XRP price saw a couple of swing moves from the $2.85 resistance. The price is consolidating near $2.50 and might aim for more gains above the $2.65 level.
- XRP price is struggling to gain pace for a move above the $2.80 resistance zone.
- The price is now trading above $2.30 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2.25 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to accelerate if it clears the $2.72 resistance.
XRP Price Holds Gains Above $2.30
XRP price made another attempt to clear the $3.00 resistance. However, it failed to surpass $2.85 and corrected some gains unlike Bitcoin and like Ethereum. There was a move below the $2.65 and $2.50 levels.
A low was formed at $2.276 and the price is now correcting losses. There was a move above the $2.40 and $2.50 levels. The bulls pushed it back above the 50% Fib retracement level of the recent decline from the $2.848 swing high to the $2.276 low.
The price is now trading above $2.30 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2.25 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.620 level. The first major resistance is near the $2.720 level. It is close to the 76.4% Fib retracement level of the recent decline from the $2.848 swing high to the $2.276 low.
The next key resistance could be $2.850. A clear move above the $2.850 resistance might send the price toward the $2.950 resistance. Any more gains might send the price toward the $3.00 resistance or even $3.150 in the near term. The next major hurdle for the bulls might be $3.20.
Are Dips Limited?
If XRP fails to clear the $2.620 resistance zone, it could start another decline. Initial support on the downside is near the $2.50 level. The next major support is near the $2.40 level.
If there is a downside break and a close below the $2.40 level, the price might continue to decline toward the $2.30 support and the trend line. The next major support sits near the $2.050 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.5000 and $2.4000.
Major Resistance Levels – $2.6200 and $2.7200.
]]>Cardano Trader Reveals He’s “Wildly Bullish” on Rexas Finance (RXS), Says ADA Cannot Compete Blockchain News
Source link ]]>
Dogecoin prices swing wildly over fake news – what now? AMBCrypto News
Source link ]]>
Shiba Inu (CCC:SHIB-USD) bulls are having a field day. In the last few weeks, we finally see some developments that will help it emerge from the shadow of Dogecoin’s (CCC:DOGE-USD) success and carve out its own niche.
Source: Shutterstock
The recent developments will ensure Shiba Inu does not remain a purely speculative cryptocurrency pursued by short-term traders looking to scalp profits. Instead, with the latest updates, SHIB will get what every crypto needs to stay relevant, inherent utility.
First, Shiba Inu developers revealed SHIB is now an accepted payment method for NFTs (non-fungible tokens) on OpenSea. Users can also sell their own NFTs and earn more SHIB as well.
In addition, the crypto is seeing two big changes to its protocol; a reduction per block of the protocol’s governance token, Bone (CCC:BONE-USD), and new reward distributions to its Shiba Swap decentralized exchange.
Recently, Shiba Inu has come under severe selling pressure, just like other digital assets. But these changes ensure the digital asset will bounce back shortly.
How Will the Changes Impact Shiba Inu?
The main question people often ask when comparing cryptocurrencies is whether there is an inherent value to them. For example, Bitcoin (CCC:BTC-USD) was created as an alternative to national currencies and thus aspires to be a medium of exchange and a store of value.
Ethereum (CCC:ETH-USD), on the other hand, is a ledger technology that is being used by businesses to create new programs.
SHIB did not have any inherent value to speak of for a while, but now that is changing. The token is not used for any specific purpose; the whole Shiba ecosystem exists only to promote the token and help it gain value.
Investors now have a reason to allocate capital to this one. As mentioned in my intro, devs broke the news through the Shiba token Twitter that SHIB is an accepted payment method for NFTs on OpenSea.
OpenSea is one of the largest and most popular NFT sales platforms, so it makes sense why investors are going gung ho over the announcement. The development will allow the token to see vast exposure.
Built-in Speculation
The most enticing element of Shiba Inu is its price, which is $0.0000068 today. Granted, that can change on a dime because of the nature of cryptocurrency.
Elon Musk could tweet something, or there could be another company that allows you to pay for their products using the token. Therefore predicting where it’s going is a problem.
You could argue the same thing applies to Ethereum and Bitcoin. However, both of those cryptos are attracting substantial interest from institutional investors, which is why the price has stabilized somewhat. Yes, there still will be ups and downs, but you won’t see another slump similar to the 2017 bitcoin crash. Part of that has to do with the utility of these cryptocurrencies.
While there is speculation when it comes to the prices of these assets, there is also a utility for these tokens, which large financial institutions acknowledge. We cannot say the same for Shiba Inu at this stage.
In the future, things can change with upgrades, but for now, if you buy 1 million Shiba Inu, what you will likely be hoping for is a Dogecoin-like rally. That may or may not happen.
Keep the Golden Rule in Mind
There’s one golden investment rule you should always keep in mind: Never invest money that you can’t afford to lose. If you dedicate a large portion of your portfolio to Shiba Inu, you stand to get burned substantially because of the inherent risk and volatility of the space.
But for bulls, the recent upgrades finally provide some concrete reasons apart from pure speculation about why they are investing in this space.
InvestorPlace does not regularly publish commentary about cryptocurrencies that have a market capitalization less than $100 million or trade with volume less than $100,000 each day. That’s because these “penny cryptos” are frequently the playground for scam artists and market manipulators. When we do publish commentary on a low-volume crypto that may be affected by our commentary, we ask that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: How to Avoid Popular Cryptocurrency Scams
On the publication date, Faizan Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio.