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XRP Crashes By Over 30%; Extended Correction Ahead

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XRP lost the third spot on the cryptocurrency ladder following reports of the SEC filing a lawsuit against Ripple and two executives emerged. The coin has shed almost all the gains racked up as the investors responded with a massive sell off to official charges alleging the token is an unlicensed security.

The strong corrections had led XRP to break several crucial support levels as it was found trading close to levels not seen since early November. Over the last 24-hours alone, XRP fell by a staunching 33.72% which drove the coin to a value of $0.323. At the time of writing, the crypto-asset registered a market cap of $14.92 billion and a 24-hour trading volume of $17.41 million.

But is revival on the cards? Let’s take a look at what the charts depict.

XRP Daily Chart:

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XRP’s massive downturn led to its price two critical support points at $0.46, $0.339 and was heading yet another target level of $0.29. Following the poor price movement, the XRP price candles slid below the daily moving averages – 50 DMA [Pink] and 100 DMA [Purple] while it appeared to be testing support near to the 200 DMA [Yellow].

Apart from the candles dropping substantially, the gauge between the moving averages have not declined which indicated the downtrend could limit in the short-term.

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The abrupt crash has flipped several technicals bearish depicting the price of the token could go for yet another downward spiral. The dotted markers of the Parabolic SAR aligned above the XRP price candles resisting a much-needed upward break.

The MACD generated a weak sell signal as it continued the bearish crossover under zero despite attempts of a trend reversal. A move by the MACD into bearish territory can confirm that XRP was heading to make more losses in the near-term.

The RSI also showed selling pressure intensifying. However, it may falter from here as it neared the oversold zone and a crucial support. While the sell pressure grapples XRP, a case of rebound cannot be dismissed.

The support-turned-resistance level for the coin stood at $0.46, while other upward target points were found to be at $0.581, $0.695 and $0.77. However, a failure to avoid a fall through the $0.293 pivot would bring the nearest support level of $0.285 into play.

XRP’s Weakening Bullish Momentum Can Trigger Painful Retest

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After months of stagnation, XRP broke the crucial $0.7-level as it scored double-digit gains over the past week. Despite this, the altcoin’s consolidation remained confined to rangebound slightly above $0.523.

Following the market-wide correction, XRP too lost edge as it noted a decline of 8.34% over the past 24-hours which drove its price to $0.527. At the time of writing, the coin held a market cap of $23.8 billion and a 24-hour trading volume of $10.22 billion.

As noted previously, the crypto-asset’s chance of hitting the coveted level of $1 remained highly unlikely as it found itself enduring a wave of sideways movement.

XRP Daily Chart:

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Selling pressure intensified as XRP established a record-breaking high. Despite the fact that the coin was turned down at this crucial level, the daily moving averages continued to hold the fort for the bulls.

The 50 DMA [Pink] continued to dominate both 100 DMA [Blue] and the 200 DMA [Yellow] respectively. The gauge, however, did not appear to be on the rise meaning, which further validated the sideways drift as neither the bulls nor bears took control of XRP’s price. All three DMAs formed crucial support points for the XRP price candles.

Bearish Technicals

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Despite the bullish streak in a recent couple of weeks, XRP’s technicals formed a contradictory picture as they appeared to be demonstrating a weakening positive momentum.

The MACD, for instance, underwent a bearish crossover in the first week of December. Even as the price recuperated, hints of a bullish crossover were invalidated by the signal line which continued to dominate the fate of MACD for nearly three weeks straight.

Closely mimicking the price action, RSI was turned down from the 50-zone as sell-pressure grappled the coin market.

While XRP’s price appeared to have come out of the steady downtrend that it followed since the start of the month, the weakening bullish momentum could, however, be a cause of concern. The resistance levels for the altcoin were found at $0.689 and $0.779 respectively. Additionally, it found crucial support at $0.455, $0.35, and $0.29 levels.

Circle CEO Jeremy Allaire Expresses Concern Over STABLE Act, Requests Shackles to be Removed

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The digital assets market has seen several ups and downs over the years with regulations playing a key role in deciding its fate. The past couple of years saw a resurgence of positive sentiments within the industry but that seems to have been reversed by the latest STABLE Act bill.

A breakdown of the bill cited that upcoming issuers of stablecoins need the approvals of relevant banking bodies, the FED and the Federal Deposit Insurance Corporation [FDIC]. This act was seen as a violation of major cryptocurrency principles with Circle chief Executive Jeremy Allaire making his disagreement public on Twitter.

Allaire was not the only major player in the industry to voice his concern as he joined several other bigwigs to call out the hypocrisy on the part of the United States Congress. He believed that the Stablecoin Act would represent a huge step back for digital innovation in the United States. Many crypto supporters have always pointed out that regulations in the US were a major reason for the stifling of developments.

The Circle CEO targetted the decision for its impact on several major developments made over the years. Instead of affecting what we have built, Congress should focus on elevating these standards so that everyone can use it, said Allaire. He also expressed his concern in his latest Twitter thread which read:

” Any act of Congress in this sphere should be focused on embracing, investing in and supporting the incredible pace of open innovation that is happening with stablecoins and blockchain infrastructure. An enormous amount of the innovation brought to the underbanked and small businesses has been driven by non-bank fintech companies (Stripe, Square, PayPal, Circle, Coinbase, Apple, Google and many many others).”

Several cryptocurrency enthusiasts chimed in by saying that the role of the Fed should be to point out irregularities and not to put a stop to innovation. Allaire built on this argument and gave his two cents on what the governmental body can do in the coming months. In his words, the US government should look at how they can raise the bar for technical and governance standards for stablecoins in the mainland.

Despite the backlash from the cryptocurrency community, the bill introduced by Michigan Democrat Rashida Tlaib was praised by her peers. She was also joined by the Congressmen Jesus Garcia and Stephen Lynch for the initial draft and introduction. It is yet to be seen if the Act would be converted into a bill, an event dreaded by the cryptocurrency community.

Will XRP’s Impressive Rally Face Critical Rejection?

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XRP has shown a tremendous rally in the past month. But what was interesting was that the cryptocurrency peaked on Coinbase at $0.92, while it stood closer to $0.80 on other exchanges. Despite this, XRP has been up by almost 140% since last week.

In fact, over the past 24-hours alone, the coin surged by 61.81% as it broke a two-year range with the steep rally. At the time of writing, the crypto exchanged hands at $0.712 while registering a market cap of $32.3 billion and a 24-hour trading volume of $28.94 billion.

As the collective crypto market tried to grapple with this immense volatility, XRP appeared to have jumped to the bullish bandwagon of Bitcoin, Ethereum, and other top cryptocurrencies.

XRP Daily Chart:

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XRP demonstrated an astonishing rise. The consecutive green candles triggered a bullish crossover in terms of the 50 DMA [Pink] and the 100 DMA [Blue]. The two moving averages appeared to be diverging following the uptrend and the rising gauge between them was indicative of the strong bullish momentum in the coin’s price.

The 200 DMA [Purple] settled below both the moving averages which further validated the rising optimistic trend of late. Hence, the DMAs formed crucial support points for XRP price candles at $0.279. $0.267, and $0.240 respectively.

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The MACD generated a massive buy signal as it formed a bullish crossover well above zero. A move by the MACD into bullish territory can confirm that XRP was heading to make more gains in the coming days. Conversely, there is a possibility the coin has now established its local top and could note sell-off in the near-term.

This was depicted by the RSI which climbed significantly to levels not seen since August to hit the overbought region in tandem with the coin’s price blowing past several crucial resistances. Since the indicator was overbought, a brief dip to $0.446 can be expected soon.

From the RSI and the position of the moving average, the chances of the coin pushing higher seem to be a possibility in the near future despite hints of bearish pressure in the offing. The immediate resistance for XRP was found at $0.689. If the token manages to surpass this point, it could climb to $0.727, a level not seen since May 2018. This level appears to be achievable as there is little resistance in between. Another crucial target point for the coin was found at $0.923.

The Arrival and Introduction of Bitcoin Institutional Investors: Part 2

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In Part 1 of this article, we discussed the factors that led to the arrival of Institutional Investors in Bitcoin. With the relative improvement of sentiment over the past three years, it is time to understand whether there is real steel to this market ingenuity for BTC.

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Data from Skew again suggested that in terms of Google trends, Bitcoin is only fractionally as popular as it was in 2017. On the other hand, CME BTC futures reached an Open-Interest of $1 billion for the first time last week. This is monumental development from an institutional point of view since CME caters to only high net worth and accredited traders.

Interest went up as attention followed Bitcoin

While the Open-Interest was a key indicator, eyes started to turn when popular investors started to throw in their hat for Bitcoin. The trend started with Paul Tudor Jones, Billionaire Hedge Fund Manager, commenting,

“I came to the conclusion that #btc was going to be the best of the inflation trades-the defensive trades. Bitcoin has a lot of characteristics of being an early investor in a tech company…it’s like investing with Steve Jobs and Apple.”

Such high praise coming from a personality who has spent over 40 years in the investment sector spoke volumes for the digital asset. After Jones’ remark, other people started to opine on this matter, and recently Stanley Druckenmiller, former chairman of Duquesne Capital, stated,

“Also, unlike gold which is the third-highest reserve assets that central banks own, I can’t imagine central banks, big Institutional investors, businesses, or multinational companies using it.”

Now, many of BTC’s critics often question the Gold-comparison because of its difference in market cap. However, institutional investors were in the mix and running, because of its genuine similarity, and to a certain degree, they noticed an improved version in Bitcoin.

Bitcoin-Gold: Numbers and Time don’t lie

To understand the comparison at a root level, we need to go back 50 years into the financial landscape. In the 1970s, Gold became a favored investment hedge. This was due to large economic uncertainty at that time, and other factors included,

  • CPI Inflation was high, 7% hike per year
  • Weak US dollar
  • Oil prices jumped from $20 to $120 per barrel

In conclusion, investors did not trust holdings in cash and they moved their sights to gold. Hence, Gold turned into a popular ‘store of value’ and its price went up 24 times between 1970 and 1981.

The econometrics chart below explains Gold’s trajectory properly.

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So, if an investor had bought Gold in 1970, and held it until now, they would experience a 55 times growth, which is very impressive.

However, let’s shift our focus to Bitcoin now.

Now, in 2020 the situation was a little too similar to the 1970s.

  • There is a fear of inflation and debasement of fiat currencies
  • China vs US internal struggles were not stable, or ideal
  • Coronavirus spread is creating a major economic crisis

Now, the old school traders were looking at Gold again during this time, but BTC made a better case for itself.

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Since its first halving in 2012, BTC has risen by a whopping 1400 times in less than 10 years, and continued to rise in 2020, amidst immense financial instability. There is no doubt about which asset had more momentum, and in terms of accessibility, Bitcoin took all the brownie points.

BTC is nowhere close to Gold’s market cap most definitely, but at the speed at which it is growing, the bridge will only get smaller with time.

Ignorance is not Bliss..at least with BTC

There is no doubt that institutional investors will continue to flow capital in BTC. According to a recent Citigroup, report, there is also a possible discussion now that Bitcoin may reach $300,000 by the end of 2021. The figure is absurd because it is another 1527% hike from the present valuation, in less than 24 months.

However, the investors are here to stay and we are at the beginning of a new chapter for Bitcoin.

Trend Picks Up Pace After Snappa And Tahinis Firms Switch To Bitcoin Investment As Reserve Assets

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Two Canadian business firms, Snappa and Tahinis, have recently joined the growing number of business firms investing in Bitcoin as a reserve asset. In a blog published on 24 August 2020, Christopher Gimmer, CEO and founder of Snappa, revealed that the company had allocated a considerable amount of money from its cash reserves to purchase Bitcoin as an asset.

As per the blog post, the graphic solutions firm Snappa started accumulating bitcoin from March of this year. In addition, Gimmer adds that the decision to invest in Bitcoin as a reserve asset was not rushed at all, but rather a long-term decision.

Snappa has invested 40 percent of its cash reserve in cryptocurrency. Previously, the Middle East Food Joint Venture Tahinis also joined the bandwagon by officially announcing on Twitter on August 18 that they had allocated their entire cash reserve to purchase Bitcoin and invest as an asset.

In the Twitter thread, Tahinis restaurant’s owner clarified his decision to go all-in Bitcoin investment was backed by the fact that “it offers a much better alternative to saving cash” in his own words

Gimmer reinstates his total confidence in Bitcoin as a reserve asset

The Snappa CEO, confirmed that the decision to invest in Bitcoin was based on the numerous benefits that the cryptocurrency has to offer relative to cash reserves. Gimmer claims that there is a need to invest in viable reserve assets as some banks have now lowered their low-interest rates to 0.45%. There is also evidence to back the fact that the purchasing power of the dollar has dropped over time.

Gimmer further argues that Bitcoin offers much superior technology for savings relative to cash reserves. He also claims it is better to invest in Bitcoin as opposed to cash reserves in a fixed supply based currency. It should be noted that this action comes as businesses face global economic instability in the wake of the ongoing Covid-19 pandemic

More Firms embracing cryptocurrency as an asset

Microstrategy, a billion-dollar firm based in the U.S also recently made the ‘switch’ to Bitcoin assets. The firm invested a little over 200 million dollars in purchasing Bitcoin, which translated to about 21,454 worth in BTC.

 

Bitcoin: Jeff Bezos, Elon Musk, Joe Biden; No one survived the recent BTC hack!

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Bitcoin scams and hacks have been extremely common over the last few years, but the recent conundrum on Twitter may have been the most memorable one in recent years.

Surrounding a cryptocurrency scam, an unidentified hacker found his way into several high-profile Twitter accounts and asked for BTC donations on social media platforms.

From Apple to Uber, from Kanye West to Barack Obama, everyone’s profile was intertwined, and a common tweet shared across everyone’s handle echoed a BTC donations message.

“I am giving back to the community. All Bitcoin sent to the address below will be sent back doubled! If you send $1000, I will send back $2000. Only doing this for 30 minutes.”

BTC donation
Source: Instagram

Following the incredible mess, Twitter CEO Jack Dorsey made an online statement stating the organization’s regrets about the situation. The CEO said the company felt “terrible this happened.”

Dmitry Alperovitch, the co-founder of Crowd Strike, informed media outlets that the above-mentioned hack could possibly be the “worst witness” on a major social media platform in history.

Hacker possibly made $120,000 in Bitcoins; unconfirmed

Although unconfirmed, Business Insider suggested that data from available blockchain records suggested that a hacker might make up close to $120,000 over the short scam period.

The hack was identified within hours, but hundreds of people took the bait on the platform and one particular wallet address reported receiving more than 350 transactions.

Ironically, the functionality of Bitcoin may make it difficult to properly identify the exact amount that the hack was able to collect during the scam.

Tron’s Justin Sun announces $1 million bounty following hack

The attention received by the scam was widespread and crypto proponents were taking centre stage as well. Justin Sun, Founder of TRON, released a bounty of $1 million for the capture of the hacker as he revealed that his team was working closely with Twitter on the issue. He informed outlets,

“We are working closely with Twitter to resolve this issue immediately and return our accounts to normal. We are always vigilant in handling our accounts; operating safely and responsibly — taking the security of our accounts to the highest standards possible. This only further illuminates the urgent need for our society to adopt decentralized, trustless software, and services.”

Bitcoin Shed 9% of its Value- It ‘s a Perfect Time to Invest

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Monday was an exciting day for the crypto-world as bitcoin ultimately broke the $10,000 psychological resistance. Just as people were speculating whether this was a start of a $20,000 ride, the market unexpectedly placed a damper on them-the price of bitcoin fell more than $800 in five minutes, dragging many cryptocurrencies to the red.

While the sudden plump was just another volatile episode of bitcoin, it was the umpteenth time such a huge fluctuation occurred on the market, so naturally, it creates some doubts for bitcoin enthusiasts as to whether bitcoin will see a significant increase in the near future, and how long it will be.

 

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We often say that the bitcoin market is a rollercoaster ride, but in the last few months, it seems more like a combination of a rollercoaster ride and a merry-go-round that keeps hovering around $9,000 and $10,000. sNow, for spot traders and hodlers, it seems like a really lackluster moment.

So, is it still wise to invest in bitcoin right now? Is there anything we can do in addition to waiting for the price to rise?

Compare with spot trading, leveraged trading is tailored made for volatile markets. Here are some advantages of leveraged comparing with spot trading:

  • Generate Profits on Both the Ups and Downs of the Market

Leveraged trading is more flexible than spot trading. In leveraged trading, you can make profits by speculating the price movement of bitcoin, instead of waiting for the price to increase. You can earn as much as bitcoins even in the bull market. 

  • High Liquidity

While spot trading requires you to prepare a large sum of money, leveraged trading enables you to “borrow” money from the exchanges, so the pressure on your cash flow is much lower. Besides, in spot trading or hodling, it might take days or even months for the market to gather pace and generate profits for you. But with leveraged trading, every small fluctuation is an opportunity to earn money. 

To illustrate, with the 100x leverage provided by Bexplus, you can open a position 100 times bigger than your initial capital. Let’s assume you open a short position 2 days ago with 1 BTC when bitcoin was changing hands at $10,000. With 100x leveraged, your position will worth 100 BTC. Now, the price of bitcoin nosedived to $9,500 in just a few hours. Your profit would be: ($10,000 – $9,500) * 100 BTC / $9,500 = 5.26 BTC. Your ROI would be 5.26 / 1 *100% = 526%. 

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Bexplus – The Go-to Futures Exchange for Beginners and Veterans

Headquartered in Hong Kong and established in 2017, Bexplus is a leading crypto derivatives platform offering 100x leverage in BTC, ETH, EOS, LTC, and XRP futures contracts. 

No spread, no KYC requirements, no deposit fee, Bexplus is trusted by traders worldwide, including USA, Japan, Iran, Singapore, and Sudan. 

Highlighted Features of Bexplus Exchange

  • Intuitive Interface

The user-friendly trading interface caters to the needs of both beginners and veterans. All the necessary data are clearly listed on the right side. For advanced traders, powerful tool-kit can help them better analyze the market. 

exchange

  • Learn to Trade with 10 Free BTC

Upon registration, which takes only about 1 minute, traders will get a real account and a demo account. Even if you’re a beginner, you can still make profits like other veterans! There are 10 replenishable BTCs in the demo account for traders to practice as much as they like. You can also learn how to analyze the market and use the demo account toolkit.

  • Stop-loss and Take-profit

Bitcoin trading has its own risk. Since it is traded around the clock, it’s impossible for us to watch the market all the time. Bexplus’ stop-loss and take-profit options help traders better manage their positions and protect them from huge price swings. 

  • No Deposit Fee, Easy to Convert Your Funds

Bexplus supports Bitcoin, ETH, and 11 other cryptocurrency deposits, as well as USD, EUR, and GBP deposits. With one Visa Card, you can start your journey of accumulating bitcoin. 

  • Best Ranking Mobile Apps

Bexplus mobile app rank in the Top 5 of keyword search results related to bitcoin trading in 56 countries in App Annie. This full-featured app provides you with the same experience when using a computer, only far more convenient. 

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You can check the market, enter or close a trade, or deposit your funds in the interest-bearing wallet wherever you like. Bexplus mobile app has a 24/7 market notification to keep you updated with any huge market movement.  

All data and assets can be accessed through all kinds of devices including Windows, Macbook, Android phones, iPhones, and tablets. Bexplus app is available on Apple App Store and Google Play.

To boost the confidence of bitcoin traders, Bexplus now provides up to 10 BTC deposit bonus to users. Users can get a 100% deposit bonus for every deposit on Bexplus, and the profits gained with the bonus are withdrawable. Furthermore, active users can get 10% off of their transaction fee. You might miss the opportunity to buy bitcoin when it was trading at double-digit, but you still can catch this opportunity to earn handsome money on Bexplus!

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Find out more about Bexplus:

Website: https://www.bexplus.com/ Telegram: https://t.me/bexplusexchange
Apple App Store: https://itunes.apple.com/app/id1442189260?mt=8
Google Play: https://play.google.com/store/apps/details?id=com.lingxi.bexplus

State-Owned Bank Launches 5,000 Blockchain-based Touchless ATMs to Curb COVID-19 Spread in Russia

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Russian state-owned bank, Sberbank is expanding the use of touchless blockchain-based ATMs in the country. The ATM machines use blockchain technology for security measures and the touchless functionality aims to curb the spread of highly communicable coronavirus pandemic in Russia.

The COVID-19 pandemic seems to be paving the way to a contact-free future lifestyle. From touchless payments, touchless travel, touchless toilet, and the latest, touchless ATMs. Touchless interactive technology has been slowly gaining grip, but the pandemic seems to be accelerating their adoption.

Contact-free ATMs adoption driven by Russian state-owned bank

Sberbank paid a hefty $108.5 million to purchase the blockchain-based contact-free ATMs in its efforts to curb the spread of coronavirus in the country. Interestingly, the ATM machines can be linked with popular mobile payment platforms such as;  Apple Pay, Google Pay, Samsung Pay, Huawei Pay, and the Russian Central Bank’s  Mir Pay.

Moreover, the touchless blockchain-based ATMs can be operated through the user’s mobile device, instead of manually operating the machine which poses a serious health risk in today’s world. Each ATM machine has the capacity to hold up to 14,500 treasury notes. They are equipped with a pattern recognition system and blockchain applications to ensure maximum security.

Although Sberbank is a big advocate of blockchain, it is not yet clear how the new ATMs’ use the technology. Back in 2018, Sberbank established a blockchain lab for innovation and tests the application of the technology in various operations. For example, Sberbank became the first Russian financial institution; to apply for a patent for a system that converts Repo to smart contracts.

Russia looking to criminalize cryptocurrencies 

Given that Sberbank is a state-owned bank, it shows that the Russian government wants to stay up to date with the latest technology and trends such as blockchain. In contrast, Russia seems not happy with the use of digital currencies such as Bitcoin in the country. 

According to a report by a local news agency, RBK, the Russian crypto bill which has been stalling for more than two years, might go through some modification to ban the use and issuance of digital currencies within Russia’s borders. The draft bill proposes a fine of up to $7,000 and a jail term of up to seven years.

Dharma Launches Social Payments Feature Enabling Dollar Transfers to Any Twitter Handle

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Several mainstream financial companies have taken new and innovative steps to improve the process of capital transfer within the ecosystem. Since the start of proper fiat transfers, users have been clamoring for a more streamlined process that can be beneficial for everyone.

On April 22, Dharma launched its native social payments system to make capital transfers easier across Twitter. Using the latest feature, users will be able to send the US dollar to any Twitter handle regardless of the receiver’s geographical location. 

Dharma claims that its new update is the easiest way to pay and save money on a global scale. The decision to implement social payments was made after Dharma saw massive potential in allowing users to send money to Twitter handles. One of the most important highlights of the feature is that the person on the receiving end does not need to hold a Dharma account.

Dharma has also provided a detailed breakdown of the processes to be followed while sending and receiving money. Dharma’s Twitter thread said:

“Introducing Social Payments- a Twitter-native financial ecosystem. Today, you can send USD to any Twitter handle, regardless of where that person lives — even if they don’t have a Dharma account. Now *every* Twitter handle accepts (and earns interest on!) payments.”

One of the biggest gainers from the Twitter payment system will be the micropayment and tipping industry. In addition, Dharma claimed that it would be much easier for people to send money across borders to charities without any hassle. Businesses can also use the opportunity to make payments quickly and efficiently.

To kickstart the process, users need to first deposit the required funds to their Dharma account and then finalize the receiver Twitter handle. Once the payment is made through the Dharma account, the sender is required to retweet @Dharma_Bot and tag the recipient account on Twitter.

The receiver on their end has to initiate the link sent by the Dharma Bot after which they will receive the transferred funds to their newly created account. Another added advantage of the transfer feature is that the receiver will begin earning interest as soon as the fund hits their account. Dharma is the first platform to offer payments in USD and USD backed stablecoins.

Other platforms such as Brave and Tippin already allow tip transfers on Twitter but only using the Brave token or Bitcoin. The Dharma application is currently available on both Google Play Store and the Apple Store. Dharma was also in the news recently for developing a new specification for network scaling. Developers said that the addition would scale up the Layer 2 process by 10x, a significant figure in any network.