XRP, the recent news don’t affect the price
Trading

XRP, the recent news don’t affect the price

By Federico Izzi - 6 Nov 2019

Chevron down

Today the movement of XRP stands out, which, dragged by Stellar, breaks the 30 cents threshold, whereas the news coming from the CEO and the expected annual conference seem not to affect the price too much.

CEO Brad Garlinghouse, in an interview with Bloomberg which opens the long-awaited annual Swell conference of Ripple, has indicated that in a few years 99% of cryptocurrencies and tokens will no longer exist. 

This was certainly done to draw water to his own mill since Garlinghouse indicates XRP as a strong alternative to SWIFT, the main banking system used by financial institutions for cross-border transactions. 

XRP chart by Tradingview

Ripple’s annual conference, which is being held from 6th to 8th November in Singapore, is typically preceded by an upward movement, something that hasn’t happened this time. The breaking of the 30 cents for the XRP price seems to be due to a drag by Stellar which confirms the bullish trend, although it has now settled around parity, after a rise that in the last 48 hours has made it jump among the top 30 of the week. 

It should be remembered that Ripple and Stellar, as a structure and development, are very similar, so much so that Stellar was founded by a former member of Ripple. 

In any case, the weekly balance shows all positive signs among the first 30 crypto per market cap, except for some slight difficulties for TRON (TRX), which oscillates around parity, although without cancelling what TRON has achieved in recent days, to the extent that from the lows of late October TRX has scored one of the biggest increases. 

Thus, the temporary slowdown of TRON is simply due to the strong rise it has achieved in the last 10 days.

China continues the shift in direction on the blockchain and cryptocurrency front, highlighting the importance of the new policy that has emerged in recent weeks from the statements of Chinese President Xi Jinping

In recent hours, rumours coming from China indicate the possibility of removing mining from the list of prohibited industrial activities.

The revision of this document eliminates mining (banned since last April), which is an admission that China’s intention is to take more and more a primary aspect of its involvement both in the blockchain space and also with cryptocurrencies. 

In fact, for China, recognising mining as one of the country’s legitimate activities opens the door to further growth in the coming months. 

Source: COIN360.com

Today, therefore, positive signs prevail for 70% of cryptocurrencies.

In the top 20, there is only one red sign, that of Chainlink (LINK). Unlike the big ones, LINK is struggling to keep up the bullish pace. Despite the difficulties of this early November, which does not see Chainlink among the best performances, the crypto is trying to consolidate at the peak of the period and is now a step away from 2.80 dollars, level of resistance in the medium term and a high from last summer. In case of a break, this would be a strong bullish signal.

The best rises of the day include Dragon Coins (DRG), with a +25% that projects it among the top 100 in 99th position, followed by Algorand (ALGO) that with a +15% tries to leave behind the tormented bearish period of recent weeks trying to regain the 30 cents of a dollar. With 125 million dollars of capitalisation, Algo is in 55th position on CoinMarketCap.

Among the worst of the big ones, there are no alarming falls. KuCoin Shares (KCS), in 51st position, lost 10%, followed by ByteCoin (BCN), -7%, same intensity as Chiliz (CHZ), a retracement movement due to the profit-taking, considering that for two consecutive days it was among the biggest rises.

Total capitalisation continues to rise: today it stands at $253 billion, an increase due to the positive momentum of the sector that earns $3 billion from yesterday’s levels. 

The dominance of bitcoin continues to remain at 67%. A slight retreat for Ethereum, despite the price increase in recent hours, which stays at 8.2% of market share. Ripple is stable above the 5% threshold.

Bitcoin chart by Tradingview

Bitcoin (BTC)

Bitcoin today oscillates in the upper part of the lateral channel that has been characterising bitcoin for about 10 months, in the range between 9,000 and 9,600 dollars. 

Prices this morning have tried to push unsuccessfully over $9,500. This low volatility inflates the possibility of an explosive movement in the next few hours or days. 

Ethereum chart by Tradingview

Ethereum (ETH)

In the last hours, Ethereum has given an initial bullish signal supported by good volumes. Prices return a few decimals above 195 dollars, a step away from the critical threshold of 200 dollars, the resistance that in case of breakage could give the long-awaited signal of reversal. Trading volumes have also risen above the average of the last two weeks.

A return below $180 would cancel the movement in progress during these hours. It is necessary for ETH not to fail this umpteenth attempt, the third in a month, to push beyond $200.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. Since May 2017 he is officially a Bigbit technical analyst. He was interviewed as a #cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on #Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.