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Ripple Prices Stall Near Major Hurdle as Market Outlook Improves

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Ripple (XRP) has gained significant momentum against the dollar in recent weeks, but has failed to extend its rally north of an important psychological hurdle.

XRP/USD Price Levels

Ripple was little changed against the dollar on Friday, trading at 0.2175. Price levels hovered between 0.2150 and 0.2183 throughout the session, with most of the trading activity occurring below the daily open of 0.2173.

Prices are up nearly 3% over the past week, but have failed to pierce the all-important 0.2250 level. Ripple recently traded above 0.2200 U.S., reaching a high of 0.2234. After a clear uptrend kicked off the week, XRP/USD appears to have run into major resistance, with the formation of a double-top forming around the 0.2212 region.

XRP’s momentous rally began earlier this month amid positive vibes from industry researchers, who expect 2018 to be a breakout year for the cryptocurrency. Higher trading volumes on the Korean peninsula have also been cited as a major catalyst for renewed buying interest.

The coin has turned over $142 million over the past 24 hours, according to CoinMarketCap. At $9.4 billion, Ripple is the world’s fourth-largest cryptocurrency.

For the latest trade recommendation involving Ripple, click here

Ripple Not on U.S. Traders’ Radar

For all the hype surrounding the XRP token, most Americans don’t really care about it, according to a new study by LendEDU. The researcher’s latest survey revealed that almost half of respondents wouldn’t invest in Ripple.

Similar trends were observed for Ethereum, the world’s second-largest crypto by market cap.

Although the survey was based on a small sample size of 1,000 people, it reveals that bitcoin continues to be the face of the cryptocurrency market. Numbers don’t lie, either.

Bitcoin’s market cap of $121 billion is roughly 58% of the total cryptocurrency universe. That figure was well above 63% prior to the latest rally in altcoins. IOTA, Litecoin and Ethereum put up sharp gains in day trading on Thursday.

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 699 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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Cryptocurrencies

The Crypto Market Cap is Sinking as Tether Climbs

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The cryptocurrency market cap risks falling below $100 billion for the first time time since August 2017, highlighting the rapid exodus from digital assets during the course of the year.

Market Update

Crypto valuations have experienced a meteoric fall over the past six weeks, highlighting a momentous shift in investor sentiment. The cryptocurrency market capitalization has declined a staggering $112 billion since Nov. 14, the eve of the bitcoin cash hard fork. On Saturday, the market cap reached a low of $100.4 billion, as bitcoin and its altcoin peers struggled to break free from the bearish grip.

Losses over the past month have pushed tokens like Zcash, VeChain and ICON toward 95-99% declines from their peak. Bitcoin is also experiencing one of its worst retracements in history, though the leading digital currency has an established precedent of major peaks and troughs that stretch all the way back to 2011.

EOS has emerged as a major loser in recent weeks, as block producers have seen their operational incentives wither away. As Hacked reported earlier this week, block producers were barely breaking even at a price-per-coin of $4.14. EOS plunged to $1.50 earlier this month and was last seen trading at $1.83.

The bear market has enabled Tether to reassert itself as the stablecoin of choice for traders, many of whom are sitting on the sidelines until a definitive bottom has been reached. USDT is currently valued at $1.01 for a total market cap of $1.9 billion. It now ranks fourth among active cryptocurrencies, overtaking Stellar, which has fallen to fifth.

Trends and Considerations

The meltdown of the past six weeks has shaken out weak hands from the market. It has also threatened the resolve of some of crypto’s most ardent supporters. As CCN reported last month, investors who bought bitcoin at $1,000 have liquidated their positions during the latest selloff – the nail on the proverbial head of crypto mania.

So-called ‘crypto winter’ has had a damning effect on blockchain startups and miners. Dozens of blockchain companies have announced significant cuts in their workforce, while other projects have seemingly disappeared entirely. As many as 1.3 million mining devices have been switched off during the latest leg of the downtrend even as bitcoin’s mining difficulty has fallen sharply.

The loss of bitcoin’s $6,000 price floor – i.e., the break-even rate for miners – has had a major impact on the market. The initial drop below this level seems to have been associated with the bitcoin cash hard fork, but it quickly turned into a technical selloff that entered full-blown capitulation shortly thereafter. All signs seem to show further pain ahead for crypto traders, with bitcoin poised to test the $3,000 psychological support.

Current market trends clearly don’t reflect bitcoin’s long-term potential nor do they account for growing rates of adoption among businesses and institutions. Over the next six months, a clearer picture around regulation and institutional participation will likely reveal itself as the U.S. Securities and Exchange Commission (SEC) rules on a highly touted bitcoin ETF and Intercontinental Exchange and Nasdaq enter the market for crypto futures.

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 699 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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Cryptocurrencies

PayPal Follows Own Customers in Move to Crypto; U.S Coinbase Support Launched

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Freelancers, digital nomads and internet-based workers the world over will have something to smirk about this morning, when they wake up to the news that PayPal may be starting to see the lack of wisdom in their own business model.

PayPal recently initiated a cryptocurrency-based incentive system for its in-house staff, as covered earlier on CCN. This news was followed immediately by an announcement by prominent cryptocurrency exchange, Coinbase, that it would now facilitate fiat withdrawals to customers’ PayPal accounts.

After filing a patent for its own blockchain-based solutions earlier this year, it seems as though PayPal is dipping more than just its toe into crypto waters. The firm’s Google Play app was recently overtaken by the crypto-friendly Square Cash App, and the road to a crypto/blockchain conversion appears more likely by the day.

Coinbase – PayPal Withdrawals

As per the Coinbase blog announcement:

“Starting today, U.S. customers can instantly withdraw Coinbase balances to PayPal, providing even faster access to their funds through one of the world’s easiest and most widely-used payment platforms. These withdrawals are not only fast; they’re free and incur no fees.”

Coinbase had apparently been responding to demand from its customers regarding the introduction of a PayPal option. According to the post:

“Coinbase customers have been clear: you want to be a part of the open financial system. We believe that means more than just owning cryptocurrency — it means having the flexibility to use it how and when you want.”

No longer will U.S customers require an ACH or federal wire account to withdraw funds. Although, one presumes that PayPal will still have to be linked to existing bank accounts if any large amounts of money are to be transferred.

The new feature is already available for U.S-based customers, while global customers will have to wait until an unspecified date in 2019.

Escape PayPal? Or Absorbed By It?

Anyone who’s used PayPal for any length of time will have become familiar with its unreasonable, and dare I say, unethical fee structure.

According to a recent survey, 29% of freelancers would prefer to be paid in cryptocurrency, rather than via existing systems. Given the general ease-of-use of PayPal for even the non-technically minded, that’s quite the indictment.

Currently holding the same market cap as the entire crypto space, PayPal now has the option to edge closer towards becoming more crypto-like, with exchange compatibility, lower fees, and who knows – maybe future crypto wallets and instant exchange rates.

The other option is one where the corporate monster throws on some crypto-friendly clothes to attract people in the short term, but ultimately reverts to type with profit-maximizing practices in the long-term – not unlike a troubled French president at the moment.

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 105 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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Analysis

XRP/USD Price Analysis: Israel’s Largest Financial Services Company GMT Partnering with Ripple

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  • Ripple has another large financial firm leveraging its technology, as the list keeps on growing.
  • XRP/USD will search for buyers within $0.3000-$0.2500 range initially, ahead of possible $0.2000 return.
  • XRP/BTC looks surprisingly encouraging, subject to a potential breakout to the upside.

XRP in line with the rest of its peers across the cryptocurrency market remains firmly on the back foot. XRP/USD is running at its third consecutive session of losses. At the time of writing, the pair has dropped 7% over this mentioned period. A renewed wave of selling pressure hit the market after the price was allowed some time to consolidate. The market was very much within range-bound mode, before the bears struck again. As a result, XRP has firmly given up the $0.3000 mark.

Israel’s GMT to Utilize Ripple Technology

The largest financial services organization in Israel, GMT, has announced a partnership with Ripple. They will be utilizing Ripple’s technology for their cross-boarder payments.

GMT said via their latest blog update: “GMT is joining companies like MoneyGram, AmericanExpress, CIBC, Earthport, AKBANK and many more, who are already authorized to use Ripple’s platform. This partnership is establishing GMT’s place in the forefront of the Israeli Fintech industry, also allowing us to work side by side with some of the leading companies in the world.”

GMT are the largest and leading financial services organization in Israel. They have an outreach of  250 branches spanning across the country. GMT specialize in local and international remittance services, among many other financial offerings.

In terms of which technology of Ripple’s they will exactly be leveraging, it does not appear to have been stated for now. Whether GMT will be using either xCurrent or xRapid is still subject to debate. Hacked will be sure to provide further details upon those being announced.

Technical Review – XRP/USD

XRP/USD 4-hour chart

Price behavior seems to be quite readable of late. XRP/USD is going through periods of hard selling, which is then followed by some range-bound trading. Once again, bears breakout from this consolidation mode to ignite more downside pressure. Between the 7th and 14th December, XRP/USD had formed a range-block. The sellers came piling in on the 14th December, and as a result the recent range was broken with $0.3000 giving way.

XRP/USD weekly chart

XRP/USD is now moving within a critical area. This is seen running from $0.3000 to $0.2500.  A very well-known area for big buyers coming in, as proven on occasions this year. Any failure of this initial range holding could see a free-fall down to $0.2000.

XRP/BTC daily chart

Finally, looking the daily chart of XRP/BTC, it remains somewhat encouraging. XRP is holding its ground again BTC, in comparison to many of its peers. The price is ranging for now, looking possible to see a chunky breakout to the upside. It remains trading around levels seen during the explosive run in December 2017.

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 86 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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