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Crypto Market Analysis

Daily Update: XRP Falling down, Bitcoin in Negative Again, Cryptocurrencies Follow Bitcoin Downwards

Daily update: XRP falling down, Bitcoin in the negative, Cryptocurrencies follow Bitcoin down

XRP

XRP has had a major swing up which brought it from $0.30 to an astonishing price of $0.79. However, the move was parabolic, and had to be contained. The price was rejected very soon, but it did not fall back to its previous levels. XRP consolidated at the price of around $0.55 and stayed there for a while. With Bitcoin going down, XRP has rushed downwards and had a major crash of 18% which left the price sitting at $0.46.

Bitcoin

As always, Bitcoin is leading the price movements and dictating the trend of Cryptocurrencies. This time, it was to the downside. Bitcoin’s price fell down about 3.4%, which made other Cryptocurrencies fall down in price as well. Many of them, however, dropped down in price far more then how much Bitcoin has fallen. Most of the top100 Cryptocurrencies fell more than 5%.

 

 

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Crypto Market Analysis

Daily update: Ethereum and XRP fighting for second place!

Daily update: Ethereum and XRP fighting for the second place!

The past few days have been pretty volatile when it comes to Cryptocurrencies. We’ve seen most Cryptocurrencies moving upwards. However, the ones that had the greatest and biggest spike were Ethereum and XRP. Not only that they had a massive bull run, but XRP spiked up so much that it, at one point, exceeded Ethereum and became the #2 Cryptocurrency by Market Cap.

Ethereum

Ethereum has spiked up from the $220-$230 levels all the way up to $250 levels. This is a major breakthrough, not only price-wise, but sentiment-wise as well. Many of the “Ethereum is dead” posts have died out themselves, and Ethereum has officially broken the major downwards facing trend line. This could mean only good things for this Cryptocurrency. The only thing that can actually offset the rise is the possibility of Bitcoin moving down, and dragging other Cryptocurrencies with it.

XRP

Just like Ethereum, XRP has had a major bull run. However, this one was even greater! Right after the $0.33 line was broken upwards, XRP went on a run all the way up to $0.79. However, the run was obviously too big, and came down to the consolidation point of $0.55. The run was caused by enormous bullish sentiment around XRP being included in many business ventures. At one point, XRP became the 2nd biggest Cryptocurrency by Market Cap, but Ethereum quickly rose itself and regained its spot.

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Crypto Market Analysis

Daily Crypto Update 31.05.2018 – Still in a Downtrend


General Overview 


Best Crypto News Daily:

Market Cap: $330,642,822,868 
24h Vol: $15,711,067,523 
BTC Dominance: 39.0%

Best Crypto News Daily
In the last 24 hours, cryptocurrency market capitalisation has been experiencing a sideways movement. Yesterday’s open was at $329B from which the evaluation fell to $318B and is now back on the levels of yesterday’s high.

The market is mixed in colour with only a slight percentage change. The biggest change among top 100 coins is experienced by Golem who is up by 15% and Theta Token 10%.


Best Crypto News Daily


In a bear market, negative news is overblown, and the good news is short lived. That’s why even though we have seen positive news in the last couple of days, it didn’t impact the market that much. In the last 24 hours, there is no market-moving news. These are some of the most significant headlines from the crypto sphere:

Quebec Gov’t Reportedly Lifts Moratorium on Energy Sales to Crypto Miners

The government of Quebec will reportedly lift its moratorium on the sale of electricity to cryptocurrency miners, sources familiar with the matter told local news Le Journal De Montreal May 30. According to Le Journal, the Quebec government wants to “avoid missing the ship” on cryptocurrency, and as such is moving ahead to lift the moratorium.

Central Bank Of Russia: Crypto Assets Do Not Pose Risk to Global Financial Stability

The Central Bank of Russia released a report May 30, stating that crypto assets do not currently threaten global financial stability as the global volume of crypto transactions is very low. The research paper states that instead of the term “cryptocurrency,” the Financial Stability Board proposes to use the term “crypto asset,” which can be considered a financial asset based on the application of cryptography and distributed ledger technology.

Low Capitalization, Institutional Exposure Make Crypto Low Risk, Says Dutch Gov’t Report

A branch of the Dutch government has recently released an economic risk report, claiming that cryptocurrencies present a low risk to financial stability in the country, according a report published on May 29. The report was prepared and published by the Netherlands Bureau for Economic Policy Analysis (CPB).

Ethereum Classic Upgrades Network Protocol to Ensure Mining Remains Viable

Ethereum Classic (ETC) has now successfully implemented a protocol upgrade that will ensure that mining remains viable in future, according to ETC Block Explorer data yesterday, May 29.

BlockShow in Berlin Sets New Record With Largest Turnout Yet

The BlockShow Europe 2018 conference ended yesterday, May 29, after two days of panels and speakers, including Wikipedia founder Jimmy Wales and BTCC co-founder Bobby Lee. Speaking about the conference, Bobby Lee told Cointelegraph:

“I think conferences are important to get the word out there, to educate people and help them learn about cryptocurrency and blockchain. This is how we get the next billion people on-board.”


Analysis


BTC/USD

From yesterday’s open, the price of Bitcoin has increased by 1% so the price hasn’t changed much. The price fell to around 7300$ and is now back to the levels of yesterday’s high at 7530$.



On the daily chart, we can see that the price is still below the baseline support (bold black line) which serves as resistance but above the intermediate support at 7470$.



On the hourly chart, we can see what happened yesterday after the cluster, the price fell below the support line with one candle on the hourly chart. Currently, we can see another cluster being formed bearly above yesterday’s high, on the ‘below the baseline support’ as there’s a strong resistance on these levels.


Market sentiment

Hourly chart technicals signal a strong buy.

Oscillators are on buy, and moving averages a strong one.


Pivot points

S3 6822.9 
S2 7112.4 
S1 7243.7 
P 7401.9 
R1 7533.2 
R2 7691.4 
R3 7980.9

ETH/USD

From yesterday, the price of Ethereum fell from 573$ to 544$ and is now back at the levels of yesterday’s open.



Looking at the daily chart we can see that the current candle is green, but hasn’t exceeded yesterday’s candle wick and two prior candles highs as well.



Zooming into the hourly chart we can see that the price is again above this intermediate uptrend support line, but there’s now higher high which is a bearish sign.


Market sentiment

Hourly chart technicals signal a buy.

Oscillators are on buy, and moving averages on a strong one.


Pivot points

S3 474.37 
S2 517.91 
S1 537.46
P 561.45 
R1 581.00 
R2 604.99 
R3 648.53

XRP/USD

The price of Ripple is on the same levels as yesterday’s open which is at 0.6$. The price fell further below to around 0.587$ but is now again on the same levels as yesterday.



On the daily chart, we can see that the current candle hasn’t exceeded the previous five candles highs which is a bearish sign.



On the hourly chart, we can see that the price is currently above the downward channel resistance line. But that doesn’t act as a bullish sign, as this also happened in the past, and still, the price fell further below.


Market sentiment 

Ripple is in the buy zone, as indicated by hourly chart technicals.

Oscillators are on buy, and moving averages are signalling a strong buy.


Pivot points

S3 0.51319 
S2 0.55858
S1 0.57956 
P 0.60397 
R1 0.62495 
R2 0.64936 
R3 0.69475

Conclusion


Best Crypto News Daily: The prices of three major cryptos haven’t exceeded the prior high, even though we have seen a lot of buying in the last 24 hours. This means we are still in a downtrend. Indicators are bullish as they are lagging behind, but charts and price action paint a clear bearish picture.