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XRP Price Among the Worst Performers Today 101
Source: iStock/peshkov

While Tezos (XTZ) became the best-performing coin among the top 100 by market capitalization yesterday, still being among the top five in that category, Ripple (XRP) found itself among the worst performing major coins today.

Though the week was quite busy for Ripple, the recent news doesn’t seem to have had a positive influence on the price of the 3rd cryptocurrency by market capitalization. Looking only at the top 10 coins, Ripple is one of only three coins that dropped in the past seven days, and it’s drop is the largest by far. At UTC 9:10, while Bitcoin (BTC) fell 0.67% and Bitcoin SV (BSV) 0.03%, XRP saw a 4.41% drop. It also took this unenviable lead in the 24-hour period with -6.33%.

XRP price chart:

XRP Price Among the Worst Performers Today 102

Among the coins that have dropped in the top 100 category, XRP currently sits in the 12th place in the seven-day time frame, and in the 4th place in the last 24 hours. As a matter of fact, while November 7th saw the highest price in the last 30 days of USD 0.31, it fell 6.88% the same day. It recovered slightly since and continued to fall to its current price of USD 0.27.

So what has Ripple been up to lately? We’ve reported on a number of announcements and moves Ripple made recently – in October and early November alone. It has seen its client base grow 50% in a year, and 7% of those use XRP for cross-border liquidity. Recent study showed that, while Ripple has led the market since 2012, the competition between them, Visa and IBM is heating up when it comes to blockchain innovation in cross-border payments. Furthermore, Ripple’s outspoken CEO, Brad Garlinghouse, is often giving interviews promoting the blockchain startup and its services based on XRP. In an interview just a few days ago, he said that there are too many cryptos, that the market will continue to be volatile, but also that a bull is coming for the entire market.

Prior to this, Ripple rebranded their website and also released a sequel to their popular crypto ad as a part of a new brand awareness campaign. It even saw Japanese financial giant SBI Holdings praising XRP, and the company found that, when it comes to cross-border transactions, XRP is one tenth as volatile as fiat – a point mentioned by the CEO in the interview as well. Meanwhile, they’ve warned people of the recent fraudulent attempts, but have otherwise been focused on their Swell conference in Singapore as well, being a host to a number of speakers, including MoneyGram CEO Alex Holmes, Ambassador Chan Heng, and Cheeand Raghuram Rajan, former Governor of the Reserve Bank of India.

Reactions to the drop are various: while some people online maintain a positive attitude and support of XRP, others seem to tie the fall in price to Swell, though it’s likely impossible to verify if that’s the cause.





Sead Fadilpašić , 2019-11-08 10:00:00 ,

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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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