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Ripple Price Forecast: XRP/USD Stubborn Trendline Resistance Hints Free-fall To $0.1850

Ripple faces growing resistance at the trendline further putting to great risk the support at $0.19 and $0.1850. XRP/USD could settle for consolidation if support above $0.19 is defended at all costs. Ripple’s drop on Monday refreshed the lows traded last week around $0.1850. This resulted in the formation of a double-bottom pattern. The pattern

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  • Ripple faces growing resistance at the trendline further putting to great risk the support at $0.19 and $0.1850.
  • XRP/USD could settle for consolidation if support above $0.19 is defended at all costs.

Ripple’s drop on Monday refreshed the lows traded last week around $0.1850. This resulted in the formation of a double-bottom pattern. The pattern is very popular in technical analysis and it is used to signal a reversal from a downtrend. As expected, Ripple reversed the trend almost immediately, stepping above $0.19.

The bulls extended the leg upwards but failed to break the hurdle at $0.1950. The trendline resistance also stood in the way of the bullish action. Ripple resumed the downtrend resting the short term support at $0.19. At the time of writing, the fourth-largest cryptocurrency is trading at $0.1916 and holding the position above the 100 SMA in the hourly range.

XRP/USD 1-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

High congestion of bulls at $0.19 is bound to stop declines toward the main support at $0.1850. Technical indicators such as the RSI and the MACD emphasize on sideways trading action. For instance, the MACD is moving sidelong at +0.00083. This means that buyers are relatively in control. The consolidation is confirmed by the Relative Strength Index (RSI).

On the upside, resistance at $0.1950 is them buyers’ nightmare. If broken, a breakout could emanate, sending Ripple above $0.20. Meanwhile, support above $0.19 is currently key to breaking the stubborn descending trendline resistance. Note the longer the price stays under the trendline, the stronger the bears become; a situation that could force Ripple to retest levels towards $0.18.

Ripple Intraday Key Level

Spot rate: $0.1915

Relative change: -0.000999

Percentage change: -0.52%

Trend: Bearish

Volatility: Expanding

 

Source: https://coingape.com/ripple-price-forecast-xrp-usd-stubborn-trendline-resistance-hints-free-fall-0-1850/

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Crypto exchange Poloniex faces outage due to DDoS attack

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Global crypto exchange Poloniex experienced an outage earlier today, and the exchange noted that their services were unavailable due to an ‘unexpected issue’.

The issue was later identified to have been caused due to a Distributed Denial-of-Service (DDoS) attack that began around 06:30 UTC.

Poloniex announced that customer funds were safe, followed by Justin Sun, one of the top investors in crypto exchange’s acquisition last year.

According to statements from the exchange’s customer support, the cause of the issue was under investigation for several hours before the issue was identified and disclosed.

During this period of maintenance, the exchange was in a post-only mode which meant that matching orders would be rejected.

The exchange has since resumed operations and restored full trading for all markets after the resolution of the incident.

“We understand how frustrating downtime is for our customers and apologize for any inconvenience caused. We have already taken steps that will help to mitigate future attacks and are working with our DDoS prevention vendor to monitor and further enhance our DDoS prevention capabilities moving forward.”, noted Poloniex in a statement.

Earlier this year, OKEx and Bitfinex were subject to DDoS attacks that lead to the platforms being offline briefly.

A distributed denial-of-service (DDoS) attack is a malicious attempt to disrupt the normal traffic of a targeted server, service, or network by overwhelming the target or its surrounding infrastructure with a flood of Internet traffic.

It remains unclear as to why crypto exchanges are the subject of these types of attacks, apart from an intent to disrupt trading activity.

Source: https://eng.ambcrypto.com/crypto-exchange-poloniex-faces-outage-due-to-ddos-attack

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India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar

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Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend.

Taxing Crypto Gains

According to local media, the Indian Tax Department is already in possession of data belonging to investors who invested in Bitcoin or cryptocurrencies through banking channels before the RBI’s ban in 2018. 

This development is coming after data shows a tremendous increase in crypto trading activities in India. Since the crypto ban was lifted earlier this year, retail investors between the ages of 25 and 40 have been spending millions of dollars on crypto trading every day. 

Over $25 Million Daily

Two of India’s largest crypto trading platforms, Binance-acquired WazirX and CoinDCX, saw a significant increase in activities over the last six months. According to an earlier report, WazirX recorded a massive 125% increase in user signups in the last two quarters. The exchange also has a daily trading volume of $19-26 million, with more than 85% of the transaction coming from Indian traders. 

Some experts believe it will be difficult for the country to tax crypto because there’s no regulation in place for crypto dealings. They feel a regulatory framework will provide the needed clarity to make taxation easier. While India is yet to release its crypto regulation, an earlier report suggests that the country may regulate crypto as commodities.

Declaring Bitcoin Profits As Capital Gains

Although it is unclear how India plans to implement the tax law, sources familiar with the matter claimed that the country’s taxman is already preparing to collect tax on the gains made from Bitcoin. And notice may be sent out to investors if “something goes out of this.”

Experts believe that the tax authorities may classify crypto gains as business income, and investors may have to pay up to 30% tax on profits made from selling cryptocurrencies. 

However, some tax experts are advising their clients to declare their Bitcoin earnings as capital gains, which is similar to profits generated from shares.

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Source: https://cryptopotato.com/india-reportedly-plans-to-tax-crypto-investors-as-bitcoin-price-and-trading-activities-soar/

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Bitcoin Breaks 2017 ATH But Gets Rejected: The Crypto Weekly Market Update

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To say that this week was interesting would be an understatement. It had a little bit of everything.

Starting off, towards the beginning of the week, Bitcoin officially surged past its 2017 high and recorded a new all-time high, clocking at almost $20,000 but couldn’t really manage to surge past that point.

Naturally, as it always happens with the primary cryptocurrency, things took a turn for the exact opposite of what many were expecting. The price took a beating ad dropped to the low $18,000s in a matter of hours. This resulted in around $800 million worth of liquidations in less than 24 hours.

The bulls weren’t finished, however. They intercepted the move, and the price started recovering. At the time of this writing, Bitcoin is trading around $19,000, and it’s interesting to see where it would take from here.

Elsewhere, there was quite a bit of positive news throughout the entire week. Just yesterday, the audio streaming giant Spotify posted a job opening that revealed that it’s contemplating cryptocurrencies for payments. The acting Comptroller of the Currency in the US, Brian Brooks, said that banning crypto is not part of the country’s plans, reassuring that positive news will follow by the end of Trump’s term.

Unfortunately, the week also presented us with some bad news. As CryptoPotato reported, a large Australian exchange accidentally exposed over 270,000 customer emails in a serious privacy breach. This is not the first time an incident of this kind happens as in late 2019, BitMEX went through something similar.

In any case, the overall sentiment within the community remains overly positive. In fact, a cryptocurrency sentiment survey conducted by Kraken revealed that investors hold that Bitcoin will hit $36,000 in 2021. Will it happen? Only time will tell.

Market Data

Market Cap: $562B | 24H Vol: 139B | BTC Dominance: 62.7%

BTC: $18,915 (+13.03%) | ETH: $587.46 (+16.13%) | XRP: $0.56 (+5.61%)

Audio Streaming Mogul Spotify Considering Cryptocurrency Payments. The popular audio streaming mogul Spotify has posted a job opening that reveals its intention to potentially incorporate bitcoin and other cryptocurrencies as a means of payment. With this, Spotify follows a group of major corporations that are putting effort towards implementing digital assets in their ecosystems.

Bullish Indicator to Buy Bitcoin Has Flashed Yet Again After 5 Months. The majorly bullish indicator has flashed green once again after five months. The Hash Ribbons, as it’s referred to, preceded BTC’s rallies to $10,500 in April and the run-up to $12,500 in August. It’s interesting to see if it will be correct again and if BTC will produce yet another leg up, taking it above $20,000.

Bitcoin Arrives At Wall Street: Crypto Indexes To Be Launched in 2021 By S&P Dow Jones Indices. In another news of serious cryptocurrency adoption, the leading index provider S&P Dow Jones Indices has revealed a partnership with the crypto-based Lukka to launch cryptocurrency indexes that follow 550 of the leading coins.

Bitcoin Price to Hit $36,000 in 2021: Kraken Crypto Sentiment Survey. According to a recent sentiment survey conducted by the popular cryptocurrency exchange Kraken, a majority of the respondents believe that Bitcoin will hit $36,000 in 2021. The same also think that Ether will clock in at a price of around $1450.

Visa Partners With Circle to Integrate USDC for Payments. The payment processing giant Visa has partnered up with Circle with the intention to integrate the USDC stablecoin within its network of merchants. The report also shared that 25 other companies involved in Visa’s Fast Track program would be included in the collaboration.

Australian Crypto Exchange Accidentally Exposes Over 270,000 Customer Emails. In what seems like another serious privacy breach, an Australian cryptocurrency exchange has accidentally exposed over 270,000 customer emails. This follows another mistake of the kind that happened with BitMEX in late 2019.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Source: https://cryptopotato.com/bitcoin-breaks-2017-ath-but-gets-rejected-the-crypto-weekly-market-update/

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