Latest news on cryptocurrencies, with a special focus on Ripple (XRP) and Bitcoin Cash (BCH).
It is worth recalling that Ripple is a real-time funds transfer system, a network for currency exchanges and for sending remittances, created in 2012 by Ripple Labs.
Whereas Bitcoin Cash is a cryptocurrency fork of Bitcoin. Bitcoin Cash is a spin-off altcoin created in 2017. In November 2018, Bitcoin Cash further split into two cryptocurrencies: Bitcoin Cash and Bitcoin SV.
Crypto news: another billion XRP unleashed by Ripple
Fintech giant Ripple has apparently made another scheduled release of cryptocurrencies. Specifically, Ripple Labs has made another version of its funds from the pledge, releasing an incredible 1 billion XRP tokens.
Four transactions, carrying 2 x 400,000,000 and 2 x 100,000,000 XRP tokens, in particular, have been noticed in the past ten hours. Meanwhile, in the past 24 hours, the price of the sixth largest cryptocurrency, XRP, has shown a modest increase of nearly 2.5%.
This all happened on 1 March, when the cryptocurrency giant, which is currently going through a difficult time battling the SEC in court, conducted another scheduled cryptocurrency release, moving one billion XRP tokens from escrow accounts.
This amount of XRP is the equivalent of $383,946,000 at the current XRP/USD exchange rate. In all, Ripple regularly withdrew one billion of these tokens on the first day of each month.
In fact, data shared by the XRParcade Platform show that Ripple has been doing this for 62 months already.
However, this does not mean that it has moved 62 billion XRP tokens to dump them into the market. The actual amount of XRP tokens released is much less, as most of the XRP withdrawn each month is usually locked in escrow.
According to the above XRP-focused source, from the 62 billion that Ripple has unlocked since January 2018, it has returned 50,100,000,000 XRP. Each time, the company unlocks one billion and then returns 700 million-800 million XRP to the pledge.
The rest of the unlocked funds are used by the company to sell and cover its operating costs or to send XRP to its corridors or ODL customers. Thus, in total, a total of 50,100,000,000 XRP has been remitted so far after withdrawals over the past five years. Currently, Ripple still holds 43,100,000,000 locked XRP.
News regarding Bitcoin Cash: the price increase
About a week ago, Bitcoin Cash (BCH) rose to its highest value since August 2022, after surpassing the $150 region on 20 February.
According to CoinMarketCap, the cryptocurrency posted one of the biggest gains on that date as it raced upward.
However, shortly thereafter, the momentum appears to have waned as BCH traded at $147.53. Based on the daily chart, the Relative Strength Index (RSI) was higher than normal at 63.74.
The indicator is a momentum oscillator that measures changes in price movements and velocity.
Now, BCH’s RSI value indicated that the cryptocurrency had high purchasing power. However, should the value reach 70, it means it has reached an overbought zone. So, there could be a significant price reversal in that area.
According to the Moving Average Convergence Divergence (MACD), Bitcoin Cash’s momentum was not necessarily bullish. This was because the blue dynamic line was positioned only slightly above the orange.
This condition meant that buyers and sellers were in a heated competition for control. However, the greens still had an advantage.
In addition, the Directional Movement Index (DMI) indicated short-term consolidation, as there was no support for a continuous rise.
As for the on-chain status, Bitcoin Cash’s was one of the driving forces behind the recent rally according to Santiment. In fact, positive sentiment was 10.29. Conversely, the negative sentiment was 6.71.
However, the minimal difference between the two metrics could mean that the positive perception toward cryptocurrency has decreased. Moreover, lately there have been many transactions passing through the Bitcoin Cash network, as shown by the volume.
Finally, the ratio of market value to realized value (MVRV) was 10.26%. The metric describes the rate at which holders realized profits and the value of an asset. Such a high ratio implied that the rally had produced good gains for holders, but it could also infer an overvalued status in the short term.
Focus on the current prices of Ripple (XRP) and Bitcoin Cash (BCH)
As for the crypto Ripple (XRP), we see that its price has decreased by 6.09% in the past 7 days. In addition, the price has decreased by 3.07% in the last 24 hours. Until falling in the last hour by 0.32%.
The current price is €0.34 per XRP and is 90.48% lower than the all-time high of €3.62.
The current outstanding bid is 50,950,912,949 XRP. It also shows that even after repeated attempts, the bears have failed to pull out XRP at the strong support at $0.36. This suggests that the selling pressure is abating.
Hence, it is expected that the bulls will now try to push the price above the resistance line of the descending channel. If successful, the XRP/USDT pair could reach resistance at $0.43. Buyers will have to break through this resistance to pave the way for a possible rally to $0.52
However, the bears are likely to have other plans. They will again try to block the recovery at the channel resistance line. If price falls, the possibility of a break below $0.36 increases. The pair could then slide to $0.33.
As for the price of BCH, we see that it has declined by 9.45% in the last 7 days. Moreover, it has decreased again by 5.37% in the last 24 hours. However, in the last hour the price has risen by 0.45%.
The current price is €117.77 per BCH. The price of Bitcoin Cash is 97.13% lower than the all-time high of €4,101.98.
The current circulating supply is 19,326,812.5 BCH. Moreover, after signaling a week ago that it would reach the gold crossover of the EMA, the price of Bitcoin Cash has failed to hold support at $140 and is now falling toward its test support of $130.
Despite the fact that the token is still trading above its 200-day SMA, overall market conditions related to this token remain bearish.
Investors are considering reducing losses as if the $130 support fails. The price of BCH could fall below the $120 mark.