Ethereum [ETH], Ripple’s XRP, Bitcoin Cash [BCH] slowly inch higher: Technical Analysis and Latest Updates
Most cryptocurrencies staving off selling pressures and trying to remain in the green. Ethereum [ETH], Ripple’s XRP and Bitcoin Cash [BCH] were all showing signs of recovery. However, these coins have yet to break out from significant trading levels.
Ethereum [ETH] is struggling to recover from recent selling pressures. In the last week, the digital currency slumped over 22 percent and has yet to hit the $300 mark. The coin found support at $287.7, but failed to breach the $300 level. The virtual currency is struggling to break out from the current resistance level, noted at $292.2.
The 100 EMA line, at the time of writing, indicated that the digital asset was still in downtrend, which has pretty much been the case for the month of August so far. The MACD showed that ETH was still trading in bearish territory. The significant trading range was found to be $278-$299. As of 2244 GMT, ETH had edged up 0.5 percent against the U.S. dollar to trade at $288.
Ethereum [ETH] Latest Updates
- Ethereum’s co-founder Vitalik Buterin spoke about what developers at Ethereum were working on. “Recently, I am spending a lot of time working on the proof-of-stake and charting protocols. This is what the Ethereum research community is focusing on more than anything else at this point,” Buterin said, at a recent blockchain event. He also revealed that the upcoming Casper protocol was getting much closer to being finalized and is pending review on academic analysis.
- Minds, a blockchain-based social network, recently said that it was shifting its platform to the Ethereum blockchain, dropping its existing one. It was earlier running on its Rinkeby test network for almost four months, before finally deciding to go live on the Ethereum network.
Ripple’s XRP is evidently recovering, and is inching closer to breaking out from the $30 mark. The crypto initially found support at $0.28 and climbed higher. XRP is attempting to break out from the current resistance level, which can be traced at $0.30.
At the time of writing, the MACD showed that the coin was trading in the bullish zone. The 100 EMA line indicated that the digital asset was exhibiting a stable trend, but could potentially move higher. The virtual currency was exhibiting a significant trading range of $0.28-$0.30. As of 2303 GMT, XRP rose 3.5 percent against the U.S. dollar to trade at $0.29.
Ripple’s XRP Latest Updates
- Many in the XRP community are speculating that a listing of Ripple’s XRP on Binance’s new DEX could be on the cards. A photo of Binance CEO Changpeng Zhao and Ethan Beard, senior vice president at Ripple, was posted by TechCrunch founder Michael Arrington on Twitter and has sparked some serious speculations regarding a possible XRP listing.
- Ripple said that Bittrex will be its preferred crypto exchange for xRapid transactions that move through U.S. dollars. Additionally, Bitso and Coins.ph will be Ripple’s preferred platform for transactions done using Mexican Pesos and Philippine Pesos, respectively.
- XRP has been listed on Netcoins, a virtual crypto ATM platform. Users will now be able to use XRP through Netcoins in over 21,000 retail stores. XRP will also be available for immediate purchase on Netcoin’s over the counter [OTC] trading desk.
Bitcoin Cash [BCH] is also fighting off bears to trade in the green. The coin found support at $50.8.5 and maintained its upward momentum for rest of the day. The crypto was attempting to break out from the current resistance level, which can be found at $536.1, but has since dipped lower.
The 100 EMA line shows that the virtual currency is still in a downtrend but the MACD indicates that BCH has inched higher into the bullish zone. However, if current selling pressure sustains, the coin could slide even further. BCH was exhibiting a significant trading range of $502.8-$539.1. As of 2318 GMT, the digital asset had risen 0.8 percent against the U.S. dollar to trade at $515.2.
Bitcoin Cash [BCH] Latest Updates
No recent updates since U.S. satellite TV provider DISH said that it would accept Bitcoin Cash [BCH] as payment from its subscribers.
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