Ripple price is trading in a positive zone above the $0.3500 support area against the US dollar.Bitcoin and Ethereum climbed higher recently above the $5,200 and $180 levels respectively.There was a break above a short-term contracting triangle with resistance near $0.3620 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair must clear the $0.3750 resistance to climb towards the $0.3850 and $0.4000 resistances.Ripple price is placed nicely for more gains against the US Dollar and bitcoin. XRP might sooner or later break the $0.3750 resistance to start a solid rise towards the $0.4000 level.Ripple Price AnalysisAfter a downside correction, ripple price found support near the $0.3250 level against the US Dollar. The XRP/USD pair started a fresh rise and traded above the $0.3380 and $0.3400 resistance levels. Later, there was a close above the $0.3500 level and the 100 hourly simple moving average. A swing high was formed at $0.3791 before the price corrected once again. It declined below the $0.3600 level and the 50% Fib retracement level of the last wave from the $0.3258 low to $0.3791 high.However, the $0.3500 level acted as a solid support along with the 100 hourly SMA. Besides, the 61.8% Fib retracement level of the last wave from the $0.3258 low to $0.3791 high also acted as a support. The price is currently moving higher and is placed above the $0.3600 level. Moreover, there was a break above a short-term contracting triangle with resistance near $0.3620 on the hourly chart of the XRP/USD pair. The pair tested the $0.3700 level and it is currently signaling more gains.On the upside, the main resistance is near the $0.3750 and $0.3780 levels. A successful close above the $0.3750 level is likely to open the doors for more gains above the $0.3850 resistance. The next main hurdle for buyers is near the $0.4000 level, where sellers are likely to appear.Looking at the chart, ripple price is clearly trading in a bullish zone above the $0.3600 and $0.3550 support levels. Therefore, if there is a fresh downside correction, buyers are likely to protect $0.3550 and the 100 hourly SMA. On the upside, sellers need to keep an eye on $0.3750 and $0.3780. A successful follow through above $0.3780 and $0.3800 is likely to push the price towards the $0.3850, $0.3900 or even $0.4000.Technical IndicatorsHourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 50 level.Major Support Levels – $0.3600, $0.3550 and $0.3520.Major Resistance Levels – $0.3700, $0.3750 and $0.3780.
Archives for April 7, 2019
Pindar Wong is the chairman of VeriFi (Hong Kong) Ltd and a member of CoinDesk’s advisory board. An internet pioneer, he cofounded the first licensed Internet Service Provider in Hong Kong in 1993.
There is a crisis in governance. I’m not talking about bitcoin, but Brexit.
Britain’s exit from the European Union (EU) is not so much a technical crisis between a ‘hard fork’ and a ‘soft fork’ but a legitimacy crisis. Yet the solution to its core dilemma — politically deciding between a ‘Hard Brexit’ and a ‘Soft Brexit’ — may actually lay in harnessing blockchain technology’s great potential as an economic governance system for the digital age.
One thing’s clear: the current system is failing. The impasse in Britain requires a radical rethink. Unless even more time is requested by the UK, and unanimously granted by all 27 member states of the EU, the default option is for the UK to chaotically crash out from the European trade bloc, by leaving without a legal agreement, on Friday April 12th. As laws have borders, this lack of ‘legal certainty’ is particularly troubling as it risks disrupting cross-border supply chain networks which would be bad news for everyone.
Nations vs networks
Where blockchain can help is that its ‘cryptographic certainty’ avoids the need for bordered thinking in the borderless world created by the Internet, a world where laws are difficult to enforce and collaboration difficult to incentivise. Could thinking harder about what we mean by a ‘border’ be the key to unlocking the current political deadlock?
Let’s consider the 500km border between the Republic of Ireland and Northern Ireland and the failure to find a suitable ‘Irish Backstop’. No one — not in EU-exiting Britain nor in EU-remaining Ireland — wants to return to the troubled times of physical checkpoints that might place lives at risk. All agree this insurance policy should be honoured regardless of the outcome of future EU-UK trade negotiations. Even though it is never supposed to be called upon, the ‘backstop’ – a last resort to maintain the island’s open border – risks creating a regulatory
border in the Irish Sea, which is unacceptable because Northern Ireland would be treated differently from the rest of UK.
Yet Brexit is supposed to be what the acronym implies: an exit from the EU rules and self-determining the free flow of goods and services across international borders. How can policymakers come up with a solution that honors that change, reimposing tariffs and controls, while still protecting human lives?
The solution lies in rethinking the very idea of a border.
A border in time
In the Internet age, the governance borders that matter most are not bound along geographical or political lines. They are based on time, an invisible metric that is fairer and arguably the hardest of hard borders. You can’t go back in time. And, if you get down to it, this concept of “border in time” is what a blockchain represents.
That is why today I’m calling for the UK and EU governments to participate in a bottom-up process to establish a ‘Brexit Blockchain’: where customs authorities use a blockchain architecture to take the friction out of tariff enforcement by agreeing on the provenance of economic activity on a temporal, not geographic, basis.
The key would be to use a government recognized stablecoin to lock/unlock product delivery, to incentivise deployment and to complement existing solutions for digitizing international trade from firms like the UK’s Provenance, Denmark’s Maersk and France’s Carrefour .
Individual per-product tariffs could be implemented, with automated payments made as products move back and forth across national borders. The tariffs could be dynamically adjusted as political demands dictate; with as many borders in time, and currency-pair stablecoins, as needed. Initially only a Euro/Pound stablecoin would be used with nominal or zero tariffs enforced. This would result in a ‘Customs network’, not a ‘Customs Union’, though initially it would behave like one.
Don’t trust, verify
When the Withdrawal Agreement doesn’t mention the Internet (a big zero), where does one even start a multi-stakeholder process? I would start the coordination game by listening to industry at next month’s Consensus conference (May 13-15) and learn from existing international governance organizations. Then I’d take any output to the International Organization for Standardization (ISO)/ TC307 Blockchain meeting that will be held in Dublin, Ireland on May 27-31. Then I’d cross my fingers!
To be sure, for Britain and the EU to view governance in this manner is a pipe dream, but it’s my hope that the seemingly inevitable train wreck that lies ahead for Britain will lead to some more enlightened thinking about the real problem at hand: scaling governance.
I might not get my Brexit Blockchain next month, but in the spirit of “failing fast,” perhaps the powers-that-be will learn from this crisis and realize that they need to rewrite the rulebook — quite literally. The top of this rulebook should read: ‘No one is above the Law, No Nation below Mathematics’.
Clock image via Shutterstock
ETH price climbed higher nicely after forming a support base above $165 against the US Dollar.The price broke the key $175 and $180 resistance levels to move to a new yearly high near $188.There was a break above a major bearish trend line with resistance at $172 on the hourly chart of ETH/USD (data feed via Kraken).The pair tested a crucial technical level and it might correct lower in the short term towards $180.Ethereum price climbed to a new yearly high, with swing moves versus the US Dollar and bitcoin. ETH is likely to continue higher and buying dips close to $180 and $174 might be a good idea.Ethereum Price AnalysisAfter a major downside correction, Ethereum price found support near the $154 area against the US Dollar. The ETH/USD pair rebounded and slowly climbed above the $164 and $165 resistance levels. Later, there was a close above the $168 level and the 100 hourly simple moving average. Buyers gained control and pushed the price above the 61.8% Fib retracement level of the last drop from the $180 high to $154 swing low. It opened the doors for more gains above the $175 and $180 resistance levels.Besides, there was a break above a major bearish trend line with resistance at $172 on the hourly chart of ETH/USD. The pair broke the last swing high near $180 and traded to a new yearly high near $188. More importantly, it tested the 1.236 Fib extension level of the last drop from the $180 high to $154 swing low. At the outset, the price seems to be consolidating gains near $185. It could correct a few points towards the $180 support in the near term (the previous resistance).If there is a downside extension, the price may even correct towards the $175 or $174 support area. The price remains well supported on dips and it seems like $180 or $175 support is likely to act as a strong buying area. On the upside, the price could surge above the $188 and $190 resistance levels. The next stop for Ethereum may be $200, where sellers are likely to emerge.Looking at the chart, Ethereum price clearly broke to the upside above the $175 and $180 resistance levels. Both the stated levels are likely to act as supports if the price corrects lower from $188. Overall, the price is trading with a positive bias, with chances of more gains above $190.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.Hourly RSI – The RSI for ETH/USD broke a bearish trend line and climbed sharply above the 75 level.Major Support Level – $180Major Resistance Level – $190
The crypto markets have been able to maintain most of their recent gains and are currently experiencing a bout of sideways trading. Ethereum, which has incurred large gains over the past several days, appears to be pushing up against a level of resistance, and it is likely that Bitcoin’s next price move will set the tone for how individual cryptos, like ETH, trade in the near-future.Although Bitcoin may be the crypto that traders are currently looking towards, analysts concur that Ethereum is setting itself up for some highly bullish price action in the near-term.Ethereum Stable in Upper-$160 RegionAt the time of writing, Ethereum is trading sideways at its current price of $166.70, and is up slightly from its daily lows of $165.Although ETH has been closely tracking BTC, analysts are now agreeing that it may be gearing up for a large upwards price movement that is independent of Bitcoin’s price action.CryptoKaleo, a popular cryptocurrency analyst on Twitter, shared his thoughts on Ethereum’s current price action, noting that it is currently sitting at the lower end of its latest fractal range, which is almost always followed by a large upwards price movement.“Ethereum is sitting on the launch pad of a rocket ship in its fractal cycle. Why is no one talking about this?”$ETH#Ethereum is sitting on the launch pad of a rocket ship in its fractal cycle. Why is no one talking about this? 🚀🌕 pic.twitter.com/rodZ1OuQUb— K A L E O (@CryptoKaleo) April 6, 2019If Kaleo’s analysis of ETH proves to be accurate, the cryptocurrency may soon surge back towards its all-time-highs.Analysts Expect ETH to Make Large Upwards Swing in Near-FutureAlthough it may be early to start plotting Ethereum’s course back towards its all-time-highs, in the short-term analysts do concur that ETH is likely to see some decent gains.CryptoGainz, another popular cryptocurrency analyst on Twitter, recently noted that he expects ETH to drop lower before it incurs enough buying pressure to send it surging significantly higher.“$ETH – looking for something like this,” he concisely noted.$eth – looking for something like this. pic.twitter.com/KwzUkwpT76— CryptoGainz (@CryptoGainz1) April 6, 2019Furthermore, Kaleo also explained that he believes Ethereum’s current bearish pennant is fake, and that it will be broken above in the near future, confirming his “extremely bullish bias.”“In addition, I think $ETH is providing an extremely easy set up for entry. IMO this is a fake bearish pennant that’ll break up. I have an extremely bullish bias, though, so we will see,” he noted.In addition, I think $ETH is providing an extremely easy set up for entry. IMO this is a fake bearish pennant that’ll break up. I have an extremely bullish bias, though, so we will see. pic.twitter.com/2qLyguzSJf— K A L E O (@CryptoKaleo) April 6, 2019As the weekend wraps up and the new week begins, traders and analysts alike will possibly garner more insight into whether or not individual cryptocurrencies – like Ethereum – will be able to surge regardless of how Bitcoin trades.Featured image from Shutterstock.
Justin Sun: Tron Will Collaborate with Ethereum This Year
Justin Sun appeared on an episode of Rachel Wolfson’s TheCryptoChick podcast this week where he discussed the launch of the Tether stablecoin on Tron. While most of the podcast came off as a marketing opportunity for Sun, he did also take the time to address the prospect of a collaboration with Ethereum.
When asked by Wolfson what he thought of Ethereum co-creator Vitalik Buterin’s recent jab at Tron, Sun declared that any competition between Tron and Ethereum is ultimately going to help the cryptocurrency space in the long run. He said:
“First of all, everybody knows that Tron and Ethereum compete in the Dapp [sector], for sure. But I think definitely that this competition will result in a better product – the competition between Ethereum and Tron benefits the whole industry.”
The tweet in question saw Buterin pose next to a giant poster of Justin Sun, with the drippingly sarcastic caption: “Toward a brighter tomorrow.”
Toward a brighter tomorrow. pic.twitter.com/7FAWC7TS8z
— Vitalik Non-giver of Ether (@VitalikButerin) April 1, 2019
True Love Between Justin Sun & Vitalik Buterin?
While Buterin was being sarcastic, Sun claimed to believe there may be some legs in the idea. He told Wolfson:
“In terms of the comments he made recently, and the picture: Right now, I’m actually into love – the true love, and the brotherhood of the industry. So I think that in the future we will even collaborate with lots of the Ethereum developers, and also the enterprises built on Ethereum before if we make the industry better.”
When asked directly if there was any chance of Tron officially collaborating with Ethereum in the future, Sun’s response came as a surprise:
“I think that even within this year we will see Tron officially collaborate with Ethereum, and will be something good for the industry.”
This answer stunned the crypto podcast host, who said she wanted her listeners to take serious note of this big piece of news that had not yet dropped anywhere else. When nudged to elaborate on these plans, Sun remained silent.
A Belated Crypto April Fools’ Joke?
During the podcast, Sun alluded to his recent “collaboration” with the developers of ETH-based Loom Network (LOOM), which saw the cover for a Justin Sun hip-hop concept album released titled: “Enter the Sun.”
The album cover was released on April Fools’ day, and was accompanied by an entire website parodying Justin Sun – a joke he may not have taken too kindly.
So what he have here is likely a case of tit-for-tat. Vitalik tweeted a sarcastic image of him and a giant Justin Sun on April Fools’ day; Loom Network made a hilarious fake website for a fake concept album centered around Sun, and now Sun is having his own fun at Ethereum’s expense.
That’s pure speculation on my part, but Justin Sun has taken a lot of heat for constantly trying to rub shoulders with Ethereum. This announcement of his appears to be a case of him doubling down on his reputation as a sh*t-talker in an attempt to irritate Vitalik Buterin even further.
Unless something changes in the relationship between Vitalik Buterin and Justin Sun sometime soon, the prospect of a Tron-Ethereum collaboration is as likely as a Justin Sun rap song called “That’s so Byzantine, B****!”
No representatives from Tron or Ethereum would confirm or deny Justin Sun’s claims as of the time of writing.
After months of proverbial CPR, Bitcoin came back to life early last week in a move that came straight out of left field. On Tuesday morning, BTC suddenly rallied, pushing $4,200, $4,400, and $4,800 in rapid succession. Other crypto assets followed close behind the market leader.Throughout all this, volumes started to surge, as exchanges across the board, whether fraudulent or otherwise, registered trading activity highs. Some see this uptick, which signals an underlying return of interest in cryptocurrencies, as a clear bullish catalyst.Bitcoin Volumes BoomIn March, Bitwise Asset Management released a scathing report about the state of Bitcoin markets, claiming that 95% of trading activity could be fake. While many saw this as a bearish sign, the firm’s newfangled statistics have allowed traders and investors to gauge conditions with more accuracy.Bitwise’s Spot Volume Index, which disregards exchanges speculated to be facilitating/taking part in wash trading, in fact, registered a monumental four-hour volume candle on the day it rallied past $4,200. In fact, the candle, which amounted to 154,726 BTC, was the highest since September 15th, 2017. This influx of buying pressure comes, of course, amid a brutal bear market, in which retail investors have all but bitten the dust.Largest 4H volume candle on the Bitwise Spot Volume Index…SINCE September 15’th 2017!It was the bounce candle after CHINA FUD.#Bitcoin pic.twitter.com/9L4N1Gs9Sz— Bitcoin 𝕵ack (@BTC_JackSparrow) April 7, 2019Volumes registered on the Chicago Mercantile Exchange (CME)’s Bitcoin futures contract, too, has seen a colossal uptick on the day of the aforementioned rally. According to data from the exchange itself, April 4th’s session saw 22,500 contracts, equivalent to 112,700 (paper) BTC, change hands. This is just under double the previous trading activity record, set on February 19th.CME Bitcoin futures had a record trading day on April 4, hitting an all-time high volume of over 22.5K contracts (112.7K equivalent bitcoin), surpassing previous record of over 18.3K (64.3K equivalent bitcoin) on February 19. More #Bitcoin futures. $BTC_F https://t.co/kWYK203apA pic.twitter.com/CX5nF8dXyv— CMEGroup (@CMEGroup) April 5, 2019These two statistics show that Bitcoin’s recent move, which sparked an influx of mainstream media coverage (both negative and positive), has revived investor interest in this asset class. But can it really be sustained?Related Reading: CME Bitcoin Futures See Record Volumes, Crucial Signal For Rising Institutional DemandBears Still In Control Of Crypto?While monumental volume readings do pose a potential case for further highs in this rally, some are convinced that bears aren’t done playing with Bitcoin just yet. In fact, a multitude of traders has made it clear that investors would be remiss not to expect BTC to establish a fresh low under $3,000, despite analyses stating otherwise.Jonathan, a forex and crypto asset trader, recently explained that it would be unfair to assume that the bear market is over. Through the medium of a Twitter post, he seemed to hint that proclaiming a bear trend over is irresponsible.There’s a lot of self-congratulating/circle-jerking that “I”/”we” called the bear-market-over bottom & start of the new bull market. Pretty sure this happened w every $BTC rally since Jan 2018. Most of them made that same call, multiple times, in 2018. Should be the same outcome. pic.twitter.com/wzSzx3Onbc— Jonathan (@jcho710) April 6, 2019Jonathan remarks that this same cycle of optimists calling for an end to the bear after a short-term, emotion-inducing spike always ended in disaster, looking to Bitcoin’s inability to not maintain upward price action throughout 2018. Technicals have also not painted the more cheery picture.Nunya Bizniz recently wrote on Twitter that the last time Bitcoin’s one-week Guppy, a technical indicator that weighs moving averages to predict price trends, looked as it is now, BTC rallied into the top of its range, before falling dramatically. Thus, if history repeats, BTC will move to as high as $5,600 in the coming weeks, prior to a rapid sell-off that brings the asset under $3,000.Featured Image from Shutterstock
The Ethereum Classic price jumped as much as 33.79-percent on Sunday, rocketing the cryptocurrency to a four-month high above $7.50.
Ethereum Classic Sets New 2019 High, Goes Crazy on Coinbase
CoinMarketCap data shows the Ethereum Classic price established an intraday high at $7.79, its best mark since November 16, 2018, on an hourly candle. On Coinbase, ETC formed higher highs towards $14, indicating that the demand on the US crypto trading platform was soaring compared to other exchanges. Whether or not US traders were able to benefit from the vast ETC price imbalance was unclear at this time of writing.
The bullish Sunday saw exchanges posting circa $1.238 billion worth of volume for the 24-hour period, with most trades concentrated in Tether, Bitcoin, and Ethereum markets. Hong Kong-based OKEx hosted almost 17-percent of ETC-enabled trades. Although Coinbase Pro advertised the highest ETC prices, it accounted for just 1.5-percent of the day’s volume.
Fundamental Factors Behind the Cryptocurrency’s Rally
Sunday’s rally followed Ethereum Classic‘s likelihood of upgrading its blockchain by implementing ECIP-1054, otherwise known as Atlantis. As stated on GitHub, the protocol upgrade will “enable the outstanding Ethereum Foundation Spurious Dragon and Byzantium network protocol upgrades on the Ethereum Classic network.” In other words, the blockchain will hard fork to create an upgraded chain.
A community-wide meeting was held among network participants to kickstart discussions about the proposed network upgrade ECIP-1054 nicknamed Atlantis.
— Ethereum Classic (@eth_classic) April 7, 2019
The Ethereum Classic ecosystem expects to call a community vote to approve the hard fork. Any potential mutiny would leave the core developers with two options: either abandon the upgrade altogether or allow naysayers to go ahead with their original Ethereum Classic blockchain. All-and-all, ETC investors seem to have taken the news as bullish, which explains the ongoing rally.
At the same time, there is no guarantee that the bullish sentiment is stable. Coins undergoing an upgrade generally see a pre-hard fork rally. It happens because traders believe they would get to increase their stakes by receiving free forked tokens. The Bitcoin Cash price surged by $250 a week before its hard fork last year – only to crash soon after.
As of 19:22 UTC, the ETC-to-dollar rate had corrected towards $7.55, down 3.17-percent from its intraday high.
Bitcoin has been able to hold onto most of its recent gains and has secured its position above the important $5,000 mark. Despite this, BTC does appear to be treating $5,200 as a level of relative resistance, and it is unclear as to whether or not the crypto will be able to garner enough buying pressure to propel it above this level in the week to come.Although it remains unclear as to what may be the flame that sparked Bitcoin’s recent surge, one possibility is that growing hype surrounding BTC’s upcoming halving event could be adding fuel to the recent gains.Bitcoin (BTC) Stable Above $5,100, But Faces Growing Resistance At the time of writing Bitcoin is trading up 1% at $5,140, up from its 24-hour lows of roughly $5,000 that were set late yesterday evening. Bitcoin is currently trading just a hair below its daily highs of $5,200, which has proven to be a tough level for the cryptocurrency to break above.It is important to note that the cryptocurrency is rapidly approaching its recent highs that were set earlier this month when it surged to $5,300 – although it currently remains unclear as to whether this price level will prove to be a region of resistance.Crypto Thies, a popular cryptocurrency analyst on Twitter, recently shared his thoughts on BTC’s current price action, explaining that he sees $5,500 as the next level of substantial resistance that Bitcoin will face in the near future.“$BTC Quick thoughts: Supports @ $4.7k & $4.3k. Resistances @ $5.5k, $5.7k, $6.6k, $8.4k. Confident we touch at least $4.7k again but I see an attempt upwards first. 1wk BB sqz + 2wk candle breaking above mid-BB suggests macro move to upper BB on 2wk @ $8.4k due in coming weeks,” he explained.$BTC
Quick thoughts-Supports @ $4.7k & $4.3k
-Resistances @ $5.5k, $5.7k, $6.6k,$8.4k-Confident we touch at least $4.7k again but I see an attempt upwards first-1wk BB Sqz + 2wk candle breaking above midBB suggests macro move to upper BB on 2wk @ $8.4k due in coming weeks pic.twitter.com/2e4KThdf8r— Crypto Thies (@KingThies) April 7, 2019BTC Halving Hype May be Fueling Recent RallyBitcoin’s upcoming block reward halving – which is expected to occur sometime around May of 2020 – has historically been a factor linked to starting large upwards price cycles, as it reduces the mining block rewards and results in a more restricted circulating supply.Many analysts have claimed that the anticipation of this event alone will be enough to spark a rally, and Crypto Titan, a cryptocurrency analyst on Twitter, expressed this sentiment in a recent tweet, explaining that Bitcoin’s price always recovers from bear market losses in the year prior to the event, and then skyrockets past its all-time-high following the event.“Before every $BTC Halving has begun there have been oversold RSI indicators on the weekly. Every year before the Bitcoin halving the price has recovered, and sometime after the halving the price shoots past the previous ATH. This isn’t coincidence. It’s an algorithm that works,” he explained.Before every $BTC Halving has begun there have been oversold RSI indicators on the weekly.Every year before the Bitcoin halving the price has recovered, and sometime after the halving the price shoots past the previous ATH.This isn’t coincidence. It’s an algorithm that works. pic.twitter.com/GXXCUu6aTN— CRYPTO TYTAN (@CRYPTOTYTAN) April 7, 2019Although only time will tell as to whether or not the halving hype is – or will – play a role in BTC’s price action, in the meantime Bitcoin still faces multiple levels of strong resistance that are stopping it from running higher.Featured image from Shutterstock.
Bitcoin (BTC) has continued its bullish assault late into the weekend. After rallying to and past $4,200 on Tuesday, the cryptocurrency continued higher throughout the week, currently sitting at a $5,150 valuation.While some analysts have been adamant that this is where Bitcoin’s winning streak ends, as what some call “Bloody Monday” approaches, others have made a somewhat convincing case that further highs could be in store.Related Reading: Analyst: Bitcoin (BTC) May Be Stuck in Accumulation Phase for Several More MonthsBitcoin Push To $6,000 Still In PlayLate last month, NewsBTC reported that Filb Filb, a leading industry researcher, posted two charts in a bid to show that BTC could easily rally to $6,000 by the end of April.The first was Bitcoin’s price action from July to late-December, but inverted. The second was the asset’s recent price action following December’s downturn, which has been, let’s say, lackluster. Although these two charts may sound nothing alike, Filb depicts eerie similarities both in the structure of moves and the timing, specifically in a bid to show that Bitcoin could see a massive wick to the upside.Many first cast his call aside, deeming it a mere coincidence that the charts share such similarities. But, with Bitcoin’s recent foray above $5,000, the lines that can be drawn between chart one and two have begun to mount. And as seen below, the structure of the recent move is still resembling that seen following the devastating Bitcoin Cash hard fork.If this move, which could bring BTC to $6,000, is to play out in full, however, the cryptocurrency trader makes it clear that the Bitcoin price needs to hold above $4,950 in the coming days. If it doesn’t, the inverse fractal pattern is annulled.Update.
Fascinating to watch the Similarities.
Bulls need to maintain $4950. 🐂 pic.twitter.com/a5QDxxZLjS— fil₿fil₿ (@filbfilb) April 6, 2019Further Crypto Rally Might Not Be PossibleThe stage may be set for a further move higher, but some have taken issue with the timing of this ongoing rally. Cryptocurrency advisor Josh Rager recently noted that Bitcoin’s ongoing move, if sustained, would totally destroy the theory that the asset follows set, multi-year trends. Of course, past performance is not indicative of future action, but some are convinced that BTC’s long-term price action can be charted many years in advance.Another trader going by the moniker “throwaway” also recently made a similar point. He/she drew attention to the fact that Bitcoin has historically followed a logarithmic trendline, depicted in black below, effectively to a tee. But with the recent rally, the asset has moved well away from the “magnet”-esque trendline, meaning that a sell-off may actually be more likely than a rally higher.The recent breakout if sustained would be one of the largest deviations from long-term trend.Look to Nov. dump for an example of deviance. That black line is a magnet. @kenoshaking @MustStopMurad @woonomic pic.twitter.com/5RzOmKMJ1s— throwaway (@throwaway82738) April 6, 2019Featured Image from Shutterstock
Ripple prices up 16.3 percentInterLedger Protocol (ILP) is a game changer.The team behind InterLedger Protocol (ILP) are not slowing down, and now that we have a fiat connector, it’s only a matter of time before the benefits of a real Internet of Value begins to permeate. With optimism around interoperability, we expect Ripple (XRP) prices to increase towards 80 cents.Ripple Price AnalysisFundamentalsHere’s what InterLedger Protocol can do. The Ripple innovation can connect banks, mobile money platforms, stock exchanges, clearing houses and different ledgers. By ledgers, I mean blockchains like Ethereum, Bitcoin, Bitcoin Cash or any other network of choice. And it is true. InterLedger Protocol or simply ILP is “an open protocol suite for sending payments across different ledgers. Like routers on the Internet, connectors route packets of money across independent payment networks. The open architecture and minimal protocol enable interoperability for any value transfer system. InterLedger is independent of any one company, blockchain, or currency.”From this, it is clear that ILP is what will eventually bring value to the largely fragmented blockchain. Note that there are more than 2,000 blockchain projects each with different value propositions. However, it is this differentiation that is draining value, but with a solution that connects them allowing for interoperability, then we shall have one big valuable network.#StreamingPayments @Interledger #demo by @kava_labs @KevinJYDavis swap BTC, ETH and XRP using Interledger SDK Switch pic.twitter.com/e3qpD0xzEQ— Vanessa Pestritto (@vanessadice) April 5, 2019That is the motive behind ILP development, and just recently, the team did launch the first fiat—ILP connector, a big step towards mass adoption and fusing crypto and traditional financial systems. Announced by Vanessa Pestritto of Xpring and demonstrated by Stefan Thomas of Coil and co-founder of ILP, the team is on the way creating an independent Internet of Value (IoV) that is easy to use.Candlestick ArrangementsLike most coins, Ripple (XRP) is on an uptrend, at third and up 16.3 percent in the last week. Even though the coin valuation is up, XRP is underperforming and didn’t satisfactorily tap Bitcoin price revival.Nevertheless, we expect bulls to be in charge, driving prices above 40 cents now that XRP is trading within a minor bullish breakout pattern against the USD after clearing 34 cents. Affirming our bullish stance is the strong support at 30 cents and Apr 5 bull bar rejecting bearish attempts of Apr 3-4.Price surge of Apr 5 did confirm buyers of Jan 30, and after a deep correction, bulls of Sep 2018 are back ready to propel prices to 40 cents, 60 cents and later 80 cents.Technical IndicatorsOur anchor bar in days ahead is Apr 3 bar with 97 million. Although bearish, countering the general bullish trend, the bar is trading with tight range countering flows of Apr 2. Moving on, we expect buyers to be in control and any break above 40 cents ought to be with volumes exceeding 97 million and be wide-ranging.Chart courtesy of Trading View