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Saeed Ul Hassan

Bitcoin ATMs Future Struggles As Crypto Market Continues To Dip

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Recent dips in the cryptocurrency market have led to decreasing number of Bitcoin ATM machines. It decreased by 2% in September compared to its all-time high back in August. 

As shown in data gathered from CoinATMRadar, there are now only 37,980 active Bitcoin ATMs worldwide today – down from 38,776 that were running just last month.

The popularity of Bitcoin ATMs was increased steadily in the past few years due to how easy it is for people to access them and invest in cryptocurrencies without going through Know Your Customer (KYC) procedures.

Because of recent drops in the value of Bitcoin and other cryptocurrencies, which have continued since the beginning of 2022 due to rising inflation and a central bank aiming to raise interest rates, many investors avoid riskier assets out of fear. Therefore, significant profits were lost as Bitcoin kept going downhill on the roller coaster.

Installations of cryptocurrency ATMs skyrocketed between January 2020 and January 2022, more than quintupling to 34,388 devices worldwide. After years of increased demands, the Bitcoin bear market finally caught up with many Bitcoin ATM networks. 

September 2022 marked one of the lowest installation rates worldwide, despite the fact that there are already close to 39,000 ATMs operating worldwide – representing a 3,818% growth since 2017.

Down Slide Of Bitcoin ATM Networks

There are 38181 crypto ATMs currently operating; 95% of these are located in North America, with about 87.9% of the market share for crypto ATMs going to the U.S., Canada having 6.3%, and Europe having 3.8%.

In addition, data about the decrease in crypto ATM installations for the month of September show that 796 machines were removed from the global network, and most of those machines came from just America alone. 

In spite of this setback, there has been an increase of new installations on the ground all across Europe and Canada as well. The data shows that as of the beginning of the new month of October, there has been an increase of 201 installations.

CoinATMRadar’s speed chart indicates that, on average, fourteen(13.9) new crypto ATMs are installed daily. The speed is measured using a gauge scale that is based on the last 60 days, whereas the speed is based on the previous seven days.

Moreover, according to current statistics from the global crypto-ATM market, Genesis Coin leads the market for the manufacturing of cryptocurrency ATMs because it has a 40.3% share of this segment. General Bytes is in second place with 23.1%; after them, Bitaccess (15%), Coinsource (5.2%), Bitstop (5.7%), Bytefederal (2.7%), and others 8.2%.

Related Reading | Researchers believe Bitcoin’s climatic impact is akin to ‘digital crude’

Crypto.com Registers As A Digital Asset Service Provider In France

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Today, Crypto.com, the world’s fastest-growing crypto exchange based in Singapore, has become registered as a digital asset service provider in France with authorization from both the Autorité des marchés financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

The AMF is responsible for regulating the financial market in France and the investments it houses. It ensures that those who invest in these markets are adequately informed about what they’re buying and has been an integral part of promoting regulatory change locally and across Europe. 

Early this year, France’s AMF also granted permission for Binance and Luno, cryptocurrency exchanges, to run in the country, and this milestone has now been achieved by Crypto.com as well.

However, the exchange’s announcement post claims that before receiving regulatory approval, it underwent an intense examination process that ensured compliance with international standards concerning anti-money laundering and prevention of terrorism financing.

In addition, by registering, Crypto.com will be able to offer clients in France a variety of goods and services that adhere to national laws.

Nevertheless, it is becoming more apparent that many French people are now aware of cryptocurrencies. According to Triple A’s surveys, up to 5% (or 3.4 million) of France’s population are crypto investors.

In addition, crypto awareness among business owners and CEOs is also at an all-time high, 85.1%, which is excellent news for future cryptocurrency use in France.

Crypto.com Continues Efforts To Broaden Its Ecosystem

CEO of Crypto.com, Kris Marszalek, said that the European market is key to this company’s long-term success, which is why they’re excited to be registered under the French regulatory authority and continue developing alongside the Regulatory AMF in France. 

Kris Marszalek also asserts that they would strive to maintain customer trust while supplying them with excellent goods and services that are entirely safe.

The French registration is the most recent in a long line of regulatory permissions that Crypto.com has won in Europe because it has been amassing regulatory approvals worldwide throughout the year.

In recent months, it gained provisional approval for a Major Payment Institution License from the Monetary Authority of Singapore as well as for a Virtual Asset License from the Authority in Dubai.

It also gained electronic financial transaction act registration from the Korean authorities. It became an official virtual asset service provider when it was accepted by the Italian financial watchdog Organismo Agenti e Mediatori (OAM)in July. 

Related Article: Crypto.com Receives Green Light for Cryptoasset Activities in the UK

Polygon (MATIC) On Rise After Announcing The Launch Of Accelerator Program

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Polygon (MATIC) started to rise on Monday morning after announcing a collaborative effort with Alpha Venture DAO and Icetea Labs to launch the inaugural Icetea Labs Accelerator Program for blockchain startups.

Along with the partnership announcement, Polygon Developers tweeted: Six startups were launched in Icetea Labs’ accelerator program powered by Polygon.

The Polygon (MATIC) price increased shortly after the announcement to $0.775263, up more than 5.0% from the previous day. In the past 24 hours, its trading volume has also increased by about 5.39%, according to data from CoinMarketCap.

On September 11th, according to Nomics Data, MATIC’s price began to drop steadily as it did with the rest of the crypto market. Trade volume was also low – decreasing from $1.29 billion on September 12th to $496.70 million on September 16th, while prices varied from $0.804935 to $0.691834

However, the token’s price began to increase slowly after September 20th. According to CoinMarketCap, the preceding week showed an improvement of 3.8%. The cost increased from $0.728306 on September 25th due to this new partnership.

Polygon (MATIC) Accelerator Program

Alpha Venture DAO is a collaborative-owned company in Southeast Asia that supports startups looking to succeed under the umbrella of Web3. Icetea Labs also acts as an incubator that helps nurture new projects through their research stage.

According to Polygon Developers, this three-part partnership will launch an accelerator program that will focus on mentorship, education, and business skills for promising Web3 startups in need of resources like funding and human capital from other successful startups already operating in this field.

They further claim that selected firms would receive intense training for eight weeks—a brief analysis of the stats for the first 250 applications to the accelerator. 73,000 people cast votes, with a 2% acceptance rate.

The projects in the inaugural cohort of the Icetea Labs Accelerator Program are also mentioned in the tweet’s comment section. The first project is Victory Point, and it’s a free-to-play, first- and third-person, AAA multiplayer shooter with P2E features built using Unreal Engine 5.

The second one is Trouble Punk | Cyber Gals, a battle royale-style online action game that prioritizes fun and captivating storylines. Gamers without tokens or Non-Fungible Tokens (NFT) can play in Free To Play (F2P).

Related Article: Starbucks and Polygon Collaborate to Ramp up Its Web3 Experience

Tron price analysis July 28, 2019: TRX finally turns green

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Weekends are bearish in the cryptocurrency market more often than not. But Tron’s been not feeling it this weekend. It’s gained 2.2% in the last 24 hours against the USD and 1.01% against Bitcoin. There’s nothing that good about this, but considering Justin Sun’s cryptocurrency’s recent free fall, it’s a functional recovery.

Tron remains the 12th most tremendous digital asset by market capitalization with a cap of $1.493 billion, which is not a small thing at all.

As we write this, Tron (TRX) is trading sideways. The Bollinger bands are very narrow, and trading volumes have been unexisting since about 15:40 UTC. Even after going up a bit today, the technical analyses available in many trading platforms are signaling to sell TRX.

So it’s not a great day to be trading in Tronix tokens. But let’s not go by subjective opinions. Let’s delve into the hourly and monthly technical numbers so we can understand what’s going on with Tron’s market this Sunday.

Hourly technical analysis

After good last 24 hours, the hourly technical analysis is signaling for the bears, again. Every moving average is in the red zone, and every technical indicator is in the red area as well, so if you go by those measures, it’s hopeless for now unless you’re the kind of trader who prefers short positions. Even then, the decline is so slow that you could also have losses.

Tron
Source: CoinMarketCap.com

The price is beneath the pivot point and only just above the first support level of $0.023734. The market could test this support level in the next few hours and what happens then will be very important for the coin’s performance in the hours and days to come. The Fibonacci scenario is pretty much the same with a slightly higher first support level at 0.025864 USD that, again, could be tested soon.

In short: as things stand now, the 60 minutes technical is for the bears. The charts support it. Tron (TRX) might be losing value in the next few hours. And in further bad news, it will go down so slowly that selling short is still unlikely to help you make a profit.

In this context, the best idea is to keep watching and stay away from the market until something changes.

Monthly technical analysis

The monthly scenario is usually a more reliable predictor of the market’s behavior. But it’s not much better. The price here is also between the pivot point and the first support level.

The difference is that the monthly moving averages are for the bulls – at the rate of seven to five. But the technical indicators are still bearish – four out of six.

The big picture for Tron in the monthly is neutral instead of bearish. But neutral isn’t helpful because it just tells you to wait and see.

Outlook

Don’t despair. It is just a slow weekend, and most weekends are quiet in the cryptosphere. Tron (TRX) been performing very well in the past, and the chances are that it will resume that trend as the new week starts.

But for today, enjoy your weekend, don’t trade. Keep an eye on the markets but don’t get involved that much.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Cardano Price Analysis July 24, 2019: Bulls might welcome ADA soon

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Over the last few months, we’ve seen a few exhilarating and bullish end of the months in the cryptocurrency markets. But the rule is usually the opposite. Most of the times, the end of the months tend to be slow in the best of cases and decidedly bearish quite often. This month’s end is one of those. Except for EOS, Cardano and Litecoin, almost every coin in the top 20 is trading in red numbers.

So we are here to analyze Cardano’s ADA. It’s gain 2% over the last 24 hours and a decent 7.8% for the week. It was somewhat expected because Cardano was probably the digital asset that grew the most by many metrics during June.

ADA is trading at $0.058496 as we write this, and it’s gained an impressive 5.19% against Bitcoin. And it remains well-capitalized at USD 1.516 billion, and it’s holding steady at the 12th spot by market capitalization. Let’s see what we can find out about ADA in the daily and monthly technicals.

Cardano (ADA) 24-hours technical analysis

It looks like the bears had it in the daily technical analysis earlier today, but that’s changed as the day progressed. Still, the price is beneath the first and second support levels (0,063886 and 0,061006, respectively).

The bears already tested these levels, and the market was unable to find support. The next support level (the third one) is of USD 0,057547.

That information is discouraging in itself, but there is a piece of good news now as the day progressed. Almost every moving average and every technical indicator are in the green zone, signaling for the bulls ahead.

Cardano
Source: CoinMarketCap.com

If you think that this news can’t possibly get worse, you’re wrong. ADA is trading sideways, so there is no clear trend, and there’s no room for a new direction right now as the Bollinger bands are just too narrow. Is it losing value? For sure. But it’s moving so slowly down that even a short position won’t give you a profit very soon (assuming that it does at all).

Monthly technical analysis

The monthly scenario is not much better. Here we find that every technical indicator, again, is for the bears. The moving averages feature three green metrics, but the remaining nine are still red.

The price is beneath the first support level (0.070510), which is already broken. And the bears have already tested the second support level (0.058975) till today.

So in the monthly scenario, everything is pointing for the bears. But that’s only a partial appreciation because the decline in value is too slow. So even the bears won’t make a buck today by taking short positions.

Outlook

Today it’s all bullish now, but it’s all slow. There is no clear trend in either direction. We are not surprised. Why? Because all the major players are having a not that good time in the crypto market currently. Cardano is not alone.

So just remain calm, and wait to see what the market does as the new week starts. Maybe a piece of news or an announcement will change everything. And even if there is no such trigger, as the world goes back to work on coming Monday the trading volumes rise, and the markets pick up.

But today, you have the opportunity to enjoy your middle of the week away from the digital assets market.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Bitcoin price analysis July 23, 2019: Not a good day for the king

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It’s been not such a pleasing day for Bitcoin so far. It didn’t seem like that at first because during the morning (UTC) it spent several hours trading sideways. Then, at 13:13 UTC Bitcoin price was boosted by a sudden peak in trading volumes, but then it lost $230 in price in fewer than five minutes.

That caused the Bollinger bands to widen considerably, and for a few minutes, it seemed that BTC would start trending downward. So the bears took over the market again, and the price went down by about $300 in the next 45 minutes.

After that, the Bollinger bands narrowed down again, and it started to go sideways again for a few hours. At 16:57 UTC we saw another sudden peak in bullish trade volumes. But this time the bears have managed to keep the bulls at bay, so the Bitcoin price remains moving sideways precisely at the $10000 level, approximately.

Let’s see what we can learn from today’s technical analysis for the daily and monthly time frames.

24-hour technical analysis

The price already tested and broke the first support level of USD 10,200, and it looks like it will soon start a new test against the next support level of USD 9,900. While these are bearish signals, the overall panorama remains neutral if not green.

This is hard to understand because seven out of twelve moving averages are signaling for the bulls, but it makes more sense when you realize that most of the technical indicators are indeed bearish.

Bitcoin BTC technical price analysis chart for July 23rd, 2019 Tron Weekly
Source: CoinMarketCap.com

It’s been not a good day for BTC, of course, losing 3.91% in value over the previous twenty-four hours. But it seems that the 24-hour technical analysis is pointing towards sideways trade for what’s left of the day. Let’s see what’s in the monthly.

Monthly technical analysis

There is not plenty of good news here as well, as it seems we can expect more bad days ahead for Bitcoin.

The price is below the pivot point (USD 10,742) and also beneath the first resistance level of USD 14,005. The positive thing is, that gives Bitcoin price a lot of room for growth in the next few days, as it could go up by as much as USD 3000 before it finds any significant technical resistance.

Despite the price losses, almost every moving average is signaling for the bulls, and only a couple of technical indicators are bearish per the monthly analysis.

Outlook

The daily is bearish, but at least it’s getting stable; it doesn’t look like BTC could plummet during the next few hours. The monthly, on the other hand, is decidedly bullish, we can say.

So it seems that good things are about to happen for Bitcoin traders, but a little patience is in order. Bitcoin price will go up for sure in the next few weeks, but given the current market sentiment, it’s unlikely for this to happen during the next couple of days.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Dogecoin price analysis July 19, 2019: Stuck in the middle

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Welcome to Dogecoin! It is the blockchain project that started as a joke. And that remains a joke because the community members are still having a lot of fun with it. But maybe not in the last seven days.

Dogecoin has lost 7.7% over seven days. Should you be scared? Not really. That’s the same kind of numbers we’ve seen over the previous seven days for almost every cryptocurrency in the market. So DOGE is not in danger to fail.

It’s just following the same trend we could see in Bitcoin, Ethereum, XRP, and almost every other digital asset in the top 30. But that’s changed already, the whole crypto market turned green yesterday, including Dogecoin.

Doge is ranked 29th by market capitalization, and it’s trading at $0.002996 as we write this. Total capitalization is of USD 360 million. And while it’s losing against the BTC, it’s gaining value against USD which is probably more important.

Let’s have a look at the daily and monthly technicals and figure out if what to do about Dogecoin during the rest of the weekend.

24-hour technical analysis

The daily scenario looks neutral for the most part. The price is just beneath the pivot point (which is a bearish signal in the technical analysis standard lore). But it’s still far from the first support level (0,003013), so it’s not likely that DOGE will be testing the daily support levels anytime soon.

But the moving averages and technical indicators are a different story. They are all signaling for the bears. Almost every single moving average is in the red zone. Five out of eight technical indicators are for the bears too.

Dogecoin
Source: CoinMarketCap.com

Given those numbers, the obvious strategy would be to sell Dogecoin short. Well, you shouldn’t. While it’s gaining value today, it’s going down so slowly (which is the same trend we’ve seen all day for the rest of the market) that even a short position will not get you a profit because you won’t be able to pay for your broker’s commission.

Let’s see if we can learn something additional from the monthly scenario.

Monthly technical analysis

The monthly numbers look better, but not by much.

The price is not that far away from the monthly pivot point (0,003260), but way beneath the first resistance level (0,003667) and while the price is slowly but surely going down there still is no chance that resistance levels will be tested today.

Ten out of twelve moving averages are for the bulls, and the technical indicators are split in half between bears and bulls.

Outlook

The available information today is ambiguous, and the market status is a tiny bit confusing. So what to make of all this?

Well, you have two options. Maybe today is a good day to buy Dogecoin at a low price and make a profit in a couple of weeks, as things pick up. Or perhaps today is a day for you to enjoy a Friday away from the cryptocurrency market until something new happens and trends become apparent for DOGE and the rest of the coins.

We’re sure that you’ll have a lot of fun and joy trading Dogecoin in the future. But maybe not today.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Bitcoin price still feels the heat as it stays under 10k USD

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Peter Brandt is a legendary trader of forty years. He went on the record, using his Twiter account, saying that the “parabolic phase” that started on last December could start up an 80 percent correction in the market’s parabolic advance.

He tweeted:

Bitcoin is still under a market correction as it trades under the USD 10,000 support level. According to Mr. Brandt, the market could go even further down from USD 310 billion in capitalization to USD 150. The loss of value would affect altcoins mainly.

The correction in Bitcoin price, if it really were 80 percent would go from USD 3,130 to USD 13,800. That implies a loss of USD 5,000, and it could even be optimistic.

Bitcoin Price Technical Analysis

The technical analysis done by Rosh Rager, a reputed analyst, says that an 80 percent correction would be tragic for most digital currencies, but the USD 8,000 level will be able to stop the market from going down.

Looking at the Fibonacci retracement indicator in the three day period, it becomes apparent that Mr. Rager could be referring to the top 50% to 61.8% Fibonacci retracement zone. It could be a strong support barrier because there’s a lot of demand concentrated around this area.

Bitcoin price already broke the most crucial support cluster around the 38.2 Fibonacci level and the trendline it formed since last March.

Outlook

The market sentiment is bearish for the most part because there are so many selling signals triggered in so many different time frames. Two examples are the MACD crossover on the 3-day chart and the break of the ascending parallel channel on the 1-day chart.

If Mr. Brandt’s bold forecast becomes true and there is an 80 percent correction, that could take Bitcoin’s price under the USD 3,000 level. It could retrace back to USD 8,000, which would be a 40% pullback that, according to historical data, will keep the bullish trend alive and well.

There’s a slight chance that Bitcoin price could enter a consolidation phase between USD 9,700 and USD 13,000. But it all hangs from the currency’s strength to get back over the 100-twelve-hour moving average before the 12-hour candlestick is finished.

So turbulent and uncertain times are ahead for the cryptocurrency market, especially when it comes to Bitcoin. It’s all been peachy since last April, but in crypto, everything can change in just a minute. We’ve seen that happen many times over the previous decade when Bitcoin came online for the first time.

There’s nothing wrong with that. It’s exciting, it’s interesting. It’s also very risky, which is why you have to do research thoroughly before you take positions in the market. So keep an eye out for the new developments in Bitcoin price. It doesn’t have to be as dramatic as forecasted. But we’ll have to see.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Ripple price analysis July 18, 2019: XRP prepares for a strong comeback

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Ripple and its connected virtual asset XRP are often joined by the hip even though they are two separate entities. Updates and company partnership announcements, even when they are not related to Ripple’s default cryptocurrency, usually have an impact on the market price of XRP.

Recently, the cryptocurrency industry has been in trouble following attacks from US President Donald Trump and his Treasury Secretary, Steven Mnuchin. Last week, US President attacked virtual assets such as Facebook’s Libra virtual coin and Bitcoin, expressing in a tweet his disapproval of the whole industry.

“Here in America, we only know of one real currency, a currency that is stronger, dependable and reliable more than ever,” Trump tweeted. “The American Dollar is by far the most dominant and stable currency anywhere in the World. It has always been that way, and it will always be that way. The currency is the US Dollar!”

Trump’s sudden interest in Bitcoin and cryptocurrency and his dismissal of the market highlights his increasing interest in the currency markets. The US president didn’t go after Ripple (XRP) directly, but he attacked Libra, Bitcoin, and cryptocurrencies in general. Why? Is Ripple an exception for him? No. That’s we think because it hasn’t caught his attention yet (we think).

Of late, the Trump administration has been showing strong signs of controlling the global currency market, and it seems cryptocurrency is standing on their way. Many financial market experts see Trump’s interest in the currency markets as a way of creating a new world order in the FX sector.

On his part, Mnuchin, the US secretary mirrored President Trump’s comments in a White House media briefing claiming cryptocurrencies have been used and have the potential to facilitate financial crimes. The US secretary told reporters:

“Virtual currencies such as Bitcoin have been used by corrupt people to support billions of dollars of illegal activities such as tax evasion, human trafficking, drug trafficking, cybercrime, extortion, and ransomware,”

Mnuchin added,

“Many people continue to attempt to use virtual currencies to support their maligned behavior. As a responsible government, we take this as a national security issue that needs urgent attention.”

Since the immemorial time, the financial sector has always been the most important in the world due to its strong relationship between the high political bodies and regulatory authorities. Almost all influential government bodies and administrations rely on the financial markets to perpetuate their policies and ideologies. The entrant of new players in the financial sector that want to alter the traditional way of doing things in the industry is usually met with opposition.

This fact is a point of concern for the crypto ecosystem as traditional forces are working behind the scenes to hinders the growth of the emerging industry. However, history shows us that it is impossible to stop an idea whose time has come. It is the time for the virtual economy and e-commerce in the current world that we live in. So, instead of putting roadblocks, concerned players should look into ways to integrate crypto into mainstream operations.

Ripple (XRP) Price Analysis

Following Tuesday’s market price dip that saw the cryptocurrency trading at a low of about 0.2834 USD, Ripple’s XRP is slowly showing signs of recovery trading at about 0.32 USD at the time of writing. In the last 24-hours, the third most influential virtual currency that has a market cap of about 13.6 billion USD, witnessed a 6.46% market appreciation in its value.

Ripple XRP technical price analysis
Source: CoinMarketCap.com

The native Ripple cryptocurrency XRP’s attempt to break off the critical support level of 0.25494 USD seems to be yielding fruits. Since December 2018, Ripple’s XRP has held on this support level on four different occasions, forcing us to expect a strong resistance once again.

Wednesday’s trading saw the crypto asset achieving an impressive upside correction to land the crypto above the 0.310 level against the USD. Despite Ripple’s failure to gain momentum above the 0.325 USD market price level, the price hovered near the 0.32 level, restoring hope in the crypto asset.

As things stand, it is just a matter of time until the bulls make a comeback in the industry. Ripple investors and traders should be patient or work on minimizing their losses.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Ripple (XRP) finds support, but still, the recovery could be in shambles

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The last Friday-Saturday, on 12-13th July 2019, Ripple’s XRP prices recorded a sharp decline below the 0.38 USD and 0.35 USD support levels against the USD. As time passed by during the day, the virtual asset’s price traded close to the 0.3 USD support level.

At present, Ripple (XRP) is correcting higher, forming a new breakout pattern near the 0.332 USD level on the day’s chart of the XRP/USD pair. Although many analysts say the XRP/USD pair could witness an upsurge, the price appreciation is likely to remain capped near the 0.336 USD.

Currently, XRP is under a lot of pressure against the USD and the leading cryptocurrency, Bitcoin. According to careful analysis, XRP prices might soon record a recovery towards the 0.346 USD level before recording price depreciation.

Ripple Price Analysis

So not too long ago, Bitcoin, Ripple, and Ethereum recorded sharp price declines against the US Dollar. Ripple’s native coin’s US Dollar pair, XRP/USD, recorded steep declines below the 0.38 USD and 0.35 USD support levels.

The sharp decline marked the start of more losses below the 0.345 USD support level that followed the pair. Also, the pair’s price depreciated further below the 0.34 USD support level to exchange on a low of 0.3361 USD.

At the time of writing, the Ripple’s XRP prices are trying to fight the losses below the 0.35 USD level. XRP trades at $0.314828 after going up by 0.53% in the last 24 hours.

Ripple XRP technical analysis chart prediction
Source: CoinMarketCap.co

On its recent market price decline from a high of 0.3968 USD to a low of 0.3461 USD, Ripple USD pair prices broke the 23.6 percent Fibonacci retracement level. Also, on the XRP/USD hourly chart, there seems to be a shrinking triangle forming with resistance at 0.32 USD.

On the other hand, if the downward trend takes a break below the 0.31 support level, experts predict the market price might resume its slide. If the downside break occurs, the market price of the pair might bypass the 0.31 USD to 0.30 USD support levels.

According to our observation, the next critical support level is at the 0.293 USD mark. Alternatively, if an upsurge break occurs, the market price could improve towards the 0.35 USD level despite the likelihood of the price levels facing resistance near the 0.34 USD or 0.346 USD level.

The recent Ripple (XRP) price depreciation from the high of 0.3968 USD to the low of 0.3148 USD that formed the 50 percent Fibonacci retracement level is also close to the 0.30 USD mark. Also, on careful observation, there is a new connecting dismal trend line developing with resistance near the 0.3152 USD mark on the same chart. Ripple’s XRP/USD pair remains at risk for more losses if its price levels stay below the 0.3156 USD and 0.3052 USD levels.

Current Market Information of XRP

At the time of writing, Ripple’s XRP is exchanging hands at $0.314828 with a market capitalization of about 13.5 billion US Dollars. As for the 24-hour volume of the virtual currency, XRP currently stands at about 1.3 billion USD with a circulating supply of about 42 billion XRP coins. At present, XRP yields approximately 5,591.1 percent Return on Investment (ROI). As we write this, Ripple’s native cryptocurrency is down by 90.8% from its all-time high price $3.40.

Technical Pointers

According to the 9-day Moving Average, there was a slight change at two price points where the virtual currency declined from 0.390 USD to 0.340 USD and 0.360 USD to 0.310 USD.

Due to the recent sharp price decline, the MACD of the virtual currency seems to be negative. Ripple’s market price did not do any fairness to its primary support level close to the 0.39 USD mark and almost settled at the 0.30 USD mark.

That manifests a disappointing performance. Ripple’s default cryptocurrency, XRP, is showing selling signals that are meant to encourage investors to sell their XRP investments or have a formula for stopping the losses. Failure for investors in doing this will result in the market dampening their chances of reducing the losses in the current market.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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