Market Cap:
$241B
BTC Dominance:
65.67%
btc:
$8,763.86
eth:
$187.69
xrp:
$0.27
Advertise

Ripple price prediction November 12 update

Ripple breaks even after 30 days. Will there be a minor rally soon? The following Ripple price prediction November 12 update is based on the Elliott wave theory.

November 12, 2019 | AtoZ Markets – After a rally to 31.5 cents to start November on a positive note, Ripple slumped to 27 cents in the days after. At the current price, Ripple has lost 6% in November and 15% in the last 17 days. From the long term, it seems this crypto will slump against the majors again. However, on the short-term, a minor recovery could ensue back to 30-31 cents.

In recent weeks, Ripple has regressed to become the worst-performing cryptos among the top 6. It briefly led the gainers in September when it spiked to 32.75 cents and has recovered slightly from the slump to 21.2 cents. However, the oscillating nature of XRP price since September is leading to a triangle pattern which could break out either way. In the last 30 days, Ripple is almost at breakeven. In the last 7 days, however, it has shed nearly 10% at the time of writing. In the last one year also, Ripple has a setback of 47% while in 2019 YTD, investors have lost 30%. All these red figures might increase unless a massive break to 40 cents happens. If the price breaks below the triangle pattern instead, XRP price might continue below 21.2 cents to 12-13 cents.

Read Also: Former Fed Chair Says No Need for Central Bank Digital Currency

Ripple price prediction November 12 update

In the last update, we looked at the long term price analysis. XRP is clearly still under the bearish pressure. The emerging price patterns signal big vulnerability. We used the chart below in the last update (All charts used below are from TradingView).

We also identified the current pattern beneath the heavy bearish zone as a triangle pattern. Although the triangle is preceded by a bearish trend, the breakout can happen on either of the direction. Meanwhile, it seems the sideways range will continue for more days or perhaps a few more weeks. However, the new chart below shows an ending diagonal could lead to the price advancing to the roof of the triangle

Ripple price prediction November 12

A wedge/ending diagonal pattern is complete just above 26 cents. This could signal short term buying opportunities for Crypto speculators. A break above 27.8 cents is required to trigger the move. This might be the wave d of the triangle if the eventual breakout will happen downside. Wave e could, therefore, hit close to 31 cents from the current level. However, a sharp decline could follow or the price stays longer in the wide range.

Read Also: Bitcoin price prediction November 12 update

Bitcoin price prediction November 12 update

Bitcoin hit a new low this week and has been kept rooted to the downside. The following Bitcoin price prediction November 12 update is based on the Elliott wave theory.

November 12, 2019 | AtoZ Markets – Bitcoin price dropped below the $9,000 mark last week after a massive breakdown from a sideway pattern.  Earlier this week, the bulls attempted recovery and quickly pushed to $9,250. However, that only lasted for some hours before the sell-off resumed. On Monday, the price hit $8,600 on some exchanges and will most likely continue below to $8,500 or $8,000 before the bullish run from $7,300 continues.

Generally, the market has shed about $15 billion in the last one week. Currently, the total market capitalization stands at $239.4 billion (Coinmarketcap) with Bitcoin having 65.9% dominance. Crypto bulls will hope that the huge bullish moves across the board that we saw between October 25 and 26 will continue. The likelihood of this is high considering that the dip from $10,500 is corrective.

Taking a quick recap of the performance of the top 6 coins, Ripple and Bitcoin sit on the bottom with 10% and 7.5% slump in the last 7 days. Meanwhile, over the last 30 days, BCH and LTC remain the biggest gainers with 29% and 8% profit respectively at the time of writing this report. Bitcoin only gains 3.8%, Ethereum 0.7% and Ripple is breakeven (in the last 30 days). Bitcoin still leads the gainers with 37% over the last 365 days and 122% in 2019 ytd.

Bitcoin mining difficulty drops; hash rate surges

Meanwhile, Bitcoin mining difficulty has dropped significantly. Since the 2018 bearish market, this is happening for the first time. As a result, the Bitcoin price is just about $700 above the current mining breakeven price. In addition, the hash rate continues to surge. This is a good one for the miners ahead of the 2020 block reward halving. In all, miners will still anticipate the sort of rallies seen in the first half of 2019 to resume in this quarter or in the first half of 2020.

Read Also: Bitcoin Mining Difficulty Drops Significantly as Hash Rate Surges

Bitcoin price prediction November 12 update 

The drop from $10,500 is corrective. In the last update, we had two reversal levels where we will anticipate the bulls to attempt another recovery. We used the chart below in the last update.

The price is very close to the $8,450-8,550 first reversal zone as the new chart below shows. We will be looking forward to a technical reversal signal or a big spike to trigger the move.

Bitcoin price prediction November 12

Price is close to the zone with an ending diagonal pattern. If it stays above this zone and then breaks above $9,000, that could be the trigger for the next surge above $10,500. However, if the price breaks below this zone, we will look forward to reactions at the $7,800-$8,000 zone.

Read Also: EURUSD Elliott wave analysis November 12 update

Ripple price prediction November 9 update

Ripple is about to end the week negative as cryptocurrencies see red again. The following shows Ripple price prediction November 9 update from a technical analysis perspective. 

November 08, 2019 | AtoZ Markets – The cryptocurrency market lost about $5 billion on Friday as the entire market capitalization closed at $240.8 billion. Almost all the cryptocurrencies listed on Coinmarketcap fell sharply. In the last 24 hours, Ripple, BCH and BTC shed 4.5%, 4% and 3.75% respectively. Among the top 5 cryptos, Ripple has been the worst hit by the current bearish run. After a sharp recovery to 31.5 cents on Wednesday, the third-largest cryptocurrency fell sharply in less than 48 hours after. XRP price hit 27.2 cents on Friday and is about to close the week bearish.

Ripple in 2019 so far

Ripple has had a tough year in terms of price growth. In late September, when it fell to 21.2 cents, it had lost 43% ytd. However, recent surge in October has seen that deficit reduced to 22.5% ytd. Despite the drop in price, Ripple has had an exceptional year in terms of partnerships, customer base and liquidity. In fact, CEO Brad Garlinghouse claimed that 2019 is the best year in the Fintech company’s history. In the last one year, the number of transactions on RippleNet increased by ten times. However, the year has not come by without controversial negative news. The startup has been accused many times of ‘dumping’ by its biggest holders.

Read Also: Ripple CEO Predicts Worthless Future for 99% Cryptocurrencies

Ripple price prediction November 9 update

Technically, it seems the price has returned to the bearish zone once again. XRP’s frequent knocking at 30 cents earlier this month without a breakout has shown that the bullish forces are not strong enough. In the last update, we expected a minor dip before the bullish resurgence continues. However, the current price situation suggests the return of the bearish trend is more probable.

Ripple price prediction November 9

The price is currently below a strong resistance zone. It looks like the bearish pressure is still very strong. Unless a massive breakout above the falling trendline above happens, we should expect Ripple to fall below the 21.2 cents previous low. In addition, since the price surged toward this resistance zone, it has gone sideways and emerged into a triangle pattern as the chart below shows.

Ripple price prediction November 9

A triangle pattern is emerging or might have even completed. Technically, this should be a bearish contracting triangle. A breakdown below the support line will most likely see Ripple drop to 12-13 cents. However, if the price breaks upside instead and above the long term trendline mentioned in the weekly chart above, we should see it advance to 37 cents at least and thus buy the bulls more time.

Read Also: Bitcoin price slumps below $9,000 to hit 4-weeks low

 

 

Bitcoin price slumps below $9,000 to hit 4-weeks low

Bitcoin price slumps below $9,000 on Friday as the week prepares to close. The following technical analysis is based on the Elliott wave theory.

November 08, 2019 | AtoZ Markets – Bitcoin and the cryptocurrency market has continued the bearish run that started late in October. Bitcoin, which has consistently stayed above $9,000 in November, dropped below the psychological level for the first time. The dip to $8,950 meant that the premier cryptocurrency hit its lowest price since October 27. In addition, the dip came after a breakdown from a sideway technical pattern. It now seems BTC price will plunge further to $8,500 or lower. However, the bullish resurgence from $7,300 to $10,500 in late October is still intact and might resume after the current correction.

Prior to this time, the crypto market has remained almost unchanged this week with about $255 billion in capitalization (Coinmarketcap). The market has now lost about $10 billion in the last few days with the largest part of that coming from today’s plunges across the board. In the last four hours, the top 5 cryptos on Coinmarketcap have shed an average 1.25% with Bitcoin being the hardest hit with 1.8% drop (at the time of writing this report). This has increased the set-back in the last 7 days to 2% for Bitcoin and almost 4% for Ripple. Whereas, BCH and LTC have recorded over 4% gains each in the last one week. However, Bitcoin still holds the bulk of market share at 66.9%. and still remains the Crypto king.

Read Also: Bakkt Figures Shows A Growing Institutional Interest In Bitcoin Futures Contracts

Bitcoin price prediction: Elliott wave analysis

Technically, the dip from $10,500 is clearly corrective. It will be shocking to see BTC price drop below $7,300. Bitcoin is going back upside. However, before that happens, the market will have to see off the current dip in enthusiasm. The minor bearish momentum will most likely push the price to $8,500 or even lower. In the last update, we weighed the current dip with the Elliott wave theory. We then came up with the chart below.

From $9,995, we identified a sideways triangle pattern and anticipated wave e of (b) ending at or below $9,500. Bitcoin price slumps below $9,000 after completing a shallow wave e.

Bitcoin price slumps

The price broke below the wave b-d support of the triangle to confirm the end of the wave e of (b) triangle. Wave (c) is expected to continue to $8,500 where we have a confluence of important Fibonacci levels. The second target level is the base of the corrective (purple) channel at/below $8,000. If there are bullish signals at any of these levels, Bitcoin price should advance toward $12,300 and $13,900.

Read Also: How to make a Bitcoin Paper Wallet

 

Ripple price prediction November 6 update

Ripple in the last 24 hours has been trading around the 30 cents level with no sign of a breakout yet.  The following Ripple price prediction November 6 update is based on the Elliott wave theory.

November 06, 2019 | AtoZ Markets – The third-largest cryptocurrency is constrained within a price range and could spend more time there before breaking out. Since the XRP price hit 31.5 cents in late October, it has dropped to 28.5 cents and has remained within the two extreme levels. Similar price pattern can be seen across the board. The entire market capitalization has been around $250 billion in the last one week. In addition, the 24-hour trading volume is almost unchanged according to Coinmarketcap data.

In the last 7 days, the top 5 cryptos have all had little gains. XRP being the least with just 1% is far less than the average gain (+3.85%). Meanwhile, LTC is leading the way of the top 5 with 8.4% in the last 7 days. BCH and ETH at 4.41% and 3.72% respectively follow in 2nd and 3rd positions respectively. However, in the last one month, the top 5 had significant gains- BCH and BTC lead the way with 30% and 13.5% respectively while Ripple comes at a distant 4th with 8.7% at the time of writing this report. Meanwhile, the market has been very quiet on Wednesday with no significant price changes among the top 5 coins. Currently, Ripple is fluctuating around 30 cents.

Read Also: Ripple CEO Predicts Worthless Future for 99% Cryptocurrencies

Ripple price prediction November 6 update: Elliott wave analysis

Technically, Ripple will most likely continue in the current range in the next 7-14 days especially if there is no quick break above the 31 cents top. In the last update, we identified 30.7 cents, 31 cents and 31.5 cents as the nearest intraday resistant levels. Until the price breach above these levels, a bearish move to 29 cents or below looks attractive. From the Elliott wave perspective, we expect the dip from 31.5 cents to complete a corrective structure and break upside to 37 cents or higher to 51 cents. In the last update, we used the chart below (Charts from TradingView)

We expected a zigzag/double zigzag pattern down to 27.5 cents before the bullish trend move from 25 cents continues. However, the price has gone sideways instead and now looks more like a triangle pattern. The Ripple price prediction November 6 update is shown below.

Ripple price prediction November 6

The dip from 31.5 cents is clearly corrective. However, the corrective pattern is not yet complete. The price might complete a triangle or double zigzag pattern. If the price completes a triangle pattern, we will expect the 28.6 cents to provide support for wave (e). On the other hand, if the price breaks below 28.6 cents, we might see a double zigzag complete at 27-27.5 cents. In any way we look at it, Ripple price should resume upside above 32 cents in the short-term.

Read Also: Bitcoin price prediction November 5 update

Bitcoin price prediction November 5 update

Bitcoin continues to consolidate in a tight range. The following Bitcoin price prediction November 5 update is based on the Elliott wave theory.

November 05, 2019 | AtoZ Markets – The cryptocurrency market has gained over $5 billion this week so far despite the sideways move. Bitcoin remains below $10,000 in November and has gone sideways between $9,600 and $9,000 in the last one week. While the surge from $7,300 should continue, the lack of momentum will eventually drive the current dip lower.  Unless a massive breakout happens, the current consolidation might continue till Friday.

Bitcoin market dominance has dropped to 66.9% according to data available on Coinmarketcap. Although the change is very small compared to what we had at the beginning of this week, it still shows BTC has performed a bit worse than the aggregate of the Altcoins (in the last one week). Meanwhile, in the last 24 hours, the flagship crypto has been the worst performer among the top 5 coins with 1% drop. By comparison, Litecoin and BCH gained 6% and 3% respectively. However, in the last 12 months, Bitcoin is by far the biggest gainer with 46%. Litecoin comes at a distant second with 19%. If the bullish trend resumes, this should increase.

Since the dip from $10,490, two minor resistance levels have completed at $9,950 and $9,650. On the other side, the major short-term support zone at $8,860-9,000 might also hold on for a little more time.

Also Read: 2020 Bitcoin Halving facts you should know

Bitcoin price prediction November 5 Elliott wave update

From the Elliott wave perspective, we identified the new bottom at $7,300, The bearish correction that started in late June has apparently ended. The surge to $10,490 was the trigger we expected. In addition, the current dip is corrective. That signals that once the correction is over, the bullish trend should continue above $10,490, $12,300 and $13,900 toward the $19,800 all-time high. In the last update, we used the chart below to analyze the corrective dip. (All charts used are from TradingView)

We expected a simple zigzag corrective pattern to $8,500-8,500 before the bullish trend continues. However, the corrective pattern went sideways and thereby becoming more complex. This chart below is an update.

Bitcoin price prediction November 5

From $9,950, the Bitcoin price is completing a triangle pattern to end wave (b). With this structure, the bears could push lower than expected in the last update. If the triangle pattern completes and the price breaks below it, BTC should drop to $8,000-8,500 before returning upside.

 

55 billion Stellar Token burn cuts XLM supply by 50%

Stellar Development Foundation (SDF) has burnt 55 billion of the project’s total token supply. The XLMUSD pair has reacted positively to the news, surging by nearly 25% in one hour.

November 5, 2019, | AtoZ Markets – Stellar’s native token XLM registered fresh gains on Tuesday as its founders decided to wipe out half of the coin’s market supply.

The Stellar Development Foundation announced yesterday that it has burned 55 billion XLM tokens. Earlier, the total supply of XLM was 105 billion, out of which 20 billion were in circulation. The foundation’s CEO Denelle Dixon stated that they removed 5 billion XLM from their operating fund and 50 billion XLM from their airdrop program.

Stellar burns XLM Tokens

XLMUSD Price Surges

The surprising announcement sent the price of XLM soaring from around $0.07 to a high of $0.087. Since hitting that high, the price of Stellar declined a little to trade back down to $0.080. Currently, Stellar is the 10th biggest cryptocurrency by market capitalization. The XLMUSD pair is up over 64% from its 2019 low of $0.054 on September 25th.

At a current price of $0.080 per token, the value of the burned tokens is nearly $4.7 billion.

Source: TradingView.com, Coinbase

The upside tick nevertheless came after a depressive 2019. XLM earlier plunged by more than 80 percent against BTC, establishing a year-to-date low of 556 sats on September 13. The Stellar token rebounded only after Bitcoin’s uptrend halted near the $14,000 level in July, showing that the gains came from traders’ hedging strategies instead of solid fundamentals.

Why Stellar Burnt XLM Tokens

The sudden-burn led critics – mostly followers of the XLM rival groups – to speak ill of SDF. Many said that Dixon & Co. was running out of good news so they merely planned to create one. Leo Cheng, the co-founder & CEO of Machi X, even said the XLM is useless as a utility token and burning half the supply of something that’s “worth zero still makes it zero.”

However, SDF clarified in its announcement that the reason it was pulling the plug on 55 billion XLM tokens was simple: they didn’t need them. Excerpts from their statement:

Over the years we’ve also seen that giveaways and airdrops have diminishing effects, especially in the outsized amounts our original plan was designed to support […] The network and community around Stellar are now robust enough to allow SDF to carry less weight, too–we’re just a piece of a much larger whole, and the funds we steward should reflect that.

Think we missed something? Let us know in the comments section below.

Ripple price prediction November 2 update

Ripple continues the bearish correction from 31.5 cents. How deep will it go before the larger bullish run continues? The following Ripple price prediction November 1 update looks at what could happen next.

November 02, 2019 | AtoZ Markets – The cryptocurrency market has been on the downward slope since most cryptos hit their October highs at the start of this week. However, the market capitalization is a bit unchanged since Monday. At the time of writing, the market cap was at $245.6 billion according to data available on Coinmarketcap. October ended bullish for the market including Ripple after sharp recoveries followed sharp declines at the start of the last week. Ripple rallied to 31.5 cents although still short of the September high of 32.75 cents.

In the last one year, Ripple price remains the worst performer among the top 7 coins with a 36% decline. To compare, Bitcoin and Litecoin gained 45% and 15% respectively in the same period. Meanwhile, in the last 30 days, Ripple has surged to be the second top gainer among the top coins with +16% gain, only led by BCH’s 24% gain. In the last one week, however, XRP has fallen behind with nearly 3% decline while BCH, BTC and LTC maintained positive returns of 9%, 7.5% and 1.5% respectively. Currently, XRP  is priced at 29 cents and in a corrective dip. The crypto market should resume upside in the coming week and so should Ripple.

Ripple price prediction: Elliott wave analysis

Ripple wave analysis from the long term is not as clear as Bitcoin’s. At the same time, the 21-2 cents-32.75 cents price range in the last two weeks can give a good clue. The price is much closer to the 32.75 cents high and therefore gives the bulls a higher chance of pushing toward 37 cents or even 51 cents before the year ends. On the other hand, the bears have to overcome the 25 cents support before pushing lower to 21.2 cents. However, the recent optimism around the market might make this a tough call for the bears. Meanwhile, XRPUSD wave analysis from the lower time frame is much clearer.

In the last XRPUSD update, we had the chart above. After the update above, wave 1 shown above, was short of the 32.75 resistance level before the wave 2 started. The chart below is the Ripple price prediction November 1 update and it shows that the dip from 31.5 cents is clearly corrective.

Ripple price prediction November 1

The chart above shows a more explanatory labelling. The dip from 31.5 cents could complete a zigzag pattern around 27.5-28 cents. The rally from 25 cents should continue afterwards. However, we are yet to know whether this will lead to complete recovery above 51 cents or a simple A-B-C bullish correction pattern below 37 cents. In addition, the current dip from 31.5 cents could complete a triangle pattern if it continues sideways above 28.5 cents and 31 cents for many days. Eventually, if a triangle pattern happens, the chances that the rally from 25 cents will end up as a larger bullish zigzag correction below 37 cents becomes higher.

Bitcoin price prediction October 30 update

Bitcoin is staying longer on the decline from $10,500. The following Bitcoin price prediction October 30 update is based on the Elliott wave theory.

October 30, 2019 | AtoZ Markets – The cryptocurrency market surprised many traders and investors last week. It surged massively and shatter many of the near resistance levels. In less than 24 hours, Bitcoin advanced to $10,500 from $7,750 shortly after hitting $7,300. The call for the bullish trend to resume is now very loud. Afterwards, Bitcoin dropped sharply from $10,500 to $8,800. The cryptocurrency has now stabilized, waiting for the next trigger to resume the 2019 bullish trend. Apparently, the surge could mean that the 4 months bearish correction from $13,900 has bottomed at $7,300. The bullish trend should thereafter resume and break above $13,900 2019 high toward the all-time high at $19,800. Whether this will be achieved before the end of this quarter depends largely on market volatility.

Bitcoin analysis: when will the bullish trend resume?

Technically, if we use the Fibonacci retracement tool, the current bearish correction should end between $8,900 and $8,500 which are the 50% and 61.8% retracement levels respectively. Also important is the price pattern that emerges. Usually, corrections are slower and take longer time to complete than trends. The current dip has taken four days already and might extend for one week if volatility does not resume. All things equal, the bullish trend should resume. Meanwhile, the entire market has maintained a valuation of $240-250 billion despite the current dips across the board. Furthermore, Bitcoin dominance remains almost unchanged this week – around 67.5%.

Bitcoin price prediction: Elliott wave analysis

The bearish correction from $13,900 to $7,300 completed a double zigzag pattern at an important reversal zone. Often times a trigger is required to ascertain price’s commitment to reversals around these zones. The big surge from $7,300 is enough of a trigger. In the last update, as the chart below shows, we started counting a bullish impulse wave recovery from the $7,300 low.

We didn’t look at the corrective pattern at wave ii (circled) in the last update. However, we reckoned that once it’s over, a bullish wave iii (circled) should push above $10,500 and $13,900 toward the all-time high. The Bitcoin price prediction October 30 chart below uses the lower time frame to take a close look at wave ii (circled).

Bitcoin price prediction October 30

Wave ii is gradually completing a zigzag corrective pattern. Wave (c) could shoot below $8,910 wave (a) low toward $8,350-8,510 where we have a strong support and reversal zone waiting to support it. If the price afterwards breaks above the channel, that is the confirmation for wave iii (circled).

 

 

Bitcoin price prediction October 28 update

Bitcoin is making a minor bearish correction below $9,500 after the massive surge. The following Bitcoin price prediction October 28 update looks at what could happen next from the technical perspective.

October 28, 2019 | AtoZ Markets – The cryptocurrency market is back to life! Bitcoin roared again and this time around, it seems the expected bottom has been reached already. The premier cryptocurrency led the market in a $40 billion resurgence in less than 48 hours. Bitcoin hit $10,480 which was over 40% surge in just over a day. Since the bearish correction started in late June at $13,900, this is the biggest single-day surge. The corrective channel has now been broken to the upside. As a result of this, Bitcoin market dominance has returned to 68%. Trading volume spiked massively. Even Bakkt Bitcoin futures jumped by 260% to hit $11 million valuations in 24 hours. This means that Bitcoin performed better than the Altcoin aggregate. Has the bullish trend resumed? Will the year end bullish, challenging or even surpassing the $13,900 2019 high toward the $19,800 all-time high?

Why the big surge?

China has opened itself up to the idea of cryptography and blockchain technology. The country which has been a famous opposition to Cryptocurrency-related businesses has shocked the digital currency community. First, Chinese President Xi Jinping said that he wants the country to take the lead in blockchain technology and adopt it as ”an important breakthrough for independent innovation of core technologies”. The sudden surge Bitcoin had has been connected to this turnaround by the Chinese government. In addition, on Saturday, the Chinese legislators voted in support of cryptography adoption and have now passed cryptography law for 2020. Bitcoin spiked on Friday and continued on Saturday before it finally retraced to $8,800.

Bitcoin price prediction October 28 update

Currently, Bitcoin is priced at $9,400 after it returned upside on Sunday. The price has been sluggish on Monday. However, at the end of the current dip, the Bitcoin price should return further upside. Price is just at the base of the July-September $9,100-$12,300 triangle range. The next surge should take it to $12,300 before the $13,900 high.

Bitcoin price prediction October 28

From $13,900, we have been identifying a double zigzag with wave Y (circled) ending at $7,300-7,400 (61.8% Fibonacci projection) or $5,500-6,000 (100% Fibonacci projection). We expected a bullish response at any of these zones although the base of the channel gave the latter more advantage as we revealed in the last update. Eventually, the bulls have responded at the first zone with a break away from the roof of the corrective channel. By identifying $7,300 as the reversal level, we should expect Bitcoin to make a bullish impulse wave advance above $13,900.