XRP Attempts to Bounce Back while Bitcoin Sets New ATH Record
Published
2 Wochen ago
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According to a report, the price of XRP currently has three major resistance which are 2818 SAT, 3600 SAT, and 4200 SAT.
Bitcoin has finally broken a key resistance point, overtaken its previous all-time high of near $20,000 to settle in the $22,549 price point. This is probably the best news of the year for Bitcoin investors as the recent pullback after testing the $19,000 price zone was thought to be another long-lasting crash. Interestingly, most of the altcoins have not responded well with the current price of Bitcoin except the likes of Ethereum enjoying the ride to a current price of $648. XLM has shown signs of regaining its loss as it has currently moved to a trading price of $0.18 (+15%). Most importantly, while Bitcoin is rising, XRP which recently fell so high after recording its yearly high has also made a 25% gain.
The journey of Bitcoin after the much-anticipated halving event that happened in May this year has been an interesting one. Bitcoin recovering from the below $4000 price zone in 2019 firmly reveals the true behavior of the asset especially since this price wave Is very common in its history. On December 11, 2020, the price of Bitcoin was just around $17,638.
The price after forming a bullish formation surged back to trade in the $19,000 price zone, hovered around that point in the larger part of yesterday, broke its record price, and proceeded to the $22,549 point. Today BTC has also managed to top $23,000.
XRP on the other hand broke a key resistance point of $0.52 to record a market price of $0.56 before falling to a current price of $0.55. Interestingly, this may be an important step to revisit the $0.6 price zone. If all other things become equal, XRP may charge into the $0.7 price zone as it benefits from the spread over effect from Bitcoin. However, all are not roses for XRP. The price can still go as low as $0.3 because its RSI and MACD are still not up, hinting at the presence of bears in the market.
According to a report, the price of XRP currently has three major resistance which are 2818 SAT, 3600 SAT, and 4200 SAT. XRP has reached a critical stage for recovery, and the good news is that investors’ commitment is becoming encouraging.
Future Expectation of the Price of Bitcoin and XRP
The price of Bitcoin was predicted by Robert Kiyosaki, the author of Rich Dad Poor Dad, and an Investor to reach $50,000 by the end of 2021. The predictions for the price of Bitcoin lies on the potential of the market because its market cap is less than 4% of that of gold.
Also, institutional interest has become encouraging with the demand expected to be even higher in the coming years. Coupled with the halving event that has slashed miners’ reward by half, the high demand for Bitcoin in relation to the few producers who can manage the slashed reward per the cost of mining will cause the price to even rise higher. The performance of Bitcoin may drag XRP along.
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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
Following the Bitcoin all-time high on Sunday, December 27, Riot Blockchain stock registered 20% gains on Monday’s trading session. The stock has already appreciated by 13x this year. Apart from BTC, investors of Bitcoin mining companies are making a bomb in the market.
Bitcoin mining giant Riot Blockchain is making all the news in the market at the moment. On Monday, December 28, Riot Blockchain Inc (NASDAQ: RIOT) stock price surged a massive 20% surging past $15.5 levels. One of the biggest milestones with the Monday rally is that the Riot Blockchain has clocked a $1 billion market cap.
The latest price rally comes as Riot Blockchain hints at going aggressively on its Bitcoin mining business. Last week, the Riot Blockchain added new S19 Pro Antimers to its bitcoin mining arsenal. The company announced the purchase of an additional 15,000 Bitcoin (BTC) mining machines from Bitmain. The recent purchase also pushes Riot’s total fleet to 37,640 Next-Generation Bitmain Antminers.
Riot said that the fresh purchase of Antminers will help the mining company to attain a 65% jump in its mining hash-rate. RIOT stock has registered an unprecedented rally this year in 2020. RIOT stock has multiplied by 13x this year registering a 1200% surge so far.
Riot Blockchain has issued nearly 17 million shares since November 2020 with its total outstanding shares going to 67.5 million. It has been a phenomenal journey for Riot ever since it ventured into the Bitcoin mining business in October 2017. With valuations less than $50 million back then, Riot has grown more than 20x in size as of its latest stock price.
RIOT Stock and Shares of Other Bitcoin Mining Companies Profit from BTC Bull Run
The recent Bitcoin (BTC) price rally during Q4 2020 has also pushed the stocks of Bitcoin mining companies to new highs. Earlier on Sunday, December 28, the BTC price hit its all-time high of $28,000 in a massive bull run followed by huge institutional inflows.
Moreover, along with the BTC price rally, the Bitcoin hash-rate has jumped significantly since November 2020. Over the last two months, the BTC hash-rate has surged nearly 30% and is currently at 132 TH/s. The surge in the hash-rate suggests higher mining activity for Bitcoin.
As a result, Bitcoin mining companies have been making massive purchases of the BTC mining machines. In addition to Riot Blockchain, other giants like the Marathon Patent Group have made aggressive purchases over the last few months. Just like RIOT, the Marathon Patent Group (NASDAQ: MARA) has registered a phenomenal rally of 18% on Monday, December 28. MARA stock has multiplied investors’ wealth by 12x in 2020. It means the MARA stock has also given phenomenal 1100% returns year-to-date.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
How low could XRP go? Watch these price levels next
Published
6 Stunden ago
on
Dezember 29, 2020
By
XRP price dropped by 30% on Dec. 29 following Coinbase’s decision to suspend trading.
The market sentiment around XRP has become overwhelmingly negative due to the fear of more exchange delistings.
In the near term, XRP faces three key historical support levels at $0.224, $0.1743 and $0.1471.
Where will the XRP price go next?
The ongoing price trend of XRP is not cyclical nor reliant on technical analysis. It is due to investors selling XRP following the suspension of trading across major cryptocurrency exchanges.
On Dec. 29, Coinbase announced that it is suspending the XRP trading pairs on their platform. Paul Grewal, the chief legal officer at Coinbase, wrote:
“In light of the SEC’s lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time*. We will provide additional updates, if any, through the Coinbase Support Twitter account, including if there are any changes to timing.”
Given the SEC’s recent action against Ripple, all XRP books have been moved to limit only and Coinbase plans to fully suspend trading in XRP on Tuesday, January 19, 2021, at 10 AM PST. Afterwards, users will continue to retain access to their XRP funds. https://t.co/izreZvgHNl
As Cointelegraph previously reported, analysts anticipated Coinbase to suspend XRP trading after the United States Securities and Exchange Commission filed its complaint.
Coinbase plans to undergo an initial public offering, and it is in the firm’s best interest to remain fully compliant with the regulators in the U.S.
Considering the regulatory uncertainty around XRP, traders have emphasized that technical analysis is of less importance in the short term. Scott Melker, a cryptocurrency trader, said:
“A few people have told me that there’s oversold bullish divergence on the $XRP chart. You are doing it wrong. Charts don’t matter here. You cannot trade in a vacuum. Jesus could come down with Biggie and Tupac and put on a concert for Brad Garlinghouse and I still wouldn’t buy.”
In the foreseeable future, XRP has several major support areas it could potentially recover from. However, these are deep support levels on the weekly chart, which shows that it lacks momentum for a major rebound.
The XRP price has fallen by over 60% in merely two weeks, recording one of its steepest two-week drops in history.
What happens next?
Adam Cochran, a partner at Cinneamhain Ventures, was one of the first to break the story that Coinbase had conversations about suspending XRP trading.
Cochran hinted that the SEC are probably looking into more projects and companies than people realize. He said:
“If you thought my scoop on Coinbase delisting/suspending $XRP was insightful, you’re going to love the next scoop I’m working on, this week. Looks like that SEC is far more active than we thought and sniffing around a number of projects and companies!”
In the initial exploit, the attacker liquidated over 11,700 coins on the 1inch decentralized exchange aggregator after inflating the token supply according to data from the Ethereum wallet explorer Nansen. In total, the rogue actor drained more than $5 million from the project as of press time.
Cover Protocol released addressed the incident in a message posted on its Discord group, stating:
“The Blacksmith farming contract has been exploited to mint infinite $COVER tokens. We have restricted minting access to the farming contract in order to stop the attacker. If you are providing liquidity for $COVER token (uniswap or sushiswap) please remove it immediately.”
According to the Cover Protocol team, the issue only affected the token supply with funds held in “claim/noclaim” pools still safe. The project says it is investigating the incident.
The attack caused a massive decline in the COVER token price, falling by more than 97% while also eliciting negative comments from a cross-section of the crypto community on social media. Back in November, Cover was one of the DeFi protocols to merge with Yearn.Finance.
Monday’s incident makes the Cover the latest DeFi project to suffer a malicious exploit in a year ridden with opportunistic profiteering attacks against numerous protocols.
As previously reported by Cointelegraph, the spate of DeFi hacks throughout the year stand out as one of the major disappointments in the crypto space for 2020 with data manipulation deemed as being easy to accomplish on many projects.
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