Market Update and Ripple XRP Price Analysis: March 18, 2019
Total crypto market cap has increased by $6 billion since Monday, March 11, and now stands at around $140 billion. Top ten cryptocurrencies were all in the green for a 24-hour period with Bitcoin Cash (BCH) leading the group on a 9.4 percent increase. At the time of writing bitcoin (BTC) is trading at $4,025, ether (ETH) at $139 and XRP is hovering around $0.317
Bitcoin once again moved above $4,000 on Saturday, March 16 in a 2.2 percent jump. Bulls were able to defend their territory on March 17 and closed the 7-day period with 1.8 percent increase.
At the same time, ether climbed back up to $140 and ended the week 3 percent higher, already looking at the psychological level at $150.
After closing at $0.32 on March 13, XRP broke below $0.30 during trading session March 14. Bulls managed to reduce losses and one of the most popular altcoins closed the day at $0.317, right above the previously discussed price range corridor between $0.304-$0.317.
On March 15, the XRP/USD pair gained 1.2 percent in value and climbed back up to $0.321.
The weekend of March 16-17 started with another green candle on the daily chart as the coin temporarily stabilized above $0.32 by breaking the 38.20% Fibonacci level at $0.322 and then ending the session at $0.325. On the same day, buyers were able to push the price as high as $0.33, as the sharp price movements and high volatility suggested a possible breakout for the XRP token.
On Sunday, March 17, we saw a small price correction to $0.323; still, XRP managed to hold above the very important line at $0.32. The Ripple token was 1 percent up for the 7-day period.
In terms of trading volumes, they started to increase on Wednesday, March 13 and during the next 4 days jumped from $500 million to $700-$800 million.
Ripple’s blockchain incubator Xpring announced a new $100 million fund created in collaboration with gaming blockchain startup Forte, PR Newswire reported on March 12. The joint initiative will support blockchain adoption in the gaming industry by using XRP ledger technology and payment services as a base. The fund will be managed by Forte, a company launched just last month and will allow developers to apply blockchain technology while enabling users to interact in a more advanced gaming ecosystem.
As per the announcement, developers “operating live game economies with over 50,000 daily active users and an interest in using blockchain to unlock support for new game designs and drive business results” will be included in the initiative.
The Xrping program was started by Ripple in May 2018 with the sole purpose to support, fund and collaborate with blockchain entrepreneurs and less known startups by implementing Ripple’s products and blockchain services.