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Whale Alert, the ever-vigilant live tracker for cryptocurrency transactions, noted that Ripple transferred a total of 1 billion XRP tokens from its escrow wallet on Dec. 2.

The blockchain-based payments firm moved the massive amount of tokens in two separate transactions, worth around $219 million in total as of press time. Interestingly, the company transferred the exact same amount of tokens back into escrow only seven minutes later, this time in three separate transactions.

Is Ripple crashing the token’s price?

This isn’t the first time that Ripple has executed such enormous transactions. The practice has raised concerns among the XRP community, as some of its members fear that Ripple is dumping XRP and crashing the token’s price.

In August, a Change.org petition entitled “Stop Ripple dumping,” was launched, followed by a more sarcastic petition in September, urging Ripple to increase the dumping of XRP and “unleash the utility!”

The XRP community previously threatened the company’s execs with staging a takeover if they do not start to pay attention to these concerns. However, the company insists that it is selling XRP to invest in firms that could help its ecosystem grow and to fund its own operations.

Multiple partnerships have no effect on XRP’s price

XRP’s price has been steadily declining over the past few months, although several new partnerships have been established. Just recently, major money transmission network MoneyGram announced that the San Francisco-based company Ripple had completed its original commitment with a final $20 million investment.

The two companies entered into a 2-year-strategic partnership to collaborate on cross-border payments and foreign exchange settlements with digital assets. As part of the agreement, MoneyGram would be able to draw up to $50 million dollars from Ripple in exchange for equity.

However, XRP — the third-largest coin by market capitalization — was not able to cash-in on the news. The coin is looking weak, as it trading just above a yearly low at $0.219, with one trader going as far as predicting that the coin could hit zero by February 2020.

Cointelegraph By Joeri Cant , 2019-12-02 21:46:00 ,

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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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