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XRP Price Fighting for $0.40 Against the Trading Volume Drop

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  • Denys Serhiichuk
    📈 Price Predictions

    ⚡ 📉Ripple has decreased by 5% over the previous day. Our price prediction explains what it means for the long and short terms scenarios🔮 👉

XRP Price Fighting for $0.40 Against the Trading Volume Drop
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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.

If some coins are trying to get out from correction as soon as possible, Ripple is falling faster than other top coins, Bitcoin and Ethereum. Its rate has dropped by 5% over the last day.

Even the news background did not help Ripple to withstand the price decline. The vice-president of the largest financial company American Express, which provides payment services in different parts of the world, confirmed the intention to use the Ripple xCurrent solution to increase the efficiency of their work.

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What is more, SBI Ripple Asia, a subsidiary of Japanese banking giant SBI, announced that it is currently working on accepting XRP as a form of payment in retail stores.

XRP/USD 1-hour chart

XRP is following our earlier scenario and keeps falling due to the negative sentiments of participants on the entire market.

Probably, a decline to $0.37 is supposed to happen, after which, perhaps, we will see some changes in a positive way.

It is worth noting that there are signs (trading volume drop) of the formation of a descending channel, due to which there is a possibility that the sluggish market conditions may persist for a long time.

XRP/USD daily chart

On the daily chart, Ripple is looking more bullish; if the support at $0.38 is not broken, the coin remains dominated by buyers. The MACD indicator backs up such tendencies, locating in the ascending channel. Although the trading volumes have declined over the past days, their amount still prevails over the marks of 2018.

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Overall, in the long-term projection, Ripple can achieve $0.50 until the end of summer.

The price of XRP is trading at $0.3981 at the time of writing.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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Bitcoin Price Can Be Easily Pushed Down by Whales: Professor John Griffin

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  • Alex Dovbnya
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    John Griffin says that rapid price swings are possible because it can be manipulated by deep-pocketed whales who are not stronger than ever

Bitcoin Price Can Be Easily Pushed Down by Whales: Professor John Griffin
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Contents

Economics professor John Griffin recently rang alarm bells over the impact of Bitcoin whales on the Bitcoin market. 

Griffin told Bloomberg that a few large players could easily push the BTC price down at a whim. 

"The problem with a few large players holding crypto is that when they sell they can easily push the price down, which makes the market susceptible to rapid swings."  

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Whales are getting more powerful 

According to data released by CoinMetrics, the number of orange coins controlled by deep-pocketed Bitcoin investors reached its highest point in four years in 2019. As of December, a whopping 42.1 percent of Bitcoin's total circulating supply is stored in wallets that hold between 1,000 and 1 mln BTC. 

While crypto exchanges are known to be the owners of the richest Bitcoin addresses, investor Aaron Brown warms some of the new whales on the block are family offices and affluent individuals who are not exactly keen Bitcoin believers who might be tempted to jump ship if things turn south. 

“I doubt they have infinite patience, and without significant growth in actual use, I would expect them to quietly withdraw to chase other promising technologies,” Brown said.

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Becrying Tether's impact on Bitcoin 

Speaking of those who don't believe in Bitcoin, Griffin probably takes the cake as one of the most prominent naysayers. Back in June 2018, together with his colleague Amin Shams, he published a paper that explores how Tether was allegedly responsible for propelling Bitcoin to new highs during the peak of the previous bull market in December 2018. 

At the beginning of November, the two academics came up with an even more shooking claim -- the historic ascent of Bitcoin to its current all-time high of $20,000 was the deed of a single whale on Bitfinex, the affiliated exchange of Tether.

Tether dismissed the updated study as a puff piece that was meant to back up a $1.4 trln lawsuit against the flagship stablecoin issuer. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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