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Trend Continuation Pattern Forms On XRP/USDT Weekly Chart

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© Reuters. Trend Continuation Pattern Forms On XRP/USDT Weekly Chart

    • XRP is down 2.27% in the last 24 hours and has fallen 27.02% in the last 7 days.
    • A bearish descending triangle has formed on the weekly chart for XRP/USDT.
    • TA suggests that bears have built enough momentum to push the price of XRP past the nearest support level.

XRP is down 2.27% in the last 24 hours and has fallen 27.02% in the last 7 days according to CoinMarketCap.

Ranked number 6 on CoinMarketCap’s list of biggest crypto projects by market cap, the price of XRP currently stands at $0.4184 – taking the project’s total market cap to around $20.32 billion.

The trading volume for XRP has also decreased by double digits and is approximately $1,775,994,485 at the time of writing, which is 21.38% lower than that of the previous day.

Descending triangle on XRP weekly chart (Source: TradingView)

Looking at the weekly chart for XRP/USDT, a bearish descending triangle chart pattern has formed as XRP’s price approaches the weekly support level of $0.42. The last few weeks have been taken over by bears as sell volume trumps buy volume during this time period.

The Relative Strength Index (RSI) on the XRP/USDT weekly chart also shows that XRP is heavily oversold. Technical analysis and indicators suggest that the price of XRP may not be done falling yet.

Despite the latest developments in the long-ongoing lawsuit between XRP and the SEC that give XRP the favorable hand, it seems that there is still a strong bearish sentiment around the project. A continuation indication of the current bear trend is also the 20 EMA crossing below the 50 EMA in the last few weeks.

These two crucial EMAs are also starting to break away from each other – a sign that the bearish trend may intensify.

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Cryptocurrency

Do Kwon proposes Terra hard fork to save ecosystem

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Do Kwon proposes Terra hard fork to save ecosystem

On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain’s market cap. As told by Kwon, Terraform Labs will put forth a new governance proposal on May 18 to fork the Terra Luna blockchain called Terra (token name: LUNA).

However, the new chain will not be linked to the TerraUSD (UST) stablecoin. Meanwhile, the old Terra blockchain will continue to exist with UST and will be called Terra Classic (LUNC). Under Kwon’s plan, if passed, the new LUNA blockchain will go live on May 27.

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Cryptocurrency

Brazilian Stock Exchange set to launch Bitcoin and Ethereum futures

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Brazilian Stock Exchange set to launch Bitcoin and Ethereum futures

The Brazilian Stock Exchange, B3, is set to launch its first official crypto-related product within the next six months, André Milanez confirmed in a conference call on Monday.

Milanez, who is the group’s chief financial officer, said B3 plans to launch “Bitcoin futures in the next three to six months.” The details of the product are still sketchy as Milanez did not disclose if the exchange will offer Bitcoin futures trading directly or form a partnership to offer the service.

In January, Jochen Mielke de Lima, director of information technology at B3, said that the stock exchange would launch products offering crypto exposure this year, including Bitcoin and Ethereum futures.

Back then, he disclosed that the Brazilian stock exchange had been examining the cryptocurrency market from a technological standpoint since 2016. Particularly, whether negotiations needed to be done against the Brazilian real or the US dollar. If the former was chosen, a crypto-asset index in reais needs to be developed, something that does not yet exist.

In addition to its crypto futures plan, B3 is also looking to offer services to crypto exchanges, acting as a kind of “centralizer” of custody and settlement operations. Lima said:

We have around 30 national crypto exchanges, apart from the international ones that operate here. We could offer a service to facilitate and standardize their operations. I believe it has something to explore in providing custody services and in the settlement process.

Furthermore, B3 has other crypto-based products in its arsenal, including a platform for crypto trading, asset tokenization, and cryptocurrency custody.

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Cryptocurrency

Price analysis 5/16: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

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Price analysis 5/16: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

The selling in Bitcoin (BTC) is showing no sign of abating and Bitcoin has fallen for seven straight weeks for the first time ever. This indicates that the momentum remains strongly in favor of the bears.

While the short-term sentiment remains bearish, institutional traders seem to be taking a longer-term approach on cryptocurrencies. Goldman Sachs (NYSE:GS) and Barclays (LON:BARC) joined several other institutional investors in a $70 million Series A funding round by institutional trading platform Elwood Technologies.

Daily cryptocurrency market performance. Source: Coin360

BTC/USDT daily chart. Source: TradingView
ETH/USDT daily chart. Source: TradingView
BNB/USDT daily chart. Source: TradingView
XRP/USDT daily chart. Source: TradingView
ADA/USDT daily chart. Source: TradingView
SOL/USDT daily chart. Source: TradingView
DOGE/USDT daily chart. Source: TradingView
DOT/USDT daily chart. Source: TradingView
AVAX/USDT daily chart. Source: TradingView
SHIB/USDT daily chart. Source: TradingView

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