Market Update and Ripple XRP Price Analysis: April 8, 2019
The top ten cryptocurrencies registered mixed gains for the 24-hour period with ether (ETH) and Stellar (XLM) leading the group with eight percent and 4.3 percent of gains respectively. At the time of writing bitcoin (BTC) is trading at $5,307, ether at $184 and Ripple’s XRP remains at $0.363.
Bitcoin is already looking at $5,600 and $6,000 after closing above the $5,000 level on April 5. The BTC/USD pair was trading in the $4,955 to $5,284 zone on April 6 and reached $5,090.
It moved even higher to $5,242 on April 7 and registered a stunning 27.5 percent price increase for the seven-day period.
Ether, on the other hand, is now eyeing $180 after holding above the 2019 high of $161.5. It stepped back to $167 on April 6 with a small loss, but managed to compensate for the losses on April 7 moving up six percent to $177. ETH was 27.5 percent up for the week.
The Ripple company token XRP formed a second consecutive red candle on the Bitfinex daily chart on April 4 and closed at $0.333. The 2.6 percent correction brought the coin close to the $0.325 to $0.32 support zone.
The XRP/USD pair, however, showed some strength on the next day, April 5 and gained nine percent to peak at $0.383 and eventually close at $0.366.
Some say it was the series of good news that was driving XRP’s price higher including the launch of new exchange-traded products (ETP) for XRP and Litecoin (LTC) on the Nordic Growth Market (NGM) exchange on April 5.
The platform is fully owned by Germany’s second largest stock exchange, Boerse Stuttgart, and is authorized to operate in the Scandinavian countries. The new products are provided by XBT Provider company specialized in crypto-based tracking funds and follows the price of the underlying assets. In 2015, XBT Provider launched its Bitcoin Tracker One on Nasdaq Stockholm. As per the official announcement, it is “the first time investors in the EU have access to both digital assets, LTC and XRP, via a regulated exchange alongside other traditional listed investments such as equities or derivatives.”
In the meantime, Ripple joined the new International Association of Trusted Blockchain Applications (INATBA) initiative by the European Union on April 3. More than 100 organizations joined the association with Cardano, Ripple and Maker among the cryptocurrency industry representatives. The INATBA will serve as a global forum for distributed ledger technology (DLT) users and developers to communicate and collaborate with regulators and government agencies to promote the technology’s innovation and facilitate its implementation in both public and private sectors.
The XRP/USD pair started the weekend of April 6 to 7 with a drop to $0.356 on Saturday, but still managed to hold above $0.355 and Fibonacci 50 percent level reached on April 2.
On April 7, it made an almost identical move but in the opposite direction, climbing back to $0.367. XRP was approximately 15 percent up for the last seven days.