Tanya Abrosimova
Independent Analyst
- XRP/USD struggles to settle above the local barrier of $0.2800.
- The Japanese investors feel out of love with XRP, the latest research shows.
The Japanese traders prefer Bitcoin over XRP, according to the recent research published by Japan Virtual and Crypto Assets Exchange Association (JVCEA) on August 19. The analysts found out that investors tend to sell XRPs and other altcoins to buy Bitcoin as the share of BTC in the total transactions value on the cryptocurrency exchanges catapulted to 87%. Meanwhile, the number of active accounts hit the all-time high at 13,987 in April 2020 (the latest available data).
Yuya Hasegawa, a market analyst at Japan-based crypto exchange Bitbank commented:
It seems like Japanese investors’ overall interest in altcoins has been shrinking over time relative to their interests in Bitcoin . Given the growth in the number of active accounts, the vast majority of the newer market participants in Japan, particularly since last summer, are likely to be interested only in Bitcoin.
Notably, XRP is the least-favored altcoin among the Japanese traders as the share of this coin in the local cryptocurrency transactions dropped 5% from 40%.
XRP/USD: The technical picture
XRP/USD has been in decline since the start of the day. The third-largest digital asset has lost nearly 2% on Monday, though it is still in a green zone on a day-to-day basis. At the time of writing, XRP/USD is changing hands below $0.2800 with short-term bullish bias amid low volatility.
On the daily chart, XRP/USD bumped into a local resistance of $0.2850. This barrier is reinforced by the intraday high and middle line of the daily Bollinger Band. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2900 and $0.3000. However. considering the downward-looking RSI on a daily chart, the bearish correction with the first aim at $0.2700 looks likely at this stage. If it is broke, the sell-off may be extended towards the net target of $0.2600 reinforced by the daily SMA50 and the lower line of the daily Bollinger Band.
XRP/USD daily chart
-637344723750035357.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.