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Ripple: Moving Toward Mass Acceptance

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In the interest of full disclosure, I own nary a drop of XRP.  However on nearly a daily basis the question comes to mind: why not? Part of the resistance comes from my grudging respect for technical analysis.  

In other words, the price action of XRP is hardly inspiring. The fact that Ripple was one of the worst performing cryptos this year falling over 90% doesn’t help.  But you can’t blame just one crypto for the sins of everyone.

The Ripple story of being part crypto, part closely controlled company with cofounder Jed McCaleb selling billions of XRP tokens isn’t exactly news, so one can assume those investors who were offended by these issues either sold their XRP or never got involved in the first place.

What is the most irritating point is how poorly XRP is performing in the face of the recent steady supply of favorable news. Here are two data points that tell the story.  On September 25, XRP was trading around $0.53. At the time of this writing, the price was $0.47, a drop of over 11% in just under a month. During the same period Bitcoin prices fell also but just 2%.

We could have picked other cryptos to compare but because these two are so suited as a method of exchange as well as a storehouse of value, not to mention they are both among the most highly valued cryptos, they make for a suitable comparison. The point here is that in the last few weeks XRP has been blessed with favorable news and yet cannot seem to convert this to better investment performance.

Swell 2018: A News Bonanza

On October 1-2, Ripple hosted the SWELL event in San Francisco, CA. The event was meant to connect the world’s leading experts in policy, payments and technology.

The event was packed with political literati including former President Clinton.  When you consider that a keynote address from Clinton could cost Ripple well over $100,000 why would they waste his star power on simple chit chat? Here are the headlines taken directly from the Ripple website.

Day one featured Ripple news: xRapid is commercially available and will go into production with three financial institutions. This is very positive news.

On day two, Ripple released the first Blockchain in Payments Report during the keynote session featuring Chief Market Strategist Cory Johnson alongside Celent Senor Analyst Alenka Grealish. Key among the findings: mainstream blockchain adoption is at an important tipping point. This was less important the xRapid but still a headline maker.

By October 3rd, the day after concluding the Swell event, XRP price dropped 6%. It is possible XRP investors anticipated the event by buying in advance of the conference but the evidence isn’t exactly compelling.

XRP Preferred By A Landslide

If good news for Ripple is bad news for XRP, consider this. According to today’s CryptoGlobe, a recently released survey by the firm AEVI, XRP is the favored crypto among mass users.  It is safe to assume that respondents to the survey are Fintech aficionados, which means the results may not be completely reflective of the population in general.

Participants in the survey were asked to choose a single form of payment for their expenses. A surprising  81% of respondents said they would use XRP, 10% preferred BTC, 6% said they’d use LTC, and only 3% wanted to use ETH for daily purchases.

Whenever findings like these are announced, you have to scrutinize the results closely but even if you heavily discount the findings they still provide some potent headlines. These days the size of the headlines often carry more weight in setting crypto prices than longer term fundamentals. This however does not appear to apply to Ripple.

As I admitted at the start, I do not own a single XRP and no one is paying me to promote any crypto.  But once I figure out why good news for Ripple is bad news for XRP, I might just be inclined to take the plunge.  

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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4.4 stars on average, based on 115 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




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Bitcoin

Bitcoin Price Rebounds After Market Evacuation; XRP Kickstarts Decoupling Process?

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After two days in which $38 billion left the global crypto market cap, anyone who was in doubt over the fragility of the market at large has now been firmly answered.

Two competing theories have arisen over the source of the crash, with many suggesting the ongoing Bitcoin Cash hardfork saga as a possible culprit.

However, the more likely explanation appears to be the closing of Bitcoin future trades on the Chicago Board Options Exchange (CBOE). The same thing happened on the exact same date last year, right before the big bull run, and can be explained by traders selling off BTC just before the closure date (to be bought back later at a cheaper price).

Bitcoin Price Stabilizes…?

Bitcoin actually withstood the worst of the dip for the first few hours on Wednesday, and it originally  looked like we were witnessing an altcoin-only crash.

But eventually BTC got dragged into the mess and sunk 15% down to the $5,358 mark. Since then the price has stabilized at $5,500, and it has been there for six hours at time of writing. However, the previous level of $5,600 was also held for six hours before eventually continuing to plunge, so this may not turn out to be the last of it.

BTC volumes hit six-month highs during the sell-off, reaching $9 billion – a volume not seen since May. Surprisingly, if we exclude the BitMEX derivatives trading, then the highest concentration of BTC trades have come from the BTC/JPY (Japanese yen) pair. The $300 million worth of trades on the Liquid exchange represents 92% of all activity on that platform, and the dominance of Japanese money in BTC’s charts is a rare sight.

The Great Decoupling

Even those who aren’t fans of Ripple and XRP have been noticing the coin’s tendency to move independent of BTC for a while now. There’s an idea circulating that XRP is in the process of decoupling from Bitcoin, and its reaction in the wake of the market wide crash lends credence to the notion.

Following the crash, XRP shot up by 9.4%, as the coin price rose from $0.432724 up to $0.473791. That’s the biggest growth out of all the major altcoins, and it was also enough to send XRP to second place in the market cap rankings, as covered here earlier.

While most other major alts neared September-August lows during the recent dip, XRP is still way above that range, and is already pushing past the $0.45 price which we had gotten used to during October’s stasis.

Like Bitcoin, if we exclude the XRP transaction mining on the ZBG exchange, the most concentrated trade is the XRP/JPY pair on Bitbank.

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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4.4 stars on average, based on 89 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Ethereum

Amid the Crypto Selloff, Ethereum and XRP Battle for Second Spot

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A flash crash in the cryptocurrency market on Wednesday saw bitcoin’s total value fall below $100 billion for the first time since October 2017. It also left major altcoins Ethereum and XRP battling for second spot in the market cap rankings after the latter managed to hold up slightly better than its peers.

Battle for Second Spot Intensifies

As has been the case for the last few months, Ethereum is no longer the clear-cut no. 2 cryptocurrency on the basis of overall market cap. Over the last 24 hours, ether has fallen 13.5% to $170, where it was threatening yearly lows.

XRP, meanwhile, has fallen 10.5% over the same span to reach $0.4363.

Earlier today XRP posted a total market capof $18.14 billion, slightly higher than ether’s $18.09 billion, according to CoinMarketCap. This so-called “flippening” was first observed back in September after XRP posted a sudden and dramatic surge on the back of fundamental news and expectations of wider institutional adoption.

Interestingly, at the time of the last flippening, Ethereum’s price was trading comfortably above $220. Earlier in September, ether had experienced multiple large selloffs over concerns that the smart-contract protocol was losing relevance.

A cooling ICO market has also diminished demand for ether in the wider market. The amount raised via initial coin offerings plummeted to a mere $63.2 million in October, the lowest since March 2017 just before the token boom began, according to ICOData.io.

Crypto Downturn Accelerates as Bitcoin Cash Hard Fork Looms

Steep losses in ether and XRP reflect a much wider downturn that is showing little sign of dissipating. The combined crypto market cap fell below $180 billion on Thursday for the first time since October 2017, as traders rushed to liquidate their positions on virtual exchanges. Trade volumes on these platforms reached a high near $25 billion on Thursday.

The sharp selloff can be partially attributed to uncertainty over the upcoming bitcoin cash hard fork, which has the potential to split the BCH community in half. The hard fork process is expected to begin at 16:40 UTC. Craig Steven Wright, the self-styled Satoshi Nakomoto and main backer of bitcoin SV, has threatened to sabotage the chain “if/when DSV… hits the ABC fork”.

Wright has also threatened to tank the bitcoin price should existing miners switch to BCH. In a Wednesday tweet directed at bitcoin miners, Wright said the following:

“If you switch to mine BCH, we may need to fund this with BTC, if we do, we sell for USD and, well… we think BTC market has no room… it tanks.
Think about it. We will sell A Lot!

Consider that….

And, have a nice day

(BTC to 1000 does not phase me)”

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 665 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Altcoins

XRP Price Analysis: XRP/USD Performing Better than Peers; Another New Partner Announced

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  • Ripple’s XRP weighted to the downside, but not performing as bad as some of its peers.
  • CIMB Group are the latest financial organisation to be utilizing Ripple’s technology.

XRP/USD has been firmly on the back foot during trading over the last two sessions now. Selling pressure had hit the whole market on 13th November. This went on to further intensify in the following session, 14th November. A total blood bath was observed across the board, with huge areas of support being breached. The wave hit the entire market. Ripple’s XRP has managed to hold a firmer ground, in comparison to some of the losses encountered with its peers.

Ripple Reveals New Partner – CIMB

CIMB Group, one of the largest south Asian banking organizations, are the latest to be utilize Ripple’s technology. CIMB will leverage Ripple’s technology for its SpeedSend remittance product, this coming from a joint press release. The SpeedSend product is available in a spectrum of Southeast Asian markets. Countries include: Thailand, Philippines and Vietnam. Ripple continue at a rapid pace adding large financial institutions to its network.

Ripple via their announcement stated the following: “Ripple’s blockchain-based solution has been deployed to enhance CIMB’s proprietary remittance product called SpeedSend. This service allows customers to send and receive money with direct account crediting and instant cash collection. The enhancement improves their access to cross-border remittances across the globe — both inbound into ASEAN and outbound to other countries. It is already enabling remittances to corridors such as Australia, USA, UK and Hong Kong.”

Technical Review – XRP/USD

XRP/USD daily chart

XRP/USD is running at three consecutive sessions in the red, nursing chunky double-digit losses over this period. The price dropped over 20%, a move that was very much in line with the rest of the cryptocurrency market. Price action had been moving within a triangular pattern formation, since 21st September. Thie XRP price observed much narrowing over this period. During the heavy selling pressure on 14th November, the bears had pierced the lower support of the mentioned pattern.

Despite the large lower wick seen on 14th November candlestick, the price managed to close within boundaries of the triangular formation. In terms of current price action on the latest for today, XRP/USD is seen below this area of support. Should the market bears manage to push for a breach and daily close underneath the supporting trend line, this could cause large devastation. Eyes could be on a return to the $0.3000-$0.2500 region. Lastly, worth noting, looking to the upside, the resistance would likely be seen around $0.4800, and this level is critical. This is where the lower trend line is seen tracking.

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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4.5 stars on average, based on 54 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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