Home / Crypto Currency / R3 and CoinfieldEX News can Elevate XRP Price to $0.55 Over the Weekend

R3 and CoinfieldEX News can Elevate XRP Price to $0.55 Over the Weekend

It has been an interesting week for Ripple’s XRP so far. Although the uneasy price momentum is far from over, it would appear there are some interesting things happening behind the scenes. As of right now, it would appear the XRP price uptrend is still in place, although the $0.5 level offers plenty of resistance at this time.

XRP Price Seems Bound for Upward Momentum

Any cryptocurrency or digital asset can only grow and evolve as its native ecosystem continues to expand. In the case of Ripple and its XRP asset, things are certainly looking promising in this day and age. Dozens of companies use the RippleNet liquidity implementation for various purposes. Other companies have commercialized xRapid in an effort to become more competitive.

Over the past 24 hours, the value of XRP has maintained its upward momentum which began forming the day prior. Although the current jump is relatively small, a 0.03% gain in USD and 0.6% in BTC value is still rather promising. For the time being, the $0.5 level proves to be a tough nut to crack, despite a rather promising trading volume.

The intriguing developments taking place behind the scenes are worth paying attention to. SBI has confirmed it is looking for ways to use XRP with the R3 consortium. It is a major coming together of different service providers, which can introduce a lot of positive changes moving forward. A commercialized product has not been announced as of yet.

Another interesting tidbit of news comes in the form of CoinfieldEX. This particular exchange recently underwent an upgrade and XRP is now the base currency of this trading platform. It can be traded against 20 cryptocurrencies and 6 fiat currencies, which can introduce a lot more liquidity. This exchange is available to clients in over 60 countries at this time.

For those who simply keep an eye on the market itself, it would appear the XRP/JPY pair on Bitbank is showing a bullish pattern. Several green candles in a row usually indicate a longer uptrend may be shaping up, although it is a bit unclear how this will pan out. Sustaining upward momentum is always difficult, especially given the current market conditions.

All of those signs point at a possible long-term uptrend for XRP. It is difficult to predict if and when it will materialize exactly and where the value may be heading in the coming weeks. A push to $0.55 has been brewing for some time now, but there has been a lot of resistance by traders and speculators. A very interesting end of the week lies ahead where XRP is concerned, as this market can easily swing either way.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Read more

Check Also

Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.