Home / Crypto Currency / Ripple (XRP) Gains 21% in Market-wide Recovery, Overtakes Ethereum as 2nd Biggest Crypto

Ripple (XRP) Gains 21% in Market-wide Recovery, Overtakes Ethereum as 2nd Biggest Crypto


Advertisement

The Ripple market segment witnessed a 21 percent recovery upon establishing a new November low at $0.329.

The XRP/USD rate on Monday touched 0.399-fiat in a higher high formation on BitFinex. In the meantime, the coin’s market cap reached close to $15.61 billion, replacing Ethereum to become the world’s second-largest cryptocurrency.

Ripple’s chief marketing strategist Cory Johnson on Friday furthered their dialogue about how XRP is better than Bitcoin. Not that his statements could have rattled the bitcoin investors, but they certainly could have attracted potential holders. Johnson wrote about how bitcoin was more centralized due to being extremely influenced by the Chinese mining community, calling it a poor technology.

The XRP correction nevertheless took place in the absence of solid backings, meaning its sustainability cannot be guaranteed at this moment. At worst, it could be a bear pennant formation which indicates the continuation of the current downward trend. At best, XRP could be heading to an extended upside recovery action, considering its the least-bad performing cryptocurrency in the bear run that has shaken the entire crypto market.

XRPUSD 1D CHART | SOURCE: BITFINEX, TRADINGVIEW.COM

The daily XRP chart, meanwhile, allows a better inside look, revealing RSI and Stochastic had lately dipped into their oversold regions. The XRP/USD rate at most corrected to stabilize, meaning the near-term uptrend should extend to the nearest resistance level, probably towards the 100-period simple moving average before a potential pullback overtakes the trend.

At the same time, 0.329-fiat is providing decent support according to the daily basis. The level had witnessed buying sentiment before and promised to hold the bears with few bulls. A break below 0.329, on the other hand, could be devastating as it would expose XRP/USD to a crash towards the next potential downside at 0.268-fiat. This level has offered strong support since August.

XRPUSD 15M CHART | SOURCE: BITFINEX, TRADINGVIEW.COM

A narrowed down version of the XRP/USD rate chart offers us more insights into how we could play the trades intraday. As of now, the pair is clearly targetting 0.396-fiat as its interim resistance while resting its foot at 0.371-fiat, the interim support for the rest of the day.

We are looking at XRP/USD reversing from the 200-period simple moving average on a 15-minute chart. It provides us with a decent short opportunity towards the interim support. At the same time, placing a stop loss at 0.390-fiat will protect our position from maximum losses should the upside correction resumes.

Having said that, an upside continuation would have us wait for a breakout above the interim resistance. If it happens, we will enter a long position towards 0.402-fiat as our interim upside target while maintaining a stop loss order at 0.393-fiat.

Trade safe!

Disclaimer: The author holds XRP, Bitcoin, Bitcoin Cash, and Ethereum. The analysis above is his personal opinion and does not reflect the opinions of CCN.com. Readers discretion is advised.

Featured Image from Shutterstock. Charts from TradingView.

Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.
Advertisement
Read more

Check Also

Making $2,000 a Month With Cryptocurrency – Masternodes

When trying to make money with cryptocurrencies, very few options will usually provide decent results fairly quickly. This is especially true when it comes to dealing with altcoins in general, as they are a lot more prone to volatility at any given time. Owning a masternode, while a more expensive venture for most users, can yield some surprisingly good monthly revenue, depending on how one tackles this concept. What is a Masternode? In the cryptocurrency world, there are different kinds of network nodes. A regular node is used to receive and broadcast pending and confirmed transactions to the network. More nodes results in having a more secure network, as it is increasingly difficult to manipulate network information. A masternode, on the other hand, provides additional services to the network in question. In most cases, those services are associated with privacy and anonymity-oriented features. Dash is a big example of a network supported by masternodes to allow for anonymizing transactions. This trend has been emulated by dozens of alternative currencies ever since, albeit not every currency using a masternode structure will be successful in the long run. If the currency isn’t sued for any specific purpose, global interest will dwindle eventually. Which Coins to Pick? The main question when it comes to running a masternode is which currency to support. Different strategies can be at play here. The most common option involves spotting new altcoins using a masternode structure to try and accumulate more coins and exchange those for Bitcoin by the time demand picks up. Getting an early start by running a masternode will usually result in higher profits, assuming the currency’s price doesn’t crash altogether. The second approach revolves around sticking with a project because of technical prowess. At first, it did not seem as if Dash or PIVX would be successful other than for their masternode infrastructure. Things have turned out very well for both projects, even though there are numerous other currencies which have failed in this department as well. From a long-term perspective, a masternode will always generate some form of revenue. It may not make people rich in a few months, but money will continue to come in regardless. Personally, I am currently running two different masternodes. One is for a new altcoin called ProxyNode, which has provided an ROI in just five days for me personally. Any further earnings will be profit all the way, which is all one can ask for. The second is for CannaNode, another new currency trying to tackle the cannabis industry. Both masternodes are performing quite well, although it remains to be seen how successful this will be in a few weeks from today. Author Note: Do not invest in specific currencies simply because I did so. I am fully prepared to absorb any financial risk associated with exploring these money making methods. The Risks vs Rewards Problem The main problem associated with running a masternode is not knowing how the markets will evolve. I am personally looking to accumulate additional Bitcoin by running these nodes more than anything else. If either of the projects turns out to be a successful altcoin in the end, all the better. However, these markets are also fragile. If multiple masternode owners cash out their holdings in one go, the price will crash pretty badly. That is a risk all users need to be aware of at all times, as this aspect poses the biggest risks. 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 Making $2,000 a Month With Cryptocurrency – Masternodes 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.