The recent positive news in the crypto space actually caused a price boost for many assets. The recovery in the price of XRP and other cryptos has resulted in a rise in the over-the-counter demand for digital assets. This increase in overall trade volume was pointed out by Binance’s CFO as a key reason for the strong performance of cryptocurrencies in the first quarter of 2019.
Another platform that is under watch is the long-anticipated Bakkt launch. The U.S CFTC Commodity Futures Trading Commission is reluctant to give Bakkt green light to move forward. Citing Bakkt’s decision to hold user assets and a limitation.
Although the CFTC recognizes state banks and trust licenses.
XRP (XRP) Price Today – XRP / USD
XRP Price Prediction 2019: More Investments are Coming into the Crypto Space From VC and Governments
The crypto space is attracting is beginning to attract new investment with venture capitalists firms investing and governments joining the sphere. When compared to the impressive $2.5 billion in investments provided by venture capital firms last, the space has seen investors spend a whopping $850 million already this year. At this pace, it is safe to say that the year’s total investment will topple that of last year. In a similar view, the United States federal government’s blockchain spending will reportedly increase from $10.7 million (2017) to $123.5 million in the year 2022.
XRP Price Prediction 2019: The Price of XRP is Bearish in the Medium-term
Last week, precisely April 15, the price of XRP was trading at $0.32. The bulls managed to break the 12 and the 26-day EMAs to reach a high of $0.34781. Back in April 18, the bulls also tested and retested $0.35 which is a resistance level. The also bears broke below the EMAs which too the price of XRP down to sell at $0.32 which was a previous low for the digital asset.
The price of XRP is currently trading below the EMAs indicating that its price is likely going to fall. Looking at the downside, if this bearish trend continues, the price of XRP will fall to a low of either $0.30 or $0.31. however, on the upside, we also observed that the bulls resisted the EMAs. The MACD and signal lines are under the zero line indicating a sell signal. The price of XRP is below the EMAs indicating that XRP is in a bearish territory.
XRP Price Prediction 2019: The Price of XRP is Bearish in the Short-term
Using the 1-hour chart, the price of XRP is also moving in a bearish territory. After the price of XRP reached the $0.35 resistance position last week, the bears went on to break the $0.34 and $0.33 resistance price positions. This brought the price XRP into the bearish zone. Should the price of XRP continue falling, it may drop to its previous low of $0.31. Additionally, the price of XRP is below the two EMAs indicating that the digital asset is in a bearish territory. Besides that, the MACD and the signal lines are below the zero line indicating that there is a sell signal.
Why is XRP price bearish in the short and medium term? Will XRP recover?
Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.