Market Update and Ripple XRP Price Analysis: April 15, 2019
The total crypto market cap increased by $5 billion since April 12 and now stands at $176.6. The top ten cryptocurrencies are all in the green for the 24-hour period with ether (ETH), bitcoin cash (BCH), and litecoin (LTC) up by 9.1 percent and 8.6 percent respectively. At the time of writing, bitcoin (BTC) is trading at $5,197, ether at $169, and Ripple’s XRP remains at $0.33
Bitcoin was trading in the narrow price corridor between $5,160 to $5,050 during the weekend of April 13 to 14. The most popular cryptocurrency peaked at $5,313 on April 8 and since then has been on a downtrend. Bulls are still able to hold above the psychological level of $5,000 for the time being. The BTC/USD pair was flat for the seven-day period.
Ether is also on its way down since it reached a yearly high of $181 on April 8. It dropped to $165 on April 13 after four consecutive days of losses. The ETH/USD was down 3.4 percent for the last seven days.
The entire crypto market was in red on that day, but the XRP/USD pair was hit particularly hard during the session. It moved below the 38.20 percent Fibonacci retracement level and was dangerously close to the important support at $0.32.
On April 12, the coin declined further and formed a second straight red candle on the daily chart at $0.327. XRP continued to trade as low as $0.318 intraday.
Xpring, also known as Ripple’s blockchain incubator, and Bain Capital Ventures announced a new financial partnership on April 10. The two companies reportedly invested in the blockchain fintech venture capital firm Robot Ventures. As per the official blog post by the fund’s manager Robert Leshner, the new entity “provides capital, extensive whiteboarding, and product strategy to founders with a passion to reinvent finance.”
On the negative side, one of the biggest financial institutions in Japan announced it will stop using the RippleNet-based application MoneyTap. Resona, which is the fifth largest bank in the country, did not provide any clear explanation on why it decided to withdraw from the project.
MoneyTap, which was officially launched in October 2018 by the financial group SBI Holdings, was created in collaboration with Ripple and uses its blockchain solution xCurrent to perform instant money transfers. On March 28, 13 more local banks joined the initiative but Resona is the first to leave the project since its inception.
The XRP remained relatively flat on the first day of the weekend, even though it was trading in the wide are between $0.323 and $0.339. It moved to $0.328 and continued the trend on April 14 by closing the session one step higher, at $0.331. The coin was 8.3 percent down on the weekly corridor.