news and price overview -The Cryptonomist

Latest news about cryptocurrencies, with a special focus on Ripple (XRP) and Bitcoin Cash (BCH).

It is worth recalling that Ripple is a real-time transfer system, a network for currency exchange and for sending money transfers, created in 2012 by Ripple Labs.

While Bitcoin Cash is a cryptocurrency fork of Bitcoin. Bitcoin Cash is a spin-off altcoin created in 2017. In November 2018, Bitcoin Cash further split into two cryptocurrencies: Bitcoin Cash and Bitcoin SV.

Crypto news: another billion XRP unleashed by Ripple

Fintech giant Ripple has apparently made another planned cryptocurrency release. Specifically, Ripple Labs has created another version of its funds from the pledge, and released one an incredible 1 billion XRP tokens.

Four transactions, notably involving 2 x 400,000,000 and 2 x 100,000,000 XRP tokens, have been noticed in the last ten hours. Meanwhile, in the last 24 hours, the price of the sixth largest cryptocurrency, XRP, has shown a modest increase of almost 2.5%.

All this happened on March 1, when the cryptocurrency giant, which is currently going through a difficult time to fight against SEC in court, conducted another planned cryptocurrency release, moving one billion XRP tokens from escrow accounts.

This amount of XRP is equivalent to $383,946,000 with the current XRP/USD exchange rate. In total, Ripple regularly withdrew a billion of these tokens on the first day of every month.

In fact, data shared by the XRParkade Platform shows that Ripple has already been doing this for 62 months.

However, this does not mean that it has moved 62 billion XRP tokens to dump them into the market. The actual amount of XRP tokens released is much less, as most of the XRP mined each month is usually locked in escrow.

According to the above XRP-focused source, from the 62 billion that Ripple has unlocked since January 2018, it has returned 50,100,000,000 XRP. Each time, the company unlocks one billion and then returns 700 million-800 million XRP to the pledge.

The rest of the unlocked funds are used by the company to sell and cover operating costs or send XRP to its corridors or ODL customers. So overall 50,100,000,000 XRP have been remitted so far after withdrawals in the last five years. For now, Ripple is still holding 43,100,000,000 locked XRP.

News regarding Bitcoin Cash: the price increase

About a week ago, Bitcoin Cash (BCH) rose to its highest value since August 2022, after surpassing $150 region on February 20.

In accordance CoinMarketCapgave the cryptocurrency one of its biggest gains to date as it rallied.

Shortly thereafter, however, the momentum appears to have waned as BCH traded to $147.53. Based on the daily chart Relative strength index (RSI) was higher than normal at 63.74.

The indicator is a momentum oscillator that measures changes in price movements and speed.

Now, BCH’s RSI value indicated that the cryptocurrency had high purchasing power. But should the value reach 70, it means that it has reached an overbought zone. So there could be a significant price reversal in that area.

according to Moving average convergence divergence (MACD), Bitcoin Cash’s momentum was not necessarily bullish. This was because the blue dynamic line was positioned just slightly above the orange one.

This condition meant that buyers and sellers were in a fierce competition for control. However, the greens still had an advantage.

In addition, the Directional Movement Index (DMI) indicated short-term consolidation as there was no support for a continuous uptrend.

As for the status of the chain, Bitcoin Cash’s was one of the driving forces behind the recent rally according to Sentiment. In fact, positive sentiment was 10.29. Conversely, the negative sentiment was 6.71.

However, the minimal difference between the two metrics could mean that the positive perception of cryptocurrency has waned. Also, lately there have been a lot of transactions going through the Bitcoin Cash network, as shown by the volume.

Finally, the ratio between market value and realized value (MVRV). 10.26%. The calculation describes the rate at which the owners realized profits and the value of an asset. Such a high ratio suggested that the rally had produced good gains for holders, but it could also suggest an overvalued status in the short term.

Focus on the current prices of Ripple (XRP) and Bitcoin Cash (BCH)

As for crypto Ripple (XRP), we see that the price has fallen by 6.09% in the last 7 days. In addition, the price has decreased by 3.07% in the last 24 hours. Until fell in the last hour 0.32%.

Current price is €0.34 per XRP and is 90.48% lower than the all-time high of €3.62.

The current outstanding supply is 50,950,912,949 XRP. It also shows that even after repeated attempts, the bears have not been able to extract XRP at the strong support at $0.36. This suggests that the selling pressure is decreasing.

Therefore, it is expected that the bulls will now try to push the price above the resistance line of the descending channel. If successful, the XRP/USDT pair could reach resistance at $0.43. Buyers will need to break through this resistance to pave the way for another possible rally $0.52

However, the bears will likely have other plans. They will again try to block the recovery at the channel resistance line. If the price falls, the possibility of a break below $0.36 increases. The couple could then slip away $0.33.

As for the price of BCH, we see that it has decreased by 9.45% in the last 7 days. Moreover, it has decreased again by 5.37% in the last 24 hours. But in the last hour, the price has risen as well 0.45%.

Current price is €117.77 per BCH. The price of Bitcoin Cash is 97.13% lower than the all-time high of €4,101.98.

The current circulating supply is 19,326,812.5 BCH. After signaling a week ago that it would reach the golden cross of the EMA, the price of Bitcoin Cash has failed to hold support at $140 and is now falling towards the $130 test support.

Despite the token still trading above its 200-day SMA, the overall market conditions related to this token remain bearish.

Investors consider cutting losses as if the $130 support fails. The price of BCH could fall below the $120 mark.