Tag: Ripple

The cryptocurrency market had a major crash today. Most cryptocurrencies ended up being in the significant red. If we take a look at the past 24 hours, Bitcoin went down 0.6.51%, and it is now trading at $7,577. Ethereum lost 8.01%, while XRP went down 3.62%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is MMO Coin, with 104.8% daily gain. The biggest loser of the day was DxChain Token, which lost 40.09% of its value.

Bitcoin’s dominance decreased by around 0.4% when compared to yesterday’s value. Its dominance now sits at 65.58%.

The cryptocurrency market as a whole now has a market capitalization of $208.21 billion, which represents a significant decrease when compared to the value it had yesterday.

What happened in the past 24 hours

Chinese authorities have reportedly shut down Binance’s Shanghai offices. Binance is one of the biggest cryptocurrency exchanges in the world.

Citing unnamed local sources, The Block announced that the local police raided Binance’s Shanghai offices and shut them down. Binance has around 50-100 employees working in Shanghai.

Binance has not yet responded to any requests for comment at the moment.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin had a significant crash today. Its price managed to break down under $8,000 and even test the big $7,415 key support level. As that level managed to hold the bears off for now, Bitcoin is now trading just above it.

Bitcoin’s volume increased as the move down progressed. Its RSI level is extremely low and is sitting in the oversold territory for some time now. It currently has a value of 13.6.

The key level of $8,000 passed to the upside, while the major key level to the downside is not $7,415.

Key levels to the upside                   Key levels to the downside

1: $8,000                                           1: $7,415

2: $8,425

3: $8,640                                   

Ethereum

Ethereum also broke its immediate resistance in the past 24 hours. After spending the day trading just below its immediate resistance of 178.6, Ethereum’s price slipped down and made its way towards below the $163.5 line. The price managed to stabilize above the green support area and is now trading close to $160.

The only major change in key levels is that the key level of $167.9 moved to the upside.

Key levels to the upside                   Key levels to the downside

1: 178.6                                             1: $167.8

2: $185

3: $193.5

XRP

XRP’s ranging movements stopped today, as the price crashed down. Its price fell below its key support level of $0.245, which made XRP unstable as bears took over the market. Even though it fell all the way down to $0,236, XRP managed to recover slightly and is now trading just under its $0,245 support level. If, however, bulls do not manage to cross over it, XRP may attempt to break down the $0.235 support key level.

The key levels of $0.245 moved to the upside, while the key level of $0.235 is added to the downside levels.

Key levels to the upside                   Key levels to the downside

1: $0.245                                           1:  $0.235

2: $0.266

3: $0.285

The cryptocurrency market is currently in a state of consolidation. However, while the market is consolidating, NEO has been moving up. Due to fundamental news (China’s stance on cryptocurrency), this cryptocurrency increased in price over 100% over the past few weeks. If we look at the past 24 hours, Most of the market is precisely where it was 24 hours ago. Bitcoin went down 0.27%, and it is now trading at $8,744. Ethereum lost 0.16%, while XRP went down 0.34%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Aurora, with 24.80% daily gain. The biggest loser of the day was RIF Token, which lost 8.62% of its value.

Bitcoin’s dominance remained at the same place from the last time we checked the markets. Its dominance now sits at 65.92%, which is an increase of 0.05% from yesterday’s value.

The cryptocurrency market as a whole now has a market capitalization of $240.2 billion, which represents a decrease of $0.6 billion from yesterday’s value.

What happened in the past 24 hours

There was no big fundamental news that could spark up any moves to the upside or downside in the past 24 hours. As a result of that, the markets kept consolidating, and the price of most cryptocurrencies didn’t move.

However, China’s positive stance on cryptocurrency is still relevant news, especially for NEO. Its price increased by over 100% in the past few weeks. This Chinese cryptocurrency is tied to the government, so any positive news on cryptocurrency coming from China will most likely be followed by NEO’s increase in price.

Michael Novogratz warned the United States of their position in the fintech and blockchain revolution. He stated that China’s blockchain and cryptocurrency revolution might be a threat to the current position of the US in the global economy. He also said that China is already ahead in research on fintech and that the United States is just trying to catch up.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After Bitcoin’s price tumbled to $8,550, bulls rallied to put it over the $8,640 support level. Bitcoin spent the past 24 hours moving between its support level and $8,820 resistance level. One attempt of breaking this range to the upside was quickly dismantled.

Bitcoin’s volume is still very low, but it has not dropped when compared to yesterday. The values remained relatively the same. The key level of 8,820 added as the price respected resistance at the price point.

Key levels to the upside                   Key levels to the downside

1: $8,820                                           1: $8,640

2: $9,120

3: $9,250                                            

Ethereum

Ethereum didn’t move much for the past 24 hours. Its price is still contained within a range between the resistance line of $193.5 and a support line of $185. Ethereum’s bears rallied in a try to break the $185 level to the downside, but the bulls did not allow for that to happen, and the price returned above $185. At one time in the past 24 hours, the price reached $182 for a brief amount of time.

The key levels remain the same as Ethereum is back in the same position as it was yesterday.

Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $185

2: $198                                             2: $178.6

3: $163.5                                          3: $167.8

XRP

XRP hasn’t seen a lot of movement in the past 24 hours, either. Its price is contained between the support level of $0.266 and resistance standing at $0.285. As the range between support and resistance is a bit bigger than with Bitcoin’s current support-resistance distance, the price’s ability to move is also a bit bigger. Still, there was almost no movement in the past 24 hours.

XRP’s volume is still slightly elevated, while its RSI value is approaching oversold levels.

Key levels to the upside                   Key levels to the downside

1: $0.285                                           1: $0.266 (major support)

2: $0.31                                             2: $0.245

3: $0.325

The cryptocurrency market did not move at all since our last report. After the bears took over the market for a short time, everything stayed calm. If we look at the past 24 hours, Bitcoin went down 0.31%, and it is now trading at $8,763. Ethereum lost 0.45%, while XRP went down 0.26%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is Aurora, with 23.28% daily gain. The biggest loser of the day was DxChain Token, which lost 19.11% of its value.

Bitcoin’s dominance remained at the same place from the last time we checked the markets. Its dominance now sits at 65.87%.

The cryptocurrency market as a whole now has a market capitalization of $240.87 billion.

What happened in the past 24 hours

There was no news that could spark up any moves to the upside or downside in the past 24 hours. As a matter of fact, after the markets dropped in price, everything stopped. No significant fundamental news worth noting, low volume in the markets, no significant price movement.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s price tumbled to $8,650 yesterday morning as bears took over. However, the key level of $8,640 held and the price bounced back quickly. All the key levels proved to be well-respected. However, Bitcoin’s price took another blow this morning. Bitcoin fell under the $8,820 line and even tested the lows under the key level of $8,640 by reaching the price of $8,600. Bulls, however, rallied, and the price remained above this key level.

Bitcoin’s volume keeps decreasing more and more if we exclude occasional volume spikes, which results in sudden price drops.

Key levels to the upside                   Key levels to the downside

1: $9,125                                           1: $8,640

2: $9,250

3: $9,580                                            

Ethereum

Ethereum is still in the same spot it was for the majority of the past week. Its price is contained within a range between the resistance line of $193.5 and a support line of $185. If we look at the past 24 hours, its price slowly decreased and tried to test the $185 key level, and even broke it downwards to $184,4 at one point. However, the bulls rallied and moved the price back up.

Ethereum’s volume is on extremely low levels when compared to the previous days. The key levels remain the same as Ethereum is back in the same position as it was before the weekend.

Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $185

2: $198                                             2: $178.6

3: $163.5                                          3: $167.8

XRP

XRP is in a pretty interesting spot at the moment. Even though its price is contained within a range, its volume is rather high (and so is the probability of a move – to the upside or downside). After failing to break its resistance of $0.285, XRP is trading between that key level and its major support of $0.266.

As XRP’s RSI shows quite low values and its volume is high, there is a high chance of an attempt to break the key resistance level to the upside happening soon.

Key levels to the upside                   Key levels to the downside

1: $0.285                                           1: $0.266 (major support)

2: $0.31                                             2: $0.245

3: $0.325

The cryptocurrency market had a slightly red weekend but started to consolidate and rise in price afterwards. After most cryptocurrencies had their time consolidating, bears took over the market and the price of most cryptocurrencies fell significantly. If we look at the past 24 hours, Bitcoin went down 3.24%, and it is now trading at $8,721. Ethereum lost 2.54%, while XRP went down 2.69%.

Of the top100 cryptocurrencies by market cap, the biggest gainer is DxChain Token, with 28.38% daily gain. The biggest loser of the day was Synthetics Network, which lost 8.55% of its value.

Bitcoin’s dominance decreased as its price fell more when compared to most altcoins. However, the decrease was is only fractional. Its dominance now sits at 65.87%, which represents an increase of around 1% when compared to the value it had on Friday.

The cryptocurrency market as a whole now has a market capitalization of $239.5 billion.

What happened in the past 24 hours

The Joint Chiefs of Global Tax Enforcement which include representatives from the US, UK, Australia, Canada as well as the Netherlands talked about cryptocurrencies and ways that people avoid taxes as well as how to potentially stop it. The IRS stated that they are now better suited to tackle cryptocurrency tax evasion.

The IRS also claims that they already identified “dozens” of suspects by using the knowledge they obtained during this forum.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin had a rough weekend as cryptocurrency markets tumbled down. However, its price recovered fast, and the outlook is slightly bullish at the moment. During the drop, the price reached the price of $8,650, but bounced back quickly. All the key levels proved to be well-respected. However, Bitcoin’s price took another blow this morning. Bitcoin fell under the $8,820 line. BTC is now held by the support standing at $8,640.

Bitcoin’s volume keeps decreasing more and more if we exclude occasional volume spikes which result in sudden price drops. One change in the key levels is that the support level of $8,820 was not respected well enough, so it will be removed for now.

Key levels to the upside                   Key levels to the downside

1: $9,125                                           1: $8,640

2: $9,250

3: $9,580                                            

Ethereum

Ethereum spent quite a few days of the past week contained within a range between the resistance line of $193.5 and a support line of $185. When bears took over the market, the price fell below the support line and reached a price of $180. However, as time passed, Ethereum regained its strength and moved back to the same range it was in previously. It is currently trading at $186.

Ethereum’s volume had a big volume spike which helped it cross the $185 resistance. However, that volume died down quickly. The key levels remain the same as Ethereum is back in the same position as it was before the weekend.

Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $185

2: $198                                             2: $178.6

3: $163.5                                          3: $167.8

XRP

Unlike Bitcoin and Ethereum which mostly recovered from their latest price losses, XRP failed to do so. After bears took the market in their own hands, XRP fell to the price of $0.27. Bulls quickly came to the fight but failed to form enough buying power to pass the $0.285 resistance level. XRP is currently positioned between the $0.285 resistance and $0.266 support, with its price being $0.275 at the moment.

XRP is currently trading with a volume that exceeds the average by quite a large margin. The only change to key levels is that the $0.285 is now acting as resistance rather than support.

Key levels to the upside                   Key levels to the downside

1: $0.285                                           1: $0.266 (major support)

2: $0.31                                             2: $0.245

3: $0.325

After a green day yesterday, the cryptocurrency market has started to consolidate. There were no big movers if we look at the top10 cryptocurrencies. This consolidation is usually a healthy move after the price drops or surges. Bitcoin went down 0.17%, and it is now trading at $9,299. Ethereum lost 0.14%, while XRP gained 0.86%.

Out of the top100 cryptocurrencies by market cap, the biggest gainer is Tezos, with 28.30% daily gain followed by Swipe’s 13.20% and Ren’s 12.27% gain. The biggest loser of the day was Chiliz, which lost 14.84% of its value.

Bitcoin’s dominance went slightly down when compared to the previous day as some cryptocurrencies outperformed its daily gain. Its dominance now sits at 66.59%, which represents a decrease of 0.5% when compared to yesterday’s value.

As the market was pretty stable in the past 24 hours, the market capitalization has not changed much. The slight decline in market capitalization could is just temporary and is a part of the daily crypto fluctuation. Cryptocurrencies as a whole now have a market capitalization of $252.6 billion, which represents an almost $1.1 billion decrease when compared to the previous day.

What happened in the past 24 hours

Most of today’s news came from China. The biggest one would be that China is now outright bullish on cryptocurrencies and does not intend to shut down cryptocurrency mining whatsoever.

China officially stated that cryptocurrency mining is no longer featured on the list of industries it considers undesirable. On top of that, China’s President Xi Jinping calling the country to accelerate blockchain adoption as well as people to invest into cryptocurrencies.

However, cryptocurrency trading is still officially banned in China as the new law comes takes effect on Jan 1, 2020.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

After Bitcoin broke its triangle pattern and surged from $9,150 levels to $9,300 levels, it started to consolidate. The price seems to be contained within a range and any attempts of moving out of that range gets shut down. Bitcoin is now trading at $9,09, which is just slightly less than how much it was trading for at 24 hours ago.

Bitcoin’s volume is approximately on the same level as it was for the past couple of days. As there were no new moves to the upside or downside, the key levels stay the same. One addition to the key levels could be the price where Bitcoin broke its triangle pattern, as that seems to be its immediate support at the moment.

Key levels to the upside                   Key levels to the downside

1: $9,580                                          1: $9,250

2: $9,740                                          2: $8,820

3: $10,350                                        3: $8,640

Ethereum

After breaking the $185 resistance line, which now became support, Ethereum seems to be in the hands of the bulls. While volume showed that there was no space for Ethereum’s price to go up or down, the cryptocurrency platform proved otherwise. It tried to move above the $193.5 resistance line, which proved to be a valid bear-filled price point. As the upward-facing move failed, Ethereum is now consolidating close to the $193.5 resistance line.

Key levels to the upside                   Key levels to the downside

1: $193.5                                          1: $185

2: $198                                             2: $178.6

3: $163.5                                          3: $167.8

XRP

XRP has proven to be an almost-isolated market. While slightly affected by the price movements of the industry, XRP is more than capable of not mirroring Bitcoin. Not only that, but its price movements are almost completely different. While Bitcoin is trying to stabilize and consolidate, XRP tried to make a quick move up. The price surged from $0.03 all the way to $0.315 before crashing down to the same level it started at, creating two major candles, one green, and one red.

XRP’s RSI touched the overbought indicator at the same time that bears started kicking in. Even though the price movement was quite wild, the key levels are remaining the same as the price did not move past any support or resistance levels.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245

The cryptocurrency market had a green day. Major cryptocurrencies’ volume is increasing due to new money coming into the markets. Almost every cryptocurrency in the top100 is currently in the green. Bitcoin went up 1.63%, and it is now trading at $9,315. Ethereum gained 2.02%, while XRP gained 2.84%.

Out of the top100 cryptocurrencies by market cap, the biggest gainer is Noah Coin, with 36.10% daily gain followed by Augur’s 16.12% and Aeternity’s 13.68% gain. The biggest loser of the day was iExec RLC, which lost 5.43% of its value.

Even though the prices among the cryptocurrency market started changing, Bitcoin’s dominance has stayed at almost the same level that it was yesterday. Its dominance now sits at 67.23%.

Cryptocurrencies ended up being in the slight red in the past 24 hours, which resulted in a small drop in market capitalization of the whole asset class. It now has a market capitalization of $250.69 billion, which represents an almost $4 billion increase when compared to the previous day.

What happened in the past 24 hours

There was no major fundamental news that sparked this upswing in the past 24 hours. The move probably started by Bitcoin breaking its triangle pattern (which can be seen on the daily time-frame), which, in turn, gave the other cryptocurrencies an initial push.

As a result, most cryptocurrencies saw a daily gain of around 2%, while some gained much more.

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s has broken its triangle pattern that it was forming on a daily time-frame. After breaking it upwards, it immediately pushed to test the $9,580 level, but failed to pass it. It is now consolidating at $9,300 level. As it moved further up from the support line of $9,115, we can expect another push to break the first key resistance or a downswing to test the suppport.

Bitcoin’s volume is on a slight upswing due to new money coming in with the push. However, there are no other significant increases.

Key levels to the upside                   Key levels to the downside

1: $9,580                                          1: $8,820

2: $9,740                                          2: $8,640

Ethereum

Ethereum’s bulls and bears are fighting for its place above or below the $185 line. After spending almost a week in between its $178.6 support line and $185 resistance line, Ethereum broke the ranging movement with an upswing, which reached $190. This move was, however, unsuccessful, as the price quickly dropped below the $185 line and returned to its previous state. Ethereum is currently trading at $183.5. Key levels are remaining the same as the move did not impact any support/resistance line standings.

Key levels to the upside                   Key levels to the downside

1: $185                                             1: $178.6

2: $193.5                                          2: $167.8

3: $198                                             3: $163.5

XRP

XRP has been pretty stagnant in the past couple of days in terms of breaking any supports or resistances. However, its price did move up in the past 24 hours. After giving up on pushing its price up to follow the extremely steep upward-facing trend line, XRP started performing price movements in a range of $0.286-$0.306. Lack of volume continued throughout the weekend and gave XRP no chance to make a move. However, the past 24 hours brought in new volume, and XRP spiked upwards.

The move did not last long and was quickly almost nullified with a big red candle, which brought the price from $0.306 to $0.296, with the tendency to fall further.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245

The cryptocurrency market had yet another day of slight decline while consolidating at the same price levels. Major cryptocurrencies are losing volume each day, which also translates in slight drops in price. Most cryptocurrencies ended up being in the slight red. Bitcoin went down 0.01%, and it is now trading at $9,107. Ethereum lost 0.81%, while XRP lost 0.62%.

Out of the top100 cryptocurrencies by market cap, the biggest gainer is Thunder token, with 63.77% daily gain followed by Lambda’s 27.32 and WINk’s 20.72% gain. The biggest loser of the day was Noah Coin, which lost 55.43% of its value.

Bitcoin’s dominance has increased slightly over the past 24 hours because many cryptocurrencies lost a bit more value than Bitcoin. Its dominance now sits at 67.4%, which represents a 0.2% gain when compared to its position 24 hours ago.

Cryptocurrencies ended up being mostly in the red in the past 24 hours. The industry’s market capitalization fell slightly when compared to yesterday’s value. It now has a market capitalization of $244.6 billion, which represents a $1.3 billion decrease when compared to the previous day.

What happened in the past 24 hours

Bitcoin has reached $1 billion in cumulative transaction fees right on the day of its “birthday” on Oct 31. It has been confirmed that more than 200,000 Bitcoin has now been paid in transaction fees since its launch in 2009.

After China announced that it is accepting cryptocurrencies as a technology worth looking at and deciding to even creating their own, they are calling for caution when it comes to crypto investments.  People’s Daily, a newspaper controlled by the Communist Party of China, announced that:

“The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin’s price is exactly where it was 24 hours. It currently hovers around the 9,110 point and hanging on a thread which is line of support. Bitcoin is continuing to struggle with the reduced upward momentum and currently has higher percentage of dropping in price. With declining volume and dropping RSI, if Bitcoin falls too far under the area of support at which it stands now, we can expect a downward move to face $8,800 levels.

As mentioned before, Bitcoin’s RSI is slowly dropping, but a bit slower than it did yesterday. It now stands at 45. Bitcoin’s volume is also dropping day by day.

Key levels to the upside                   Key levels to the downside

1: $9,580                                          1: $8,820

2: $9,740                                          2: $8,640

Ethereum

Ethereum has spent another day in between its $178.6 support line and $185 resistance line. The past day went without any attempts of price movement to the upside or downside. Ethereum is in a much safer space than Bitcoin as it is not fighting a support line that could decide its short-term future. However, as these two cryptocurrencies are extremely correlated, Bitcoin’s price drop could result in Ethereum’s price drop without any fundamental or technical indicators suggesting that it should happen.

Key levels to the upside                   Key levels to the downside

1: $185                                             1: $178.6

2: $193.5                                          2: $167.8

3: $198                                             3: $163.5

XRP

XRP has finally given up on pushing its price up to follow the extremely steep upward-facing trend line. Lack of volume and therefore buying pressure made it impossible to follow the path of this line. XRP’s price remained pretty stable over the past 24 hours, and it is now sitting at $0.292.

XRP’s volume and RSI value seem to be dropping today, unlike yesterday, which was remarkably stable for XRP when it comes to these indicators.

Key levels to the upside                   Key levels to the downside

1: $0.31                                            1: $0.285

2: $0.325                                          2: $0.266 (major support)

3: $0.333                                          3: $0.245