Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Latest Ripple News
On Dec 17, CoinBase in announced that it shall be offering a coin-to-coin conversion tool called Convert for their customers. The feature support Bitcoin, Litecoin and three other coins listed on the exchange but still, the US exchange will be charging a one percent conversion fee for use. But that is expected.
Starting today, you can convert one crypto to another on Coinbase. Conversions are available between Bitcoin (BTC) and Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX), or Bitcoin Cash (BCH). It's Day 8 of 12 Days of Coinbase. Learn more: https://t.co/VshJf7FOMZ pic.twitter.com/wLyJPfkKcA
— Coinbase (@coinbase) December 17, 2018
Read: Bloomberg Crypto Report Says Tether Stablecoin Earned $6.6 Million in Interest in First Half of 2018
The Exchange is backed by venture capitalist and is a for-profit churning more than $1 billion in revenue by Dec 2017 and valued at over $8 billion after the last Series Funding led by Tiger Global Management with participation from Andreessen Horowitz and others. The $300 million they got was for expansion and we are beginning to see what they meant.
Also Read: Security Tokens Predicted to Grow Larger than the US Public Equities in Next 10 Years
Demand is high and listing XRP despite the regulatory challenges surrounding the coin is the best way to reap extra revenue at the deep of this energy-sapping bear market. We are not yet sure but we can speculate that the Conversion tool might be part of the larger plan to create this rail where investors would funnel their money to the exchange via BTC or LTC and later convert them to XRP for trading or custody at the exchange. That’s assuming their support for XRP in the short term.
Doing so will rid the exchange’s the burden of applying with the SEC just in case XRP continue to exist in regulatory limbo.
XRP Price Analysis
XRP/USD Daily Chart
At spot prices, XRP is still the second most valuable coin in the space and up 23 percent in the last week against the USD. We expect this expansion to continue through to next week and even Q1 2019 as the market wait for positive development as far as BTC and ETH are concerned.
Combined with market expectation those two could boost XRP prices aiding investors to enjoy prices above 60 cents and even 80 cents after a bear market that saw prices tank by more than 85 percent. From candlestick arrangement and thanks to Dec 17 price expansion, we suggest buying XRP on every dip in lower time frames with the first target(s) as laid out in our last XRP/USD trade plan.
We are also aware that sharp reversal of these gains driving prices below 29 cents or Dec 17 lows would invalidate this upbeat projection.
XRP/USD 4HR Chart
In this time frame, it is clear that our trade conditions have been met and XRP is trading above 33 cents—our first buy trigger and minor resistance. Cementing our confidence is the spike in market participation after volumes surged 4X to 20 million from 5 million as XRP expanded from around 29 cents after the close of 1900HRs bull bar on Dec 17.
These are abnormal volumes and the consolidation of yesterday is a normal reaction following days of rapid price action as we saw on Dec 17. Even if prices did consolidate yesterday, we suggest traders ramp up their XRP longs at spot prices with safe stops at 33 cents.
Targets will remain as aforementioned by our XRP/USD trade plan will be as follows:
- Buy: Spot Price
- Stop: 33 Cents
- First Target: 40 cents, 60 Cents, 80 Cents
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.