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Swarm Intelligence Set

XRP drags down cryptocurrency market

06 May 2019   #XRP

The main cryptocurrencies on Monday are slightly decreasing in price against the background of a number of negative news for XRP. In particular, the Central Bank of Singapore refused to use Ripple payment solutions, stating that they have no advantages over traditional banking systems.

Against the background of this message, the XRP rate at 9.00, according to Libertex, per day fell by 1.01% - to $ 0.298 with a capitalization of $ 12.6 billion. Ethereum by this time fell by 1.31% - up to 158.9 dollars with a capitalization of 17.1 billion dollars. An additional negative for this cryptocurrency was the news that 40% of the funds were withdrawn from the Ethereum wallet of the Bitfinex exchange for the week. At the same time, work on the code for moving Ethereum to Proof-of-Stake will be completed very soon.

Bitcoin began May with shock growth, updating its April highs on Friday (+ 11% over the week). But then Bitcoin fell in price by 1.03% - up to 5645 dollars, its capitalization amounted to 101.2 billion dollars. Despite the decline in the rate of Bitcoin, the market situation opens up good prospects for earnings on this cryptocurrency. As for the long-term outlook of Bitcoin, the Galaxy's cryptocurrency analyst has posted on Twitter an analysis whereby Bitcoin is on the verge of a new rally, which may end up near $ 330,000. If we assume that a comparable increase will take place during the future rally, it will lead the first cryptocurrency prices in the region of $ 330,000. If temporary factors are repeated in the new BTC growth cycle, then a mark of $ 330,000 will be reached at the end of 2021.

To such conclusions he was led by the analysis of cryptocurrency charts. Currently, Bitcoin draws similar patterns as in October 2015

Litecoin for the day fell by 4.58% - up to 72.1 dollars with a capitalization of 4.5 billion dollars. The total capitalization of the crypto market has reached $ 180.9 billion. However, digital assets have kept news from Facebook, which is developing a payment system on cryptocurrency, from a more significant drawdown. In addition, the new cryptocurrency will release Nike.

According to financial scouts, the decline in the crypto market will continue in the near future, but will be fairly moderate. Bitcoin can fall in price to 5600 dollars, Ethereum - up to 155 dollars, XRP - up to 0.29 dollars, and Litecoin - up to 71.5 dollars.

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