Bitcoin Price Analysis: BTC Losses Coincide with China’s New Policies

  • Bitcoin Price slow down after sinking 10 percent
  • China introduces new privacy quashing blockchain rules
  • Trading volumes steady but bearish

Even though today’s losses are low, there is hope for traders as long as Bitcoin prices are oscillating above $3,700. Drops below this minor support line could trigger sells towards $3,220 or lower in the next few days.

Bitcoin Price Analysis

At spot prices, Bitcoin is down 3.8 percent in the past 24 hours but stable in the last hour. The coin is flat and trading within a tight trade range contrary to yesterday’s rapidity.

From candlestick arrangement, we expect prices to cool down and even expand towards $4,000 before bears wash down gains in the direction of Jan 10 losses while reaffirming bear trend continuation as spelled by the price action of mid-November and early Dec 2018. Our short-term bullish trend is valid and until after there is a clean break and close below $3,700, there is hope for BTC long traders.

Fundamentals

Different governments have different views on cryptocurrencies. To meet popular demand, some are opening doors and even allowing exchanges to self-regulate. Countries like Japan are very open, embracing new technology while others are not interested in the application of blockchain to create competing, censor resistant currencies.

When everything is said and done, it’s all about control and China, as we know, is strict. Although we understand their companies are leaders in crypto, filling patents rivaling those from the US and Europe, the country is against the proliferation of Bitcoin and crypto. However, they see a future in the blockchain. That is why the Cyberspace Administration of China (CAC) is releasing a new document detailing new regulation that crypto and blockchain companies must adhere with.

Once it becomes law by Feb 19,2019, blockchain companies would divulge log user activities on request, allow authorities access to private data and even reveal groups or individuals behind secret or anonymous accounts. It bins all blockchain principles and is authoritarian even though it is for the good of national security.

Candlestick Arrangement

Bitcoin

As aforementioned and from previous BTC/USD trade plans, the rejection of higher highs right off the 38.2 percent Fibonacci retracement level hints of underlying bear momentum. Since none of our conservative trade conditions came to pass and bulls didn’t close above $4,500, we recommend patience aware that liquidation below $3,700 or Dec 28 bulls and bull flag base could lead to further drops to $3,220. Uncertainty reigns and to avoid the claws of bears, we suggest liquidating BTC holdings for stable coins while stepping up if prices drop below $3,700.

Technical Indicators

Jan 10 declines were at the back of above average volumes—35k versus 18k right off the 38.2 percent Fibonacci retracement level. Reversal at this level was significant. Any confirming drops below $3,700–even with light volumes, could lead to further drawn down in sync with Dec 20 high volume bear bar—117k versus 37k.

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Ripple Price Analysis: Sep 2018 Gains Shore XRP Bulls

  • Ripple price is trading within Sep 2018 high low and bullish
  • The management team at Circle convinced crypto valuation would rise.
  • Bear trading volumes high, XRP prices likely to find support at 30 cents

Although losses were market wide, XRP is resilient, absorbing sell shocks and rising above ETH for the first time in 2019. Even with this safe-haven status, we expect XRP to slide against the USD towards 30 cents.

Ripple Price Analysis

The ability of XRP to absorb shocks may be the reason why the coin is in second place. XRP, despite its specific use as a cross border liquidity tool for banks, is stable in the last hour. XRP prices are trading above 30 cents. Although yesterday’s sellers rammed prices below the first support at 34 cents, our bullish overview is valid. The only time, as reiterated in the last XRP/USD price analysis, we shall revert to bearish is if asset prices collapse below 30 cents.

Fundamentals

David Schwartz and the XRP Royal Army may be having a field day thanks to Ethereum Classic’s debacle, but the valuation table relays countering signals. As per Charlie Lee expressions, proof of work networks are true representations of decentralization. He goes on saying true decentralization paves the way for attackers to launch double spending attacks more so if the network’s total hash is low. Such acclamation is everything against what David Schwartz stands for: speed and security.

Even with superior throughput, Ripple and other systems making use of proof of work alternatives have no power to dislodge store of value coins as Bitcoin in the long term. Though the gap will widen, the crypto market as a whole will expand as adoption increase more so if more products are built allowing for seamless crypto payment backed by education.  Rachel Mayer, the Product Manager for Circle Pay and Circle Invest, said in a recent Reddit AMA session:

“we need to BUIDL better consumer products that feel like native internet apps so that you can use crypto seamlessly (outside of speculative investing). Finally, it is our responsibility to continue to educate not only regulators but your friends, family, and acquittances of why blockchain technology is here to stay and the value it will unlock for them and the rest of the world.”

Candlestick Arrangement

Ripple

Cementing our bullish stance is the failure of bears to wipe gains of Sep 2018. Before that happens, our trade position will remain constant. Technically, every low should be another buying opportunity with ideal targets at 80 cents. In the meantime, traders should move their XRP stash to stable coins or fiat depending on preferred exchanges. Once prices find support at Dec 2018 lows at 30 cents, then we can liquidate them for XRP.

Technical Indicators

Even though we are net bullish, yesterday’s declines were propelled by above average volumes—83 million versus 30 million. Basing our analysis on volumes, this is bearish. This interpretation will hold unless there is a counter bar fading trend, backed with high volumes above 83 million. Because of this, odds are XRP will drop towards 30 cents in the next couple of days.

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Tron Price Analysis: TRX Drop to 2.5 Cents Imminent

  • Tron price fall 5.1 percent but is still bullish
  • David Labhart joins the Tron Foundation as Head of Compliance
  • Bear volumes high and above average–61 million versus 23 million

In light of today’s candlestick arrangement and level of participation, TRX is likely to drop to 2.5 cents. However, should it found support; the bounce will see TRX clear 3 cents as bulls march to 4 cents by mid-February.

Tron Price Analysis

Overview

At ninth, TRX market cap stands at $1.708 billion and $300 million away from flipping Litecoin as the eighth most valuable coin. Other than that, TRX is down 5.1 percent in the last day but up 32 percent in the previous week meaning the currency is one of the top performers. In line with our TRX/USD price analysis, our bullish stance is still valid, and as long as prices are above 2.5 cents, every low should be a buying opportunity. Targets will remain as before—at 4 cents and later 6 cents.

Fundamentals

After spending 15 years dealing with matters law and compliance, the Tron Foundation plans to use David Labhart’s experience. David is a former US SEC supervisory attorney, and by agreeing to join Tron as Head of Compliance and co-General Counsel, it is clear that the foundation’s power wielders are not taking compliance lightly.

By hiring David, it is clear that Justin Sun and company want a clear rapport with financial authorities across the globe. The move is in line with Justin Sun’s ambition of seeing the foundation open up communication channels with regulators ensuring that network development bode well with regulator’s dictates.

Besides, it’s a timely addition coming a week before niTron Summit where regulators, platform users, entrepreneurs, and industry leaders will come together to discuss pertinent issues in the sector aside from establishing useful contacts. On joining Tron, David said:

“Joining TRON is the perfect progression in a career driven by a passion for the frontier of the financial industry; where technology meets regulation. Blockchain and cryptocurrency are the next steps in the evolution of the world’s financial system. I’m excited about Justin’s passion and long-term view of the benefits and potential impact of this new technology.”

Candlestick Arrangement

Tron

With a bear pin bar and high trade volumes, it is hard to recommend buys at spot prices. That’s unless of course a countering high-volume bull bar fading sellers prints in the 4HR chart. That’s unlikely, and chances are we shall have a double bar bear reversal pattern by today’s close. However, that should not be a cause of concern.

To reiterate our stand, we expect bears to drive prices back to 2.5 cents. It is at this level that buyers should be searching for longs in lower time frames in a classic retest phase. Nonetheless, drops below2.5 cents with volumes exceeding averages could spell doom for TRX bulls. In that case, price may sink to 1.1 cents.

Technical Indicators

Today’s volumes are high—61 million versus 23 million and above Dec 21—45 million against 15 million. Since it is a pin bar, we expect TRX prices to drop back to 2.5 million in a retest phase. If not and bears step in, it is likely that Nov-Dec bear trend will resume.

All charts courtesy of Trading View–BitFinex data streams.

Do your own research. Opinions are those of the author.

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Bitcoin Price Analysis: BTC Slide 6.1%, Bull Party Over?

  • Bitcoin price drop 6.1 percent after testing $4,100
  • Korean authorities approve seven exchanges compliant with their security measures
  • The slide below $4,000 at the back of high transaction volumes

After today’s losses, subsequent price action would determine whether BTC is within a necessary bull squeeze or the retest of $4,100 marked the beginning of bear trend and completion of a retest. After all, the dominant trend is bearish, and rejection of higher highs is at the 38.2 percent Fibonacci retracement level of Nov-Dec 2018 high low.

Bitcoin Price Analysis

Overview

After decent performance throughout the last weeks of Dec 2018 and early this month, Bitcoin sellers are back. According to live streams from coin trackers, BTC is down 6.1 percent in the last day. Regardless, traders are optimistic and expect prices to rebound more so if there support at $3,700. If that is the case, then today’s drawdown is a bull squeeze driving prices towards the base of a bull flag.

Fundamentals

In theory, the blockchain should be infallible, distributed and secure. Most as Bitcoin have lived up to their expectations, and with Exa-hash rates, there is no economic incentive to launch attacks. The cost will be exorbitant for no good reason. Bitcoin and its blockchain are therefore safe. However, the technology is still new and infrastructure developing.

Buttressing Bitcoin are exchanges—a set of on-off ramps allowing buyers and sellers to exchange digital asset. As centralized marketplaces, they are a honey pot for malicious hackers always on the lookout for any vulnerabilities. Most successful hacks result in multi-million-dollar losses and topping the table is that mega-hack at Coincheck where an estimated $500 million evaporated just like that.

It is for this reason why authorities, especially in SE Asia, Europe, and the US, are taking steps, executing their mandate and protecting vulnerable investors. Latest news is that the Ministry of Science and ICT while working closely with Korea Internet and Security Agency (KISA) has approved seven exchanges–UpBit, Bithumb, Gopax, Korbit, Coinone, Hanbitco, and Huobi Kore– after a three-month security inspection between Sep to Dec 2018.

Candlestick Arrangement

Bitcoin

On the technical front, our previous stance as far as Bitcoin trading is valid. As we can see from the chart, sellers are back. In 45 minutes during the European session, prices tumbled from around $4,100 to spot rates.

Still, bulls are resilient, and prices are trending above $3,700—our main support line. For trend continuation, it will be essential if bulls reverse these losses in subsequent days and drive BTC prices above $4,100 and later $4,500. If not and this persists then this will cease from being a bull squeeze.

Instead, the retest phase will be complete, and bears will resume taking cues from bears of early Nov-Dec 2018. Therefore, we recommend patience as we wait for price reaction at $3,700—the base of our bull flag and minor support and sell trigger line.

Technical Indicators

The last ten days average stands at 16k which is less than the volumes behind Jan 6 bull bar at 25k. Jan 6 bar is definitive and above average volumes accompany today’s losses—20k versus 16k (expected to increase by close). We need to see counter bull bars but should sell pressure spill over to tomorrow; chances are sellers will blast through $3,700.

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Ripple Price Analysis: XRP Flash Crash, Flips Ethereum–Again

  • Ripple price is down 5.7 percent but flips ETH from second
  • Santander’s use of xCurrent has been beneficial
  • Bear trading volumes spike

Technically, XRP is bullish, but for buy trend continuation, prices must surge above 40 cents as reiterated in our last XRP/USD trade plans. At the moment, sellers appear to be in control and the 5.7 percent drop could trigger dumps in days to come.

Ripple Price Analysis

Overview

Even at second, XRP bulls couldn’t stand the 45-minute flash crash. At spot prices, the coin is down 5.7 percent but up the ranking order after flipping ETH to second. It is what coin supporters want to see, and as long as it remains this way and ETH drop, the coin’s limited volatility—ETH is down 12.5 percent—will attract capital just like it did back in Nov 2018. However, although this bull squeeze could end up being a blessing for risk-averse traders, any drop below 34 cents and 30 cents could shift momentum from net bullish to bearish.

Fundamentals

Estonia’s DX Exchange choice of digitizing some high-value NASDAQ’s stocks like Facebook, Apple and Tesla was a “proof of concept.” Because of this exchange, it is now possible to trade stock market derivatives. Ripple’s XRP is available for trade. However, there are more opportunities now that BCG Group has made known their intentions of creating eMetals representing real-world assets as Gold or Silver secured by smart contracts and payable through cryptocurrencies.

Meanwhile, Santander’s One Pay FX is proving to be cheaper and more efficient making the bank competitive. In a conference, the Ana Patricia Botín-Sanz, the Group Executive Chairman of the bank said she the “devil is in the details,” and there has been real reciprocity because users can send and receive funds while on the go.

Candlestick Arrangement

Ripple

At spot rates, XRP is the second most valuable coin the space with a market cap of $14.03 billion.  That is despite sinking 5.7 percent in the last day. From candlestick arrangement, it is likely that bears will drive prices below Dec 28 lows of 34 cents.

Advising this is the increasing trading volumes—56 million. It is 10 million more than those of Dec 28 bull bar and although volumes are lower than that of Dec 24—123 million, the simple fact that volumes are above daily averages and accompanying trade range wider than usual after days of consolidation is negative for XRP’s value. If prices drop below 34 cents, it is likely that sellers will drive XRP price towards 30 cents by mid-next week.

Technical Indicators

As aforementioned, bear volumes are increasing. After 13 days of consolidation, this high-volume flash crash may be an undesirable bear breakout. However, drops below 34 cents will reaffirm this stand.

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Tron Price Analysis: TRX $800 million Away from the Top 4

  • Tron Price add to their gains, surge 44 percent from last Wednesday
  • Questions linger on whether proof of work alternatives truly embody blockchain principles
  • Transaction volumes on the rise, daily printouts exceed recent averages

TRX is back to the top 10 and is a top performer adding 44 percent in the last week. With trend and pattern defined, traders should aim at 4 cents in the near term.

Tron Price Analysis

Overview

Tron is on an uptrend, posting impressive gains and short $800 million from the top 4. It’s up 7.5 percent in the last day and a whopping 44 percent in the previous week cementing our bullish stance. At this rate, we expect TRX prices to expand towards the elusive 4 cents by the end of February 2019 with accelerants being significant company partnerships, the revival of Bitcoin and more defection from Ethereum.

Fundamentals

There is a conundrum out there. Following an unfortunate fraud in the Ethereum classic network, a poser is whether a truly decentralized and open source must be open for such attacks. It’s a thought-provoking statement by a curious internet user who despite the apparent loss of business by CoinBase and confidence on Charles Hoskinson product, is confident that such attacks should be a norm on every proof of work platform controlled via distribution.

Tron’s founder Justin Sun will always be an influencer. Although we don’t expect hackers to have a majority of hash rate and things like those because of the network’s delegated proof of stake algorithm, a lingering question is whether proof-of-work alternatives like dPoS is binning decentralization—a core principle in blockchain—for expediency and scalability.

Social media is full of Sun’s shills, and at one point Charles Hoskinson offered Mantis to Tron saying the solution would increase efficiency, a goal Tron was seeking at that time.

Ironically, Mantis—aside from efficiency, could bolster network security, ensure complete decentralization and immutability. If Tron went ahead with the implementation, is there some risk of exploitation?

Candlestick Arrangement

Tron

From the charts, it is clear that bulls are in charge. Expansion numbers are boosting, and in a classic breakout pattern, we expect prices to edge and close higher by the end of the week. We are confident of this position. Backing this assertion are high volumes feeding the last three days price action. Although TRX bulls are firmly in control, today’s volumes, for example, are above daily averages—21 million versus 15 million. With every higher high, there is a confirmation of Jan 6 volumes.

Technical Indicators

Driving prices to new territories are increasing levels of market participation. As aforementioned, average volumes are high. Therefore, every dip in lower time frames—30 mins to 1 hours chart—should be a buying opportunity in this bullish breakout pattern and early stages of a larger bear trend reversal pattern.

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Bitcoin Price Analysis: BTC Ranging, Russia’s Grand Plans

  • Bitcoin Price is ranging inside Jan 6 high low
  • Russia may convert their USD Reserves to BTC to bypass sanctions
  • Trading volumes are low

Technically, BTC is bearish from a top-down approach but bullish in the short term. We expect ecstatic buys if bulls drive prices above $4,500 and, in that case, first targets will be at $6,000.

Bitcoin Price Analysis

Overview

At the time of press, BTC is up 5.3 percent against the USD in the last seven days. Nonetheless, we are net bullish and expect prices to recover thanks to favorable macros and accompanying candlestick arrangement that shouts bullish.

From the chart, it is clear that prices are consolidating. Depending on the breakout direction, the short-term trend will determine whether we have a distribution or an accumulation. If prices edge higher in line with mid-December bullish thrusts, then the double bar bull reversal pattern of the week ending Dec 23 would be correct.

Fundamentals

On the fundamental front, news has it that the Russian government has plans in place to diversify their cash holdings into Bitcoin in case sanctions are imposed.

While there are other reserve currencies, the state level adoption and this change of heart by Russia won’t bode well with politicians. However, on matters crypto and Bitcoin, any form state adoption will open up doors for Bitcoin.

According to reports, Vladislav Ginko, a Russian Professor with ties to the Kremlin said Bitcoin is the only way of by-passing damaging US and NATO Sanctions. Should there be such orders, Russian elites will quickly diversify their cash reserves into Bitcoin further cementing the coin status as a duo asset that can serve as a medium of exchange and at the same time a store of value.

Remember, reports have it that Russia is sitting on more than $450 billion of reserves. If the government is forced to liquidate any amount, then BTC would surge to new highs.

Candlestick Arrangement

Bitcoin

Meanwhile, BTC/USD prices are ranging in lower time frames and virtually unchanged in the last day. Unless otherwise there are dips below $3,700, our previous trade plans are constant.

All in all, prices are oscillating inside Dec 28 high low is bullish from an effort versus result point of view. Up-thrusts above $4,500 would spur demand, and as per our projection, BTC will likely surge towards $6,000.

Technical Indicators

Like yesterday, transaction volumes are light pointing to market participation. To reiterate, upswings lifting BTC above $4,500 should exceed 120k or above the current average of 15k.

All Charts Courtesy of Trading View–BitFinex

Disclaimer: Opinions are those of the author. Do your Research.

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Ripple Price Analysis: XRP Bullish as Ripple Company make Strides

  • Ripple Price ranging within Dec 28 high low
  • We expect breakouts above 40 cents to be strong
  • Ripple company progress is solid

At spot rates, Ripple (XRP) is ranging against the USD and up 0.4 percent at the time of press. These gains are modest, but as long as XRP is above 30 cents, price rallies towards 80 cents are on the cards.

Ripple Price Analysis

Overview

In the last day, XRP is up 0.4 percent and moving horizontally inside a 6 cents range. Because of Sep 2018 upsides and current accumulation, we expect strong breakouts above 40 cents.

Even with this, we recommend patience urging conservative investors and traders not to load up at these discount prices until after there are robust and high-volume upswings forcing prices above the 61.8 percent Fibonacci retracement of Sep 2018 high low. Only then should they load on every dip in lower time frames as favorable fundamentals buoy the digital asset.

Fundamentals

A Mckinsey report estimates that by 2020, the global payment will be a $2 trillion business top the $5 trillion mark in five years. It is for this reason that XRP supporters are raving, optimistic of the progress made by Ripple and how XRP is turning out to be—a store of value in times of extreme market conditions like of late 2018.

Still, Ripple has a long way to go before blowing trumpets. In a space dominated by banks armored by years in operation and distinct competitive advantages because of their physical locations, Ripple has to up their market forcing defection of any of the 10,000 banks plugged to a system forged out of necessity 40 years ago.

At the moment, official figures place partnering banks at 200 with just a handful making use of XRP to meet their liquidity demands. However, crypto as a whole is an emerging concept, and in years to come, the advantages of this fast network will finally radiate.

Candlestick Arrangement

Ripple

As aforementioned, it’s only a matter of time before volatility resumes. While patience is encouraged, aggressive traders can buy at spot prices. First targets will be at 60 cents and later 80 cents. Because of price depreciation of the last two months, 80 cents is pretty ambitious. However, it is not far-fetched as Sep 2018 bulls retested those levels. Unless otherwise our XRP/USD trade conditions are met, the majority of traders should hold their guns on the sidelines and wait for clean breaks above 40 cents.

Technical indicators

Trading volumes are light, and a ranging market reflects this lack of participation. We recommend patience. Any up-thrust above 40-42 cents propelled by high volumes exceeding recent averages of 24 million or 123 million signal trend continuation meeting our trade conditions.

All Charts Courtesy of Trading View–BitFinex

Disclaimer: Opinions are those of the author. Do your Research.

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Tron Price Analysis: TRX Surge, can it Flip Ethereum to Second?

  • Tron price is up 39.5 percent from last Tuesday
  • Platform is attracting gamers thanks to Tron Arcade
  • Transaction volumes are fair and trading within a bullish breakout pattern.

No doubt, Tron (TRX) is one of the best performers in the last week. It is up 39.5 percent at the time of press and trading within a bullish breakout pattern after clearing 2.5 cents. At this rate, TRX may end up testing 4 cents by the end of January.

Tron Price Analysis

Overview

There are no permanent positions in the top 10. A simple glance at coin trackers’ statistics and it is clear that coins are tussling as they climb up the liquidity table. A case in point is Tron–and days disparaging comments from Stellar’s Jed McCaleb, Justin Sun may be actualizing his realities of making TRX one of the most liquid coin.

At spot rates, TRX is up 11.8 percent in the last day, and a massive 39.5 percent from last Tuesday meaning the coin is now trending at ninth. Of course, this is endorsing for traders reeling from 2018 damage.

Fundamentals

Buoying these are fundamental developments and a superior platform that platforms launched in legacy smart contract and dApp launching sites are finding irresistible. Aside from EtherGoo and BitGuild, Tron has ambitious plans of attracting developers who will instead roll out dApps surpassing those at EOS.

As we know EOS use the same dPoS consensus algorithm and Block Producers but with allegation—and evidence of bribing, corruption and centralization claims, Tron “purity” might, after all, be the last haven for developers seeking stability and support.

Then again there was approval of Justin Sun’s Proposal 13 which aims to reduce smart contract costs and energy limits from 20 Sun to 10 Sun.

Candlestick Arrangement

Tron

Price wise and TRX is bullish and trading within a bullish breakout pattern. As visible from the chart, not only are TRX prices above 2.5 cents confirming gains of mid-Nov 2018 but the breakout is at the back of above average volumes—26 million versus 13 million.

Because of this, it is clear that TRX bulls are in charge and may reverse Nov 2018 losses. Everything else constant, both set of traders should buy TRX at spot prices—or wait for pullbacks in lower time frames– with first targets at 4 cents and stops at 2.1 cents.

Technical Indicators

Transaction volumes are above average, and while today’s breakout volumes—26 million– didn’t exceed those of Nov 20—65 million, it was double the current averages of 13 million. As a result, we expect TRX bulls to print higher in coming days.

All Charts Courtesy of Trading View–BitFinex

Disclaimer: Opinions are those of the author. Do your Research.

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Ripple Price Analysis: XRP at 40 Cents an Illusion?

  • Ripple Price is range bound with caps at 40 cents
  • Ardo Hansson, a member of ECB, berate cryptocurrencies
  • Trading volumes are low

Although Dec 24 bull bar did rouse traders, XRP/USD is ranging with caps at 40 cents. Going on, we expect prices to expand above 40 cents towards 60 cents or higher in coming days.

Ripple Price Analysis

Overview

With each passing day, XRP’s lack of volatility may be ideal for Ripple and banks transacting using xRapid. However, for traders, this stable coin status means XRP is one of the few under-performing coins in the last 24 hours.

At current rates, XRP is up 3.9 cents against the USD and bulls are yet to close above the all-important resistance level at 40 cents. If it goes on like this then, then we shall retain a bullish outlook, but in light of existing conditions, traders would better halt their trading until after there is a definite break and close above previous support now resistance at 40 cents.

Coincidentally, this level is the 61.8 percent Fibonacci retracement line between Nov-Dec 2018 high low.

Fundamentals

On the macro side of the equation, Ardo Hansson—a member of the European Central Bank and a Governor of Estonia asserts that cryptocurrencies are a fad and a “fairy tale.” In a conference to mark Estonia’s five years with the Euro, the Ardo said crypto is a “load of nonsense” clutching on straws. He goes on to say that unless there is some market equilibrium, the crypto bubble will go bust.

“The bubble is collapsing, and maybe we should see how far this collapse goes, and what is left when we’ve reached a new kind of equilibrium. I think we will come back a few years from now and say how could we ever have gotten into this situation where we believed this kind of a fairy-tale story.”

He goes on to issue a precaution saying if “grandmothers invest in this” then there should be fitting regulatory protection on the ground.

Candlestick Arrangement

Ripple

As Ardo lambasts cryptocurrencies while forgetting that the country’s banking sector is recovering from a $230 billion money laundering scandal involving Danske, XRP volatility is low. in the last day the coin is down 0.3 percent and oscillating within Jan 6 and 7 bars.

Still, this is bullish because bears are yet to erase Jan 6 gains and trading above Dec 28 lows at 34 cents. Our last XRP/USD trade plan is valid, and unless there are satisfying breaks above 40 cents, traders are better off staying on the sidelines.

To highlight previous plans, any drop below 30 cents could trigger the next wave of bear pressure complementing the drain of Nov 2018.

Technical Indicators

XRP/USD is accumulating within a 6 cents range with caps at 40 cents on the upside and minor supports at 34 cents and later 30 cents. Despite this volatility tapering, bulls are in charge.

Therefore, gains above 40 cents should be at the back of high volumes exceeding those of Dec 24—123 million versus 54 million or even Sep 21—751 million versus 149 million.

All Charts Courtesy of Trading View–BitFinex

Disclaimer: Opinions are those of the author. Do your Research.

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