After the devastating displacement from the second position, XRP continues to trend in a descending pattern, and it is still trending towards the bottom. A bounce back away from this regions could initiated with a rally for a return to the top or at least a move to the mid-channel area of interest.
The RSI indicates an oversold conditions and it seems like seller are tired. A return towards the north could mean a move with a bullish pressure that would send XRP back to its previous high resistance levels.
Stochastic has got quite some room to head lower before touching the oversold level, and this signals that sellers might have got some reserve energy, although, a break further downward could spur worse bottoming.
Looking at the 5 days market chat, the longer-term 200 SMA is still above the 100 SMA, depicting that a least resistant path is still to the downside. However, even though the downtrend is likely to gain momentum than the upward trend, the trend line is facing up.
Furthermore, the gap between the moving averages has begun increasing width, thus, a stronger selling momentum might be around the corner. The 100 and 200 Simple Moving Averages may well hold as dynamic inflection points, before the crypto asset, XRP, ignites a bullish race bounce back towards 3250.
Ripple Terminates Bloomberg Television Anchor Cory Johnson’s Role
Ripple has silently terminated the role of one time Bloomberg Television anchor Cory Johnson who later became a crypto marketer.
A spokesperson at Ripple confirmed this yesterday, saying Johnson, who has been with Ripple since 2018 as the firm’s chief market strategist, was relieved his duty at the firm.
The spokesperson said Cory successfully performed excellently by representing the firm and presenting Ripple well before investors, media and regulators.
“Cory helped Ripple with strategy internally and overall industry education,” the spokesperson said, adding that the firm decided to remove the role of Chief Market Strategist due to market conditions and changes.
John McAfee’s ‘Unhackable’ BitFi Wallet To Add XRP
Veteran programmer and cryptocurrency pundit John McAfee’s “unhackable” BitFi wallet has revealed it is adding Ripple’s XRP to its hardware wallet.
Responding to a question asked about the next thing the wallet would do after it introduced the possibility of viewing balances on BitFi wallet using DMA-2.
BitFi device team responded: “Yes, this is indeed true. We will be able to dedicate more resources to this. We will announce an important blockchain project this week. XRP is being added soon as well.”
Yes, this is indeed true. We will be able to dedicate more resources to this. We will announce an important blockchain project this week. XRP is being added soon as well.
— Bitfi – open source: bitfi.dev (@TheBitfi) February 10, 2019
This is no doubt a giant development for XRP since the hardware wallet was certified by security expert John McAfee who once touted that the wallet is “unhackable”.
However, after McAfee’s crypto wallet was hacked twice, the tag “unhackable” was denounced by the team behind the wallet.
UAE Exchange and Unimoni Now Depend On RippleNet For Cross-Border Remittance
Renowned Finablr, an internationally recognized payments and foreign exchange provider had declared that its network UAE Exchange and Unimoni now use RippleNet, a blockchain platform developed to ease the hassles encountered during cross-border remittance service.
The two network will be using RippleNet for hassle-free remittance services to Thailand, and many other countries in the future.
#Unimoni goes live on #RippleNet with @scb_thailand, making it the first in the category in the Middle East to successfully launch #blockchain-based #MoneyTransfer service. Now send money instantly to your beneficiaries in Thailand!
Read more: https://t.co/uuSskOoPbT @Ripple
— Unimoni (@unimoniglobal) February 12, 2019
The two firms are now the first in their section in Middle East to use blockchain technology for transaction purpose.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.