Ripple Price Analysis: Sell XRP/USD On Rallies Near $0.3350

Key HighlightsRipple price started a downside move from the $0.3550 swing high against the US dollar.There was a break below a crucial bullish trend line with support at $0.3375 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair tested the $0.3120 support and it is currently at a risk of more losses below $0.3100.Ripple price declined below key supports against the US Dollar and Bitcoin. XRP/USD could correct higher, but it will most likely face sellers near $0.3350.Ripple Price ResistanceAfter trading a few points above the $0.3500, Ripple price faced sellers against the US Dollar. The XRP/USD pair formed a short-term top near the $0.3533 and later it started a downside move. The price declined and broke the $0.3400 and $0.3300 support levels. There was also a close below the $0.3350 level and the 100 hourly simple moving average.During the decline, there was a break below a crucial bullish trend line with support at $0.3375 on the hourly chart of the XRP/USD pair. A fresh intraday low was formed at $0.3120 before the price found support. It is currently correcting higher and is trading near the $0.3200 level. An initial resistance is the 23.6% Fib retracement level of the last major decline from the $0.3533 high to $0.3120 low. However, the most important resistance is near $0.3350 and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last major decline from the $0.3533 high to $0.3120 low is also near $0.3325 to act as a resistance.Ripple Price Analysis XRP USDLooking at the chart, ripple could correct higher towards $0.3300 and $0.3350, but it is likely to face sellers. On the downside, a break below $0.3120 might take the price towards $0.3000.Looking at the technical indicators:Hourly MACD – The MACD for XRP/USD is moving heavily in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.Major Support Level – $0.3000Major Resistance Level – $0.3350

Bitcoin Cash Price Analysis: BCH/USD Back Bearish Below $550

Key PointsBitcoin cash price is under a lot of pressure as it broke the $540 support area against the US Dollar.There was a break below a crucial bullish trend line with support at $555 on the hourly chart of the BCH/USD pair (data feed from Kraken).The pair may perhaps continue to move down if sellers manage to push the price below $500.Bitcoin cash price declined below the key support at $540-550 against the US Dollar. BCH/USD is back in a bearish zone towards $500 and $480.Bitcoin Cash Price DeclineThere was a fresh start of a downside move from the $580 and $600 swing highs in bitcoin cash price against the US Dollar. The BCH/USD pair declined heavily and broke the $560 and $550 support levels. The decline was crucial as the price broke the 50% Fib retracement level of the last wave from the $470 swing low to $610 swing high. The price even settled below the $540 support and the 100 hourly simple moving average.More importantly, there was a break below a crucial bullish trend line with support at $555 on the hourly chart of the BCH/USD pair. The pair traded towards the $500-510 support area where buyers emerged. However, the recent downside break seems significant since the price settled below $540. An initial support sits at the 76.4% Fib retracement level of the last wave from the $470 swing low to $610 swing high. Should buyers fail to defend the $505-510 support zone, there could be more losses in the near term.Bitcoin Cash Price Analysis BCH USDLooking at the chart, BCH price is back in a bearish zone below $540. Therefore, there are even chances of more slides below the $510 and $500 supports levels in the near term.Looking at the technical indicators:Hourly MACD – The MACD for BCH/USD is moving heavily in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 40 level.Major Support Level – $510Major Resistance Level – $540

Intel, Microsoft Took 10+ Years to See Gains, Crypto Investors in Good Position

As the crypto market fell from 2018’s all-time highs, many short-sighted investors began to declare that “prices would never recuperate.” While this bearish sentiment is the byproduct of the unwarranted elation and irrational exuberance experienced in 2017’s bull run, many industry leaders have continually noted that crypto’s journey to worldwide acceptance won’t happen overnight.“Change Your Outlook. Bravery Will Return Massively”“Bitcoin is dead. I’m sure you’ve heard the rumors…” According to 99Bitcoins’ extensive list of obituaries, the foremost digital asset has perished about 308 times by now. Although this list was evidently made in jest, the number of times that naysayers have declared Bitcoin dead goes to show that investors in this nascent asset class may not be on the same page.Phillip Nunn, a crypto-centric entrepreneur and the CEO of Wealth Chain Capital, recently issued a tweet to remind his followers that they should keep their heads high, even though prices are falling through the floor.Amazon at its peak took nine years to recover from peak, troff, back to peak.Intel took 15 years
Microsoft 17 years #Apple nearly went bankrupt in 1997. #crypto – change your outlook. Bravery will return massive amounts $btc #bitcoin
— Phillip Nunn 🚀 (@PhillipNunnUK) August 19, 2018Likening the crypto market to the Internet boom (and subsequent bust) at the turn of the millennia, Nunn drew attention to the fact that the prices of the publicly-traded Amazon, Intel, and Microsoft stocks took a decade to recover. While not explicitly stating that the crypto market will undergo a near-identical recovery and subsequent exponential run, he closed his tweet remaining bullish on Bitcoin and other crypto assets, writing:“Change your outlook. Bravery will return massive amounts (in Bitcoin/Crypto).”The UK crypto entrepreneur wasn’t the first individual to make such a comparison by far, with Coinshares CSO Meltem Demirors drawing connections to the aforementioned two markets on a recent CNBC Fast Money episode. In fact, while Nunn was likely not acting in malintent, he tweeted near-verbatim what Demirors originally said. Opening her segment on Fast Money, Demirors stated:“Let’s go back to the analogy that everyone uses… 1999 and the internet stocks. So if we look at Amazon, Amazon at its peak took 9 years to recover from peak, troff, back to peak. Right? So you had to hold Amazon for nine years to recover your value. If you look at Intel, 15 years — Microsoft, 17 years.”Further elaborating on why such technologies are affected slow adoption rate, the Coinshares executive noted that “new technologies that shift the paradigm,” like cryptocurrencies and the internet, are not fully understood nor adopted overnight. When the Internet first made its appearance in the late 20th century, many were skeptical of what this flashy new technology could offer.  Take the following quote from American economist, Paul Krugman, as an example of the qualms critics had with the early-stage internet:“The growth of the Internet will slow drastically… By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s”Ironically enough, Krugman’s now-infamous 1998 quote has been immortalized on the internet, or chiseled into the toughest stone if you may. At the time, those who were ingrained in their traditional ways failed to understand what the Internet could offer.And today, many innovators think that the cryptocurrency and blockchain industries lie in a similar position to the internet in the mid-90s.  This sentiment has been echoed for months, if not years, with Blockchain CEO Peter Smith continually highlighting that the development of this world-altering technology could “take a long time.” But bona fide believers in this industry should hold their faith for the “long-haul,” as one of Charlie Lee’s mantra states, “build it and they will come!”Featured Image From Shutterstock