Market Update and Ripple XRP Price Analysis: April 22, 2019

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The total crypto market cap lost $4.20 billion of its value since Friday, April 22, and now stands at $176.8.

Top ten cryptocurrencies registered are all in red for the 24-hour period with Cardano (ADA) and Litecoin (LTC) being the worst performers with 5.2 and 6.4 percent of losses respectively. At the time of writing bitcoin (BTC) is trading at $5,294, ether – at $170 and Ripple’s XRP dropped to  $0.33

Bullish Behaviour

Bitcoin has been in an uptrend since April 16 when bullish traders last defeated bears near the $5,000 level. The BTC/USD pair entered the weekend of April 20-21 at $5,311 in preparation for another attack on the mid-$5,000 zone. After climbing to $5,331 on Saturday, it closed trading session on Sunday, April 21 and the week with a small loss to $5,321, remaining flat for the period.  

Meanwhile, the Ethereum Project token, gained 9 percent since April 16. The ether, however, was not able to break above the solid resistance at $180, even though it peaked there during intraday trading on April 20.

The ETH/USD pair moved lowed to $170 on April 21 and closed the 7-day period with a 2.3 percent loss.

XRP/USD

After three consecutive green sessions on the Bitfinex daily chart, during which the XRP gained 6.7 percent in value, we almost saw it breaking above the $0.34 resistance on April 18. The XRP was trading as high as $0.35 during the day, only to close at $0.339.

Even though it was still far from the monthly high of $0.367 registered on April 5 and experienced significant decrease during the previous week, the XRP/USD pair was able to hold the general uptrend.

Xpring, Ripple’s blockchain incubator will support yet another industry startup as announced on April 17. This time its Bolt Labs, a company focused on improving security on the second-layer blockchain protocols such as the Lightning Network. Their new private scaling solution will be built on top of privacy coin Zcash (ZEC), which also explains the received funding from Electric Coin Company, creator of Zcash. Other investors in the project include Dekrypt Capital, Kilowatt Capital, Access Ventures, Lemniscap and Vy Capital.

On April 10, Xpring announced a new partnership with Bain Capital Ventures aimed at investing in the blockchain fintech venture capital firm Robot Ventures.

HBUS, the exclusive US partner of the Singapore-based cryptocurrency exchange Huobi Global Limited (Huobi Global) announced on April 18 that it has added XRP to its Huobi Marketplace trading platform. As per the official blog post “the supported XRP trading pairs include XRP/USD, XRP/BTC and XRP/USDT as the “ripple” is the 20th digital asset added since the launch of the HBUS back in July,2018.

On April 19, the coin dropped to $0.333, which was followed by another losing session on April 20 and further decline to $0.329.

Sunday, April 21 proved to be no different than the previous sessions and we saw a new red candle to $0.323.

The XRP was 2.4 percent down for the 7-day period.

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