Category: Ripple

Top 3 Coins to Watch Today: BNB, XRP, CHZ – March 7 Trading Analysis

Post author By Malik Junaid
Post date March 7, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Binance Coin (BNB)

Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.

BNB Price Analysis

At the time of writing, BNB is ranked the 4^th cryptocurrency globally and the current price is US$383.55. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 25% decline during February, BNB has ranged between $360 and $410. The recent price recovery was approaching probable resistance near $408 but could be aiming for stops above the relatively equal highs near $420. Continuation of the trend could target the daily gap near $435.

Aggressive bulls might add to positions near $395 and $387. Price action near $375 may be more likely to provide support – if it gets there – during any retracements.

Relatively equal lows clustered around $369 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $360.

2. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the previously mentioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 6^th cryptocurrency globally and the current price is US$0.7402. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP printed some gains during last week before moving sideways for the rest of the month.

The price was in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally. However, bulls are showing some interest at the 71.6% retracement, near $0.7472. If this level breaks, a move into possible support – just below the lows near $0.6952 – seems likely.

If the price does rally through the swing high at $0.8055 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.8450.

Overlapping swing highs and lows near $0.8946 might provide the next target, where bears immediately forced the price down in late December.

More bullish market conditions could shift targets up near the midpoint of Q3’s consolidation, near $0.9517, where higher timeframes show an inefficiently traded zone.

3. Chiliz (CHZ)

Chiliz CHZ is the leading digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement and rewards platform, Socios.com. Here, fans can purchase and trade branded fan tokens as well as having the ability to participate, influence, and vote in club-focused surveys and polls. Founded in Malta in 2018, the company’s vision is to bridge the gap between active and passive fans, providing millions of sports fanatics with a fan token that acts as a tokenised share of influence.

CHZ Price Analysis

At the time of writing, CHZ is ranked the 68^th cryptocurrency globally and the current price is US$0.1766. Let’s take a look at the chart below for price analysis:

Source: TradingView

CHZ‘s stunning rally to $0.3150 plummeted over 70% during January to sweep consolidation lows at $0.1655. This could set the stage for a new bullish cycle to begin.

The price is currently balancing around the monthly open. A quick stop run into support beginning near $0.1732 could set the stage for a move into the daily gap beginning near $0.1685, potentially reaching resistance near $0.1934.

A sweep of the highs near $0.2132, followed by a sharp sell-off, could hint that bulls are preparing to run the swing high near $0.2247. This run could find the next resistance around $0.2436 in the candle wick that created the monthly high. If the market remains bullish, the price will likely reach into possible resistance near $0.2618.

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XRP Overtakes ADA and SOL, Soaring 50% Amid Positive Developments in SEC Case

Post author By Caitlin Carey
Post date February 11, 2022

XRP marched from 60 cents to 90 cents in just five days, reaching the #6 rank with a market capitalisation swelling to more than US$42.26 billion amid developments in the ongoing Ripple vs SEC case.

XRP Price Chart. Source: CoinGecko.com

Ripple Moves to #4

If you ignore stablecoins Tether and USD Coin, Ripple is now the world’s fourth-biggest cryptocurrency behind Bitcoin, Ethereum and Binance Coin.

For those who don’t know what all the beef is about, Ripple has been dragged into court after the US Securities and Exchange Commission (SEC) filed a suit in December 2020. Ripple stands accused of selling US$1.3 billion in XRP in unregistered offerings between 2013 and 2020.

The SEC alleges that the token is a security and therefore Ripple has broken the rules. It seems, however, that the SEC has broken quite a few rules of its own, having been accused of “deleting” material relevant to Ripple’s lawsuit.

The latest news in the case against Ripple has been bullish for the price of XRP as things look up for the defendants in the court of law.

Key Evidence Unsealed to Favour Ripple

As the case unfolds, sealed documents submitted by Team Ripple are set to be made public by February 17. The SEC argues that the documents show Ripple was well aware of the risk that XRP would be deemed a security under federal law. Ripple rebuts this profusely and says the documents show that its legal team had ultimately concluded its tokens were not securities.

Two memos were attached as sealed exhibits in the motion to dismiss the SEC case by Ripple founder and chairman Chris Larsen. Ripple has previously argued that documents sent to prospective investors in 2012 did not refer to XRP as investment contracts or securities. These documents are to be unsealed as per the ruling by US District Judge Analisa Torres.

According to Ripple general counsel Stuart Alderoty, the documents “will show that in 2012 Ripple received a legal analysis that XRP was not an investment contract”.

This will not be the last time we will see news around the case cause speculation and buying pressure, thus pumping XRPs price. Crypto News Australia reported last year how XRP surged over 100 percent in a month following its last court victory against the SEC.

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Top 3 Coins to Watch Today: XRP, BNB, XTZ – February 11 Trading Analysis

Post author By Malik Junaid
Post date February 11, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ripple (XRP)

XRP Price Analysis

At the time of writing, XRP is ranked the 6^th cryptocurrency globally and the current price is US$0.8682. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP printed some gains during last week before moving sideways for the rest of the month.

The price was in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally. However, bulls are showing some interest at the 70.6% retracement, near $0.8372. If this level breaks, a move into possible support – just below the lows near $0.7552 – seems likely.

If the price does rally through the swing high at $0.9260 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.9950.

Overlapping swing highs and lows near $1.084 might provide the next target, where bears immediately forced the price down in late December.

More bullish market conditions could shift targets up near the midpoint of Q3’s consolidation, near $1.17, where higher timeframes show an inefficiently traded zone.

2. Binance Coin (BNB)

Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.

BNB Price Analysis

At the time of writing, BNB is ranked the 4^th cryptocurrency globally and the current price is US$430.12. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 30% decline during January, BNB has ranged between $370 and $445.

The recent price recovery was approaching probable resistance near $439, but could be aiming for stops above the relatively equal highs near $455. Continuation of the trend could target the daily gap near $476.

Aggressive bulls might add to positions near $422 and $417. Price action near $410 may be more likely to provide support – if it gets there – during any retracements.

Relatively equal lows clustered around $400 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $385.

3. Tezos (XTZ)

Tezos XTZ is a blockchain network that’s based on smart contracts in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced – meaning it can evolve and improve over time without any danger of a hard fork. This is something both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.

XTZ Price Analysis

At the time of writing, XTZ is ranked the 44^th cryptocurrency globally and the current price is US$4.36. Let’s take a look at the chart below for price analysis:

Source: TradingView

XTZ‘s 59% drop since late December saw a second leg after last week’s market-wide drop ran the previous consolidation’s stops.

The level near $4.45 is providing some resistance. However, continuation through the monthly high at $4.60 is not out of the question. Aggressive bulls might bid in the current region near $4.88.

If the price runs the recent swing low, bulls might bid in the gap near $4.23. A deeper retracement could reach near the mid-December level and a gap near $4.05. The region near $3.89 and $3.70 may also provide some support during a deeper retracement.

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Top 3 Coins to Watch Today: MATIC, STRAX, XRP – January 18 Trading Analysis

Post author By Malik Junaid
Post date January 18, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Polygon (MATIC)

Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 13^th cryptocurrency globally and the current price is US$2.25. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since its July low, MATIC has been in a steady bullish trend – printing a 370% gain by late December. The price found support near $1.991, at the 78.6% retracement level, during early January’s decline.

Last week’s sharp impulse up may have marked the start of a new bullish swing. If this is so, higher timeframes suggest that $2.1940 (near the 61.8% retracement and the 9, 18 and 40 EMAs) might see interest from bulls. The price could reach lower, near $2.0674, and still find support.

Currently, the price is contesting a region between $2.2957 and $2.4028. Closes over this level could confirm it as new support, leading to a move higher.

However, bulls are contending with probable resistance near $2.421, while $2.5251 is also likely to be sensitive with the nearest support and resistance this close together.

Breaking this resistance level might see profit-taking near $2.6214, an inefficiently traded region. However, a move this high could suggest new all-time highs are on the cards. If so, the 0.618% extension, near $3.50, and the 100% extension, near $4.00, are possible targets.

2. Stratis (STRAX)

Stratis STRAX is a blockchain-as-a-service platform that offers several products and services for enterprises, including launching private sidechains, running full nodes, developing and deploying smart contracts, an initial coin offering platform, and a proof-of-identity application. The company also provides cryptocurrency wallets and blockchain consulting services. Stratis operates its own blockchain powered by a native token, STRAX.

STRAX Price Analysis

At the time of writing, STRAX is ranked the 300^th cryptocurrency globally and the current price is US$1.36. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since its 1,020% move in H1 2021, STRAX has been in a massive range between approximately $2.70 and $1.25. Long upper wicks during the second half of 2021 show distribution, while the daily chart shows a bearish trend since September.

The price is currently around the 78.6% retracement, near $2.4028. This level has seen interest from bulls since July and might provide support again for a short-term bounce.

The closest resistance may be at $1.428, near the 9, 18 and 40 EMAs. If the price breaks this level, bulls might target the old swing low near $1.660, another old swing low and inefficiently traded area near $1.823, and the consolidation around $1.960.

However, repeated tests of a level, plus the higher-timeframe downtrend, may cause an eventual breakdown of the current support near $1.379. If this occurs, old swing lows near $1.080 – particularly an inefficient region starting near $0.982 – may be the bearish target and the subsequent support.

3. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on a blockchain, but rather the previously mentioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 8^th cryptocurrency globally and the current price is US$0.7548. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP also printed massive gains in H1 2021 before moving sideways for the rest of the year.

The price is in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally. However, bulls are showing some interest at the 78.6% retracement, near $0.6952. If this level breaks, a move into possible support – just below the June and July lows near $0.4952 – seems likely.

If the price does rally through the swing high at $0.8160 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.8350.

Overlapping swing highs and lows near $0.9436 might provide the next target, where bears forced the price down in late December immediately.

More bullish market conditions could shift targets up near the midpoint of Q3’s consolidation, near $1.0735, where higher timeframes show an inefficiently traded zone.

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Top 3 Coins to Watch Today: BNB, XRP, SXP – January 12 Trading Analysis

Post author By Malik Junaid
Post date January 12, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Binance Coin (BNB)

Binance BNB is the biggest cryptocurrency exchange globally, based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of world financial activity. Aside from being the largest cryptocurrency exchange, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. Binance Coin is an integral part of the successful functioning of many of the Binance sub-projects.

BNB Price Analysis

At the time of writing, BNB is ranked the 4^th cryptocurrency globally and the current price is US$452.33. Let’s take a look at the chart below for price analysis:

Source: TradingView

After a 45% decline from December, BNB has ranged between $438 and $523.

The recent rally was approaching probable resistance near $470, but could be aiming for stops above the relatively equal highs near $485. Continuation of the bullish move could target the daily gap near $505.

Aggressive bulls might add to positions near $439 and $430. Price action near $421 may be more likely to provide support – if it gets there – during any retracements.

Relatively equal lows clustered around $411 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $390.

2. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on a blockchain, but rather the previously mentioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 8^th cryptocurrency globally and the current price is US$0.7379. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP‘s 35% climb retracement from December reached to the monthly open, sweeping lows several times down to $0.7122. Last week, the price bounced from the monthly open near $0.7443 again, creating possible support near $0.7055. A quick sweep of this recent swing low could reach into a support area near $0.6812, while a sharp downturn in the market is likely to run for the relatively equal lows near $0.6525.

If the price breaks through the closest significant resistance near $0.7956, the swing high at $0.8434 is a likely target. This move could reach a daily gap of near $0.8932.

Strong bullish momentum could propel the price to resistance near $0.9425. If this move occurs, the significant swing high near $1.12 provides a reasonable goal.

3. Swipe (SXP)

Swipe SXP is a platform that looks to form a bridge between the fiat and cryptocurrency worlds with its API that is designed to create global payment cards powered by its native SXP token. Swipe also has an on-chain product called Swipe Swap, an Automated Market Maker which is forked by Uniswap, SushiSwap and THORchain, and is powered by Swipechain. This ecosystem is powered by the Swipe Token SXP, which functions as the fuel for the Swipe Network, and is used for paying transaction fees and securing Swipechain through bonding and governance.

SXP Price Analysis

At the time of writing, SXP is ranked the 170^th cryptocurrency globally and the current price is US$1.47. Let’s take a look at the chart below for price analysis:

Source: TradingView

SXP has retraced over 60% from last month as the price consolidates near the weekly gap beginning near $1.50.

The equal lows at this weekly gap are likely to see a stop run before any further move up. The area near $1.42 at the top of a daily gap could provide support.

More probable support begins at the bottom of the gap, ranging from approximately $1.36 to the consolidation that started the massive move upward. If this level fails, traders could look for sensitivity near the middle of the monthly gap near $1.30.

Impulses upward during retracement are likely, but the most substantial resistance is likely just below the swing high near $1.56. This swing high provides a clear first target, with extensions near $1.63, $1.70 and $1.78.

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Top 3 Coins to Watch Today: XRP, LTC, ADA – December 23 Trading Analysis

Post author By Malik Junaid
Post date December 23, 2021

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on a blockchain, but rather the previously mentioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 7^th cryptocurrency globally and the current price is US$0.9425. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP‘s 80% climb during Q3 returned to the monthly open, sweeping lows several times down to $0.7822. Last week, the price bounced from the monthly open near $0.8243 again, creating possible support near $0.8050. A quick sweep of this recent swing low could reach into a support area near $0.7912, while a sharp downturn in the market is likely to run for the relatively equal lows near $0.7725.

If the price breaks through the closest significant resistance near $0.9556, the swing high at $0.9934 is a likely target. This move could reach a daily gap of near $1.12.

Strong bullish momentum could propel the price to resistance near $1.15. If this move occurs, the significant swing high near $1.22 provides a reasonable goal.

2. Litecoin (LTC)

Litecoin LTC is a cryptocurrency designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

LTC Price Analysis

At the time of writing, LTC is ranked the 18^th cryptocurrency globally and the current price is US$155.75. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low in late September, LTC kicked off a bullish trend that rallied nearly 83% by November to break the monthly highs.

The following 65% plummet found support near $148.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $158.43.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $168.12, where aggressive bulls might begin bidding. The level near $177.98, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $190.05.

However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $146.18 could provide at least a short-term bounce. If this level fails, the old highs near $139.44 might also give support and see the start of a new bullish cycle after retesting these support levels.

3. Cardano (ADA)

Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

ADA Price Analysis

At the time of writing, ADA is ranked the 6^th cryptocurrency globally and the current price is US$1.35. Let’s take a look at the chart below for price analysis:

Source: TradingView

ADA‘s nearly 70% drop from its November highs found a low near $1.20 during mid-December before closing over a short-term high.

This daily close over the high could signal a shift in market structure that might reach probable resistance near $1.42. A sustained bullish move may target the swing high at $1.50. If this stop run occurs, a run beyond the high into probable resistance near $1.62 and $1.78 is possible.

Bulls could buy a retracement to possible support near $1.27, just above the monthly open. A bearish turn in the marketplace may propel the price toward possible support near $1.22.

However, relatively equal lows near $1.18 and $1.13 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $1.10 and $1.03.

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Top 3 Coins to Watch Today: XRP, RAY, AVAX – December 8 Trading Analysis

Post author By Malik Junaid
Post date December 8, 2021

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on blockchain, but rather the previously mentioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 8^th cryptocurrency globally and the current price is US$0.8273. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP‘s 87% climb during Q3 returned to the monthly open, sweeping lows several times down to $0.8222. Last week, the price bounced from the monthly open near $0.7743 again, creating possible support near $0.7650. A quick sweep of this recent swing low could reach into a support area near $0.8012, while a sharp downturn in the market is likely to run for the relatively equal lows near $0.7925.

If the price breaks through the closest significant resistance near $0.8756, the swing high at $0.9034 is a likely target. This move could reach the daily gap near $0.9563.

Strong bullish momentum could propel the price to resistance near $0.9877. If this move occurs, the significant swing high near $1.12 provides a reasonable goal.

2. Raydium (RAY)

Raydium RAY is an automated market maker AMM and liquidity provider built on the Solana blockchain for the Serum decentralised exchange DEX. Unlike any other AMMs, Raydium provides on-chain liquidity to a central limit orderbook, meaning that funds deposited into Raydium are converted into limit orders that sit on Serum’s orderbooks. This gives Raydium LPs access to all of Serum’s order flow, as well as their existing liquidity.

RAY Price Analysis

At the time of writing, RAY is ranked the 119^th cryptocurrency globally and the current price is US$8.96. Let’s take a look at the chart below for price analysis:

Source: TradingView

Mid-October marked a turning point for RAY, with the price rocketing up almost 85% from its lows to probable resistance beginning near $14.78.

The price is currently struggling with the area between $8.75 and $10.39. This region could provide support after a close above, or resistance after a close below.

A retracement could reach into the daily gap and possible support around $8.65. A more bearish shift in the marketplace will likely aim for the relatively equal lows near $8.12, and the potential support just below that begins around $6.53.

Continuation to the upside will likely target the monthly high near $9.95. However, probable resistance beginning at $10.58 and $11.82 could cap or slow down this move.

3. Avalanche (AVAX)

Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.

AVAX Price Analysis

At the time of writing, AVAX is ranked the 12^th cryptocurrency globally and the current price is US$93.04. Let’s take a look at the chart below for price analysis:

Source: TradingView

AVAX has continued its rally through the daily gap between $85.45 and $92.25, turning this region into an area of possible support.

However, a stop run under the relatively equal lows at $87.34 could form a wick below this level, potentially reaching an untapped daily gap beginning near $79.14.

Resistance starting at $112.32 has seen significant profit-taking, shown by the long upper wicks on the daily candles. A break of this resistance may reach the next significant new swing high at $125.46, continue into probable resistance just above, and possibly set new monthly highs at $133.12.

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Small Island Nation Palau Partners With Ripple on Eco-Friendly Digital Currency

Post author By Jody McDonald
Post date November 26, 2021

The Republic of Palau, an archipelago of 500-plus islands and part of the Micronesia region in the western Pacific Ocean, is partnering with digital payment network Ripple to develop its own digital currency.

Incredible potential for @Ripple’s partnership w/ Palau — the world’s first government-backed national stablecoin could come to the XRPL (thanks to its custom token functionality) next year! https://t.co/A3GxTJl2oe
— Monica Long (@MonicaLongSF) November 24, 2021

Palau Wants a Stablecoin, Not a CBDC

According to an announcement by Ripple on November 23, the partnership will focus on developing strategies for cross-border payments, resulting in the creation of the world’s first government-backed national stablecoin.

Ripple has experience building global payment systems and has made provision to implement its new stablecoin during 2022, looking to assist the country from a technical, business, design and policy perspective.

As part of our commitment to lead in financial innovation and technologies, we are delighted to partner with Ripple. The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access.
Surangel Whipps Jr, Palau’s President

Interestingly, Palau has elected to create its own digital currency rather than a CBDC. One of the primary reasons for doing so is that the island nation has committed to being carbon-neutral and was apparently attracted to XRP on the basis of it being carbon-neutral and 120,000 times more energy-efficient than proof-of-work (PoW) cryptocurrencies. Furthermore, it saw XRP as offering advantages over PoW with regards to scalability, speed and reduced costs.

We are excited to be working with Palau to achieve its financial and climate-related goals. We have a wonderful opportunity to bring together our technology and experience with the unique characteristics of Palau to make a real economic and social impact for the country.
James Wallis, VP, central bank engagements, Ripple

Despite its gaining a lot of positive attention, some have questioned the value of the partnership:

"What? The Republic of Palau sends Ripple's useless securities to other countries to settle transactions and make instant cross-border payments?! What the f.. Sorry, what did you say Hester? XRP is a efficient bridge-security?! How is this even physically possible? This is nuts!" pic.twitter.com/OTpt8QAl54
— Stefan W. Huber 🌬️🌊🌐 (@Leerzeit) November 24, 2021

Ripple Moves Forward Despite SEC Case

Recently, Ripple joined Bhutan’s Royal Monetary Authority (RMA) to test retail, cross-border, and wholesale CBDC payment systems for a digital Ngultrum. And despite an ongoing battle with the US Securities and Exchange Commission (SEC), Ripple has plans to go public and provide support for nations issuing CBDCs.

Evidently, Ripple still has some obstacles to overcome in the near term. Notwithstanding, its recent actions suggest the company remains largely uninhibited in its push towards global adoption.

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Top 3 Coins to Watch Today: ETH, XRP, LUNA – November 24 Trading Analysis

Post author By Malik Junaid
Post date November 24, 2021

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ethereum (ETH)

Ethereum ETH is a decentralised open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralised smart contracts. Ethereum’s own purported goal is to become a global platform for decentralised applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime, and fraud.

ETH Price Analysis

At the time of writing, ETH is ranked the 2^nd cryptocurrency globally and the current price is US$4,326.81. Let’s take a look at the chart below for price analysis:

Source: TradingView

ETH‘s long-term range from November’s high could be coming to an end. The 9, 18, and 40 EMAs flipped bullish at the beginning of October after late September’s retracement, showing strength as BTC rallied. Currently, the price is hovering just under the all-time high as bulls take some profits.

Two swing highs and the 9 EMA could mark $4180.87 to $4026.72 as an area of possible support. A deeper retracement will likely find some buyers around the 61.8% retracement near $3867.59.

The all-time high will likely see some profit-taking, but the area near the 27% extension, at $4650.12, could also provide some resistance. The 61.8% extensions of the last two swings converge near $4820.54, which could be the target for an all-time high break before a new setup emerges.

2. Ripple (XRP)

Ripple XRP is the currency that runs on a digital payment platform called RippleNet, which is on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on blockchain, but rather the previously mentioned distributed ledger database.

XRP Price Analysis

At the time of writing, XRP is ranked the 7^th cryptocurrency globally and the current price is US$1.05. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP‘s 87% climb during early August returned to the monthly open, sweeping lows several times down to $0.9233. Last week, the price bounced from the monthly open near $1.03 again, creating possible support near $1.10. A quick sweep of this recent swing low could reach into a support area near $0.9834, while a sharp downturn in the market is likely to run for the relatively equal lows near $0.9160.

If the price breaks through the closest significant resistance near $1.17, the swing high at $1.25 is a likely target. This move could reach the daily gap near $1.28.

Strong bullish momentum could propel the price to resistance near $1.3o. If this move occurs, the significant swing high near $1.33 provides a reasonable goal.

3. Terra (LUNA)

Terra LUNA is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its whitepaper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin and offers fast and affordable settlements. Terra’s native token, LUNA, is used to stabilise the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.

LUNA Price Analysis

At the time of writing, LUNA is ranked the 14^th cryptocurrency globally and the current price is US$42.01. Let’s take a look at the chart below for price analysis:

Source: TradingView

After breaking its October highs, LUNA began a range that has been whiplashing both bulls and bears.

Resistance beginning near $49.35 held the price down for the second half of November, although bulls have shown some strength near the 9 and 18 EMAs.

A quick drop to $40.37, or into the zone beginning near $44.87, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near $50.47 provides a reasonable target.

A break of this level could move further into uncharted territory with the nearest probable resistances projected around $58.28 and $60.57.

More patient bulls might be waiting far below the 40 EMA with bids near the higher-timeframe range’s 61.8% retracement, near $35.59.

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Top 3 Coins to Watch Today: XRP, LTC, AAVE – October 22 Trading Analysis

Post author By Malik Junaid
Post date October 22, 2021

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ripple (XRP)

XRP Price Analysis

At the time of writing, XRP is ranked the 7^th cryptocurrency globally and the current price is A$1.48. Let’s take a look at the chart below for price analysis:

Source: TradingView

XRP‘s 87% climb during early August returned to the monthly open, sweeping lows several times down to A$1.40. Last week, the price bounced from the monthly open near A$1.44 again, creating possible support near A$1.42. A quick sweep of this recent swing low could reach into a support area near A$1.38, while a sharp downturn in the market is likely to run for the relatively equal lows near A$1.35.

If the price breaks through the closest significant resistance near A$1.54, the swing high at A$1.57 is a likely target. This move could reach the daily gap near A$1.63.

Strong bullish momentum could propel the price to resistance near A$1.65. If this move occurs, the significant swing high near A$1.70 provides a reasonable goal.

2. Litecoin (LTC)

Litecoin LTC is a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

LTC Price Analysis

At the time of writing, LTC is ranked the 14^th cryptocurrency globally and the current price is A$267.61. Let’s take a look at the chart below for price analysis:

Source: TradingView

LTC spent the month of September ranging across the monthly open, reaching 26.5% over and 45% below.

The price is currently consolidating between adjacent resistance and support at A$258 with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near A$270.

This move would likely target the swing high at A$276 and relatively equal highs near A$280. A sustained bullish trend could reach up to the monthly high near A$295.

Bulls might see a sweep of the relatively equal lows near A$255 as a chance to buy at a discount. If this level fails to hold, the next significant area for the price to find buyers is likely near the consolidation around A$245.

3. Aave (AAVE)

AAVE is a decentralised finance protocol that allows people to lend and borrow crypto. Lenders earn interest by depositing digital assets into specially created liquidity pools. Borrowers can then use their crypto as collateral to take out a flash loan using this liquidity. AAVE provides holders with discounted fees on the platform, and it also serves as a governance token – giving owners a say in the future development of the protocol.

AAVE Price Analysis

At the time of writing, AAVE is ranked the 420^th cryptocurrency globally and the current price is A$421.72. Let’s take a look at the chart below for price analysis:

Source: TradingView

AAVE‘s strong downtrend that began in August has retraced most of its Q3 move, recently sweeping lows near A$388 but struggling to find strong support.

A sweep of the relatively equal lows near A$384 into possible support around A$380, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near A$375.

The swing low near A$418 may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near A$431, potentially reaching up to the monthly open near A$238 and A$246.