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Cryptocurrency (Coins)

Ripple (XRP): Centralized Cryptocurrency Coin Prices, News & Predictions

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ripple-xrp

What You Should Know About Ripple (XRP)

Co-founded by Chris Larsen and Jed McCaleb, who also founded the now defunct MtGox, Ripple is a real-time gross settlement system (RTGS) which has remained highly controversial within the cryptocurrency community since its release in 2012. Some argue that Ripple is even older than Bitcoin since the precursor to Ripple, Ripplepay, was first conceived by Ryan Fugger in 2004.

Strictly speaking, Ripple's XRP is not a cryptocurrency but a digital currency. Ripple is not merely known for its digital currency either. It's a payment protocol – Ripple Transaction Protocol (RTXP), which functions as a ramp for trade and transfer of various forms of currencies, both fiat and cryptocurrencies, and digital goods.

Although often compared and contrasted with Bitcoin, Ripple can be best described as Paypal based on the principles of blockchain as it seeks to leverage the security afforded by blockchain to facilitate global interbank transactions.

Ripple Transaction Protocol (RTXP)

RTXP comprises a set of rules governing the transfer of money and assets between various payment gateways to enable transactions between two parties from anywhere in the world. Gateways are intermediaries able to receive and send currencies and digital goods via the Ripple network. The protocol enables gateways to allow their customers to use Ripple's service, which facilitates seamless interbank transactions.

It should be noted that these gateways which perform the function of middlemen within the Ripple ecosystem expose users in the network to counterparty risk similar to conventional banking system, with only Ripple's native currency, XRP being exempt from counterparty risk. Ripple protocol's advantage is its ability to process near-instant transactions across borders for a mere fraction of the fee.

Gateways

Gateways are fundamental to the way Ripple operates. These can be banks, marketplaces and financial institutions that have incorporated the Ripple protocol in their system. Gateways provide a way for money and other forms of value to move in and out of the XRP Ledger.

Alice can pay Bob by simply depositing a supported currency at Gateway A and notify Bob to redeem equivalent value in his preferred currency at Gateway B.

Consensus

Unlike Bitcoin, which uses proof-of-work (PoW) algorithm verify transactions, Ripple employs a distributed ledger which is updated by a network of nodes which validate transactions.

Although described as a decentralized network, these validating nodes are operated by Ripple and payment gateways in the network. A new ledger is created every 4 seconds when a set of transactions are validated by a supermajority of peer nodes.

XRP’s distribution is also controversial for being 100% pre-mined, meaning that all 100 billion coins that will ever exist were created in the genesis block with the Ripple organization holding approximately 60% of the total supply which will be released over time.

Reception

While banks and other financial services have been receptive of Ripple’s ability to process faster, cross-border transactions compared to conventional means, the cryptocurrency community takes an askant view of Ripple and considers the protocol centralized and unfaithful to the blockchain paradigm.

  • ripple
  • XRP
    (XRP)
  • Price
    $0.427552
  • Market Cap
    18,171,773,932.00
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Ethereum (ETH)

Ethereum Price Analysis: ETH Approaching Significant Support Area

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Ethereum Price Analysis ETH Chart

There was another rejection noted near $265.00 in Ethereum vs the US Dollar. ETH/USD is currently declining and approaching towards a couple of important supports near $254.00 and $250.00.

Key Takeaways: ETH/USD

  • Ethereum price formed a short term top near the $264.4 level and declined against the US Dollar.
  • ETH/USD is currently approaching the $254.00 support and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price remains in an uptrend and it could accelerate gains above the $8,300 level.

Ethereum Price Analysis

Recently, bitcoin price gained momentum and broke the $8,100 and $8,200 resistance levels. However, Ethereum price failed to gain traction and formed a short term top near the $264.4 level.

Looking at the 2-hours chart, Ethereum price started a downside correction from the $264.41 high and declined below the $260.00 level. There was a break below the 23.6% Fib retracement level of the last rally from the $236.89 to $264.41.

Ethereum Price Analysis ETH Chart

Besides, there was a break below the $258.00 level, but the price found support near $255.00. Moreover, the price is approaching the $254.00 support and a bullish trend line on the 2-hours chart.

Below the trend line, the main support is near the $250.20 level and the 50 simple moving average (2-hours, purple). The 50% Fib retracement level of the last rally from the $236.89 to $264.41 is also near the $250.65 level to act as a support.

If there is a downside break below the $250.00 support, the price could extend losses and decline towards the $243.50 zone. The 76.4% Fib retracement level of the last rally from the $236.89 to $264.41 is also near $243.40.

Conversely, if the trend line support holds, the price is likely to start a fresh increase in the coming sessions. An initial resistance is near $260.00 and a connecting bearish trend line. A break above the $260.00 barrier might start a strong rally in Ethereum price above the $265.00 level.

Overall, ETH price is trading with a positive bias as long as it is above $250.00, and it could rise again above $260.00 and $265.00.

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Bitcoin (BTC)

Bitcoin Price Analysis: BTC Setting Up For Another Bull Run

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Bitcoin Price Analysis BTC Chart

After a major decline, bitcoin price started a solid upward move above $7,750. BTC to USD gained momentum above $8,000 and even spiked above the $8,250 resistance area.

Key Takeaways: BTC/USD

  • Bitcoin price formed a strong support above $7,550 and recently climbed higher against the US Dollar.
  • BTC/USD broke the main $7900 resistance and a couple of bearish trend lines on the 2-hours chart (data feed from Bitstamp).
  • Ethereum, ripple, and bitcoin cash also gained momentum and moved into a positive zone.

Bitcoin Price Analysis

After testing the $7,500 and $7,520 levels on multiple occasions, bitcoin price finally started a fresh increase. BTC started an upside reversal after it successful broke the $7,600 and $7,850 barriers.

Looking at the 2-hours chart, bitcoin even broke the main resistance near the $7,900 level to move into an uptrend. Finally, there was a break above the $8,000 level plus a close above the 50 simple moving average (2-hours, purple).

Bitcoin Price Analysis BTC Chart

During the rise, the price even broke the $8,150 resistance and a couple of bearish trend lines on the same chart. A new swing high was formed at $8,266 and the price is currently correcting lower.

It broke the $8,150 level and the 23.6% Fib retracement level of the recent wave from $7,903 to $8,266. However, the price is currently finding a strong buying interest near the $8,060 level.

The 50% Fib retracement level of the recent wave from $7,903 to $8,266 is also acting as a decent support. The main support is near the $8,000 level and a connecting bullish trend line on the same chart.

Therefore, bitcoin price is gaining pace and it remains in an uptrend as long as it is above $7,980 and the 50 simple moving average (2-hours, purple).

On the upside, an initial resistance is near the $8,100 level and a connecting bearish trend line. A successful close above $8,100 might start a strong rise in the coming sessions.

The next major hurdle for the bulls is near the $8,250 level, above which the price might start a rally towards the $8,500 level.

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Price Analysis

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) Price Analysis June 10th

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Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) Price Analysis June 10th

BItcoin BTC/USD Forecast

Last Friday the price of Bitcoin came up for interaction with the first significant horizontal resistance at $8140. As the interaction ended as a rejection the price was propelled in a downward trajectory and came down to the levels of the prior low at $7576 which was a decrease of around 6.7%. From today's open which was around the mentioned prior low level, the price has increased by 5.43% with strong bullish momentum as the majority of the increase occurred in only one hour but we are now seeing the price struggling to keep up the upward movement slightly lower then on the prior high.

BTC-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price encountered resistance, indicated by the wick from the upper side of the last hourly candle and is now likely to keep interacting with the current level as it's retesting it for resistance further. If the price manages to keep up the upward movement we could see a breakout to the upside from the first significant resistance point and to the next on at around $8500.

This would be unlikely if the found resistance proves to be stronger then the currently seen bullish momentum as a rejection at the current levels would likely lead to a lower low below the one made on 5th at $7506. The price spiked to those levels on today's open but a proper interaction with a lower spike would likely occur if the increase was seen would be stopped out at the mentioned first significant resistance as it would mean that from last Thursday we have been seeing the development of the five-wave move to the downside out of the starting downtrend.

Litecoin LTC/USD Forecast

Last Friday the price of Litecoin increased by around 9.6% coming from $109.96 to $120.47 at its highest which has pushed the price above the first significant resistance level at the descending channels resistance. The price came down for a retest of support at the broken level over the weekend and as it found support it continued moving to the upside above the prior high level, coming to $126.8 at its highest point today.

LTC-USD-Market-June-10

Click to see a full size chart

The price came above the 0 Fibonacci level which was the ending point of the prior high and above the next highly significant horizontal level at $122.32 above which it is considered to be the sellers' territory. I was expecting the price to start moving to the downside after an interaction with the first significant resistance at the descending channels resistance but as the price continued increasing further past the other significant resistance point we have likely seen the development of another five-wave move to the upside. As the move looks finished or near completion and especially considering that the price has entered the seller's territory I will be shortly expecting the start of the impulsive move to the downside.

Even though we have seen a five-wave increase I don't believe that its the starting upside wave, but is more likely the second correctional structure after the first one currently labeled as a WXYXZ correction ended. The price did make a higher high but this can also be seen on a corrective move usually ending as a running flat. If we are soon the see the start of an impulsive move to the downside the first significant support zone for the price of Litecoin would be at around $83 area.

Ethereum ETH/USD Forecast

The price of Ethereum has increased from today’s open at $228.8 by 6.59%, coming to $243.4 at its highest point today but has encounterd strong resistance there and is currently being traded slightly below those levels.

ETH-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price came down over the weekend below the prior low at around the vicinitly of the 4th wave’s ending point from the previous upside move where it found support as the price immediately started moving impulsively to the upside again.

The rise has been stopped out at the previous horizontal support which now serves as resistance but since a breakout occurred to form the descending triangle which was formed from 30th of May we are likely to see the increase continue for a bit longer before the price continues moving to the downside again.

If the descending triangle was the first structure out of the starting downward move, the increase seen from today could be viewed as a correctional upside move in which case it cannot exceed the 258 level which is around half range between the last Thursdays high and today’s open.

Bitcoin Cash BCH/USD Forecast

Over the weekend the price of Bitcoin Cash has decreased by 8.2% as it came down from $409.2 to $375.6 at its lowest point. From today’s open around the mentioned low level we have seen an increase of 5.36% to $395.7 but the price has encountered resistance as the rise has been stopped out.

BCH-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price decreased slightly above the last week’s low at $366.5 made on Wednesday which is why a lower low before the completion of the downward move would be expected if we are seeing the development of the five-wave move to the downside out of the starting downtrend.

If we are seeing the development of the 4th wave it cannot go above the $413 which the price interacted with over the weekend and found resistance there which makes this possibility higher. As the 4th wave is corrective in nature it could mean that today’s increase is still its development which we are to see from the currently encountered resistance interaction.

Conclusion

Over the weekend the prices have continued increasing to their first significant resistance point and have gotten rejected with the price going to the levels from which the increase was made. This movement could have been the end of the first wave from the starting downtrend but a more likely outcome would be that another lower low is coming before we see some major upside correctional movements.

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