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Altcoin roundup: Gauging Assets With Universal Short, Mid, and Long-Term Trading Losses

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Major altcoins followed the broader market correction for the last 11 weeks since Bitcoin’s all-time peak on November 10, 2020. Havings said that the prospects for long-term profits for the investors have been particularly difficult. But the past week the price movement of the altcoins has posted a mild recovery.

On-chain analytics platform Santiment in its report highlighted four top 150 crypto assets that it claims to have ‘good justification for buys, based on buying low while other traders are feeling the hurt’. Let’s delve into the observation.

First on the list is XRP – Market Cap Rank: 8

The report noted that it is quite unusual to see the 8th largest asset by market cap now -XRP slid after a multi-year stretch of being known as the largest crypto asset not named Bitcoin or Ethereum. ‘It was last in positive territory in mid-December, making it a solid candidate to have a price upswing to bring traders some relief’, the report added.

Second, on the analysis is Loopring [LRC] with a market cap Rank of 31

Loopring as per Santiment has already been in the midst of a nice-sized bounce compared to the rest of the altcoin pack over the past week. It is still in a ‘nice, deep negative average MVRV spot’, although if one saw the figures last week, it would have been at an all-time best opportunity level.

Altcoins -Opportunity and Danger zone

The Graph [GRT] Market Cap Rank of 54

The Graph according to the report is at all-time low MVRV levels now, a stark contrast from where things were looking about a year ago when traders were enjoying some hefty returns. Its average MVRV was last positive in late November.

Uniswap [UNI] – Market Cap Rank: 68

Lastly, Uniswap’s Average MVRV is also at all-time negative MVRV levels, and it seems to go below $10 again after breaking below this threshold last week, for the first time in over a year. With average trading returns already so low, though, the report added there’s a good possibility that there is no revisit.

Further, the report noted that an uptick in the general crypto markets may go very well for a mostly respected altcoin like UNI.

Four Promising Cryptos Other Than Bitcoin That May Benefit Your Portfolio

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When people think of the crypto market, Bitcoin often comes to mind first, but the market has been growing as more competitors present their digital currency to challenge the pioneer. These are often referred to as alternatives to Bitcoin or altcoins.

Each of these offers a different set of promises, goals, and visions for the future of a unified global financial system, consequently requiring different kinds of wallets to hold them, too. For example, the privacy-focused Monero coin would need a compatible wallet, so anyone wanting to have XMR coins as part of their holdings should look for the best Monero wallet.

If you’re looking through the market for favorable alternatives to Bitcoin, check out some of these altcoins and what they offer against Bitcoin.

Ethereum (ETH)

When it comes to alternatives to Bitcoin, Ethereum cannot be ignored. It is the second-biggest cryptocurrency on the market behind Bitcoin itself, and it is the largest altcoin by market capitalization. In a way, its promise is based mostly on its popularity, which suggests that widespread adoption and commercial usage will come sooner.

This popularity can largely be attributed to Ethereum being the first altcoin ever made, as well as its technical similarity to Bitcoin overall. In fact, its code is based on Bitcoin with an added feature called smart contracts which store pieces of extra code and data onto the blockchain. The feature has found its most prominent application in non-fungible token (NFT) exchanges.

Other than that, the feature also diminishes the need for a third party to verify exchanges since the little bit of code on the blockchain automates this, loosely speaking. This allows transactions on Ethereum to process much faster and more efficiently than Bitcoin. Despite this, the coin has been noticeably prone to hacks and theft quite frequently in the past few years.

Monero (XMR)

What sets Monero apart is that it was crafted from the ground up, so unlike most altcoins, it is not based on Bitcoin’s codebase. In other words, it does not work like other cryptocurrencies on the market, and it has been made so for good reason. Monero is focused on privacy more than all the coins on the market, including Bitcoin.

Essentially, it utilizes a technology called ring signatures during transactions that obfuscate the real user involved in the exchange among several others. This renders all transactions virtually untraceable, and this is built right into the protocol of Monero rather than as a supplemental feature.

While value-wise it currently is not on a par with Bitcoin at the moment, its value is rising rapidly, keeping it among the top altcoins on the market. What current investors find most promising about Monero is the approach and precedent that it sets with regard to the future of finance. It is undeniably relevant in a world where privacy remains a pressing concern, even in the digital age.

Cardano (ADA)

Unlike other coins on the market, Cardano moves slightly away from the financial aspect of cryptocurrencies and addresses instead issues related to ethics and sustainability. As a digital currency, the altcoin does not actually do much that is any different from Bitcoin or even Ethereum, but its selling points arise in the back end, especially because the team behind it includes scientists, mathematicians, and engineers.

Why this matter lies in their research. For one, they’ve used their findings and tweaks in blockchain technology to help some jurisdictions digitally authenticate and secure the academic data of students.

The Cardano team also understands that crypto can be harmful to the environment. Because of this, they have somehow engineered their altcoin network to consume far less than one percent of Bitcoin’s power consumption in an entire year. The multi-purpose sustainability of Cardano is its greatest selling point, but because it is still new, its value remains at just a few dollars.

Ripple (XRP)

The case for Ripple is a bit strange as it dares to break one of the fundamental traits of any cryptocurrency—this being its lack of regulation or centralization under any institution. What makes Ripple so strange is its partnership with American Express, a prominent bank in the United States. This goes both ways as an investment versus the rest of the market.

On one hand, this altcoin uniquely illustrates what would happen if crypto was backed by an established financial institution. Although the coin is not controlled by the bank per se, this opens the coin for usage in more commonplace financial activities. However, many crypto investors have felt turned off by Ripple’s vulnerability to fold to other banks and institutions along the way.

This is why its value has remained starkly low compared to cryptocurrencies as big as Bitcoin, even if Ripple has kept up its sporadic highs and lows. Despite this, the altcoin at least promises close to the same back-end treatment that a bank provides to its end-users accounts.

Final Words

These are only a few out of thousands of altcoins. Understandably, such a prospect could seed certain doubts about whether any of these could truly challenge Bitcoin, but this does not at all mean that they don’t have the potential to eventually reach the top.

Investors should instead see each altcoin for what they propose for the future of finance, as well as the direction they take in contrast to Bitcoin. Whether it’s privacy, efficiency, or sustainability, only these value propositions truly determine the potential for a coin to be adopted and developed over time.

XRP loses a spot in yet another crypto exchange

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The ‘Ripple’ effect that started out in the USA seems to have hit the shores of Canada leading to the delisting of XRP.

What started out as a lawsuit in the USA by the SEC against Ripple Labs Inc. is now taking a toll on one of the largest cryptocurrencies in the market. Bitbuy, a Canadian cryptocurrency exchange platform, has announced that it will be delisting XRP as of January 13, 2022.

Earlier, the Securities and Exchange Commission [SEC] of the USA had charged Ripple Labs Inc. and two executives of conducting a $1.3 Billion unregistered securities offering through XRP. This drift caused many crypto exchange platforms to start removing XRP. Coinbase, Crypto.com, OKCoin, and other platforms immediately delisted the said altcoin due to the conflict between the SEC and Ripple. Following the same trend, the Ontario Securities Commission [OSC] has reinvented laws regarding XRP, causing more plunge to the cryptocurrency.

XRP holders to withdraw funds from Bitbuy

Bitbuy has requested its users to withdraw their balance from their accounts to an external wallet, or trade their balance into other coins or Canadian dollars before 13 January 2022 at 9 am EST. They have also announced that a grace period of 30 days will be given from the said date to withdraw their funds, but trading will not be permitted at the time.

In order to abide by the Canadian law in Section 20 of the Ontario Securities Commission exemptive relief decision, Bitbuy is required to apply policies and procedures to determine whether the altcoin is a security and or a derivative.

The cryptocurrency trading platform, Bitbuy left its users with some hope by stating,

“These policies must consider the opinion of international regulators, including the regulator with the most significant connection to a crypto asset. We will continue to monitor the status of XRP and should things change we will act accordingly.”

This bethrowing of XRP could be one of the reasons behind the descent of the altcoin’s value. At the time of writing the price of the asset had plunged by 4.81% in the last 24 hours.

XRP price consolidates amid steady accumulation by the whales

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XRP continued to follow the general market conditions that are currently displaying signs of consolidation in response to the Evergrande Debt-default crisis. With the overall market sentiment remaining shaky as major assets traded in red, large-scale holders have refused to give up their accumulation of XRP tokens. In fact, these ‘smart money whale millionaires‘ have continued their one-year trend of raking in more supply.

Observing the same, leading on-chain analytics platform, Santiment noted that addresses holding between 1 million to 10 million XRP currently owns a staggering 3.31 billion native tokens. On top of that, in a span of just three months, whales have amassed around 19 million coins which amounts to a 6% increase in their holdings.

Coming to its price aspect, at the time of this post, XRP was changing hands at $0.83 falling by just 0.17% in the last 24 hours. Its market cap stood at $39 billion, while its 24-hour trading volume currently stood at $2.88 billion. Let us look into its technical indicators.

What does XRP technical indicators depict?

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From the above 1 day chart, the Volume has been moderate that could cushion from a potential downtrend. On the other hand, the Chaikin Money Flow [CMF] bouncing back from the zero-line indicated an increasing capital inflow in the market. Riding along a similar path, the Klinger Oscillator [KO] was also seen leaning towards bullish tendencies in the coin’s price movement.

XRP Creator Chris Larsen unveils grand proposal

XRP inventor and Ripple executive chairman Chris Larsen recently outline his ambitious plan to attract miners of Bitcoin [BTC] to switch to a more eco-friendly consensus algorithm such as the Proof-of-Stake [POS]. Explaining in detail the exec stated,

“Consider Marathon Digital, which runs 8% of the current global hash rate, earning 75 BTC per day as of November 1, 2021. Under such a code change, Marathon would continue to earn 8% of daily Bitcoin rewards but would not need to expend any energy to receive this reward.”

Can XRP sustain the brief momentum after the Flash Crash?

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XRP posted a mild recovery after the Saturday flash crash that saw the native token plunge by more than 30% in a couple of hours. The correction in the price levels was expected as the token was sitting on the brink of an imminent market crash long before the occurrence of the recent panic sell-offs. XRP bounced back after hitting the lows, by more than 32%, fuelling hopes for a fresh uptrend in the coin market.

At the time of writing, XRP was changing hands at $0.78, falling by more than 7% in the last 24 hours. Its market cap has since retraced back to $36.90 billion from $45.10 billion back on November 27 this year, while its 24-hour trading volume currently stood at $3.47 billion. Let us look into its price technicals.

XRP technical analysis

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As gauged from the above 1-day price chart, the daily moving averages 50 DMA [Pink] and the 100 DMA [Green] underwent a bearish crossover and are treading above the price candles, resisting from an uptrend and in turn validating the bearish thesis. Similarly, the closing bars in red of Awesome Oscillator [AO] also depicted a growing downtrend in the coin market.

XRPUSDT 2021 12 06 15 27 25

The Chaikin Money Flow [CMF] hovering close to zero line is not exhibiting any change in the capital inflows., The MACD on the other hand is aligning with the bears. With respect to the trading activity, the Relative Strength Index [RSI] indicator cruising below the 30 mark indicates an oversold condition in the asset’s price movement.

Even though the overall price outlook hints at a downtrend in the coin market, the asset’s quick rebound from its steep correction last Saturday depicts that a recovery is in progress but might push its price trajectory further downwards if Bitcoin [BTC] price action fails to rally and proceeds to crash again.

XRP price plunges by more than 48% in 12 months

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XRP continued to tumble over 12% over the past seven days and by more than 48% in a span of 12 months. As news of the latest Covid variant spread, the broader crypto market capitalization witnessed a staggering $265 billion being wiped away, spurring liquidations in the major cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH]. As a result, XRP price too saw trading at a steep discount.

XRP Daily Chart Technicals

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At the time of writing, XRP was changing hands at $0.94, falling by 0.65% in the last 24 hours. Its market cap was found to be at $45.10 billion while its 24-hour trading volume stood at $3.25 billion. Let us look into its price technicals. As indicated from the above 1-day price chart, the 50 DMA [Pink] and the 100 DMA [Green] bare above the price candles which was bearish in nature. Following the latest decline, the price went below the 200 DMA [Yellow] validating the bearish thesis.

XRP 4-day Chart

XRPUSDT 2021 11 27 14 17 45
XRP price plunges by more than 48% in 12 months 7

In the 4-hour chart, the closing bar of Awesome Oscillator [AO] switched to green depicted a weak but much-needed bullish momentum, despite treading below the equilibrium level. The Chaikin Money Flow [CMF] hovering below the zero line is projecting weak capital inflows in the coin market. With respect to the trading activity, the Relative Strength Index [RSI] indicator cruising below the 50-median level indicates that sellers are currently dominating the market but might change in the near term.

A few days ago Ripple had upgraded its XRP Ledger with the Negative UNL amendment adding a layer of resilience to the network when multiple validators are in offline mode. The blockchain expert, Chief Technology Officer [CTO] David Schwartz took to Twitter to laud the latest development:

“This is awesome news. This change reduces the ledger’s vulnerability to halting without any sacrifice in decentralization.”

XRP to be added in Ripple’s new liquidity program

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XRP continued to be at the crosshairs of the SEC but that has not deterred the blockchain firm Ripple to include the crypto in its new program.

The US-based fintech firm recently announced a new product category dubbed Liquidity Hub that would empower financial service providers to enable their customers in crypto asset trading without any hassle. Revealing more on the blog post, Ripple said that customers would be able to trade in a wide catalog of cryptocurrencies including XRP, Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], Ethereum Classic [ETC], Bitcoin Cash [BXC], etc.

Besides, the payment settlement firm also plans to include other crypto assets like non-fungible tokens [NFT], in the future. Currently, the new program is in the stage of development and is slated to be launched in 2022. The newly added program would also offer their clients better accessibility from a wide range of market options such as Exchanges, Over-the-counter desks [OTC], market makers, etc.

The latest announcement assumes significance against the backdrop of surging prices of cryptocurrencies in the broader market ecosystem. The world’s two most dominant crypto assets, Bitcoin and Ether continued to record new all-time highs amid an upward rally in the overall cryptocurrency market.

Ashish Birla, General Manager of the firm said that the newly launched product would act like an ‘aggregator for various liquidity venues and individual assets, the way that Google Flights is for airlines and flights.’ Speaking further on the occasion, Birla said,

“We have a long history of working with financial institutions, crypto exchanges, brokerages and market makers, which our enterprise customers can now directly benefit from. We’re planning to support a variety of assets and have plans to expand to more tokenized assets like NFTs in the future.”

XRP’s ongoing tussle with SEC

Ripple has been currently embroiled in an ongoing dispute with the United States regulator Securities and Exchange Commission [SEC]. In the latest turn of events, Magistrate Judge Sarah Netburn has officially ordered the blockchain service provider to ‘find and produce both video and audio recordings of its internal meetings for evidence in the case.’

The Financial agency is prosecuting Ripple along with co-founder Christian Larsen and Chiel Exec Bradley Garlinghouse for allegedly raising funds through sales of more than $1.3 billion worth of XRP tokens and deemed them as unregistered securities offerings.

XRP barely makes gains over the week but buyers keep it afloat

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Green was the color of the crypto market. Bitcoin [BTC], XRP, Ethereum [ETH], Solana [SOL], and every other asset had the bulls in its market. However, Binance Coin [BNB] and Dogecoin [DOGE] were still sulking with the bear.

Bitcoin [BTC] was extremely close to its all-time high. BTC, at press time, was trading for $63,866. The asset grew by 16.45% over the previous seven days. The market cap of the world’s largest cryptocurrency continues to surge beyond $1.1 trillion. The overall market cap was at $2.53 trillion.

XRP has been in the news almost all the time following the ongoing Ripple vs. SEC case. While this previously impacted the price of the altcoin, it didn’t seem to be much of a problem now. XRP continues to thrive after moving over $1. At the time of writing, the altcoin was trading for $1.11 with a 1.65% surge over the last 24-hours. The previous seven days brought no big changes to the asset’s market.

The market cap of altcoin was at $51.8 billion. Despite enduring all the trouble put forth by the SEC, the altcoin managed to stay in the top 10. Solana [SOL] would clearly take much longer to overpower XRP.

XRP one-hour price chart on Binance

XRP
XRP barely makes gains over the week but buyers keep it afloat 9

The altcoin’s one-hour price chart on Binance had the bulls taking a nap in its market. The Bollinger Bands indicator suggested that volatility could be on the higher side in the XRP market. The Awesome Oscillator indicator witnessed no bearish signs as only green bars were noted on the chart.

All of these signs could suggest that XRP could transcend to a higher level.

Additionally, the Relative Strength Index [RSI] indicator revealed that the altcoin was being excessively bought. The RSI marker remained over the 50 median and the marker even surged to the overbought zone.

XRP notes daily surge of 4% while it continues to be the most loved crypto in the UK

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The crypto market turned green and announced the presence of the bulls. Binance Coin [BNB], XRP, Polkadot [DOT], Ethereum [ETH] as well as Bitcoin [BTC] were seen leading the bull run. All these assets were swiftly bagging the gains dropped by the bull.

Bitcoin [BTC] has clearly been aiming for its all-time high of $64K. While the king coin was already at $61,630, the persistence of this trend could push the coin to a new height. Polkadot [DOT] with an increase of 8.34% was seen shinning as an integral part of the bull run.

XRP, despite enduring major losses this year, managed to buck up and move over $1. The altcoin amassed immense hate from the SEC and was shown the door by an array of crypto exchanges. Despite all of this, the citizens of the UK seemed to be invested in the altcoin. As per Finance Magnates, XRP is the most sought-after cryptocurrency in the UK. Cardano [ADA] was the second most popular currency in the region.

Furthermore, the altcoin didn’t lag behind in the ongoing bull run. XRP, during the of writing, was trading for $1.16 with a 4% surge over the last 24-hours. The asset did not note any major surges or falls throughout the week.

Standing still, as the 6th largest crypto, the asset’s market cap was at $49.1 billion.

XRP short-term price chart on Binance

XRP
XRP notes daily surge of 4% while it continues to be the most loved crypto in the UK 11

XRP’s one-hour price chart mirrored the ongoing sentiment in the crypto market. The Parabolic SAR indicator used in the chart formed a series of dots below the candlesticks. This suggested that the altcoin wouldn’t be coming across any sudden drops with regard to its price. The Awesome Oscillator indicator laid out green closing bars and alerted the presence of the bull in the market.

The Relative Strength Index [RSI] indicator was in the buyers’ zone. The RSI marker was seen heading towards the overbought zone.

Can XRP pull off a stunner despite failing to breach $1.08?

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XRP is trading below a critical resistance of $1.08 despite the overall crypto market flashing green and aiming for higher price action. The altcoin, cruising at a price of $1.07, has strengthened its position as the 6th-largest crypto by market cap. The good news however lies in its network appeal which is signaling promising signs that could further fuel its price action.

According to the crypto on-chain behavior analysis platform Santiment, the XRP network is witnessing interesting developments. The website focused its report on the basis of key metrics such as Social Volume, Network Growth, Daily Active Addresses [DAA], MVRD 7D.

How is XRP’s overall network health?

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In April this year, Santiment’s Social volume peaked when XRP was trading at a record level, owing to the bull run. XRP was late to the party, thanks to the battle between the United States SEC and the blockchain firm Ripple which shooked the confidence of the market participants. A lot has changed since then.

The cryptocurrency asset’s price began to correct and so did the social volume, as illustrated by the Santiment graph below. Historically, the social volume figure climbing record highs tend to precede the formation of a local top and a subsequent decline. In short, the social volume generally peaks during the final stage of the rally.

The events that transpired six months ago depict room for further growth for XRP. Additionally, a damaging depreciation is highly unlikely to develop.

More upward potential?

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With respect to Daily Active Address [DAA], the network appears to be in a strong position over the past few months. The metric has been on a constant upward trend since the late July plunge this year. As evidenced by Santiment’s Network Growth data, of late active address count has risen exponentially in a span of just two weeks. The report stated that the current spikes in the market participants regardless of the steady price action points to the deployment of actual users rather than speculators on the network.

Santiment also went on to add that a significant chunk of XRP’s Daily Active Addresses could probably originate from the increase in new participants as observed on its Network Growth metric. It is the formation of this sustained uptrend that demonstrated a healthy sign for the token’s future price prospects.

Finally, a similar sentiment was echoed by Market Value by Realised Value [MVRV] 7D which measures the holders’ short-term gain/loss. The data reveals that XRP is far from the danger zone where the formation of local top formation takes place. In a nutshell, the crypto-asset is poised for more gains.

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Can XRP pull off a stunner despite failing to breach $1.08? 17