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For spot traders, there will be no better gift than Ripple (XRP) prices recovering and rebounding from H2 2019 losses. For perspective, XRP is down 37% year-to-date, trading at 21 cents and far from the 85 cents mark that XRP had soared to in September 2018.

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So far, it has been a steep, painful downtrend for most XRP holders but there is a relief on the way. A quick scan of XRP movement as recorded by XRPL Monitor, a site that monitors XRPL public transactions, points to bulk movement of XRP by Ripple Inc., the for-profit company behind xRapid, xCurrent and xVia.

Curbing Falsified Trading Volumes

Captured, Ripple returned 1 billion XRPs to escrow, turning away purchasers and sending them to the retail market.

This, as per observers, is in line with what Ripple Inc. had succinctly mentioned in their Q2 2019 report. In June 2019, Ripple stated that they will reduce their XRP sales to curb what they had termed as falsified and inflated trading volumes as highlighted by a report by Messari. To that end, they re-evaluated their sources of legitimate trading volumes, settling for CryptoCompare’s Top Tier (CCTT) as their benchmark.

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XRP Sales Dropped in Q3 2019

Ripple Inc also announced that they will take a more conservative approach going forward, substantially lowering the amount of XRP sales to third-parties. Because of this decision, in Q3 2019, the amount of XRP sold drastically dropped to $66 million from $251 million in the previous quarter.

Also, it also emerged that at some point in Q3 2019, they stopped their programmatic sales of XRP and instead started focusing more on over-the-counter sales. Their goal was to strengthen and develop strong partnerships with firms advancing their objectives of increasing their presence in SE Asia and EMEA.

Claims of Price Manipulation

With this decision, Ripple is keen on taking back control, matching customer demand and deliberately controlling the amount of XRP in circulation. The move, given the steep losses and bleeding investors, could be a shot in the arm for XRP bulls.

Already, a section of the vocal XRP community was concerned of what they termed as a dump and suppression of prices by Ripple Inc, the majority owners of the third most valuable coin. Brad Garlinghouse, the CEO of Ripple Inc., explained that their sales of XRP was to support their expansion and strike valuable partners in their zones of interest.

Summary

Ripple returns 1 Billion XRPs to Escrow, will Price Recover?

Article Name

Ripple returns 1 Billion XRPs to Escrow, will Price Recover?

Description

A quick scan of XRP movement as recorded by XRPL Monitor, a site that monitors XRPL public transactions, point to bulk movement of XRP by Ripple Inc.

Author

Dalmas Ngetich

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CoinGape

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cryptocoach

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Dalmas Ngetich , 2019-12-03 11:42:14 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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