Category Archives: Ripple (XRP)

Here’s the metric that is influencing YFI and XRP’s prices

Altcoins like FIL have been offering 10x in returns to HODLers and retail traders. In fact, many alts are making a comeback partially due to increased concentration by large HODLers and increased liquidity. For a long time, Bitcoin’s rangebound price action below $60,000 also contributed to the alt rally in the market.

With the crypto less than 4% away from its ATH at press time, Bitcoin’s price action may soon follow the trend into the weekend, allowing altcoins to rally. Though analysts may argue that Bitcoin is no longer in the buy zone, several altcoins that offered double-digit returns are currently being accumulated by large HODLers based on on-chain analysis from CoinMarketCap.

What’s more, BTC’s price action has triggered a bullish trend in top altcoins like YFI, XRP, DOT, and ADA. YFI’s price, for instance, was 33% below its ATH, with the alt well within its buy zone. Now, YFI’s rank may have dropped to 76th on CoinMarketCap’s list, however, it is anticipated that there will be a rise in the price of the token soon. Concentration by large HODLers is driving the price higher, and historically, it has.

Currently, the concentration by large HODLers is 89% in YFI. Of the same, over 75% of HODLers have held YFI for less than 12 months. Despite this composition, 68% of HODLers were profitable at the press time price level, even though the sentiment among traders was neutral. Large HODLers are contributing to the price rally by contributing to the rising transaction volume. Despite a significant drop in large transactions, over 7.75% in the last 24 hours, over $793 million worth of transactions occurred on the YFI network over the past week. In fact, the alt’s price has risen by 8% in the last 30 days.

Besides YFI, there are other altcoins like DOT, ADA, and XRP that have similar narratives as YFI, with differences in trade volume growth. Value locked in YFI is similar to traders’ sentiment and the anticipation of a price hike in the future was observed to be on a similar level. It is likely that a change in the volume of transactions may have a direct impact on the price rally since shorting these alts may currently be more profitable than buying low and selling high.

On the contrary, the strategy of buying low and selling high may not be the ideal way to make the most of the price trend of YFI, XRP, DOT, and ADA. Based on the analysis of the historical performance of top market capitalization coins like Bitcoin and altcoins like Ethereum, BNB, ETH, and ADA have suffered a negative impact on their prices.

XRP, especially, is worth looking at since it has remained largely rangebound over the past week. In fact, even though the price trend hasn’t changed, XRP has remained largely rangebound below $0.60. Something similar could be seen when the prices of ADA and DOT are taken into account. The impact on price is positive and it is likely to continue increasing if this price action continues in XRP as well.

Read more: AMB CRYPTO

Gunbot Crypto Trading 5: Emotionless Trading

Previous posts:

Trading So Far

The situation as we left it in my last post is that Gunbot had made 3 complete buy-sell trades of 0.002 BTC each using the ‘Emotionless’ strategy. It had then bought again, and hadn’t seemed to be able to sell again that day. In fact early the following day it did manage to sell, and then later that morning it bought and sold again quickly. Each trade was, naturally, profit making, though only to the tune of about 10p.

Emboldened by this I increased the stake for each trade to 0.005 BTC (about £33). Gunbot soon did another Ether trade, for a profit of about 27p, so a healthy gain of about 0.8%.

I was impatient to see more trades and profits at this point, so I increased the stake to 0.01 BTC and added further coin pairs:

  • Bitcoin – Bitcoin Cash (BCH)
  • Bitcoin – Litecoin (LTC)
  • Bitcoin – Ethereum Classic (ETC)
  • Bitcoin – Dash (DASH)
  • Bitcoin – Ripple (XRP)

This naturally increased the transaction volume, here’s what’s happened since:

Poloniex Trade History: Gunbot trading Ether with Emotionless Strategy - more coins (Image: BIUK)
Poloniex Trade History: Gunbot trading Ether with Emotionless Strategy – more coins (Image: BIUK)

In a nutshell, Ether trading has continued solidly but Gunbot has also regularly bought and sold Litecoin, and Ethereum Classic, and also made single completed trades with Dash and Ripple. Bitcoin Cash is nowhere to be seen.

Profits so far, in Bitcoin:

  • Ethereum: 0.00059094
  • Litecoin: 0.00032900
  • Ethereum Classic: 0.00032669
  • Dash: 0.00007898
  • Ripple: 0.00013795
  • Total: 0.00146356 (about £10)

So not a bad start having been out of bot trading for some time.

Advanced Trading

One thing I like very much about the latest Gunbot is the charts in the user interface – they pretty much reproduce what you get in Poloniex or Trading View with the addition of clear markers of where Gunbot bought and sold.

Gunbot chart with buy/sell indicators (Image: BIUK)
Gunbot chart with buy/sell indicators (Image: BIUK)

What this highlighted for me, though, was that the Emotionless strategy is a bit ‘literal’. What I mean is that Gunbot is selling once it achieves the profit it has been set but is missing opportunities for greater profit. For example, in the middle of the screenshot shown we can see that Gunbot sold even though the market was rising fast and if it had waited a couple more minutes the profit would have been many times greater (perhaps even 10x).

I believe this consideration of trend is part of other strategies, particularly those using Trading Stop / Stop Limit (TSSL) which wasn’t an option in my previous Gunbot version. I’m therefore going to investigate that further before changing any more Gunbot settings, in particular increasing the trading stakes.

Bitcoin Price Dips Below $13,000 Again, as Ripple Records Massive Gains

The bitcoin price has dipped below $13,000 for the second time in December, following the December 23 correction which led the price of bitcoin to plummet to $11,500.

Bitcoin Dominance Index at 37.9 Percent

Analysts have attributed the recent decline in the price of bitcoin to the unexpected surge in the valuation of several cryptocurrencies including Ripple and Cardano.

Over the past 24 hours, the market valuation of Ripple has increased by nearly 100 percent, surpassing $100 billion in market cap. While it has corrected since then, the market valuation of Ripple still remains above $89 billion, more than $23 billion higher than that of Ethereum.

Apart from the one brief period in November during which Bitcoin Cash overtook Ethereum for several hours, Ethereum had not given up its position as the second most valuable cryptocurrency behind bitcoin throughout the past 12 months. Yet, Ripple remains as the second most valuable cryptocurrency behind bitcoin 24 hours after it has initially taken over Ethereum.

For the first time since June, the dominance index of bitcoin over the cryptocurrency market has dipped below 38 percent. At the time of reporting, the dominance index of bitcoin is 37.9 percent, and is close to achieving an all-time low at 37.39 percent.

Historically, bitcoin has demonstrated a trend in which the value of bitcoin surges when other alternative cryptocurrencies drop. In contrast, when the value of alternative cryptocurrencies decline, the value of bitcoin has tended to increase.

As such, given that the recent fall in the price of bitcoin was mostly triggered by FOMO or fear of missing out demonstrated by a small portion of bitcoin investors switching over to Ripple, the bitcoin price will likely be able to recover to the $15,000 relatively soon, especially if the market cannot sustain the valuation of Ripple at around $90 billion.

Read more: CCN

Ripple Price Consolidates, But Could It ‘Swell’ Higher?

The cryptocurrency that powers Ripple’s XRP ledger is showing signs it may be consolidating ahead of a boost.

At press time, the XRP-U.S. dollar (XRP/USD) exchange rate seems to be building a base around $0.20-levels. The third largest cryptocurrency by market capitalization has gained 2.56 percent in the last 24 hours.

Elsewhere, Ripple news was quiet, and no major news was observable on its major channels and company forums. But, while week-on-week XRP is trading dead flat, it’s possible traders see opportunity in an upcoming event sponsored by Ripple.

Notably, this month, Ripple is to host “Swell” – an event aimed at bringing the world’s financial leaders together to network and discuss trends and strategies. Swell will go head-to-head with Sibos, Swift’s annual banking and financial conference scheduled for October 16–19 in Toronto, Canada, and bring in speakers including World Wide Web creator Tim Berners-Lee.

Read more: Coindesk