Connect with us

Blockchain

XRP’s Price Could Keep Falling as Holders Decrease

In brief: A new report by eToro and The Tie shows that the number of Twitter users discussing XRP has fallen drastically.  The report also indicates that members of the XRP army have continued to decline since January 2018.  The new stats could indicate a continuous trend of capitulation by XRP investors.  Times have drastically changed for XRP since the exciting days of late 2017 and early 2018. Back then, XRP was also known as Ripple and the company had […]

Published

on

In brief:

  • A new report by eToro and The Tie shows that the number of Twitter users discussing XRP has fallen drastically. 
  • The report also indicates that members of the XRP army have continued to decline since January 2018. 
  • The new stats could indicate a continuous trend of capitulation by XRP investors. 

Times have drastically changed for XRP since the exciting days of late 2017 and early 2018. Back then, XRP was also known as Ripple and the company had yet to issue a statement explaining that the two were different entities. Additionally, XRP was trading at a premium of $3.84 due to the prospects of being listed on Coinbase in early 2018. However, this did not materialize until later. This was due to the uncertainty as to whether XRP was a security or not. In February 2019, XRP was finally listed on Coinbase at a time when it was trading at $0.32.

XRP Army Numbers Continue to Dwindle

A new quarterly report by the teams at eToro and The Tie shows that the number of Twitter users discussing XRP has fallen by 16% in the first quarter of 2020. Additionally, the number of Twitter users in the XRP army has fallen by more than 50% since October 2018 and by over 82% since January 2018. The full statement from the report can be found below.

Over the first quarter of 2020, the number of Twitter users discussing XRP fell by 16% and price declined by 9.51% (a relative 2.14% outperformance vs. Bitcoin). The number of Twitter users in the “XRP Army” (the name given to the cryptocurrency’s supporters) has fallen by more than 50% since October 2018 and declined by over 82% since January 2018 highs. For comparison, the number of Twitter users discussing Bitcoin dropped by 58% from all-time highs.

More Trouble for the Price of XRP?

Using pure logic, a drop in the number of members in the XRP Army means that holders of the coin have finally thrown in the towel and sold their holdings.

In the past few months, there has been cases of XRP community members notifying the crypto community, that they have sold all their XRP holdings. One such member is Tiffany Hayden who sold her bags as a result of constant bullying by XRP supporters. Ms. Hayden expressed her dissatisfaction with the community through the following statement.

I’m not holding $XRP anymore, XRP supporters, so find something else to talk about.

Brief Market Analysis of XRP/USD

6-Hr XRP/USD Chart courtesy of Tradingview.com

Further checking our favorite 6-hour XRP/USD chart, we observe the following.

  • Its current price at $0.189 is below the 50 MA but above the 100 and 200 moving averages. This is an indicator of a possible move down for XRP/USD.
  • MACD is about to cross above the baseline in a bearish manner.
  • Support zones lie at $0.181, $0.1734 and $0.144
  • Resistance zones are at $0.197 and the $0.20 area.
  • MFI is still low at 40 and could provide a glimmer of hope for bulls or provide sideways movement.

Analyst Predicts Lower Levels for XRP

Popular Bitcoin and crypto analyst, @MagicPoopCannon, had in an earlier statement warned that the price of XRP could drop to as low as $0.078.

Conclusion

The number of XRP Army members has been decreasing with time as seen through the report by eToro and The Tie. The new stats are indicative of possible capitulation by XRP investors. This follows a trend of notable XRP army members throwing in the towel. As a result, the value of the coin could be affected in the long run as more investors decide it is time to offload their bags.

(Feature image courtesy of Simon English on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

Source: https://ethereumworldnews.com/xrps-price-could-keep-falling-as-holders-decrease/

Blockchain

ETH Supply in Smart Contracts Leads That on Exchanges With Huge Margin, Thanks to DeFi

Published

on

advertisement


On-chain data analytics provider Galssnode has come up with an interesting observation for ETH supply! With all the craze around decentralized finance (DeFi), the ETH supply in smart contracts has outclassed its supply on centralized exchanges over the last fifteen days.

Advertisement

Fastpay

As we can see in the above charts, the ETH percentage supply in smart contracts has gone close to 15.5%, exceeding the exchange’s total supply by 4%. Rather there’s another interesting thing to observe here! The gap between the two continues to widen as investors decide to utilize ETH for DeFi profits instead of storing it on the exchange and waiting for trade opportunities.

Ethereum blockchain network remains the hot destination for DeFi apps. Moreover, the latest frenzy around yield-farming tokens has boosted the DeFi market to new highs. Thus, more and more users have been attracted to the Ethereum blockchain. Sharing another stats, Glassnode also mentioned that the number of non-zero addresses on Ethereum has hit a new all-time high.

DeFi Craze Pushes ETH Gas Fee to New Highs

As the crazy demand for ETH driven by the DeFi craze has pushed the gas-fees soaring. Just after the latest launch of the Uniswap’s UNI governance token, ETH miners collected more than $1 million in no time.

Ethereum miners have been making a fortune as the Gas price surged to 700 gwei per transaction earlier this week. The ETH gas price has touched its new all-time high in 2020. This has forced major centralized exchanges like Coinbase Pro to pass their fees to the customers.

Advertisement

Fairspin

On Thursday, September 17, the San Francisco-based exchange informed customers about the new changes. The exchange tweeted:

Starting today, Coinbase Pro will pass along network fees directly to our customers. These fees (sometimes referred to as “gas fees” on the Eth blockchain) are paid directly to crypto miners that process transactions and secure the respective network. Historically, Coinbase Pro has absorbed these fees on behalf of our customers. However, as crypto has begun to gain broader adoption in applications like DeFi, payments and other projects, networks have gotten busier.

Coinbase has assured that it won’t charge customers though for moving funds between two Coinbase accounts. Looking at this rapidly surging DeFi market, the Ethereum community is eagerly waiting for the launch of Ethereum 2.0 that will offer massive scalability and cater to a large number of DeFi projects.

To get the daily price analysis, Follow us on TradingView

Author: Bhushan Akolkar




Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Source: https://coingape.com/eth-supply-smart-contracts-leads-exchanges-huge-margin-thanks-defi/

Continue Reading

Blockchain

Stellar Lumens, NEM, Maker Price Analysis: 19 September

Published

on

Stellar Lumens was facing continuous bearish pressure on the charts and looked likely to head further south, at the time of writing. On the contrary, NEM exhibited a strong bullish trend in the near-term while Maker showed signs of bullishness as well.

Stellar Lumens [XLM]

Stellar, NEM, Maker Price Analysis: 19 September

Source: XLM/USD on TradingView

The momentum was strongly bearish with XLM. The RSI stood at 37, while having failed to rise above the neutral zone around 50 over the past week.

The last time the RSI noted an uptrend, however, it turned out to be a bounce, rather than a trend reversal.

Hence, it is likely that XLM is in the midst of a strong downtrend, and any short-term bullish reversal can be considered as a bounce, unless compelling evidence to the contrary can be found. Traders can use such bounces to short the crypto-asset.

XLM could drop past its level at $0.75 to find support at $0.7, and even beneath that level at $0.63, if faced with strong selling pressure over the next few days.

NEM [XEM]

Stellar, NEM, Maker Price Analysis: 19 September

Source: XEM/USD on TradingView

NEM registered bullish momentum in recent trading sessions, but faced resistance at the $0.116-level. Sellers stepped in as the price attempted to climb above the said level. XEM closing above this level would be bullish, while another rejection at the resistance could contribute to a small drop in price.

The Directional Movement Index signaled a strong trend, one that has been present with XEM for a week now. The ADX (yellow) was above 20, with -DMI (pink) above +DMI (blue), until it flipped the other way round a few days ago.

Buyers stepped in at the demand zone of $0.1. Further, Buyer interest appeared to have effected a trend reversal in the short-term too.

The close of the next few trading sessions will give a clearer picture of XEM’s next direction.

In other news, NEM is launching the Symbol public blockchain in December, and with it, the XYM token. For this purpose, the announcement regarding opt-in was made by NEM.

Maker [MKR]

Stellar, NEM, Maker Price Analysis: 19 September

Source: MKR/USDT on TradingView

Maker rose above its resistance at $500, and appeared to do so with conviction. The trading volume when MKR first breached the level was off the charts. This wasn’t all buyers, however, as sellers also forced the price south. MKR still closed that session at $502, with MKR attempting to rise even more, at the time of writing.

The OBV showed rising buyer interest, as exhibited by the higher lows the indicator was forming on the charts. Further, the MACD also formed a bullish crossover recently.

It is likely that MKR will rise above $500, re-tests the level, and continues upward. The next level of resistance for MKR lay around the $571 region.

Source: https://eng.ambcrypto.com/stellar-lumens-nem-maker-price-analysis-19-september

Continue Reading

Blockchain

DeFi right now is like ‘trying to fly to the moon in a cardboard box’ — Diginex CEO

Published

on

The decentralized finance, or DeFi, sector of the crypto industry has been bursting with exuberance, innovation, and speculation in recent months. The niche is still very much in its infancy, however, according to Richard Byworth, CEO of digital finance company Diginex.

“I do believe that DeFi is the future potentially down the road,” Byworth said in an interview with Morgan Creek Digital co-founder Anthony Pompliano, posted on Sept. 18. “But it’s very early,” he added, elaborating:

“It’s like trying to fly to the moon in a cardboard box — I mean, you’re going to get yourself into trouble along the way, and, you know, things are going to break and burn up, as we’ve already started to see.”

Such dramatic attempts, trials, and failures do not make the industry look great with regards to mainstream entities peering into the crypto sphere and its nascent DeFi niche.

“I definitely look back to 2017, and this DeFi thing is probably not what we need right now,” Byworth added. “We’ve got MicroStrategy coming in, we’ve got Paul Tudor Jones coming in, we’ve got some really serious hitters starting to pay attention to this industry and I just hope that DeFi doesn’t become another ICO craze that people go, ‘you know what, everyone’s crazy in crypto,’ and stay away from it for another few years.”

The entire crypto industry reached peak bubble status in 2017 due to the rising trend of initial coin offerings, or ICOs — a fad later stomped out by regulation. In recent weeks, DeFi has given off similar vibes, with many random assets spiking in price

Byworth is also not the first to compared the DeFi sector to ICOs in 2017. The founder of digital asset data site Messari, Ryan Selkis, recently expressed similar thoughts

Additionally, as Byworth, mentioned, multiple important mainstream giants have recently placed big bets on Bitcoin, possibly putting the industry at a pivotal point in the life thus far. 

Source: https://cointelegraph.com/news/defi-right-now-is-like-trying-to-fly-to-the-moon-in-a-cardboard-box-diginex-ceo

Continue Reading

Trending