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Ripple Shakes Off Market Rout After Plunging to 88 Cents

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Ripple’s XRP token added more than half its value back on Thursday as the cryptocurrency market shook off one of the biggest two-day routs in history.

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XRP Bounces Back

Ripple led the crypto market higher, climbing 28% to $1.71 on the major global exchanges. The so-called banker’s cryptocurrency has rebounded more than 90% from Wednesday’s low of around 88 cents.

The XRP token’s plunge was associated with a broader market correction that shaved hundreds of billions of dollars from global cryptocurrencies through Wednesday. With the latest recovery, Ripple’s market cap is back above $67 billion, placing it third among active coins.

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South Korea, which has been at the center of the altcoin’s rally, accounted for roughly two-thirds of the daily transactions, which amounted to $10.6 billion.

Market’s Most Undervalued Coin?

Ripple has earned the reputation of being one of the market’s most undervalued coins due to its focus on transactional utility through the major financial institutions. The RippleNet platform currently supports instant global payments across more than two-dozen countries, helping banks boost efficiencies and new revenue streams.

However, many crypto purists do not consider XRP to be in the same functional asset class as bitcoin, Ethereum and others. Unlike bitcoin, Ripple’s XRP token cannot be mined. Rather, the company that owns XRP (Ripple) has produced a fixed supply of 100 billion units. At the time of writing, roughly 38.7 billion XRP tokens have been released into circulation.

Ripple was the best performing cryptocurrency of 2017. Its market cap surged past $120 billion earlier this year to become the world’s second-largest cryptocurrency. The coin has since relinquished the second seed to Ethereum, but continues to attract investors with its vast use cases and broader mainstream appeal. For this reason, XRP has managed to sidestep much of the volatility in the cryptocurrency market– that is, until this past week.

Ripple is highly sensitive to the South Korean market, where it derives much of its value. Tighter regulatory bottlenecks in the Asian country are potentially a bigger issue for Ripple than other actively traded coins.

We predicted earlier this week that the cryptocurrency market would bounce back from its latest rout as investors buy the massive dips. Despite regulatory uncertainty over South Korea, market fundamentals are more or less unchanged.

For traders, the good news is that a blanket ban on cryptocurrency is not a feasible option for South Korea, according to the chairman of the country’s Fair Trade Commission. In a statement issued on Wednesday, the commissioner said the government does not have the authority to issue such a decree, not to mention the fact that it would be impossible to enforce without policing users’ internet connections.

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 143 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Altcoins

Bitcoin Cash Jumps 12%, Hitting $1,500 for the First Time in February

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Bitcoin vs. bitcoin cash

Bitcoin cash (BCH) generated strong momentum on Friday, as the world’s fourth-largest cryptocurrency added 12% en route to its highest level in over two weeks.

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BCH Price Levels

The BCH currency reached a session high $1,546, bringing its total market cap to $26 billion. At the time of writing, the coin was valued at $1,510, putting it on track for its highest settlement since Jan. 30.

Bitcoin cash experienced a similar uptrend on Thursday, with prices breaking above $1,400 to form a new bullish trend line. Following a pair of brief dips on Friday, BCH has broken sharply higher and is now said to be challenging a key psychological resistance.

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Relative strength has fallen back to the mid-60s after triggering overbought signals earlier in the session. The uptrend in the coin is being accompanied by growing appetite for cryptocurrencies as a whole, with the total market adding around $50 billion over the past two days.

More than $800 million worth of BCH has traded hands over the last 24 hours, according to data provider CoinMarketCap. The OKEx cryptocurrency exchange processed about $195 million of that total, which is equivalent to roughly a 25% of the daily volume.

South Korea’s Upbit and Bithumb turned over a combined $168 million, latest data show.

Bitcoin cash is the sixth most traded cryptocurrency at around 3.3%. Its main rival bitcoin has seen its volume rise to 37% of the total market.

Crypto Market Uptrend

The cryptocurrency market is being pulled higher by positive developments out of South Korea after regulators in the Asian country reaffirmed their commitment to let digital currency exchanges operate freely. A strong technical reversal also appears to be underway, although analysts continue to warn of a choppy uptrend in the days and weeks to come.

Coins such as Litecoin and Ripple XRP are also rallying on business optimism, with both companies announcing measures to boost mainstream adoption of cryptocurrencies as money. In the case of Litecoin, a new payment infrastructure called LitePay is expected to launch later this month, making it easier for retailers to accept crypto payments. Meanwhile, Ripple and Western Union recently confirmed their new partnership around xRapid.

As for bitcoin cash, the digital currency has routinely outpaced the market’s broad consolidation attempt over the past week-and-a-half. The difference between earlier rallies and the one we’re seeing today is improved risk appetite, which is helping more digital currencies tip the scale in favor of the bulls.

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 143 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Altcoins

Ripple’s XRP Gaining Traction as Western Union Confirms Partnership

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Ripple XRP rallied on Thursday, with prices testing two-week highs after Western Union confirmed a pilot partnership with the San Francisco-based company.

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Western Union to Pilot xRapid System

After much speculation, Western Union’s Chief Technology Officer Sheri Rhodes indicated that the global money transfer system will in fact integrate Ripple’s xRapid.

“We continue to explore possible blockchain applications for our business, and we are piloting some settlement tests with Ripple for certain corridors,” Rhodes said, as quoted by Yahoo Finance and CCN.

She added: “For blockchain in general, we’re looking at areas such as transaction processing and settlement, working capital optimization, regulatory technology, and digital identity. We have a strong platform and system that work well today, but we continue to explore and test whether these technologies could potentially reduce costs and improve the customer experience.”

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Ripple also issued the following statement: “We’ve been testing different products with Western Union for a while. We’re excited about our work towards a pilot implementation of xRapid, which uses XRP in payment flows.”

The partnership with xRapid (and not RippleNet) is significant because it means Western Union will be using XRP tokens to boost real-time liquidity. One of the main arguments against investing in XRP is that financial institutions don’t have to adopt the currency when partnering with Ripple. Rather, banks pay Ripple (the company) to use its protocol without actually holding or implementing XRP tokens. In the case of Western Union, the money transfer service will use XRP to streamline payment flows.

Although Western Union is only the fifth company to test xRapid, it is the second major money transfer service to do so. Last month, MoneyGram signed on to xRapid for currency transfers.

XRP Price Levels

Ripple’s XRP reached a session high of $1.17 on Thursday for a market cap of $45 billion, according to data provider CoinMarketCap. The coin was last seen trading around $1.10.

Nearly $1.6 billion worth of XRP was transacted on global exchanges Thursday, placing it fifth in terms of overall trade volume behind bitcoin, Tether, Ethereum and Litecoin. The South Korean won facilitated more than half the daily transaction amount, with Bithumb, Upbit, Coinone and Korbit handling the volumes.

To be frank, Ripple’s acceleration Thursday wasn’t unique. Cryptocurrencies as a whole jumped to two-week highs, as calm returned to the market following a prolonged period of instability. The market’s total value peaked peaked at $481.5 billion, the highest since Jan. 31.

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 143 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Altcoins

Has the Crypto Market Finally Turned a Corner?

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Bitcoin and the broader crypto universe traded firmly higher on Wednesday as South Korea left little doubt about its intent to foster a vibrant market. Not only are the South Koreans not banning cryptocurrency trading, they have shifted their focus to making the market more transparent.

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Market Extends Recovery

The total value of cryptocurrencies reached a high of $455 billion on Wednesday, just $3 billion shy of their February high. At the time of writing, the market was worth $452.6 billion, according to CoinMarketCap. That represents a gain of more than $30 billion over the past day.

All the major coins posted strong gains on Wednesday, with Litecoin jumping more than 30% to reach its highest level in a month. The coin was last seen trading at $208.65 for a market cap of $11.5 billion.

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Earlier we speculated that Litecoin could be even more undervalued than the broader market ahead of the planned launch of LitePay later this month. The new payment platform attempts to solve the payments trap currently inflicting most digital currencies. According to the official website, LitePay will allow retailers to “accept payments from customers anywhere in the world.”

Meanwhile, the value of bitcoin jumped to $9,300 for the first time in two weeks, taking its total market cap to nearly $157 billion.

Broad gains on Wednesday were accompanied by higher trade volumes across the digital asset class. Roughly $23.4 billion worth of transactions were carried out over the past 24 hours, much higher than recent levels.

Market Outlook Improves, but Risks Remain

The cryptocurrency market has entered a consolidation phase as volatility continues to recede. The important question for traders is whether the recent bout of good news is enough to offset a dominant downtrend that extends back to the middle of January.

That being said, the cryptocurrency market has recovered roughly $175 billion from its swing low earlier this month, a significant achievement given the general lack of interest from speculators in recent weeks.

Wednesday’s announcement from South Korea that it has no plans to ban cryptocurrency trading is also significant, and follows recent testimony from U.S. regulators echoing similar sentiment. Although regulators are concerned about the cryptocurrency market, they have no intent to shut them down – at least, not in South Korea or the United States.

However, ICOs may be singing a different tune as U.S. lawmakers continue to warn about dubious “utility” token labels. Washington’s Securities and Exchange Commission (SEC) has made it abundantly clear that it will be keeping a close eye on this market. Token issuers have quickly taken notice, with many omitting U.S. investors from their list of eligible participants.

Depending on who you ask, the ICO market is heating up at the start of the year, with billions flowing into token raises. However, conflicting data from ICOWatchlist.com shows that the market came to an abrupt halt in January, with only $52 million raised.

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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10 votes, average: 4.50 out of 510 votes, average: 4.50 out of 510 votes, average: 4.50 out of 510 votes, average: 4.50 out of 510 votes, average: 4.50 out of 5 (10 votes, average: 4.50 out of 5)
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4.5 stars on average, based on 143 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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