much attention from the market.

Chart by TradingView

Technical Indicators

Trading Volume: The daily volume continues to decrease. This is not particularly good for bulls but also shows bears lack the conviction to push the price much lower.

RSI: The daily RSI is curving back down after the failed attempt to stay above $1. This is bearish and indicates price may retest the support level before a new rally is attempted.

MACD: The MACD continues to be bearish. It is best to wait for a bullish cross on the MACD moving averages before any sustained uptrend in price.

Chart by TradingView

Bias

The current XRP bias is bearish. The indicators continue to stay bearish, and the most recent failure to hold price above $1 does not give any confidence that XRP can rally at this time.

Short-Term Prediction for XRP Price

It seems likely for that price to fall back on the support level at $0.89 before it can gather enough strength to attempt another break above $1.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Ripple Price Analysis: XRP Breaks Below $1, Recovery Stalls

Key Support levels: $0.89

Key Resistance level: $1

On 26 November, XRP broke below $1 – following our analysis at the time that anticipated a significant move. With this breakdown, bulls lost a key support level as the $1 level turned into resistance.

The drop in price found good support at $0.89, and XRP is currently attempting a recovery back to $1. It’s interesting to see if the cryptocurrency will recover above this level on its first attempt, as it seems likely that volatility might be inbound.

Chart by TradingView

Technical Indicators

Trading Volume: The volume during the breakdown under $1 was considerable. Since then, the bulls were timid to push prices higher, and the volume remains low.

RSI: The daily RSI made a lower low and is trying to curve back up. During the 26 November drop, the RSI stopped just above the oversold zone at 33 points. Be on guard as the bears may attempt another push lower in the future.

MACD: The MACD continues to be bearish, and the histogram made a lower low on the daily timeframe. This is not good news for bulls. Unless they manage to push and keep the price above $1, it is unlikely the downtrend will end anytime soon.

Chart by TradingView

Bias

The current XRP bias is bearish. As shown by the indicators, the bulls lack the strength to reverse the current downtrend and may need more time for that to happen. Things can brighten up if they manage to get XRP back above $1.

Short-Term Prediction for XRP Price

The bulls suffered a major loss when they could not defend the $1 level. Since then, the attempts to return XRP price to this key level were met with low volume and lack of interest.

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Cryptocurrency charts by TradingView.


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Uncategorized

Ripple Makes Good Progress on its Legal Case Against the SEC, Says CEO

Brad Garlinghouse – Chief Executive Officer of Ripple – said the fintech company was making “pretty good progress” in its legal battle with the United States Securities and Exchange Commission (SEC). He expects to reach a conclusion in 2022.

Ripple Takes The Upper Hand

In an interview for CNBC, Brad Garlinghouse opined that the legal lawsuit versus the SEC is going in favor of Ripple. However, the case is unlikely to be solved by the end of 2021 due to its specifics: 

“We’re seeing pretty good progress despite a slow-moving judicial process.”

According to the CEO, the judge leading the case has been addressing “good questions” as he “realizes this is not just about Ripple” since the outcome of the legal battle will have a broader impact.

BradGarlinghouse
Brad Garlinghouse, Source: CNBC

Given that the blockchain payment company is the issuer of XRP, the SEC accused the firm of selling $1.3 billion worth of the token in an unregistered securities offering at the end of 2020.

In its defense, the firm said XRP should not be considered security – a classification that puts it under more enhanced regulatory scrutiny. Furthermore, Garlinghouse opined that the inability of US authorities to implement comprehensive rules in the crypto space is “frustrating.” He even blasted the country’s securities regulator for being the only world agency insisting that the XRP token is indeed a security.


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The SEC-Ripple War

Following several accusations from both sides since the start of the legal case, the battle took a turn this August when Ripple defendants fired back with a motion to expose the XRP holdings of SEC employees. The attorneys also wanted to gather “anonymized documents reflecting [the SEC’s] trading preclearance decisions with regard to XRP, bitcoin, and ether.”

Within their motion, Ripple demonstrated that the regulator had “not adopted or imposed” any rules restricting their employees from trading in crypto until January 16, 2018. This would, according to the company, be in line with the Commission’s previous views on digital assets not being securities up until that point:

“At all times from 2013 until at least January 19, 2018, SEC employees were free to buy, sell and hold XRP without any restriction by the SEC.”

The Commission scored a point a few days later by winning access to Ripple’s missing internal Slack messages. Before that, the company refused to hand over a substantial part of the communications citing a processing error as a reason.

According to the SEC, those messages contain “discussions about Ripple’s desire to create speculative trading in XRP.”

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Uncategorized

Ripple Price Analysis: XRP Consolidation Above $1 Hints at a Big Move Incoming

Key Support levels: $1; $0.96

Key Resistance level: $1.2

XRP’s price is currently consolidating above the key support level at $1. The momentum in the market has reduced, and XRP volatility has been low in the past few days.

This is an expected pause after the broad market correction from last week. The key resistance continues to be at $1.2 and might not be tested any time soon since XRP price action shows some indecision on the way forward.

img1_xrp
Chart by TradingView

Technical Indicators

Trading Volume: The volume is low and decreasing. This usually predates volatility that can return in the near future as the price decides where to go next.

RSI: The daily RSI continues to fall. However, on the 4-hour timeframe, it is making higher lows while the price is pretty much at the same level. This hints at a bullish divergence and may indicate that XRP wants to go higher.

MACD: MACD remains bearish on daily and 4-hour timeframes. It is best to wait for the 4-hour MACD to curve back up and do a bullish cross again on the moving averages before a renewed uptrend.

img2_xrp
Chart by TradingView

Bias

The current XRP bias is neutral. The cryptocurrency appears to have found good support above $1. If this level holds, XRP has a good chance to rally and try to break the $1.2 resistance.

Short-Term Prediction for XRP Price

At the time of this post, XRP has low volatility and may need a few more days before momentum returns to move price again. For this reason, it can continue to sit around the $1 support line without any significant changes in price. If a rally starts, then the first test of the bull’s strength will be found at $1.2.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Crypto Price Analysis Nov-19: Ethereum, Cardano, Ripple, Binance Coin, and Solana

This week the market took a downturn which resulted in most cryptocurrencies suffering significant losses. We take a look at Ethereum, Cardano, Ripple, Binance Coin, and Solana.

img1_cryptopost_friday

Ethereum

Ethereum broke below the ascending wedge this week and corrected all the way to $3,958.

Compared to last week, ETH registered a -11.3% correction and fell under $4,000 for the first time in November. The first sign that such a correction could take place was given by the daily MACD that did a bearish cross just before the downtrend started.

The current price action signals that the correction may come to an end soon, as the downwards momentum is decreasing. Moreover, the RSI on the 4-hour timeframe has formed a bullish divergence as the ETH price fell under $4,000. This signals to the bulls that this is their opportunity to return and attempt a reversal. To recover from the recent drop, ETH has to overcome the key resistance levels found at $4,354.

Looking ahead, ETH has good support, just under $4,000, and that level is a very attractive entry for bulls and buyers. Therefore it should see a good defense against further drops. Despite this drop, ETH remains bullish on larger timeframes, which can be interpreted as a normal retrace in a bullish market.

img1_eth
Chart by TradingView

Cardano

ADA’s attempt to go above $2.4 was sharply rejected last week, and since then, the price has continued to make lower lows reaching $1.7 during yesterday’s correction. For this reason, ADA’s performance was poor in the last seven days, with a -10.3% drop.

The breakout from the descending triangle can be interpreted as a fakeout which may have trapped many bulls that hoped for a rally instead. The current resistance for ADA sits at $1.9, which was the former base of the descending triangle, while support is found at $1.7 and $1.5.

Looking ahead, ADA may have an opportunity to stop the bearish trend as the RSI has made a bullish divergence on the 4-hour timeframe, similar to Ethereum. However, one has to be very careful as daily MACD continues to remain bearish. To confirm the bullish divergence, ADA has to return back above $1.9.

img3_ada
Chart by TradingView

Ripple

This past week, XRP broke below the $1.2 support level and continued to fall all the way to $1. As such, XRP had a disappointing performance with a 12.5% drop.

The question now is if XRP can maintain its price above $1. So long as the bulls maintain this key support level, the macrostructure will remain bullish for XRP and this last price drop can be interpreted as a higher low.

Looking ahead, volume and MACD continue to be on the bearish side, while RSI is giving some hopes of a reversal similar to ADA and ETH. If XRP bulls can stop prices from further losses, then XRP has a good chance to recover in the coming week.

img2_xrp
Chart by TradingView

Binance Coin

Last week, BNB had a strong rally which was stopped in its tracks before reaching the all-time high at $692. This week, bears took control of the price and pushed it all the way down to the support at $516. For this reason, BNB’s price fell 10% over the past seven days.

The current resistance for BNB is found at $600. Since touching the support level yesterday, the cryptocurrency is back on the uptrend, but the resistance at $600 will be the real test for bulls. If BNB is successful in breaking this key resistance, then the rally can continue for a new attempt at reaching the all-time high.

Looking ahead, the indicators for BNB give mixed signals, with a bearish daily MACD and an RSI that is trying to curve back up. The fight at the $600 resistance is likely to decide the winner in the coming week.

img4_bnb
Chart by TradingView

Solana

SOL did not have a good week and declined by more than 11%. It also broke below the support at $216, which was the previous all-time high from September. SOL found support on the $190 level and is currently trying to reverse the downtrend.

Unfortunately, the daily MACD continues to accelerate downwards and has been bearish for over a week without any signs of a reversal on the horizon. The support at $190 appears strong. However, it is early to say if the downtrend will end here, and it is best to be cautious.

Looking ahead, Solana already had a stellar performance this year, and it is hard to demand more from it at this time. Therefore, this correction can last a while, particularly because on the daily timeframe, SOL has made a large bearish divergence between the top in September and the one in November.

img5_sol
Chart by TradingView
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Cryptocurrency charts by TradingView.


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Uncategorized

Ripple Price Analysis: XRP Fails at Recovering, Bears Eye $1 as Next Target

Key Support levels: $1; $0.96

Key Resistance level: $1.2

The market is thirsty for discounts, and XRP was not spared. After the drop from $1.2, the cryptocurrency found good support at $1. However, the bears do not seem satisfied, and they are attempting another push lower at the time of this writing. Should they be successful, the bulls have another line of defense at $0.96.

img1_xrp
Chart by TradingView

Technical Indicators

Trading Volume: The volume has remained considerable since the drop in price, and any attempt from bulls to push XRP higher was swiftly rejected by bears that came in force to push the price back to $1 support.

RSI: The daily RSI has been falling for a while now, and the big question is if it can make a higher low. In such a scenario, the bulls may have a good chance at retaking control of the price. Until then, the trend remains bearish.

MACD: The daily MACD continues to fall, and there is no relief in this bearish momentum. Both the histogram and the moving averages are making lower lows. Even on the 4-hour timeframe, the MACD is curving back down after a bullish cross yesterday. This puts the trend firmly on the bearish side.

img2_xrp
Chart by TradingView

Bias

The current XRP bias is bearish. The indicators, as well as the price action, give no signal that this trend is coming to an end soon.

Short-Term Prediction for XRP Price

At the time of this post, XRP is fighting to remain above $1. This is a key psychological level, and the bulls will do their best to defend it. If they fail then, XRP can fall to the next support level at $0.96. Until a winner is decided, XRP will hover just above $1.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Ripple Price Analysis: XRP Bears Poke Faces, Chart 10% Daily Loss

Key Support levels: $1

Key Resistance level: $1.2

Unfortunately, the bulls were unable to sustain the XRP price above $1.2, and it was pushed lower towards the support level at $1 during today’s market downturn. For this reason, the previous support at $1.2 has turned into resistance. $1 remains a strong level, and it would be quite surprising to see the price close below it in the near term.

img1_xrp
Chart by TradingView

Technical Indicators

Trading Volume: Volume increased on this drop to the $1 support level. This shows the bears are in control of the price action, but it seems unlikely they can push XRP below $1 as the bulls have defended this level quite well in the past.

RSI: Due to this most recent drop in price, the RSI has taken a nosedive, particularly on the 4-hour timeframe where it has reached the oversold zone, which lies under 30 points. This is bearish.

MACD: Unfortunately, the MACD on the daily timeframe completed a bearish cross two days ago, and today’s cras intensified the drop of the moving averages. Until the histogram makes a higher low, the bias remains bearish.

img2_xrp
Chart by TradingView

Bias

The bias is bearish on XRP due to this most recent drop and the fact that the price fell under $1.2. XRP may consolidate around $1 in the near term unless the bears try another push under $1.

Short-Term Prediction for XRP Price

Since the uptrend from last week was reversed, at this time, the best-case scenario for XRP is to hold above $1. A drop below this key support level appears unlikely, but it is too early to be certain as the bears may attempt another push lower, depending on the market conditions.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Ripple Price Analysis: Are XRP Bulls Preparing For Another Shot at $1.4?

Key Support levels: $1.2

Key Resistance level: $1.4

If the ascending channel does not break, XRP looks primed for a rally towards the resistance at $1.4. At the time of this writing, XRP was just above the support level at $1.2 which may provide a tentative entry if the bulls come in force to take the cryptocurrency higher. The momentum and volume are low right now, but this can change in an instant considering XRP’s past performance.

img1_xrp
Chart by TradingView

Technical Indicators

Trading Volume: Volume was low over the weekend and this hasn’t changed today as well. Despite this, the bulls were able to keep XRP above $1.2 and may push prices higher in the next few days.

RSI: The RSI is curving up on the daily timeframe which may lead to a nice rally if sustained.

MACD: On the 4-hour timeframe, the MACD is bullish, and considering that the price is at the support level, the likelihood of a rally increases. On the daily timeframe, MACD did a bearish cross on the moving averages two days ago, but this will only become a concern if the XRP price falls below the key support.

img2_xrp
Chart by TradingView

Bias

The bias is bullish on XRP as long as the price does not fall under $1.2. The indicators are also giving some good hints that the price may move higher soon.

Short-Term Prediction for XRP Price

The most important target on the chart right now is the $1.4 level representing the key resistance. During the last push higher, the bulls were rejected by the bears before reaching this level. However, the current price action shows that bulls may be preparing for another attempt. Until then, XRP should continue to hover just above $1.2.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Crypto Price Analysis Nov-12: Ethereum, Ripple, Cardano, Binance Coin, and Polkadot

This week was very intense in terms of price action and we take a look at Ethereum, Ripple, Cardano, Binance Coin, and Polkadot.

img_cryptopost

Ethereum

Ethereum has set another all-time high this week at $4,868 and increased slightly.

ETH is currently sitting on a clear uptrend and has formed a large bearish wedge which appears to end just above $5,000 (in blue). This is also the place where ETH has key resistance at $5,075. Therefore, the current rally may be stopped by the bears at that level, even if temporary. If this scenario plays out, ETH might pull back towards $4,500 before the rally can continue.

This is also supported by the indicators, where the daily MACD did a bearish cross today. This is not good news for the bulls as it indicates the possibility of a correction in the future. Nevertheless, it’s looking more likely for ETH to first test the resistance before any sharp rejection.

Looking ahead, ETH is one of the strongest performers this year, therefore, this could continue in the future. It remains very bullish on higher timeframes, despite any short-lived pullbacks. So long as the overall crypto market remains bullish, ETH can continue to make higher highs.

img1_eth
Chart by TradingView

Ripple

XRP had an exciting week with high volatility but failed to maintain its price above $1.2 which is currently acting as support. In the last seven days, the price decreased by only 2%, despite reaching almost $1.34 for a brief moment. Nevertheless, the bias on XRP is bullish and so long it holds above the $1.2 support level, the expectation is to see XRP attempt again to break above the $1.4 resistance.

The bears were quite fast to reject XRP’s attempt at a rally, but they failed to push the price under $1.2 which currently acts as the baseline for next week’s price action. The daily timeframe indicators remain positive, but the bulls need to step up in the coming week as well, otherwise, XRP will hover around $1.2 as before.

Looking ahead, XRP needs to pass beyond the $1.4 resistance if there is hope to see higher prices in the longer term. As such, a break above that level would be a strong indicator that XRP is ready to move higher.

img2_xrp
Chart by TradingView

Cardano

ADA made a significant break above the descending triangle this week and reached the resistance at $2.4 where it was sharply rejected by the bears. Since then, ADA’s price fell back to the breakout point leading to only a 1.8% increase in the past seven days. This reversal is quite unfortunate and shows that the bulls were only interested in ADA during the breakout and quickly vanished as soon as they hit any resistance.

ADA is still stuck between the support at $1.9 and the resistance at $2.4. Nevertheless, with this breakout, it did achieve one important aspect. It stopped the bearish trend.

Looking ahead, ADA can consolidate within this range before another attempt is made to break away from the $2.4 resistance. Once that happens, ADA has a good chance to explore higher price levels. Until then, the bias for ADA remains neutral.

img3_ada
Chart by TradingView

Binance Coin

After a fantastic rally in the last two weeks, BNB nearly reached its all-time high this week, which sits at $692. However, the bears stepped in and stopped the increase just before that key level. Despite this, BNB had a good week and increased by 9.7%.

BNB has found good support at $600 where the bears were unable to push prices lower. This support is expected to hold in the nearby future as BNB may attempt another break of the all-time high resistance. The bias also remains bullish as long as BNB manages to hold the price above the key support level.

Looking ahead, BNB should continue to have a strong performance as long as the overall market remains bullish. BNB has also managed to break above the $100 billion market capitalization this week and sustain this level, which is a significant milestone.

img4_bnb
Chart by TradingView

Polkadot

DOT disappointed this week with a 15% drop in the past seven days. Moreover, it did not manage to hold above the support level at $48, falling behind it and turning it ito resistance.

These are bearish signals, with MACD crossing on the negative side on the daily timeframe. When this happens, it is time to expect a correction and DOT is not different in this respect, particularly after a strong rally in October and early November that lead to a new all-time high at $55.

The next support level is found at $43 which should be well defended by bulls. Looking ahead, expect to see DOT approach the low $40s before the bulls may return to defend further losses in price.

img5_dot
Chart by TradingView
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Cryptocurrency charts by TradingView.


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Ripple Price Analysis: XRP Rejected at $1.2 but Bullish Momentum Remains

Key Support levels: $1.13; $1.06

Key Resistance level: $1.2; $1.4

As predicted in our last analysis, XRP rallied to $1.2 but was then quickly rejected by the bears and pushed lower to the support at $1.13. This shows that the bulls still do not have enough strength to sustain a rally. For now, the support level holds and may lead to another attempt from bulls to break above $1.2. If successful, this can push XRP higher towards $1.4.

img1_xrp
Chart by TradingView

Technical Indicators

Trading Volume: The rejection by the bears at the $1.2 resistance was sharp. However, the volume is currently fading. Therefore the bears are losing interest at these price levels, and bulls may take over once more.

RSI: Despite the sharp rejection by the bears, the RSI managed to create a higher high on the daily timeframe. This is bullish in the long term, and the current drop in the price may be a temporary pullback before bulls make a new attempt at breaking the key resistance.

MACD: On the daily timeframe, the MACD remains bullish, despite a falling histogram. A quick recovery from the bulls in the next few days can turn the tide back on the uptrend.

img2_xrp
Chart by TradingView

Bias

The bias remains bullish on XRP as long as it manages to hold the price above $1. The current correction can be interpreted as a short pullback before the price can continue its uptrend.

Short-Term Prediction for XRP Price

Despite the rejection, the bulls did manage to make a higher high on price and RSI. This is indicative that the larger trend is bullish. In this context, buyers may attempt another break at $1.2 before going for the next resistance at $1.4. Unless the bears step up their efforts, it’s likely that we will continue seeing XRP above $1 in the coming days.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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