Coinspeaker The SEC-Registered Long-Term Stock Exchange: Another Try to Encourage Crypto InvestmentsWith the development of blockchain and digital currencies, companies have got access to a wider number of ways to raise capital and tools to attract investors. In particular, Initial Coin Offerings (ICOs) and later Security Token Offerings (STOs) have quickly become popular.To promote projects in these ways, companies apply to stock exchanges. However, investments in such cases are made in the short run only. To enable companies to raise funds through traditional means and popularize long-term thinking among market participants, Long-Term Stock Exchange (LTSE) has been founded.Long-Term Stock Exchange: Solution for 21st-Century CompaniesLong-Term Stock Exchange (LTSE) is a relatively new U.S. stock exchange designed from the ground up with a vision to help companies create lasting businesses and empower investors committed to long-term success. LTSE has been created by Eric Ries, an influential entrepreneur and startup adviser.As Cointelegraph has reported, LTSE will mandate companies that list on its exchange and shareholders to adopt a set of corporate governance principles based on long-term thinking. They include publishing key indicators of future growth and limit emphasis on quarterly predictions and linking executive pay and bonuses to projected performance over the coming decade. Moreover, the LTSE team is planning to establish a structure that allows investors to keep their stake for longer in order to generate more voting rights.Eric Ries said:“For the next generation of what we like to call ‘modern companies’: What are their values? They want to be able to build an institution that can last; they’re not focused on trying to play the beat and raise game; they want to know who their long-term shareholders are.”The LTSE team believes that by encouraging newly created companies with long-term growth potential go public early, they can stimulate everybody to share in the newly created wealth.LTSE will launch in the near future. According to Ries, he already sees interest in the exchange both from private startups and some companies that are already public.LTSE Receives Approval From SECOn May 10, the Long-Term Stock Exchange has received approval from the Securities and Exchange Commission, which means it can operate as a US national securities exchange. According to the press release, the approval enabled LTSE to conduct listings and authorized the company to operate a fully automated electronic platform for the buying and selling of shares.Zoran Perkov, the exchange’s chief executive, commented at that time:“We welcome the approval, which advances our vision of a new way of being public for a generation of companies that aspire to build their businesses and generate value for decades to come.”Eric Ries said:“One of the powers of having the regulatory approval is that we’ll soon be able to formally solicit companies to list with us. We don’t have a traditional customer pipeline. On the other hand, we have deep relationships with these companies. That’s also our job, to find ways to be helpful to them.”LTSE: Influence On The Crypto IndustryLTSE strongly believes in their success as they plan to work with companies in a variety of industries using widely acceptable investment tools, which may result in opportunities for mutual growth of crypto sphere and other fields and attract the attention of more traditional market players to the blockchain.There is also a possibility that LTSE will allow early-stage companies to get access to public funds when expanding their activity. However, its offering may be limited to just companies in the US, since the exchange is basing its operations there. Moreover, for smaller foreign companies that turn to the crypto market for funds, there may be too many listing requirements. That’s why for them STO is still the best option to get long-term growth capital from public investors.The SEC-Registered Long-Term Stock Exchange: Another Try to Encourage Crypto Investments
Coinspeaker Tron (TRX) Futures Trading Now Available on OKExOXEx, a cryptocurrency exchange platform based in Malta, announced the start of Tron (TRX) futures trading. The official message declares:“We are pleased to announce that TRON (TRX) futures trading will be available from 08:00 May 20, 2019 (CET, UTC+1).”It was also stated that the expiry period is set weekly, bi-weekly and quarterly while the possible leverage of futures should not exceed more than 20x. The tool will be based on TRX/BTC trading pair data taken from OKEx, Huobi and Binance exchange.TRX Promotional OfferDuring the initial period, users can take part in the bonus offer. Just to underline, the promotion will be available only for KYC level 2 users, who will be able to deposit TRON into their Futures account. All the participants will be ranked by their TRON net deposit amount in the futures account. First 50 users will share 800,000 TRX and the users under 50 will share 200,000 TRX.The regulations also say that the net deposit amount must be equal to the difference between the deposit amount and the withdrawal amount. It should also be mentioned that in case of disputes regarding offer terms, the last word remains for cryptocurrency exchange OKEx.Tron (TRX) is the eleventh largest cryptocurrency on the market. Like all the others it was making efforts to overcome market volatility and the news on the recent development of the ecosystem actually helped the company gain more support.Justin Sun, the Chief Executive Officer [CEO] of Tron foundation, declared that TRON will push up to 10-15 million transactions by the end of the year. Just to remind, Tron appeared in the recent news for surpassing 100k daily users on its DApps platform, overtaking Ethereum and EOS. DApp platform stated this week:“This week, Topdapp also announced its support for Tron’s DApps. Currently, users can learn about the latest information on Tron’s quality DApps, DApp game reviews, rankings by different themes, DApp game strategies and so on.”Meanwhile, at the press moment, Tron price is making $0,028425 USD. Current market cap is $1 895 430 510 USD (239 246 BTC) and the 24-hour trading volume of TRX is at the level of around $690 million USD what shows a growth of about 5.5% over the past day.Tron (TRX) Futures Trading Now Available on OKEx
Coinspeaker Google Suspends Business with Huawei after Trump BlacklistingChinese tech giant Huawei is facing major heat of the ongoing trade war between the two economic giants – U.S. and China. After the U.S. President Donald Trump blacklisted Huawei, Google announced to cut ties and dump from its list of Android partners.It means that the Huawei smartphones won’t be getting any further official updates from Android. Moreover, the step also bars the Chinese tech giant from hosting any Google Play mobile apps like Gmail and YouTube. On Sunday, May 19, an official Google spokesperson told Reuters:“We are complying with the order and reviewing the implications. For users of our services, Google Play and the security protections from Google Play Protect will continue to function on existing Huawei devices.”This decision coming from Google is likely to impact Huawei’s global business. “Huawei will only be able to use the public version of Android and will not be able to get access to proprietary apps and services from Google,” said a source familiar with the matter.The extent to which decision can further impact Huawei’s global business remains uncertain. However, hardware partners like chip manufacturers have started to question Huawei’s ability to continue its smartphone business without support from the U.S.Huawei Having A Back-Up Plan?It looks like Huawei had already anticipated this eventuality beforehand. Earlier this year, Huawei’s consumer device chief told the German media that they are working on its proprietary mobile OS. A Huawei spokesperson told CNBC that the company is evaluating the possible impact of this decision on consumers. The spokesperson added:“Huawei will continue to provide security updates and after sales services to all existing Huawei and Honor smartphone and tablet products covering those have been sold or still in stock globally. We will continue to build a safe and sustainable software ecosystem, in order to provide the best experience for all users globally.”The only good thing is the Huawei smartphones use the company’s self-made HiSilicon Kirin chipsets.On the other hand, Ren Zhengfei – the founder and CEO of Huawei Technologies said that these restrictions could bring 20% less profit in the coming year. “It is expected that Huawei’s growth may slow, but only slightly,” he added.However, for Huawei to remain in business in competitive markets like Europe, it will have a tough time providing Android alternatives.Huawei’s Rising Tension With the U.S. GovernmentLooking at the growing penetration of Huawei in the U.S. Market, the U.S. government has decided to go hard after the Chinese tech giant. With its aggressive plans to launch 5G services in the U.S. and taking on the local telecom giants there, Huawei has been kept waiting at the doors by the Trump administration.Last week, the U.S Commerce Department blacklisted Huawei citing concerns of “national security” and “foreign policy interests”. Besides, America has also urged other nations to follow their hardline stand on Huawei. Among the “Five Eyes”, three countries have already banned Huawei from providing 5G services.The “Five Eyes” is a group of five countries – the U.S. Australia, New Zealand, UK, and Canada. These countries have a common intelligence-sharing network among themselves. Besides the U.S., Australia and NZ have also banned Huawei from selling their 5G services citing security concerns. The UK is currently reviewing options on whether to allow or stop Huawei from doing business on its homeland.Note that China has already banned American tech giants like Google, Facebook, and others from entering its market. As the trade war between the economic escalates further, things can take different shapes going ahead. Besides Google, other tech giants like Intel, Qualcomm, Xilinx, and Broadcom are likely to cut ties with Huawei.Google Suspends Business with Huawei after Trump Blacklisting
Coinspeaker Facebook Chooses Crypto-Friendly Switzeland for Its New FinTech Arm Libra NetworksFacebook journey in the blockchain and crypto world seems to take new rates. It has become known that it has quietly chosen Switzerland to set up its fintech company dubbed Libra Networks. The initiative has a clear relation to the social media giant’s Project Libra.According to the information revealed, this new fintech company, with Facebook Global Holdings as a stakeholder, is focused on such aspects as blockchain, payments, data analytics, investing, big data, identity management, and other technologies.It was registered more than two weeks ago, on May 2, in Geneva. The firm is expected to offer financial and technology services and to deal with the development of related hardware and software. At least such plans were submitted on the Swiss register.And in general, it’s worth mentioning that the choice of Switzerland is quite clear as the country is known to be leading hub of blockchain and cryptocurrency technology in the world with its Zug town recognized as Crypto Valley.Facebook’s Project LibraEarlier, Coinspeaker has already reported that Facebook was secretly working on its crypto-based payments system and even leading talks with several e-commerce companies and financial giants to collaborate on this project.Nevertheless, there was no precise information at that time. Though according to different reports, the social media giant that has more than 2 billion users has been actively developing its crypto plans since the very beginning of the current year, this work is being kept in a secret.Speaking about Facebook’s Project Libra, prominent investor Michael Novogratz recently pointed out the stunning importance of this project for the crypto space.Though the project was launched over the year ago to enable money transfers between WhatsApp users, there is little information about it. However, it’s known that over the time the scale of the project has been expanded. It will also include e-commerce payments on Facebook and other websites as well as an opportunity for users to get rewards for viewing ads, shopping online, and watching, sharing and commenting content.It is also expected that later when the project with all its functionality is ready, it is believed that Facebook will introduce its stablecoin pegged by the value of a local currency.Let us also remind you that in the context of building its own stablecoin that is planned to be used within the company’s apps, Facebook has taken a decision to relax its ad ban on the promotion of products and services related to crypto.While some members of the community have serious doubts whether the company’s digital currency could be a real competitor to the major world’s cryptos, some others are confident that it at least will be able to bring new users to the crypto space.However, not everything is so positive about Facebook as it has faced hiring problems due to privacy issues, which may negatively influence the further growth and development of Project Libra.Facebook Chooses Crypto-Friendly Switzeland for Its New FinTech Arm Libra Networks
Coinspeaker Bytecoin Undergoes Long Awaited HardforkPhoto: Bytecoin BlogOn Friday May 17, Bytecoin, one of the longest standing privacy coins in the crypto space, successfully underwent a scheduled hardfork.This was a non-contentious hardfork, meaning that it was pre-planned and intended as a means of refining the Bytecoin platform rather than dividing it. Once 90 percent of the blocks in a 720-block frame were submitted via the new version of Amethyst software it triggered the switch height of the blockchain, which in turn initiated the hardfork.Though long planned, the fork was nonetheless momentous as it has formally ushered in changes to the platform pre-packaged in the Amethyst 3.4.2 software update. While Bytecoin’s maximum coin supply has not been altered in any way by the hardfork, now both new and old Bytecoin addresses work properly and can be transferred amongst each other.Moving forward, this hardfork will set the stage for a number of features and upgrades to the platform to take effect, namely:HD wallets with mnemonic backup and restore;new unlinkable addresses;blocksize adaptation;reduced ring signature size;consensus updates;wallet history stored in the blockchain;improved P2P protocol;auditable walletsThese updates are aimed at streamlining the platform and solidifying its position as one of the premier privacy solutions in crypto. The additions of unlinkable addresses and HD mnemonic wallets will do much to beef up the platform’s cryptographic specs, while adjustments to block and ring signature size are set to increase agility.Looking forward, this hardfork will set in motion a number of prospective features that have been lined up on deck for Bytecoin, including the Gateway project, hidden amounts, and the events laid out in the roadmap.When reached, Bytecoin CMO Jenny Goldberg had this to add:“We have been preparing for this hardfork for a long time, and many of our future plans were dependent on its completion, so this is a key development for the team and for the community. On behalf of the team, I’d like to thank the members of our community for their contributions in the lead up to the fork, and share our enthusiasm for what’s on the horizon. We feel that with the developments we’ve got coming this next stage for the platform will be marked by expansion and positive growth.”About BytecoinBytecoin was originally launched in 2012 as the first privacy-oriented cryptocurrency based on CryptoNote technology. Since its conception, Bytecoin has worked to position itself as a platform that recomposes structures of commerce in favor of the individual.Bytecoin Undergoes Long Awaited Hardfork
Coinspeaker Will Bitcoin Price Follow It’s Beaten Path to $20,000?Around every four years, the Bitcoin blockchain network encounters a block reward halving, a mechanism that reduces the rate in which new bitcoin is generated or mined by miners. The block reward halving was used as an explanation factor behind the dominant cryptocurrency’s major rallies.Price one year before first halvening : $2.55 Price one year after first halvening : $1,037Price one year before second halvening : $268 Price one year after second halvening : $2,525Price one year before the third halvening: $7,100Price one year after the third halvening:— The Rhythm Trader (@Rhythmtrader) May 17, 2019The truth is, Bitcoin price is on its way of having its second-best quarter since 2014, with a 92 percent gain within two months if it remains above $8,000 by the end of June.Since April 1, the Bitcoin price has increased from $4,100 to $8,000, by nearly two-fold against the U.S. dollar.$BTCcurrent quarter ranks as the 2nd highest quarterly gain since 2014 and the 7th highest quarterly gain all-time pic.twitter.com/bNTohKJREw— Josh Olszewicz (@CarpeNoctom) May 19, 2019At its lowest point in December 2018, Bitcoin was down about 85 percent from its all-time high at $20,000. As of May 20, bitcoin is down less than 60 percent from its record high following a powerful recovery in the second quarter of 2019.In spite of facing increased downwards pressure last week that temporarily put Bitcoin’s upwards momentum in danger, the cryptocurrency continued surging upwards and, at the time of writing was around $7,900, which is the point at which BTC incurred significant selling pressure a few days ago.Some analysts believe that Bitcoin could indeed surge towards $10,000 in the near future, which would be a significant technical movement for the cryptocurrency.Analyst and investor Joseph Young said that BTC’s rapid recovery towards $8,000, despite the recent pull back, is a testament to the positive market sentiment.“Bitcoin dropped to $6,400 on May 17 triggered by a 5,000 BTC sell order on Bitstamp that led to massive BitMEX liquidations. Rapid recovery to $8,000 is a testament to how positive the sentiment around the market is currently.”JPMorgan Recognizes Bitcoin’s Intrinsic ValueEven JPMorgan seems to (finally) recognize Bitcoin “having intrinsic value”. Recent research note from JP Morgan, obtained by a German economist and author, Holger Zschaepitz , claims that BTC is currently trading above its “intrinsic value.”This note is suggesting that BTC’s intrinsic value is the estimated cost of production per unit or mining costs.Zschaepitz said that JP Morgan notes that this current rally “carries echoes of late-2017”.#Bitcoin prices diverge from intrinsic value, carrying echoes of late 2017, JPM says. pic.twitter.com/DImDoSMv8L— Holger Zschaepitz (@Schuldensuehner) May 17, 2019Bloomberg’s Tracy Alloway also tweeted:Bitcoin diverging from JPMorgan's measure of 'intrinsic value' (basically a measure of marginal cost of production – electricity prices, hash rates, etc.) pic.twitter.com/vvkUgC0Fjp— Tracy Alloway (@tracyalloway) May 19, 2019Zschaepitz noted that a significant price divergence to the upside happened at the end of 2017, as the bull run began to take hold of the market. JP Morgan has been usually bearish on BTC, and it’s also important to recall that JP Morgan’s chief executive Jamie Dimon has called BTC a fraud and more insults more than once.Charlie Shrem: I Was Bitcoin’s Wild ChildBe it as it may, the truth is that over the last decade, you could have made a five million percent profit by investing in cryptocurrency. Or you could have lost everything. Charlie Shrem was called “crypto wild child” but he experienced highs and lows and even got arrested.CBS’s Anderson Cooper interviewed Shrem who had, by his own words, “crashed really hard”. If you don’t know who this is, may we remind you of his first startup company BitInstant that he found back in 2011 and by 2012 after Roger Ver invested $125k, came the Winklevoss brothers who became major investors with $1,5 million. By 2013, BitInstant was processing approximately 30% of all Bitcoin transactions and Shrem was pronounced one of Bitcoin’s first millionaires. Estimates of his net worth ranged from a few million dollars to 45 million.Because of the drug connected BTC trading through the “Silk Road”, Shrem was arrested, but that didn’t stop the market price of Bitcoin from rising from about $250 when Charlie went to prison in 2015 to nearly 20,000 dollars at the end of 2017. It then plunged 84% before climbing back last week.Analyst David Cox commented:“Bitcoin can cross the 20,000 USD mark by the end of this year and can be expected to grow as high as 50,000 USD in the next 2 years. This is the best time to invest in Bitcoin as the prices are going to go up steeply very soon.”Will Bitcoin Price Follow It’s Beaten Path to $20,000?
Stellar lumen price surged higher above the $0.1050 and $0.1400 resistance levels against the US Dollar.
XLM price traded towards the $0.1620 level and recently corrected lower towards the $0.1180 level.
There is a major contracting triangle forming with support near $0.1300 on the 4-hours chart (data feed via Kraken).
The pair is likely to break the $0.1420 and $0.1420 resistance levels to start a strong rise.
Stellar lumen price is placed in a strong uptrend above $0.1200 against the US Dollar. XLM price could resume its upward move once it clears the $0.1420 resistance area.
Stellar Lumen Price Analysis (XLM to USD)
This past week, stellar lumen price started a strong rally above the $0.1000 resistance after bitcoin’s surge against the US Dollar. The XLM/USD pair climbed higher sharply and broke many hurdles such as $0.1050, $0.1180, $0.1250 and $0.1400 resistance levels. There was a proper close above the $0.1200 level and the 55 simple moving average (4-hours). The price even surged above the $0.1500 resistance and traded towards the $0.1620 level. Later, there was a substantial downside correction below the $0.1500 and $0.1400 levels.
XLM tested the $0.1180 support zone and recently rebounded higher. It traded above the $0.1300 and $0.1380 resistance levels. A swing high is formed near $0.1454 and the price is currently correcting lower. There was a break below $0.1400 and the 23.6% Fibonacci retracement level of the last wave from the $0.1158 low to $0.1454 high. However, there are many supports on the downside near the $0.1300 level. Moreover, there is a major contracting triangle forming with support near $0.1300 on the 4-hours chart.
Besides, the 50% Fibonacci retracement level of the last wave from the $0.1158 low to $0.1454 high is also near the triangle support. Therefore, if the price continues to move down, it is likely to find a strong support near the $0.1300 level. If there is a downside break below $0.1300, the price might retest the $0.1180 and $0.1150 support levels. Conversely, the price could climb above the $0.1400 and $0.1420 resistance levels, and resume its uptrend.
The chart indicates that XLM price is clearly trading in a solid uptrend above $0.1300 and $0.1180. There may be range moves in the short term, but the price is likely to climb above the $0.1420 resistance area. The next key resistances on the upside are near $0.1500 and $0.1620.
4 hours MACD – The MACD for XLM/USD is slowly moving in the bearish zone.
4 hours RSI – The RSI for XLM/USD is currently just above the 50 level, with a minor bearish angle.
Key Support Levels – $0.1300 and $0.1180.
Key Resistance Levels – $0.1400, $0.1420 and $0.1500.
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Coinspeaker Bitcoin Price Analysis: BTC/USD May Break Down $7,812 and Target $7,440 LevelKey Highlights:The Bulls pushed the Bitcoin price to the level of $8,233;Bitcoin price started declining after it touched $8,233 level ;the Bears are gradually taking over.BTC/USD Medium-term Trend: BullishResistance levels: $8,233, $8,678, $9,265 Support levels: $7,812 $7,440, $6,869BTC/USD remains bullish on the medium-term outlook. The Bitcoin had strong bullish days last week. The H4 charts show that the coin after having a good bullish movement that broke up the $7,812 price level makes a little consolidation above the level.On May 19, the Bulls pushed Bitcoin price to reach a good level of resistance at $8,233. The level is held and the bitcoin price could not break up. The price ends up producing bearish candles and is heading towards $7,812 level at the moment.In case the demand level of $7,812 holds the Bitcoin may bounce and resume its bullish trend which may break up the $8,233 level and target $8,678 level. Should the Bears exert more pressure and break down the $7,812 demand level, Bitcoin price may fall to $7,440 level.However, Bitcoin price still remains above the 21 periods EMA and 50 periods EMA as a bullish sign. The Stochastic Oscillator period 14 is above 80 levels and the signal lines bending down which indicates sell signal.BTC/USD Short-term Trend: BearishBTC/USD is bearish in the short-term outlook. The last week Bullish momentum eventually pushed Bitcoin price to reach a high of $8,233 price level. Yesterday’s market ended with a doji star candle at the resistance level of $8,233. A strong bearish candle opened the Bitcoin market today that returned the Bitcoin price to the demand level of $7,812.The coin is currently ranging at the level. It seems the price has formed an ascending channel on the 1- Hour chart. The stochastic Oscillator period 14 is above 25 levels with the signal lines pointing down to connote sell signal.Bitcoin Price Analysis: BTC/USD May Break Down $7,812 and Target $7,440 Level
Coinspeaker Bitcoin Transactions Finally Made Available on WhatsAppIt is announced that Whats App users are now able send and receive Bitcoin (BTC) and Litecoin (LTC) via the popular messaging platform WhatsApp thanks to the Lite.Im bot.A newly-released bot from this crypto messaging service is the latest attempt to simplify the cryptocurrency transaction process, bringing virtual currencies closer to the everyday person.The popular mobile messaging platform is owned by Facebook that has been rumored to release its own crypto alongside a new payment service that would integrate with the app. Just for reminder, Facebook said they will integrate cryptocurrency payments across its messaging services. This includes three of Facebook’s wholly owned apps – Messenger, WhatsApp, and Instagram.we are happy to announce that from today you can send and receive #bitcoin & #litecoin on #WhatsApp via @liteim_official ! try it yourself here: https://t.co/JaldSafGBK @FranklynCrypto @SatoshiLite @CharlieShrem @CCNMarkets @GLRalf— Zulu Republic (@ztxrepublic) May 19, 2019It is actually quite simple to send and receive Bitcoin via WhatsApp. User has to add the Lite.Im WhatsApp bot and follow the on-screen instructions. There are also various options for users besides sending and receiving BTC and LTC.The service also allows people to earn cryptocurrency via a referral program. There are also options that allow users to set their default coin, as well as select their preferred language and password. Presently, the two default languages are English and Spanish. The service also supports sending and receiving Ether (ETH) and ZTX – the native token on the Zulu Republic platform.Awsome…. pic.twitter.com/gPNNLU1TKZ— Sid (@Iamsidmish) May 19, 2019Social Messaging as an Important Component of Cryptocurrency AdoptionThis is however not news for Lite.Im. The company already has integrated services that let its users buy cryptocurrency directly in Facebook Messenger, Telegram, or by SMS with a credit or debit card. SMS-based cryptocurrency transactions are hoped to simplify the whole process of the cryptocurrency transaction for all users with basic SMS capabilities in the US and Canada.According to the company, “social messaging” is an important component of wider cryptocurrency adoption. WhatsApp alone has more than 1.5 billion users in virtually every corner of the globe.With mobile money transactions becoming easier in places across Southeast Asia and Africa, there is the possibility of more unbanked and underbanked people getting greater access to payment channels.All of these apps have evolved from simple communications channels to central hubs of online social lives. Especially for younger generations, people are spending less and less time scrolling through infinite feeds and timelines, and more and more time texting in both one-on-one and group chats.From Zulu Republic, they said they are aware that the social messaging is booming, and has even been outpacing the growth of traditional social media platforms for a few years now.While Facebook is still the undisputed king of platforms in terms of total users, Messenger and WhatsApp have grown twice as fast this year.Will WhatsApp Ever Be Secure?However, there are concerns that after the latest hack Whatsapp will never be secure enough.Just to remind you, Facebook’s popular messaging app with 1.5 billion users in over 180 countries was recently under the hackers’ attack where they were able to covertly install spyware on iOS and Android smartphones using Whatsapp with just a phone call.Telegram’s founder Pavel Durov commented:“Every time Whatsapp has to fix a critical vulnerability in their app, a new one seems to appear in its place. All of their security issues are conveniently suitable for surveillance, and look and work a lot like backdoors.”Bitcoin Transactions Finally Made Available on WhatsApp
Ripple price corrected lower after a strong rally above $0.4500 and $0.4650 against the US dollar.
The price tested the $0.3560 support area and it is currently moving higher with a positive tone.
There is a crucial bullish trend line forming with support near $0.3855 on the 4-hours chart of the XRP/USD pair (data source from Bitstamp).
The price is currently struggling near $0.4200, but it is likely to gain bullish momentum in the near term.
Ripple price rallied significantly towards $0.4800 against the US Dollar, and later corrected lower. XRP is currently holding the $0.3800 support and it is likely to climb higher.
Ripple Price Analysis
This past week, there was a significant rally in bitcoin, Ethereum, bitcoin cash, ADA and ripple against the US Dollar. The XRP/USD pair surged above the $0.3340, $0.3600 and $0.4000 resistance levels. There was a close above the $0.4200 level and the 55 simple moving average (4-hours). The upward move was such that the price even broke the $0.4500 and $0.4650 resistance levels. The price traded to a new 2019 high at $0.4800 and later started a major downside correction.
It traded below the $0.4500 and $0.4200 support levels to move into a short term bearish zone. However, the $0.3600 and $0.3640 support levels act as strong buy zones. A base was formed above $0.3600 and recently the price climbed above the $.3800 level. There was a break above the 23.6% Fib retracement level of the last decline from the $0.4800 high to $0.3564 swing low. The recent bounce was strong, taking the price above the $0.4150 level. The price even spiked above the 50% Fib retracement level of the last decline from the $0.4800 high to $0.3564 swing low.
However, the price seems to be struggling to settle above $0.4180 and $0.4200. On the downside, there is a crucial bullish trend line forming with support near $0.3855 on the 4-hours chart of the XRP/USD pair. As long as the price is above the trend line, it is likely to climb above the $0.4200 and $0.4500 resistance levels.
Looking at the chart, ripple price is showing positive signs above the $0.3850 and $0.3640 support levels. If there is a downside break below the $0.3640 support and $0.3600, the price is likely to move into a bearish zone. The next key support is at $0s.3340, where the bulls could protect additional losses.
4 hours MACD – The MACD for XRP/USD is currently moving slowly into the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving lower towards the 50 level.
Key Support Levels – $0.3850, $0.3640 and $0.3600.
Key Resistance Levels – $0.4180 and $0.4500.
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