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Ripple Price Prediction — Have Bears Forgot About XRP or Why It Keeps Rising?

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  • Vera Yurina
    📈 Price Predictions

    Ripple is blasting off while other coins keep stagnating. Is there any technical or fundamental background behind it?

     

Ripple Price Prediction — Have Bears Forgot About XRP or Why It Keeps Rising?
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The capitalization of cryptocurrencies "froze" at around $270 Bln, thanks to the growth of Ripple amid falling Bitcoin and some altcoins. The positive dynamics of the third largest cryptocurrency kept the market from falling, which could lead to the formation of another stage of sharp growth.

Currently, the asset is trading by 2% more compared to its yesterday position.

Cryptocurrency market capitalization chart by CoinMarketCap

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The current situation is precisely the same as the recent pattern of ‘flat correction’ at $250 Bln, which ended with a sharp price surge upwards.

Total Market Capitalization

Ripple growth is taking place due to a technical correlation factor; the altcoin is “behind” the general trend and should renew the annual maximums set in mid-May.

The reason for the rally was yesterday's information about the joining RippleNet the Goldman Sachs former executive director Brian Madigan, who worked at Blockchain.com until recently.

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Even though, Ripple has grown 10% since the beginning of the year, it continuous lagging behind its large capitalized competitors - Bitcoin and Ethereum.

Besides the fundamental background, technical analysis also indicates further growth.

XRP/USD chart by TradingView)

As we predicted in our forecast analyzing XRP, the price could get out from the $0.40 zone and raised to $0.43. As Ripple prefers not to follow the general market mood, the current level is not the peak, and the technical indicators back such a scenario.

Mainly, MACD has been bearish until recently; however, now it is about to change the trend completely. The increasing trading volume is another confirmation of the price rise.

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Overall, traders should expect bullish dominance until the rate reaches $0.46; after that, a correction might happen due to profit fixation by buyers.

On the daily chart, the situation remains positive for Ripple.

XRP/USD chart by TradingView

The coin is about to show explosive growth against the background of the ’Golder Cross’. Such a pattern happens when a 50-day moving average overtakes its 200-day MA. This sign indicates that the current average price is starting to exceed the average rate of the previous period.

During 2018 the XRP ‘Death Cross’, was recorded in April 2018 when the 50-day MA fell below the 200-day MA. Over the next two months, the price of altcoin fell by 72.82% from $0.92 to $0.25.

If such a scenario comes trues, the psychological $0.5 mark will be achieved in the mid-summer 2019.

The price of XRP is trading at $0.4429 at the time of writing.

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About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.

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Binance Acquires Leading Indian Crypto Exchange

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  • Vladislav Sopov
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    Binance announces the acquisition of India's first-ever crypto exchange. WazirX's P2P exchange will join Binance in Q1 of 2020.

Binance Acquires Leading Indian Crypto Exchange
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Contents

Binance, the world's most popular centralized crypto exchange, continues to show its dedication and orientation to developing countries as potential areas of growth. After launching Binance Uganda and investing in a couple of crypto projects from India, it's now turning towards mergers and acquisitions (M&A).

WazirX Acquired by Binance, INR Gateways to Be Opened

Today, Binance announced its acquisition of WazirX, India's top peer-to-peer crypto exchange. WazirX is well-known as India's most successful peer-to-peer (P2P) platform, and the "most trusted Bitcoin service" within the Indian blockchain community. Starting Monday, November 25, 2019, Binancians will have opportunities to buy and sell cryptos with Indian Rupees (INR) via the Binance Fiat Gateway

The second stage of integration will take place in Q1 of 2020, in which WazirX's auto-matching engine will be directly integrated into the Binance Fiat Gateway. The main purpose of this integration is to give users with opportunities to place orders on Binance.com, and Binance's mobile apps to purchase Tether (USDT) against INR. According to WazirX's Founder and CEO Nischal Shetty:

Thus, WazirX will act as an INR payment processor for Binance. Furthermore, Binance will be able to reach WazirX's huge user base, whose mobile apps have been downloaded more than 200,000 times.

Mixed Motivation

According to Binance's CEO Changpeng Zhao, "The young demographic in India" could play a vital role in making this country a global blockchain innovation center. Binance's CFO Wei Zhou also stressed his commitment to the idea of broadly adopting crypto-to-fiat services:

Building fiat-to-crypto bridges remains a key mission for Binance, and WazirX will help this.

— Wei Zhou (Binance CFO)

Previously, Binance has supported India's blockchain community on several occasions. Matic Network, India's Ethereum scalability project, successfully raised funds through the Binance Launchpad, while Marlin Protocol secured seed investments from Binance Labs.

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This progress is significant amid the backdrop of rumors on a complete crypto ban in India. This has been partially caused by sluggish court proceedings in regards to the Reserve Bank of India's claims against using cryptocurrency in financial remittances.

Will India ban crypto? Who is the main beneficiary of this M&A - Binance or WazirX? Let's discuss it on Twitter!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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