- Records in transfers and payments are not reflected in the price of XRP.
- Regulators may monitor value transfers in this new blockchain market.
- Technically speaking, the most remarkable thing is developments between key moving averages.
The day looks boring among the leading players in the crypto market — surprisingly dull as there is significant information concerning XRP.
The XRP network allows to execute more than 25 different types of orders and commands, but only one of them activates a payment protocol between addresses. We will examine the number of transactions reached on Tuesday and the number of payments made on the network.
On October 29, the number of daily XRP transactions came close to its daily historical record.
Source: Bitinfocharts.com
However, it is even more important to look at the level of payments made.
Source:Xrpcharts.ripple.com
As we can see in the graphs above, the level of transactions reached on Tuesday is marginally lower than that achieved in January 2018, but the number of payments soared in comparison to the same month in 2018.
There was no impact on XRP’s price, as Ripple’s token is a value transfer tool but with no adoption as a valuable reserve asset.
The XRP network is centralized, with Ripple Ltd regulating and deciding the amount of XRP available.
The supply of XRP is limited to 100 billion, of which just over half are in circulation. It lacks the scarcity factor that Bitcoin and Ethereum enjoy so its value must be related to other factors.
In my opinion, the price of XRP s intimately linked to the success of its parent company Ripple Ltd and the regulatory authorities should start considering how to favor the transfer of value between Ripple Ltd and XRP.
ETH/BTC Daily Chart
ETH/BTC is currently trading at 0.0201 and is recovering to the technically significant level of resistance of 0.02. The price remains compressed between the SMA100 and the EMA50 – between 0.021 and 0.020.
Above the current price, the first resistance level is 0.021, then the second at 0.022 and the third one at 0.023.
Below the current price, the first support level is at 0.020, then the second at 0.019 and the third one at 0.018.
The MACD on the daily chart shows a loss of bearish slope in the moving averages. These moving averages that make up the MACD are now in the neutral zone, so the price is underlined to lose momentum.
The DMI on the daily chart shows bears losing strength as the bulls gain it. The situation concerning the ADX line supports the bearish side of the market, so the underlying trend looks to the sell-side.
BTC/USD Daily Chart
BTC/USD is currently trading at $9,099 and maintains the same range for the fourth consecutive day.
The price of BTC/USD remains compressed between the main moving averages, with the SMA200 and the EMA50 as support and the SMA100 as resistance.
Above the current price, the first resistance level is at $9,650, then the second at $10,650 and the third one at $11,250.
Below the current price, the first support level is at $9,000, then the second at $8,800 and the third one at $8,500.
The MACD on the daily chart shows an improvement in the bullish profile. The slope and line spacing increases, both of which are positive for the price in the short term. The fast-moving average enters the positive zone, while the slow one remains in the negative area, which proposes indecision and struggles in the short term.
The DMI on the daily chart for BTC/USD shows the bulls losing strength after the failed attempt to cross up the ADX line. The bears stop the decline for the time being and could regain momentum.
ETH/USD Daily Chart
ETH/USD is currently trading at $183.7 after failing to close above $190. Moving averages compress the price although, in Ethereum’s case, the two are exerting resistance and only one support.
Above the current price, the first resistance level is at $190, then the second at $195 and the third one at $200.
Below the current price, the first support level is at $180, then the second at $170 and the third one at $160.
The MACD on the daily chart shows an improvement in the bullish profile, with more positive inclination while the opening remains the same. Moving averages are initiating the transition to the buyer side of the market, but it is unlikely to be a direct path.
The DMI on the daily chart shows both bulls and bears losing strength, reflecting the drop in ETH/USD volatility. Bulls take advantage by holding above the ADX line, which provides underlying bullish strength. Bears continue to lose power although at a slower pace.
XRP/USD Daily Chart
Above the current price, the first resistance level is at $0.297, then the second at $0.32 and the third one at $0.33.
Below the current price, the first support level is at $0.296, then the second at $0.293 and the third one at $0.289.
The MACD on the daily chart shows a flat profile with no spacing between the lines. This technical structure usually precedes violent price movements.
The DMI on the daily chart shows bulls losing trend strength slowly but continuously. Despite the constant drop in intensity, bulls remain above the ADX line, indicating the underlying bullish strength of XRP/USD.
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