Ripple Price Signaling More Upsides
[NEWS BLOG]: Ripple Price Signaling More Upsides
Recently, there was a steady increase in bitcoin and Ethereum, which helped ripple in recovering above the $0.2250 resistance. XRP price followed a decent bullish past and surpassed the $0.2300 resistance.
Moreover, there was a close above the $0.2320 resistance and the 100 hourly simple moving average. A new weekly high is formed near $0.2359 and the price is currently correcting lower.
It traded below the 23.6% Fib retracement level of the recent wave from the $0.2259 low to $0.2359 high. An immediate support is near the $0.2310 level.
Besides, there is a major bullish trend line forming with support near $0.2305 on the hourly chart of the XRP/USD pair. The trend line support is also close to the 50% Fib retracement level of the recent wave from the $0.2259 low to $0.2359 high.
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India Plans to Issue a National Blockchain Framework
The Indian government is preparing a national framework to support the wider deployment of blockchain use cases.
Minister of state for electronics and IT (MeitY) Sanjay Dhotre said Wednesday that the government is drafting an approach paper on the National Level Blockchain Framework which discusses the potential for distributed ledger technology and the need for a shared infrastructure for different use cases.
Dhotre made the announcement in a letter addressing questions about blockchain from members of the Lok Sabha, the lower house of the Indian parliament.
In particular, MP Parvesh Sahib Singh Verma asked whether the government had encouraged and conducted research - read more.
Bitcoin Is Looking at a Short-Term Bull Reversal if Prices Pass $7,400
- Bitcoin has created a hammer candle on the three-day chart, a warning of an impending bull reversal. However, a break above the candle's high of $7,380 is needed to confirm the short-term trend change.
- A move above $7,380 would activate twin bullish cues on the 4-hour chart and allow a rally to $8,000.
- Acceptance below Monday's low of $6,515 would imply a continuation of the sell-off from recent highs above $10,000.
Bitcoin needs to break above $7,380 to confirm a short-term bull reversal and invite stronger buying pressure, the three-day chart indicates.
Specifically, the top cryptocurrency by market - read more.
Bitcoin Falls Through Key Average as Traditional Markets Hit Record Highs
- Strong performances in traditional assets and a lack of new reasons to buy crypto is suppressing BTC’s price.
- A loss of the 50-day moving average exposes the $8,000 price level.
- The daily RSI shows that momentum slowing, which could hint at greater selling pressure in the short term.
Bitcoin (BTC) is at risk of another sell-off after its price fell beneath a key moving average on Nov. 15, as a relatively strong performance by traditional assets caught investor attention.
According to Jeff Dorman, CIO at Arca, an investment management firm dealing in digital assets, BTC’s drop in price - read more.