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MGO Token Is Now the Preferred Currency for Game Publishers

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The last few years in the crypto markets have been like riding a roller coaster.  There was period of pure euphoria, mainly during 2017.  And, now, we are stuck, perpetually it seems, in a period of doom and gloom.  It’s unclear when things will turn around.  Because of the bear market that appears to have no end in sight, many cryptocurrency projects will likely fail during the next few years.  Bearing that in mind, it would behoove traders/investors to start researching projects that have a high probability of real world adoption.  One project that appears to be making all the right moves is MobileGo (MGO).

Increased Adoption of MGO Token

There is no doubt that gaming has been a global phenomenon for years.  Video games, computer games, multi-gaming experiences, and e-sports have all been woven into the fabric of society.  And while typical financial analysis focuses on the growth of the industry, game developers are the ones who make everything possible.

One of the largest platforms that game developers now belong to is Xsolla.

Xsolla offers significant advantages that include the following:

  • A pay station that accepts more than 700 payment types from more than 200 countries.
  • Industry leading fraud protection.
  • A partner network that assists publishers with growing their respective businesses.
  • An extremely popular store where gamers can purchase in-game goods, subscriptions, and currencies.

The last point is probably the most important as it relates to this article.  When gamers make purchases, such as in-game purchases, the developers are rewarded with earnings.  And, in order to run their businesses successfully, they are able to withdraw those earnings.

Until recently, the only option was a traditional FIAT withdrawal, such as USD or EUR.  But that is all changing thanks to MobileGo’s native currency, MGO.

Why are Developers Selecting MGO for Withdrawals?

During the last few weeks, game developers and publishers that utilize the Xsolla platform have begun selecting MGO as their preferred withdrawal method.  The current expectation is that MGO will account for roughly 30% of Xsolla’s monthly volume in the near future.  With Xsolla’s monthly turnover nearing $100 million, this would be a massive development.  This begs the question of why the sudden rise in MGO’s popularity.

Cryptocurrency, specifically MGO, offers several advantages over traditional FIAT payments.  With FIAT, it normally takes quite a bit of time for developers to actually receive their payments.  Occasionally, this burdensome process can drag out for weeks to months.  This is critically important as some developers are responsible for running large companies.  The earnings, on a platform like Xsolla, need to be withdrawn in a timely manner in order to pay employee salaries, purchases necessary technological equipment, meet rent and loan obligations, etc.  Therefore, waiting for weeks on end to receive earnings isn’t going to work.

Additionally, FIAT withdrawals are normally subject to significant transaction fees and commissions.

When one factors all that in, it’s not really a surprise that MGO is quickly becoming the currency of choice for game developers.  MGO payouts are faster, cost-efficient, extremely secure, and very simple to use.  Once funds are received, the withdrawal process is as easy as a few mouse clicks.  MGO tokens can be sent to most cryptocurrency wallets that are ERC-223 integrated.  Another option is to withdraw the tokens direct to crypto exchanges such as Bitfinex and Bitforex.

As soon as the MGO tokens are received, users are in full control of them.  The tokens can then be converted to popular cryptocurrencies such as ETH, BTC, USDT on exchanges that support MGO tokens, or swapped directly for FIAT currencies.

Conclusion

The past 12 months have certainly been a depressing time for many.  A lot of traders have lost money and many crypto executives have seen their projects fail.  And although quite a few projects will face the same fate, one that won’t is MobileGo.  As MGO continues to see increased adoption within the development and gaming communities, it’s very likely that the token price could see a significant increase as well.

Disclosure:  Chris Matthews owns MGO tokens.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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XRP Price Analysis: XRP/USD Could be in Serious Trouble as Test of Major Support Back in Play

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  • Ripple’s XRP price is seen trading marginally in negative territory towards the latter part of Friday, with XRP/USD heading for a weekly closure in the red.
  • Ripple has announced a newly improved XRP Ledger 1.2.0 for improved censorship resistance.

XRP/USD: Recent Price Behaviour

Ripple’s XRP price continues to cool, running towards is a third consecutive session in the red as the bulls fail to sustain any upside. XRP/USD has dropped more than 5% over the mentioned period, with the bears set to the test the big psychological $0.3000 mark once again. The price had not traded below this area since 8th February, when it received a chunky amount of buying pressure.

Ripple Announces Newly Improved XRP Ledger 1.2.0

Ripple, the San-Francisco-based blockchain startup, released an updated version of its XRP ledger 1.2.0. The update is expected to significantly improve user experience, in addition to expanding upon the range of services within its offering.

Details provided by the Ripple team suggest that this update has seen its resistance to censorship improve. In other words, a single entity will not be able to decide success or fail. No one will have the ability to alter any transaction once added to the ledger.

Moreover, the upgrade has introduced the MultiSignReserve amendment. Ripple has further streamlined the process, reducing the number of barriers for those involved in signing the transactions. The amendment will now allow just a reverse of 5 XRP, in comparison to the prior of between 15-50 XRP.

The blockchain startup has also announced a bounty program, inviting developers to review their updates in the new version. Should any vulnerabilities or errors be detected, Ripple will reward those who communicate such to them.

Users of the ledger should update to the latest version before 27th February 2019. It is critical that users complete the upgrade, as the server will not be able to determine the authenticity of the ledger. Without the upgrade, transactions will not process and cannot be submitted.

Technical Review – XRP/USD

XRP/USD daily chart.

Last week, the XRP/USD bulls managed significant double-digit gains of around 11%, breaking out of a descending wedge pattern formation. The bearish structure had contained price action since the back-end of December 2018. It was forced to drop around 30% while moving within this wedge after such a promising initial recovery started from the middle of December.

In terms of support to the downside, eyes will be on a retest of the upper part of the wedge pattern. It can be seen tracking around the high-mid $0.28000 region. A significant buying area is also in proximity, ranging from $0.3000 to $0.2500; an area that has on several occasions proven to attract decent sized buyers. Any failure of this providing necessary comfort will expose $0.2000 as the next target.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 123 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Stellar Price Analysis: XLM Bulls are Back as Coinsquare Acquires StellarX

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  • XLM/USD is trading up around 4% on Friday, with the bulls looking to break out of a narrowing daily range.
  • Canadian cryptocurrency exchange has acquired StellarX, a decentralised platform.

XLM: Recent Price Behaviour

Stellar’s XLM has seen a pick-up in bullish momentum in the session on Friday, having jumped around 4% at the time of writing. The price has managed to stabilize somewhat after producing all-time lows down at $0.07318000. XLM/USD had remained within an extremely stubborn trend to the south, following the bears smashing out of a pennant structure. The price had been confined since from early December 2018 up to 20th January, when the breach occurred. As a result, a fresh wave of selling pressure hit XLM, forcing the mentioned new bottom.

Coinsquare Acquire StellarX

Canadian cryptocurrency exchange Coinsquare has acquired the StellarX decentralized exchange. StellarX is a trading platform built by the developers of the Stellar blockchain. The platform was initially launched in July 2018, offering fast transitions, zero costs, and a wide range of asset classes that include crypto, fiat and commodities. XLM is used as the base currency for trading across the decentralized exchange.

The camp at StellarX detailed the announcement via Medium, specifying that they will still be pressing forward with the outlined roadmap noted back in September of last year. StellarX detailed that the reason for the acquisition is to make way for the exchange to maximize its full potential. The platform will be able to leverage the sizeable regulatory experience that Coinsquare has, with their visions to build around the platform. It is worth noting that the Canadian exchange has a network with regulators in Canada, the United States, and Europe. Additionally, Coinsquare also previously managed to secure a relationship with one of Canada’s big five banks, the Bank of Montreal.

Moreover, Coinsquare already has experience with the Stellar network; it previously acquired BlockEQ in the back-end of last year for $12 million. Moving forward, StellarX is going to be led by BlockEQ’s co-founder Megha Bambra, with the sights to continue growing and enhancing the Stellar ecosystem. BlockEQ is a private Stellar wallet which allows users to have total control of their funds via a private key. The wallet is accessible on both mobile and desktop.

Technical Review – XLM/USD

XLM/USD daily chart.

XLM/USD has managed to find its feet after resuming the downside pressure seen throughout 2018 and carried into 2019. This year the price has dropped as much as 45%, due to the crypto market-wide cooling. Should the mentioned bottom area $0.07318000 remain intact, eyes will be on a retest of the breached pennant pattern structure. The bulls must breakdown a small resistance barrier, which is the upper part of the past fifteen trading days range.

Furthermore, the lower part of the pennant is tracking at $0.11150000; a move back here would complete the breakout and retest. Lastly, if this resistance holds firm and rejection occurs, then it could very well make way for another wave of selling pressure.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 123 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Binance Coin Price Analysis: BNB Profit-Taking Kicks In as Binance’s Business Continues to Defy Cryto Winter

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  • BNB/BTC produces a double-top pattern formation, leaving the door open to further downside pressure.
  • Binance CFO confirms that the organization is still profitable, despite the ‘crypto winter’.

Binance Coin Price Behavior

The BNB token has been outperforming many of its peers over the past few weeks. Since the week commencing 3rd December, BNB/USDT has rallied a chunky 115%. The price recently pushed to its highest levels seen since June 2018, peaking around $0.0027000. Given the prolonged consecutive run north, it isn’t too surprising to see a cooling.

Observing where the price peaked earlier in the week on 12th February, BNB/USDT produced somewhat of a double-top formation. The high was very much in proximity to the top on 17th June 2018. Playing out to the textbook, the market bears piled in after reaching these heights again, as investors took profits following the strong run north from December 2018. As a result, the price is running at its third consecutive session in the red.

Binance Remains Profitable Despite Crypto Winter

The CFO of Binance Wei Zhou was recently speaking in an interview with CBNC, where he commented on the company’s position within the current market downturn. Zhou said, “To date, even in this bear market, we still run a profitable business”. Binance is known to not publicly disclose its financial performance; however, in the past, it has provided several hints that would suggest the business is financially secure.

Back in the summer of 2018, Binance CEO and Founder Changpeng Zhao (“CZ”) disclosed that the exchange’s revenue for the first half of 2018 was roughly $300 million. He did additionally project at the time that net profit would hit between $500 million to $1 billion by the year’s end.

It has been estimated that Binance achieved $446 million in profit last year. It has also been estimated that the Binance ICO offering back in 2017 saw the company raise $15 million for 100 million Binance Coin (BNB) out of 200 million in total supply. Additionally, as part of maintaining its coin, Binance uses 20% of its net profits to buy back BNB and eventually destroy 100 million BNB tokens, according to the whitepaper.

Technical Review – BNB

BNB/BTC daily chart.

Given the recent price developments, there are a couple of bearish confluences to back the bias south. A bull run occurred in such a short space of time, resulting in the price entering overbought territory. Elsewhere, as earlier detailed, the BNB/BTC is playing to the textbook after the double-top formation. The downside pressure could soon drastically pick up the pace, with eyes looking down towards the possible neckline of the technical pattern.

In terms of support, the range of $0.0014000-$0.0012000, which is the potential neckline of comfort, is part of the double-top textbook pattern. A failure of this area holding could see a fall down to 0.0008410, the low of March 2018.

BNB/USDT daily chart.

Looking at BNB/USDT, the bulls ran into massive supply heading into the big psychological $10.00 mark. The price has not comfortably traded above this level since October 2018. This time last week, BNB/USDT managed to break out to the upside from an ascending wedge pattern. There is room for a potential retest of this level, completing the breakout and retest. Support will be sought just on top of the breached pattern, tracking around $7.4000.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 123 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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