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XRP Price Rallied 7%, Is It Gearing To Test The Next Resistance?

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Xrp Price
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The XRP price climbed 7% over the last 24 hours, turning the technical outlook for the coin bullish. In the past week, the XRP price had not performed too well, but with the recent price surge, it made up for its weekly loss.

Currently, XRP has only lost 2% of its market value in the last week.

Despite most altcoins staggering under the bearish influence, XRP has managed to display positive sentiments on its daily chart. Buyers seemed to have gained confidence in the asset.

The technical outlook also turned towards bullish signals at the time of writing. After registering selling strength over the past few weeks, XRP now trades with increased buying strength.

Bitcoin’s price movement is still taking a toll on XRP price movement.

At the current price level, XRP is still trading 89% lower than its all-time high of $3.40. The global cryptocurrency market cap today is $1 trillion, with a 0.1% negative change in the last 24 hours.

XRP Price Analysis: One Day Chart

XRP was priced at $0.35 on the one-day chart | Source: XRPUSD on TradingView

The altcoin was trading at $0.35 at the time of writing. Tight resistance awaits XRP at $0.38 as the altcoin has struggled at that price level for a considerably longer period of time.

Once XRP propels above the aforementioned resistance, there could be a chance for the altcoin to revisit the $0.44 level. On the other hand, support for the coin stood at $0.33.

At the moment, the XRP price is trading quite close to that level. The amount of XRP traded in the last trading session declined, which could be a sign that the number of buyers could have declined at the time of writing.

Technical Analysis

Xrp Price
XRP displayed positive buying strength on the one-day chart | Source: XRPUSD on TradingView

At the time of writing, buyers seemed to have helped XRP push prices up. Technical indicators also indicated that buying strength helped with the altcoin’s recovery.

The Relative Strength Index was above the half-line, which meant that buyers took over the price action in the market.

On the RSI, however, there was a small downtick, which could mean that the number of existing buyers has declined.

The XRP price also peeped through the 20-SMA line, which demonstrated that demand for the coin existed and that buyers were driving the price momentum in the market.

Xrp Price
XRP registered buy signal on the one-day chart | Source: XRPUSD on TradingView

Buyers have acted on the buy signal flashed by XRP on the daily chart as seen on its indicator.

Moving Average Convergence Divergence underwent a bullish crossover and depicted green signal bars, which were buy signals for XRP.

The MACD displays the price momentum and the direction of the asset. The Stochastic RSI also reads the market momentum. The indicator was seen above its centre line, which meant the asset was trending higher.

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Discounted Tariff For Crypto Mining To Be Eliminated in Norway

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Miami Mayor Francis Suarez Shares Bitcoin-Centric Vision For Future
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The finance minister of Norway, Trygve Slagsvold Vedum, has proposed that the government do away with a programme that gives crypto data centers a discounted cost on power.

The Norwegian government made a proposal on Oct. 6 that might affect Bitcoin miners by making data centers in the nation pay the same power tax rates as other sectors. The government determined that the discounted tariff should be gradually eliminated due to increased power consumption in certain regions.

The finance minister said:

“We are in a completely different situation in the power market now than when the reduced rate for data centers was introduced in 2016. In many places, the power supply is now under pressure, which causes prices to rise. At the same time, we are seeing an increase in cryptocurrency mining in Norway. We need this power for the community.”

A proposal to outlaw cryptocurrency mining was first proposed by the Norwegian Red Party in May, but it was ultimately shot down by the Norwegian Parliament. At the time, Arcane Research analyst Jaran Mellerud predicted that Norwegian political parties “likely make one more attempt at increasing the power tax specifically for miners.”

Moreover, according to the Cambridge Bitcoin Electricity Consumption Index, several BTC mining enterprises are now active in Norway, using 100% renewable energy sources and contributing 0.74 percent to the worldwide Bitcoin hash rate. Furthermore, many Sortland inhabitants in the north, meanwhile, have voiced worries about miners environmental hazards, mirroring the views of American legislators.

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Reef Finance (REEF) Continues With Green Days; How Long With This Last?

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Reef Finance (Reef) Continues With Green Days; How Long With This Last?
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  • REEF price continues to show the market how it is done as price trends in the green zone for two straight days. 
  • REEF trades above key resistance as price breaks out of range holding above 8 and 20-day EMA.
  • The price of REEF eyes a recapture of $0.01 as key resistance was flipped into support. 

The price of Reef Finance has continued to show its strength as price trends with double-digit gains against tether (USDT) on two separate days in a row. With the crypto market cap bouncing from its weekly low as the market continued to look promising, the price of Reef Finance was not left out as the price broke out of its long weekly range, with the price trending to a higher height. (Data from Binance)

Reef Finance (REEF) Price Analysis On The Weekly Chart.

The crypto market got relief, as anticipated for most crypto altcoins. However, some altcoins have continued in a range-bound movement with the recent surge in price among most crypto assets. 

The price of REEF in previous months has been stocked in a range box as the price could not break out with real volume. REEF’s price continued to move between the region of $0.004 and $0.003 in a bid to break out and trend higher. 

After a long-range movement, with the month looking good for most altcoins, as many call it the month of Uptober, the price of REEF broke out with good volume from its range as price rallied to a high of $0.065 

REEF has a very good use case and no doubt was a catalyst as the price hit an all-time high of $0.3 before seeing its price rejected to a low of $0.003 as the price bounced off this region for a minor relief.

With the current structure, the price of REEF has been maintained; we could see the price going to a high of $0.01 if the relief state of the market remains for a longer time.

Weekly resistance for the price of REEF – $0.01.

Weekly support for the price of REEF – $0.004.

Price Analysis Of REEF On The Daily (1D) Chart

Daily REEF Price chart | Source: REEFUSDT On Tradingview.com

On the daily timeframe, the price of REEF continues to show strength as the price pulled over a 20% gain despite the market looking to have stalled in price movement; after hitting a daily low of $0.003, the price of REEF rallied to a high of $0.005 where the price was rejected into a range of $0.004-0.003 as price struggled to break out.

On a successful breakout, the price of REEF rallied with much aggression as bulls were in control of the price, pushing the price to a high of $0.0067.

The price of REEF currently trades at $0.0053, just above the 8 and 20-day Exponential Moving Average (EMA). The price at $0.0050 and $0.0048 corresponds to the prices at 8 and 20-day EMA for REEF on the daily timeframe. With the price of REEF holding strong and a possible price continuation, we could see a retest of $0.01 in no time.

Daily resistance for the REEF price – $0.00650.

Daily support for the REEF price – $0.005.

Featured Image From Zipmex, Charts From Tradingview

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Dapper Labs Announces Launch Date of NFT Marketplace

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The Fate Of Nfts In The Crypto Winter
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  • Dapper’s Flow blockchain will manufacture NFT collectibles based on video highlights.
  • The partnership between Dapper and LaLiga was initially announced in September 2021.

Dapper Labs’ LaLiga-themed NFT platform will enter closed beta later this month, following in the footsteps of NBA Top Shot and NFL All Day.

Starting on October 27th, a curated user base will have access to LaLiga Golazos, a digital marketplace where the first pack will be released. Over the course of many months, both Top Shot and All Day conducted closed beta testing with a growing number of users before releasing to the general public.

To compete with other similar sports services, Dapper’s Flow blockchain will manufacture NFT collectibles based on video highlights from LaLiga Golazos games, which will subsequently be sold and exchanged like trading cards.

Spectacular Goal 

The partnership between Dapper and LaLiga was initially announced in September 2021, and the platform was supposed to launch this past summer.

Bilingual NFTs with play-by-play commentary, player performance information, and match statistics will be sold by LaLiga Golazos (“golazos” meaning “spectacular goal” in Spanish). This is the first NFT product that provide multilingual support from Dapper. The era of the league covered by the platform’s collectibles extends all the way back to 2005.

El Clásico (FC Barcelona vs. Real Madrid CF), the Madrid Derby (Real Madrid CF vs. Atlético de Madrid), the Basque Derby (Real Sociedad vs. Athletic Club), and El Gran Derbi (Real Betis vs Sevilla FC) are just a few of the LaLiga rivalries whose moments will be featured in the first digital pack of NFT collectibles, set to release on October 27. 

Promoting the LaLiga Golazos launch are players such as FC Barcelona’s Ansu Fati and Marc-André ter Stegen, and Atlético de Madrid’s Joao Félix and Luka Modri.

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Marathon Digital Reveals $81.3M Exposure To Compute North

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Establishment Of Bitdao’s Layer 1 (L1) Proposed By Bitdao Development Team Headed By Bybit
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