Ethereum prices stable but bullishCode is Law a misnomer insists Vlad Zamfir of Casper LabsTransaction volumes low but poised to expand as prices expandAfter penning an article critiquing Szabo’s law, Vlad is clearly of the opinion that there ought to be an element of human participation within the Ethereum governance model. Nonetheless, Ethereum (ETH) prices are stable, and after three days of consolidation, it is likely that prices will edge higher with targets at $170.Ethereum Price AnalysisFundamentalsPublic blockchains are inherently fractious and often factions sprout disagreeing on improvements, upgrades or even a fruitful push for equal representation. We saw that happen with Bitcoin Cash when contentious led to a split creating two chains in SV and ABC.However, it is the current flame-throwing and uncomfortable topic of how best to deal with Parity Funds that is reviving the discussion on which governance model best suits Ethereum. As fractious and heated the atmosphere, well-articulated arguments from Vlad Zamfir is shedding light on the apparent lack of effective controls and human participation within Ethereum and the tendency towards adherence of Szabo’s law.Drumming for pro-governance, Vlad is against the idea of protocol improvements or changes on the ground of technical maintenance as stipulated by Szabo. He argues that the perception that code is law is a misnomer and “too radically anti-legal to be part of a sensible crypto legal system.” All the same, his beliefs are against what blockchain represents—autonomy.As a network, it should operate free from third parties—in this case, government, even if solutions riding on these networks seem to go against the incumbent and disrupt the status quo.Candlestick ArrangementUp 3.5 percent from last week’s close and stable in the past 24 hours, Ethereum (ETH) is trading within a tight trade range. With clear supports at $135 and trading within a clear bullish breakout pattern set in motion by Mar 4-5 double bar bullish breakout, the path of least resistance is clear.Already, increasing demand and positive fundamentals—especially Joseph Lubin’s comments—indicate there is an undervaluation.However, before conservative traders flow in, prices must first close above $170. It is likely that prices will rally in the short-term now that BB bands are spreading and prices appear to be banding along the upper BB pointing to increasing demand.Technical IndicatorSince Ethereum (ETH) prices are trading inside Mar 15-16 bull bars, then is imperative that prices close above $150 or dip below $135 as price action confirm bulls of Mar 5 or bears flow affirming those of Feb 24. In any case, accompanying transaction volumes must be above averages of 230k or above 300k of Mar 5.
Bitcoin Price steady, may rallyAvnet now accepts Bitcoin via BitPayParticipation low but demand picking upBy collaborating with BitPay, Avnet now joins the likes of Microsoft and Dell as corporations accepting Bitcoin as payment. Regardless, Bitcoin (BTC) prices are steady and could close above $4,000.Bitcoin Price AnalysisFundamentalsBased in Phoenix, Arizona and drawing $17.4 billion in revenue, Avnet—one of the largest electronic component distributors in the US and one of the most capitalized Fortune 500 Company has partnered with BitPay, a Bitcoin and Bitcoin Cash payment processor. Because of this tactical—and even profitable shift, Avnet is the third major corporation in the US to accept crypto payments after Microsoft and Dell.“When a customer elects to purchase with Bitcoin (BTC) or Bitcoin Cash (BCH), Avnet will work with BitPay to verify the funds, process the order and complete the transaction. Avnet and BitPay will also have the ability to manage and process cryptocurrency requests outside the US on a country-by-country basis.”In days ahead, the corporation will let their customers pay for services using cryptocurrencies in a move that reveals how the world if fast shifting from fiat and embracing a global and trusted alternative. Aside from immutability, the VP of Avnet, Sunny Trinh, pointed at several advantages tied to Bitcoin including cost saving and elimination of barriers common when rolling out products to the market.Besides, settling with Bitcoin is usually faster and safer than using traditional set-ups charging exorbitant fees. If anything, this has been on the writing for a while. Avnet has been working with Bitcoin.com as they create a secure crypto wallet as the tech-centric company prepares for a transition to cryptocurrency.Candlestick ArrangementEven though Bitcoin (BTC) prices are trending inside Mar 16 high low, bulls appear to be in control. It is easy to see why.Despite demand tapering in the last few days, prices are edging higher. At this pace, we expect a recovery of Feb 24 losses. That is mostly thanks to increasing demand and Bitcoin (BTC) prices rejecting lower lows as they align along the upper BB.Like in our previous BTC/USD trade plans, every dip should be a buying opportunity with reasonable targets at $4,500. Such is only possible if BTC is steady above $3,800—our breakout level now minor support.Technical IndicatorsParticipation is low, and in the next few days, Mar 16 candlestick anchors our trade plan. It has been successful in holding price action in the last few days and has decent volumes—13k versus 7k. Dictated by candlestick arrangements, buyers will be in control if prices race above $4,200. As always, accompanying this move must be high volumes exceeding 13k thereby confirming bull pressure of Mar 5.
Ripple prices flatStellar—IBM partnership and roll-out of World Wire bullishTransaction volumes must spike above 60 million for bulls or bears to be in chargeIBM involvement is a game changer. Although they are launching from Stellar, their confidence in blockchain could see banks experiment with crypto. In that case, some may decide to leverage RippleNet thereby boosting XRP prices—especially if they opt to use xRapid.Ripple Price AnalysisFundamentalsOptimistic as we may, we also recognize that banks are conservative. Before experimenting with new technology, it is unusual for them to demand demonstrations with cogent explanations as to why they should shift. However, it is the entry of IBM and Big Blue’s decision to launch a similar service in World Wire, which somehow competes with Ripple.From public data, both promise to cheap and instantaneous fund transfer in a secure medium via digital assets—XRP in Ripple and stable coins of even fiat in World-Wire. Ripple utilizes their proof of correctness ledger while IBM has a rather fruitful partnership with Stellar Network.The same person, Jed McCaleb founded these ledgers. Nevertheless, a game changer in this situation is IBM track record in banking. By actively offering solutions for financial institutions as they aim to improve customer experience by “building agile core banking systems, offering innovative payment services and optimizing enterprise risk management,” banks will be willing to experiment with the idea of unregulated, decentralized money.That means, with the field open, some may decide to join a more mature ledger actively working with regulators from all over the world in RippleNet, therefore, increasing Ripple’s customer base.Candlestick ArrangementAll the same, Ripple (XRP) prices are under immense sell pressure. At the time of writing, the third most valuable coin was up 1.6 percent from last week’s close with a market cap of $13 billion meaning the gap between ETH—XRP is widening. Despite this “insurmountable” sell pressure, we are optimistic of price surges. Backing our stance is strong supports at 30 cents. In the last three months, sellers have been unsuccessful and yet to drive prices below 30 cents as prices consolidate within a tight 4 cents trade range.Unless otherwise there are breaks below this support level, it is highly likely that the result of this accumulation is a strong breakout above 40 cents mirroring gains of late Sep 2018.Technical IndicatorsBy yesterday’s close, participation was low at 6 million averaging 14 million. Since we are bullish, we expect prices to spike. Complementing this is increment would be high volumes exceeding 60 million.
Ethereum prices bullish above $135Joseph Lubin expects prices to rallyVolumes low, dropped by half in the last weekWeeks after retrenching staff, Consensys CEO is confident that ETH prices will surge 1000X. This is partly thanks to the launching of Ethereum 2.0 and prospects of dealing with scalability. Therefore, that means there is a huge Ethereum (ETH) undervaluation.Ethereum Price AnalysisFundamentalsConsensys is the Brooklyn-based software-production studio that is backed by Joseph Lubin. Joseph is one of the top contributors of Ethereum. Months after announcing plans of the studio’s “re-focusing of their priorities” at the back of dropping asset prices and a biting crypto winter, Joseph believes that ETH prices will surge 1000X in the next two years.With an eager audience during the ConsenSysSXSW 2019 in Austin, the tech leader is banking on Ethereum 2.0 and the development of layer 2 scalability solutions that will see Ethereum platform efficiently handle the influx of transactions without sacrificing speed or hiking fees:“Ethereum 2.0 is launching soon. We have eight teams working currently on Phase 0 of the four phases of the roadmap. We will further develop the base layer of the Layer 2 expansion solution, which will be in the next 18- at least 1000 times in 24 months. Once this completes, Ethereum will continue to expand. Since the start of the ecosystem in 2009, Ethereum has seen many incredible rises in the price of the tokens followed by many corrections. One of the significant corrections was done in 2018, which was 5,000-times more valuable than when ETH was initially launched.”Candlestick ArrangementMeanwhile, Ethereum prices are stagnating above $135 but up four percent from last week’s close. From candlestick arrangement, buyers are in charge and trading within a bullish breakout pattern with immediate supports at $135.Even so, we must realize that sellers are overly in charge especially if we break down the price from a top-down approach. Note that $170, though more than $30 away is a vital resistance and previous support. As reiterated in previous ETH/USD trade plan, price surges above $170 should have strong bases.That, therefore, means consolidation above Mar 5 highs and oscillation within Mar 15-16 high lows. Any drop below $135 nullifies this trade plan and could catalyze a sell-off towards $100, a psychological round number.Technical IndicatorsFlat-lining prices equate to low participation levels, and that is evident from the chart. From Mar 5 when decent volumes—302k versus 296k, accompanied prices, participation averages have dropped to 160k hinting of low demand. Moving on and as laid out in prior trade plans, gains above $150 confirming bulls of Mar 5 must be with high volumes exceeding 330k or even 1 million of Feb 24.
Ripple prices consolidationXRP Army a blend of phony accounts and botsTransaction levels lows and averages more than half that of Feb 24 and 25Geoff Golberg, an independent researcher with the application of Network analysis on social and blockchain data is confident that the harassing XRP Army consists of fake accounts and bots. If anything, this is negative for price and XRP could print lower.Ripple Price AnalysisFundamentalsAn independent report now reveals that the so-called XRP army is a lie. Instead, the army consists of thousands of bots and at-least 8,000 fake Twitter accounts. By coordinating and working together on several topics touching on Ripple and XRP, the manufactured “army” has one sole objective: That of altering public opinion across the social media platform Twitter.Unfortunately, this is not the first time Twitter is taking the blame for their laxity. Vitalik Buterin has been forced on many occasions to clarify that he isn’t giving away any ETH. By employing a tactic called Astroturfing, these XRP and Ripple shilling bots were able to deceptively shape public opinion and interpretation of XRP according to Geoff Golberg, a researcher who spent countless hours studying these fake Twitter bots and accounts.Although he reported his findings with David Schwartz, the Ripple Inc CTO has since gone mute on the subject.Candlestick ArrangementAt the moment, Ripple (XRP) is still range bound and unchanged from yesterday. It is up 1.7 percent and that, by all accounts, is unusual often registering double-digit gains whenever BTC prices expand.At this rate, it is increasingly clear that there is strong liquidation at 34 cents—our buy trigger line—and equally strong support at 30 cents.Therefore, as a laid out in previous XRP/USD trade plan, we shall take a neutral stand on price action aware that XRP is likely to dip before spring up and closing above 34 cents.Technical AnalysisWith ranging prices, participation levels are low. By yesterday’s close, averages stood at 14 million. That is more than half those of Feb 24 and 25 when XRP prices were volatile. Then transaction averages were 30 million and 34 million respectively. Complementing these averages were above average volumes–of 61 million and 52 million. Unless otherwise there are sharp gains above 34 cents complete with high transaction levels, we shall maintain a neutral stand on XRP/USD price action.
Stellar Lumens up 11 percent from last weekIBM and six banks sign a letter of intent for World Wire stable coin issuanceTransaction volumes double in eight daysWith IBM single-handedly bringing on board six banks, XLM prices are surging and up 11 percent in the last week. We expect prices to edge higher in days ahead. If prices close above 15 cents, Stellar Lumens (XLM) could double to 30 centsStellar Lumens Price AnalysisFundamentalsSimilar to Ripple, Jed McCaleb’s Stellar is a low-cost platform that enables cross border fund transfer aimed at the unbanked. It is the latest to receive support from CoinBase three months after the exchange placed the asset under consideration.Coinciding with this liquidity boosting development is the announcement that IBM has successfully drawn six banks to World Wire. By signing a letter of intent, these banks are committing to use with three of them having received regulatory approval. As a result, they are ready to issue a stable coin pegged to fiat via the IBM’s World Wire enabling fast and cheap settlement. The Stablecoin will complement Stronghold that is unfortunately unavailable to US citizens due to regulatory hurdles.
All the same, Jesse Lund of IBM is ambitious, and in this era of stable coins, this is what he had to say:
“As more stable coins come on board, the whole notion of FX changes over time. We are working very hard to expand the ecosystem of stable coins that will include many more banks and many more fiat currencies – so digital representations of fiat currencies – and even, eventually, the central bank issued digital currencies. “
Like Bitcoin Cash, Stellar Lumens (XLM) is the top performer adding 4.3 percent and 11 percent in the last day and week. We expect prices to expand as these new banks get approval from their respective regulators. With IBM strong ties with banks, their single effort to expose six banks at once is a big move for Stellar and would eventually help support XLM prices.
From the chart, it is clear that buyers are in charge and trading within a bullish breakout pattern. As mentioned in our previous trade plans, risk-off traders should fine-tune entries in lower time frame, take advantage of the strong bull momentum—prices are banding along the upper BB, with targets at 15 cents.
Meanwhile, risk-averse traders should ramp up once prices print above 15 cents. After that modest targets would be 30 cents or Nov 2018 highs.
Volumes are picking up as momentum increase. After breaking above 8 cents, average volumes have doubled from 4 million of Mar 10 to 8 million by Mar 18, hinting at demand. However, prices above 11 cents should be with high volumes exceeding 16 million of Mar 11
Ripple prices stable below 34 centsSecurity laws relating to blockchain still fuzzy says, David SchwartzTransaction volumes shrinking as prices consolidateDavid Schwartz, the CTO of Ripple Inc, believes that existing security laws are vague and are therefore a hindrance. Even so, he is confident and comfortable that Ripple (XRP) is a utility and security laws don’t apply. Perhaps this would help support prices and eventually firm the ground in readiness for higher highs.Ripple Price AnalysisFundamentalsIn an unregulated space of which blockchain applications are supposed to flourish in, the entry of regulators or third parties do slow down innovation but for good reasons.By design and according to the original blueprints as laid out by Satoshi Nakamoto, the network should be completely decentralized with no point of weakness and high reliability. It is these properties that define blockchain. Unfortunately, this is where Ripple Inc critics have their reservations with XRP, the native currency of the XRP Ledger, questioning whether the coin has all the hallmarks of a utility token.However, it is the never-changing position of Ripple Inc officials that is remarkable. Maintaining the same stance, David Schwartz strongly believes that XRP is not a security. While speaking at the SXSW Conference, the renowned coder said:“Security law has not changed concerning blockchain technology… the SEC recently has talked about how they are going to think about how these tokens meet security laws. However, they haven’t given a black and white test. They’ve given a test, but it’s filled with vague terms.”Candlestick ArrangementPerched at third, XRP prices are stable and consolidating inside a 4 cents channel. As emphasized in previous XRP/USD price analysis, we maintain a neutral position on the third most valuable coin.Although we are bullish, it is after prices close above 34 cents—which is our buy trigger line—at the back of above average volumes, that risk-off, aggressive type of traders can begin fine-tuning and ramping up in lower time frames with first targets at 40 cents.On the other hand, if XRP prices collapse below 30 cents then we shall cancel our trade plan. In that undesired case, it is likely that prices will tank towards 25 cents further fueling asset sell-off.Technical IndicatorsTrade averages stand at 15 million—after yesterday’s close. Because we are bullish, gains above 34 cents must be complete with high volumes exceeding 15 million averages or 61 million of Feb 24.
Bitcoin price up but under pressureMimbleWimble protocol could be an excellent match for BitcoinTransaction volumes more than half those of Feb 24There are specific benefits of the MimbleWimble protocol, and one of them is privacy through CT. If the Bitcoin community decides to incorporate this untested protocol, then the network will not be scalable but be completely anonymous. Perhaps it will be the only trigger that will drive prices above $6,000 to $12,000 as demand Bitcoin (BTC) demand surge.Bitcoin Price AnalysisFundamentalsTo understand emerging technology is tasking. It will demand time to dissect data—which may at times be controversial or against the status quo. Some of these technologies may be futuristic and theoretically untenable. However, like everything else, time is the only measurement of progress. As the world shift to digital the evolution and adoption of better, the world will demand efficient and fast solutions of which blockchain applications are ready to offer.Therefore, just like every other technology that has changed humanity, time and patience are the two ingredients necessary for Bitcoin–which is fashioning itself as a global currency–to blossom and dominate the internet. We may be in the early stages, but already Bitcoin is the largest and the most capitalized in the space enjoying the pioneering advantage.In the future that may change as better solutions spring up. All the same, the network could scalable by default while retaining the original consensus of proof of work—via MimbleWimble protocol if only the community agree.As attractive as it may—thanks to privacy available through CT and the lack of addresses, it isn’t battled-tested like the unaltered Bitcoin protocol. Besides, there are elements specific to MimbleWimble that are applicable in theory only.Candlestick ArrangementRegardless of scarce fundamentals, Bitcoin (BTC) is stable in the last week and day registering negligible gains. However, the fact that prices are trading above $3,800 and $3,500 means buyers have the upper hand at least in the short-term.Like we have been emphasizing in all our previous BTC/USD price analysis, any breakout above $4,500 would usher bulls aiming at $6,000. Aside from that, it will also signal a breakout from the $1,300 range with bases at $3,200 or Dec 2018 lows which have been binding prices in the last three months.Since bulls are yet to confirm bulls of Mar 16, it is likely that prices will correct lower to $3,800. It is so thanks to Mar 17 bar closing above the upper BB pointing to a possible over-valuation of BTC.Technical IndicatorParticipation averages are low, averaging 7k registered by Mar 7 close. With Feb 24 averages at more than double at 19k, any gains above $4,500 reversing losses of Feb 24 must be at the back of high trade volumes above 40k—exceeding those of Feb 18 and 24.
Ripple price stable and rangingPartnership with Forte is beneficial for XRP because of ILP integrationTransaction volumes up averaging 25 millionEven with CoinBase listing and plans of venturing into the multi-billion gaming industry via Forte, Ripple (XRP) prices are flat. Nevertheless, our XRP/USD is bullish, and with springs from 30 cents, XRP could rally above 34 cents and 40 cents.Ripple Price AnalysisFundamentalsRipple (XRP) performance has been dismissal and lagging in the last few days. On the one hand, there are expectations that prices will head higher once Bitcoin recover. But it is this correlation that Brad Garlinghouse seeks to break. Even so, the influence of Bitcoin cannot be understated. It is one of the most capitalized coins, has the endorsement of the SEC as an independent coin and most importantly, it is one of the most widely known crypto assets.Late Dec and after pressure from the XRP Army, Changpeng Zhao made XRP base at Binance. Regardless, the flat-lining price movement and dropping demand despite listing at CoinBase is a source of concern for traders as well as investors.As a result, trackers are focusing more on fundamentals. By partnering with Forte and shifting gears to gaming, it is likely that the demand for the third most valuable asset will increase after launch.Candlestick ArrangementsOverly, we are optimistic expecting prices of XRP to print higher in days ahead. However, pouring cold water on that are ranging prices and the lack of activity in the last few months. When CoinBase announced their support, we expected prices to rally, but that wasn’t the case. After that, prices dropped as volumes dried.What we have now are small price movements with floors at 30 cents and ceilings at 34 cents. Because the former is our buy trigger flashing with the 61.8 percent Fibonacci retracement of Dec 2018, traders must be patient. At the back of this is the knowledge that the longer the accumulation and BB squeeze, the stronger the breakout.That may trigger the much-anticipated rally that could drive prices above 40 cents and later 60 cents as XRP breaks off this 4 cents accumulation. If not and prices drop below 30 cents, then our XRP/USD trade plan would be null and void. In that eventuality, XRP could meltdown to 25 cents.Technical IndicatorsParticipation level is low averaging 25 million. Because our triggers are at 34 cents and 30 cents, any break above these levels must be affirmed by high transaction levels exceeding 25 million or ideally 61 million of Feb 24.
Bitcoin prices up, banding along the upper BBCraig Wright sued for allegedly defrauding Dave KleimanTransaction volumes low, averages must be above 40k for BTC to rallyThe family of Dave Kleiman is suing Craig Wright for $5 billion claiming that he unlawfully forged, backdated and signed off part of Dave’s share of around 1.1 million BTCs they had mined. Whether an eventual closure will see these BTCs liquidated or not, Bitcoin prices are recovering although with light trade volumes.Bitcoin Price AnalysisFundamentalsCraig Wright is a controversial figure. He claims to be the mysterious Satoshi Nakamoto, the man who mined the first 50 Bitcoins and made the first Bitcoin transfer sending 10 BTCs to Hal Finney. Created as an alternative to Banks blamed for creating a crisis, Bitcoin has grown by leaps and bounds since launching back in 2019.A decade later, a case tagging Craig Wright has been revived in a US District Court where the plaintiff, the family of Dave Kleiman, alleges that Craig signed off more than 500k BTCs from his former business partner. Dave family believes that Craig forged documents and backdated them to appear as if Dave has signed away part of his share—estimated to be around 550k and 1.1 million BTCs to Craig. Thanks to these accusations, Jeff Garzik has been subpoenaed. Even so, Craig and Dave were early adopters and despite the controversy surrounding their assertions, their contributions to the sphere are sound.Candlestick ArrangementsBitcoin is on an uptrend. At the time of writing the coin is stable and up 1.3 percent from last week’s close. Despite our optimism, these hard statistics point to price consolidation. Like in our previous BTC/USD price analysis, Bitcoin prices seem to be banding with the upper BB meaning risk-off and aggressive traders have a chance in lower time frames.As long as prices are trading above $3,800 in a minor breakout trade, bulls could build enough momentum to reverse losses of Feb 24. Once that happens, there will be little upside resistance, and BTC could as well retest $5,800 and $6,000 in the next couple of weeks.Technical IndicatorsSustaining recent higher highs are weak volumes. By yesterday’s close, data from BitFinex indicate that volumes averaged 7.78k against 13k. It is low when compared to those of Feb 23 when average was 16k. Regardless, short-term and aggressive traders should load on every dip as conservative ones wait for a strong close above Dec 2018 highs with high volumes above 36k.