Mexican Central Bank Looks to Hamstring Cryptocurrency Exchanges

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Mexican Central Bank Looks to Hamstring Cryptocurrency Exchanges


Mexico’s central bank, Banco de México, is reportedly leveraging the country’s new fintech law to propose further regulations that would, in all but definition, ban cryptocurrency exchanges. 


According to a report from Washington, D.C.-based non-profit research and advocacy center Coin Center, the proposed laws in Mexico would hamstring cryptocurrency exchanges ability to access the local banking system. In doing so, cryptocurrency exchanges would be effectively banned, even though the law would not explicitly forbid their operation.

The proposed regulation reportedly comes straight from Mexico’s central bank, which surely has little interest in seeing cryptocurrencies and digital assets flourish in the country, and flies straight in the face of what the original fintech legislation aimed to achieve — namely, the facilitation of effective cryptocurrency exchange regulation. Preventing exchanges from accessing legacy financial institutions does not facilitate, however, but effectively kills.

As stated by Coin Center:

The Mexican central bank’s proposal unfortunately demonstrates a dismissive ignorance of how these technologies work. The rationale for the proposed rule is breathtaking: that the “complexity of the mathematical and cryptographic processes that underlie digital assets” and the “difficulty for users to understand these processes,” along with the volatility of digital assets, presents an information asymmetry problem that, apparently, can only be addressed by quarantining consumers from direct contact with crypto.

Mexico Central Bank

Banco de México’s proposed legislation implies that citizens of the country are incapable of understanding cryptocurrencies and, thus, should be restricted from purchasing them. From another perspective, this is clearly another example of a central bank deciding to act in its own self-interests by pretending to be looking out for the best interest of the common man.

The public is able to voice its opinion on the matter for 60 days following the rule proposal.

What do you think of Banco de México’s proposal to effectively kill cryptocurrency exchanges in the country by preventing them from accessing financial systems? Let us know what you think in the comments below! 


Images courtesy of Shutterstock.

QuadrigaCX Update: Exchange’s Legal Representatives Form Creditors Committee

QuadrigaCX Update: Exchange’s Legal Representatives Form Creditors Committee

Law firms Miller Thomson and Cox & Palmer have appointed a new committee to aid them in representing close to 115,000 customers of the now defunct Canadian cryptocurrency exchange QuadrigaCX. This according to a court notice published March 19, 2019.

The Committee Will Represent the Users

The QuadrigaCX fiasco has once again highlighted the need for firm crypto regulations.

In the latest development, law firm Miller Thomson announced that it had constituted its Official Committee of Affected Users. The committee comprises of seven users of QuadrigaCX adversely impacted by the sudden demise of the exchange’s late CEO Gerald Cotten in December 2018. Notably, a total of 119 customers had applied to join the committee.

The newly created committee will help the law firm and QuadrigaCX’s court-appointed monitor Ernst & Young (EY) in representing the interests of all affected users in the court. It is estimated that a total of $136 million worth of cryptocurrencies are missing after it came to light that only Cotten had access to the exchange’s alleged cold wallet holdings.

As a result of this mishap, QuadrigaCX now owes over $198.4 million to more than 115,000 affected users.

The committee has been granted certain powers and authorities to help speed up the case’s investigation. It can reportedly “retain advisors, experts and consultants to provide advice to and to assist the Official Committee of Affected Users and Representative Council in the exercise of their duties in relation to the Purpose.”

The committee consists of people who have had prior experience in the crypto and government space. One of the committee members is Eric Bachour, a creditor of the infamous Mt. Gox cryptocurrency exchange. The court notice reads in part:

“Bachour is also a creditor of Mt. Gox in 2013, and has direct experience with arbitrage and market trading in cryptocurrency. Through the Mt. Gox process he gained exposure to the legal side of bankruptcy and insolvency.”

Another committee member Camila Gronowska has worked for the Government of Ontario in the past.

QuadrigaCX Story Continues to Unfold

The continually unfolding QuadrigaCX story has not been low on drama at all.

On March 20, 2019, reports emerged that Michael Patryn, the co-founder of the inoperative Canadian exchange has a criminal background and spent 18 months in a U.S. Federal prison for identity theft linked to credit card and bank fraud.

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Overstock’s tZERO Exchange to Launch Bitcoin Trading App This June

Overstock’s security token platform tZERO is going full crypto.

Until now, security tokens had been the startup’s priority, but this summer, tZERO plans to launch its own mobile trading app for buying and selling bitcoin and, possibly, ether, CEO Saum Noursalehi told CoinDesk Thursday.

The app for IOS and Android devices is scheduled to launch in June and is being developed by Bitsy — a crypto startup in the portfolio of Overstock’s venture arm Medici Ventures.

“That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app,” Noursalehi told CoinDesk, adding:

“They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login.”

The app, he added, will allow users to hold custody of their crypto without relying on a third party, and will plug into a network of exchanges through tZERO’s partner, institutional trading platform SFox.

tZERO’s app will connect to SFox’s network of exchanges via its API, Noursalehi said, but this is only a beginning of what the company envisions.

One app to trade them all

In the future, tZERO says it’s going to hold its own crypto treasury to satisfy user demand.

When tZERO acquires a retail broker-dealer license (for which it’s filing now), the app will allow users to trade security tokens listed at tZERO and even traditional stock — all in one app, Noursalehi said.

As of now, the company said it wants to hire the right people to fit the plan.

Already onboard is Elliot Grossman, former managing director at Dinosaur Financial Group, currently tZERO’s broker-dealer, who will lead the future retail broker-dealer as a CEO.

As for the security tokens, since tZERO’s alternative trading system (ATS) launched in January, so far only its own native tZERO Preferred (TZEROP) token has been available. But, the onboarding of new issuers is on the way, Noursalehi said.

According to Noursalehi, additional companies are now talking to tZERO’s team, including real estate, private equity and venture funds, as well as private companies in the technology, pharmaceuticals and even food and beverage industries.

“I hope in the next quarter we will sign contracts with them,” Noursalehi said. “We’ve been a bit more selective than other ATS out there, we want to make sure the companies that want to issue tokens with us are well-funded, have revenues and will be around in the next three-four years.”

tZERO is also in the process of integrating a third-party security token platform, so that tokens issued there can be listed on tZERO. However, the name of the platform is not yet public.

tZERO booth image via CoinDesk archives

Vitalik Buterin Explains Why He Cares About Price of Ethereum (ETH)

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On March 20th, in New York City, Vitalik Butin, the creator of Ethereum, talked to crypto-focused journalist Laura Shin at a live taping of her Unchained podcast (at the Columbia Graduate School of Journalism’s Pulitzer Hall), and answered questions on a wide range of topics. Here are some key highlights from this interview.

What Vitalik Thinks About Zcash (ZEC)’s ‘Dev Tax’

“Zcash is interesting… Definitely, like big props to them for just doing that and being proud of that and saying like ‘you know, we got a 20% dev tax, what’s up man?’. I am very proud of them for doing that. So, a great job, Zucco! But on the other hand, they clearly haven’t solved the problem of where to allocate the money because, right now, they just have this centralized allocation pool that goes to Zcash company, or these individuals, or these other individuals, and they have hard forks, and these hard forks can decide to reallocate the pool, but then what process do they use to decide, and so it’s definitely very far from the ideals that a lot of people see cryptocurrencies as having… It’s still an improvement from no funding… It would be really nice if there was some decentralized process for achieving the same thing.”

Why the Price of Ether (ETH) Is Important

“I’m going to be really candid because that’s the right thing… Some of the earlier rhetoric, especially veering on the more extreme side of the price not mattering at all, in part was counter signaling to distinguish ourselves from other crypto projects that just do pumping and lambo-ing way too much, but another thing is that it was about minimizing legal risk by basically trying to make the project seem more distant from something that will be covered by financial regulation… 

If people try to claim the price doesn’t matter at all, they [the financial regulators] are totally going to see through that…

I can tell you… why the price being higher than lower… is good.

One of them is, obviously, security. So if the price is zero, the network can’t be secure, and that’s true in Proof-of-Work or Proof-of-Stake. 

Another reason is, obviously, that there’s a lot of projects who in the ecosystem hold cryptocurrency… and if the price is higher, then they’ll have more money to do the things they want to do…

Especially, the security concern is a totally legitimate technical argument.

There are members of the Ethereum community who just say that ‘Ether is a cryptocurrency and we want it to be more of a cryptocurrency’…

The Ethereum Foundation doesn’t have a monopoly on Ethereum messaging, or even a hegemony on Ethereum messaging at this point…

The thing I am absolutely opposed to is engineering pumps for the sake of pumps because that’s just a short term that’s fundamentally dishonest. The thing I am definitely in favor of is not doing stupid that would lead to the price going to zero. So, one example of that would be having an issuance of like 100 million ether every year. Regardless of what other consequences that has, that would clearly drop the price to zero, and that would clearly be just terrible.”

Decentralized Finance (DeFi) and Smart Contract Code Risk

“I’m definitely watching the whole DeFi space with interest and fascination… 

[On Twitter] Someone was trying to say something like ‘Why doesn’t pretty much everyone just take their money out of their bank accounts and put it into Dai earning interesting on Compound because that pays better rates, why would you just not get a free 3%?’. And I am like ‘Excuse me, free? Are you really that confident that that contract has less than a 3% chance a year of having a bug in it?’. I mean, I honestly don’t know how to measure the chances of those contracts having bugs in them, but there’s definitely far too many people that round those risks to zero.”

If Vitalik Had a Time Machine, What Advice He Would Give Satoshi

“github.com/ethereum/eth2.0-specs”… 

When Laura asked Vitalik if he was really serious about telling Satoshi to build Ethereum 2.0, he answered: “I do think it’s a good architecture!” 

He then went on to elaborate:

“First of all, Satoshi had a really hard job because he just could not have predicted which way the ecosystem would have gone… I think on a technical level, suggesting a path that opens the door to upgradeability, to proof-of-stake, to more powerful virtual machines…”

What Vitalik Thinks Will Be the First Mainstream Use Case for Cryptocurrency

“Things I am near term optimistic about include first of all, the decentralized finance space… second of all, gaming [as in videogames]… on the non-financial side, identity, credentials, key revocation, and all of those things… fourth is parametric insurance… this is insurance that [for example] says if some extreme weather event happens, then pay me $500.”

Ethereum Price Analysis: ETH Loses the Daily Uptrend

ethereum price ETH price ETH/USD Ethereum

Ethereum Price Analysis: ETH Loses the Daily Uptrend


Ethereum price (ETH) has halted its upward trend, highlighting that confirmation bias is a dangerous thing. Let’s take a look at the current situation and where ETH/USD may be headed next. 


Ethereum Price Stirs Bears

While the general market set up was bullish up till this morning, the echo chamber of bullish news and moon sighting technical analysts coming from all angles seems to be generating a bit of confirmation bias within the crypto community. Hopefully today’s Ethereum price pullback will serve as a reminder that just because everyone says it is so doesn’t make it so.

On the BUIDL side of things, partnerships, new developments, protocol upgrades, and mainstream adoption just keeps chugging along strong and this is great for the everyone, technologists, and speculators included. Investors seem to be playing whack a mole with the hottest altcoins and Ontology, LOOM, Enjin, BAT are all evidence of this.

BTC price stability around $4,000 is providing lucrative opportunities for those trading BTC/Altcoin pairings and Binance’s IOST competition with a 16,000 BNB purse is sure to perk traders interest in the same way it did for ONT’s, which managed to gain approximately 30% during Binance’s recent trading competition.

4-Hour Chart

ETH price 00 has been locked in a tightening range with resistance at $138, $140 and $142, and today’s hiccup pulled ETH below a strong support at $135.

This pinned in price action corresponds with BTC’s repeated rejection at $4k and $4,050 and today’s pullback could mean bears have woken up from their brief nap and re-established their positions at BTCs recent top. Price action over the coming days with provide greater insight into this.

ETH found support at $132 and now consolidates near $134. With the exception of a high volume break out from Bitcoin, ETH will likely return to the $135 to $138 range and remain pinned in by overhead resistance.

Daily Chart

The daily chart shows that Ethereum price broke below the ascending trendline but the altcoin is slowly crawling back into the upper arm of the Bollinger band indicator and the exponential moving averages have not turned bearish.

The weekly time frame raises some cautions signals and ETH is on the verge of losing its uptrend and closely currently rides atop the 26ema.

On the 4-hr chart, the RSI flatlined in oversold territory and the Stoch and MACD remain bearish Conservative traders could wait for a bullish cross over and enter on strength above $140, $142, while swing traders might have an opportunity to purchase at or below the recent swing low if ETH’s situation fails to improve.

ETH traders should also keep an eye on the 12 and 26 EMA on the ETH/BTC pairing as it has provided a bit more insight than the ETH/USD pairing.

Trade Bitcoin (BTC), Litecoin (LTC) and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex and Coinbase.]


Images courtesy of Shutterstock, TradingView. Market data sourced from Bitfinex and Coinbase

Switzerland: Federal Assembly Approves Cryptocurrency Regulations Motion

Switzerland: Federal Assembly Approves Cryptocurrency Regulations Motion

Switzerland’s Federal Assembly on March 20, 2019, passed a motion in favor of adopting the existing cryptocurrency regulation legislation. The motion was supported by 99 assemblymen who voted in its favor and will now move to the upper house of the parliament for final voting.

The Swiss Federal Assembly OKs Crypto Regulations

The motion was introduced by liberal assemblyman Giovanni Merlini, who has in the past been vocal about the need for crypto regulations.

The crypto-focused motion aims to implement a clear set of regulations and give sufficient judicial and administrative powers to regulatory bodies to oversee the Swiss crypto industry.

The motion safeguards digital currency users from illicit activities like extortion and money laundering. It also aims to minimize risks pertaining to cryptocurrencies and determine whether trading platforms and other crypto institutions should be subject to financial market supervision.

In case cryptocurrency exchanges are recognized as financial institutions, they will be subject to supervision by the Swiss Financial Supervisory Authority (FINMA).

Although the approval of the motion is indeed a step in the right direction for the local crypto ecosystem, it’s worth highlighting that the Federal Assembly’s decision wasn’t a unanimous one. The motion was not supported by 83 members of the parliament who decided to vote against it, while ten assemblymen abstained from voting.

The motion will now be voted on in the upper house of the parliament. If approved, cryptocurrency regulations will formally come into force in Switzerland which will help mature the national crypto industry.

Notably, after the approval by the Federal Assembly, Switzerland’s finance minister Ueli Maurer reportedly stated that the motion’s proposed changes far exceeded the scope of the planned regulation.

Switzerland Actively Embraces Cryptocurrencies

Although it’s hardly a secret that Switzerland is one of the world’s most pro-crypto countries, the nation has recently amped-up its efforts to embrace the emerging technology.

BTCManager reported on December 4, 2018, how Switzerland’s financial watchdog, FINMA unveiled a new set of regulatory guidelines to foster the development of the local cryptocurrency industry.

In the same vein, on November 19, 2018, Switzerland remained true to its crypto-friendly image when it gave the go-ahead to the world’s first cryptocurrency exchange-traded product (ETP).

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Crypto Market Wrap: IOTA Ignoring Pullback, Adds 13% on Payment App Addition

Crypto markets correcting again; IOTA, Ethereum Classic and Tezos moving, Ontology dumping.

There has been some movement in crypto markets over the past 24 hours but unfortunately it has been in the downward direction. Red dominates the charts at the moment and total market capitalization has fallen back below $140 billion after reaching a monthly high yesterday.

Bitcoin managed to touch $4,100 yesterday but its stay there was extremely brief as a dump imminently followed. The plunge knocked $100 off the price of BTC in less than an hour but it has since recovered to $4,030. Volume remains over $10 billion and Bitcoin is still holding at resistance levels for now.

The minor correction has hit altcoins harder as usual, especially Ethereum which has dropped 2.5% overnight to fall back to $136. ETH has lost almost all gains made over the past seven days as it begins to weaken once again. XRP is not faring any better and has also lost 2% dropping back to $0.311.

All cryptos in the top ten are red during Asian trading today. Those dropping the most include Bitcoin Cash, Binance Coin and Stellar with 4 percent declines. Tron also continues to weaken and is now back to tenth spot with a $1.5 billion market cap.

The top twenty has a few beacons of green as some altcoins continue to pump defying the market pullback. IOTA is one of them as it makes 13% on the day to reach $0.322 from an intraday low of $0.285. The momentum has been driven by payments App Zeux adding IOTA for crypto payments at all shops.

South Koreans are buying up MIOTA today as 30% of the daily volume, which has surged from $12 to $35 million, is being traded on Upbit in KRW.

Maker is up 2% and Ethereum Classic 3% but the other big mover in the top twenty at the time of writing is Tezos with an 8% pump to $0.733. Not having such a good day is Ontology dumping 10% after yesterday’s fomo driven pump.

FOMO: Ravencoin Still Going

Today’s top performer in the top one hundred is Ravencoin yet again. RVN has added a further 14% on the day as it reaches $0.047, its highest price for this year. The fomo without fundamentals is likely to result in a dump in the next couple of days. Aurora, Maximine Coin and Digibyte are all having a ten percent pump at the moment also.

Joining Ontology at the bottom of the top one hundred in terms of 24 hour performance is MOAC dumping 10%. Huobi Token and Kucoin Shares have both lost 7% on the day.

Total market cap 24 hours. Coinmarketcap.com

Total crypto market capitalization has dropped its recent gain of $2 billion resulting in a 1.4% decline back to $139 billion. Bitcoin led the fall after failing again to break above $4,100. A more positive take is that markets haven’t dumped massively and are holding steady at this level for now with good volume. A sideways zigzag pattern can be seen over the week as resistance got hit and the pullback followed six times.

Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

Bitcoin (BTC) Price Looks To Reclaim $4,000 After Sharp Sell-off

  • Bitcoin price traded to a new weekly high above $4,060 and later declined sharply against the US Dollar.
  • The price broke the key $3,960 support level and tested the next main support at $3,875.
  • There is a short-term connecting bearish trend line formed with resistance near $4,015 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The recent rebound was positive, but it won’t be easy for buyers to reclaim $4,000 and $4,020.

Bitcoin price rebounded sharply after a massive drop below $3,900 against the US Dollar. BTC must climb above $4,000 to move back in a positive zone and revisit $4,060.

Bitcoin Price Analysis

Yesterday, there was an upside extension in bitcoin price above the $4,020 resistance against the US Dollar. The BTC/USD pair broke the $4,050 resistance and traded to a new monthly high at $4,065. However, buyers failed to stay in control, resulting in a sharp decline below $4,050 and $4,020. The price even broke the $4,000 support and settled below the 100 hourly simple moving average. The decline was strong as the price even failed to hold the $3,950 and $3,900 support levels.

However, the next key support at $3,875 prevented further declines. A swing low was formed at $3,872 and later the price bounced back sharply. It broke the $3,900 resistance and the 23.6% Fib retracement level of the recent decline from the $4,065 high to $3,872 low. More importantly, the price rebounded above the $3,950 resistance level. Finally, there was a close above the 50% Fib retracement level of the recent decline from the $4,065 high to $3,872 low.

At the moment, the price is facing a strong resistance near $3,990 and the 100 hourly simple moving average. The main resistance is near $4,000 and the 61.8% Fib retracement level of the recent decline from the $4,065 high to $3,872 low. Besides, there is a short-term connecting bearish trend line formed with resistance near $4,015 on the hourly chart of the BTC/USD pair. Therefore, a break above the $4,000 and $4,020 resistance levels is must for additional gains in the coming sessions.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price rebounded nicely from the $3,875 support level. However, buyers might find it difficult to gain strength above $4,000 and $4,020. If they continue to face hurdles, there could be another bearish reaction below the $3,950 and $3,920 support levels.

Technical indicators:

Hourly MACD – The MACD is slowly moving in the bullish zone, with a positive bias.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting higher, but it is still well below the 50 level.

Major Support Levels – $3,950 followed by $3,920.

Major Resistance Levels – $4,000, $4,020 and $4,060.

Crypto Market Rebound Facing Hurdles: Bitcoin Cash, EOS, BNB, TRX Price Analysis

  • The total crypto market cap failed near the $136.0B resistance and declined sharply.
  • EOS price broke the $3.70 support and tested the $3.62 support area.
  • Binance Coin (BNB) is down more than 4% and settled below the $15.00 support level.
  • Bitcoin cash price is correcting lower and it may test the $150 support zone.
  • Tron (TRX) price is stable and still holding the key $0.0220 support level.

The crypto market could turned red and facing a lot of hurdles, with bearish moves in bitcoin (BTC) and Ethereum (ETH). Binance coin (BNB), BCH, ripple, EOS, TRX and ADA are likely to extend losses.

Bitcoin Cash Price Analysis

Bitcoin cash price started a downside correction after testing the $165 resistance against the US Dollar. The BCH/USD pair traded below the $160 and $155 support levels. It even tested the $150 support level and it is currently consolidating losses.

An immediate support is at $150, below which the price may trade towards the $140 support level. On the upside, the previous supports near the $155 and $160 levels are likely to act as barriers for buyers.

EOS, Tron (TRX) and BNB Price Analysis

EOS price started a downside move after it failed to break the $3.80 resistance. There was a steady decline below the $3.75 and $3.70 support levels. The price even broke the $3.65 support and traded close the $3.60 support. It is currently trading near $3.65, with many hurdles on the upside near $3.70.

Tron price was stable and decline was limited below $0.0230. TRX price is still trading above the $0.0220 support, which is a positive sign. However, the price must settle above $0.0230 and $0.0235 to move into a positive zone.

Binance coin (BNB) started a major downside correction from well above the $15.50 level. BNB price broke the $15.00 support and the price is now down more than 4%. An immediate support is at $14.50, below which the price may trade towards the $14.05 support. On the upside, the $15.00 level is likely to prevent gains in the near term.

Crypto Market Cap Bitcoin Cash BCH TRX EOS BNB

Looking at the total cryptocurrency market cap hourly chart, there was another rejection near the $136.0B resistance level. As a result, there was a sharp drop below the $135.0B level and a connecting bullish trend line on the same chart. The market cap even settled below the $133.5B support and the 100 hourly simple moving average. It tested the $130.0B support and later bounced back above $132.0B. However, there are many hurdles for more gains near the $132.8B and $133.50B levels. Therefore, upsides are likely to remain capped in bitcoin, ETH, tron, litecoin, EOS, ripple, cardano, XLM, ICX, BCH, XMR and other altcoins in the near term.

Ripple Price Analysis: XRP Flirts With Key Resistance Amid Sell-off

  • Ripple price failed once again to break the $0.3200 resistance and declined sharply against the US dollar.
  • The price broke the key $0.3125 and $0.3100 support levels to move into a bearish zone.
  • There is a major bearish trend line formed with resistance at $0.3110 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently correcting higher, but it is facing a solid hurdle near the $0.3100 pivot level.

Ripple price declined heavily and turned bearish against the US Dollar and bitcoin. XRP/USD may consolidate in the short term and upsides are likely to remain capped near $0.3100 and $0.3120.

Ripple Price Analysis

There was another attempt by ripple price to clear the $0.3200 resistance against the US Dollar. The XRP/USD pair failed to gain momentum, resulting in a sharp bearish reaction. The price started a significant decline and broke the $0.3150 and $0.3140 support levels. The decline was such that the price even broke the key $0.3100 support level and the 100 hourly simple moving average. A new weekly low was formed near the $0.3000 level before the price started an upside correction.

Buyers pushed the price above $0.3050 and the 23.6% Fib retracement level of the last drop from the $0.3199 high to $0.3005 low. There was even a break above the $0.3080 resistance, but the price faced a strong resistance near the $0.3100 level. The stated $0.3100 level acted as a support earlier and now it is preventing gains. Besides, the 50% Fib retracement level of the last drop from the $0.3199 high to $0.3005 low is also near the $0.3100 resistance. More importantly, there is a major bearish trend line formed with resistance at $0.3110 on the hourly chart of the XRP/USD pair.

Therefore, the price is likely to face a strong selling interest near the $0.3100 level. The next key resistance is near the $0.3125 level since it coincides with the 100 hourly SMA. On the downside, an initial support is near the $0.3060, below which the price could revisit the $0.3000 support level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price moved into a bearish zone, with a close below $0.3100 and the 100 hourly SMA. In the short term, there could be range moves between $0.3060 and $0.3125 before the price makes the next move. On the downside, if buyers fail to defend the $0.3000 support, the price may slide towards the $0.2920 support.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving higher towards the 45 level.

Major Support Levels – $0.3060, $0.3040 and $0.3000.

Major Resistance Levels – $0.3100, $0.3120 and $0.3125.