XRP Retreats After Recent Surge, XLM, BTC and TRX Market Analysis Sept. 24Sep 24, 2018, 5:24PM
Ripple’s XRP is 9% lower on Monday as the coin pulls back from its recent surge. Tron token sale on Watch Market is set to go live today.
The price of Ripple’s XRP coin is 9% lower on Monday, pulling back from last week’s gains of over 100%. XRP surged last week as the company foreshadowed the imminent release of its xRapid product. The arrival of xRapid is a move for the huge payments market and comes only weeks after IBM announced its own product for cross-border payments on the Stellar network so it’s possible that we could see a battle play out between XLM and XRP to become the dominant payment system in the cryptocurrency world.
I noted in my weekend article that XRP was in hot pursuit of Ethereum’s grip on the number-two-coin status and although the price of XRP has retreated, the headline-grabbing move of last week should see some new volume arrive in XRP, which could see it move into the second spot more assertively.
The weekly close in XRP crossed a key resistance level at the former support from April. Despite the move lower on Monday it’s possible that we will see further gains coming soon. The move higher in XRP also bounced from the 50 moving average near $0.70 and this will be the first obstacle on the way to another test of the $1.00 level which was last seen in February of this year.
Although it was XRP grabbing the headlines last week, XLM was quietly making its own strong gains on the week. The move in XLM from $0.208 to $0.282 was a gain of $35 on the week. The move in XLM gives hope that the price of $0.200 is a floor that will hold for the near-to-medium term. XLM also retreated from the 50 moving average after a bounce from the $0.300 level and these two areas will provide immediate resistance going forward.
Bitcoin was able to create a positive close above the recent $6,500 resistance level and there is hope that this will see further gains on the week. The end of this week will see the close for monthly chart levels and another monthly close above the stubborn $6,000 support level would be a positive development for Bitcoin. The muted price action in BTC over the last two weeks is just a result of the news flow slowing down in BTC after the recent ETF and regulatory hype faded.
Billionaire crypto investor Mike Novogratz was repeating his prediction that the market had bottomed out last week. Novogratz described the recent move in Bitcoin as showing “seller fatigue” and he noted that the market was showing signs of a “classic bottom”. Reuters reported that Novogratz went on to talk of Bitcoin’s maturing role as a store of value,
Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value.
Although Bitcoin has lacked upside gains, its ability to avoid the volatility that we have seen in other coins in the last two months would give larger investors some confidence that Bitcoin is becoming a stable asset.
With the support levels holding in BTC, it’s possible that we will see a positive week to close out September and the next resistance would be at the recent failure level around $7,250.
Tron was another coin that saw a positive close on the week with a 20% move higher. Despite the gain, TRX needs to get above the $0.0257 level to hint of further gains. The key resistance in TRX is at the $0.034 level.
Tron recently saw the Tron Virtual Machine (TVM) being fully integrated on the Mainnet. This opened up the potential for decentralized applications on the TRX network (dApps), which also makes it possible for users to create tokens similar to the Ethereum network. A development team has now made moves to make the Tron token market decentralized. This market is known as the Tron Watch Market (TWM).
The goal of TWM is described as follows,
To become an intuitive and fully-featured Decentralized Exchange (DEX). That will allow you to trade between TRON, TRX10, and TRX20 Tokens in a secure, decentralized manner.
TronWatch Market will help to increase the liquidity of the TRON Token Network. As the DEX supports all tokens on the network, every token will benefit from the changes.
The TWM will allow the trading of TRON, TRX10 and TRX20 tokens in a “secure, decentralized manner”. TWM has a countdown on its website for the token sale, which will go live today.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.