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Ripple XRP Shows Resilience Amid Broader Holiday Slump

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A broad correction in the crypto market failed to hold down Ripple on Sunday, as December continues to be a banner month for one of the most undervalued digital assets.

XRP/USD Price Levels

Ripple’s value touched a session high of $1.0998 on Sunday before paring gains later in the day. At press time, XRP/USD was up more than 2% at 1.007 for a total market cap of $40 billion. In terms of market cap, that puts XRP fourth behind bitcoin, Ethereum and bitcoin cash, respectively.

Trade volumes over the last 24 hours approached $750 million, with the bulk of the turnover concentrated on Bitfinex, Poloniex, Bittrex and Coinone.

The XRP token has more than doubled since Dec. 12, when the first major jump occurred. Over the past 30 days, the cryptocurrency has quadrupled in value.

Ripple’s most recent record high occurred Dec 21 when prices approached $1.25. A sharp sell-off the following day gave rise to an equally strong rebound, with prices quickly returning to the 1.15 region.

By comparison, the combined value of all cryptos in circulation has declined by more than $50 billion from Saturday’s peak.

Ripple Defies the Odds

Ripple continues to trade in positive territory even as bitcoin and most major altcoins retreat. Although Ripple has largely benefited from the altcoin surge of the past month, it has enjoyed greater media attention due to a series of high-profile partnerships that are bringing blockchain technology to the corporate world.

Ripple recently announced a partnership with American Express to help tackle the credit card company’s liquidity shortfalls.

As Forbes notes, Ripple has “over 75 commercially deploying customers – and over 100 currently on their roster.”

A surge in Asian buying interest has also underpinned the digital currency at a time when North American traders are gearing up for its possible inclusion into the coveted GDAX exchange. Currently, only four cryptos are supported on GDAX.

Positive headlines and growing business influence suggest Ripple is poised for further gains in 2018. As recent price developments suggest, the cryptocurrency seems to be the most resistant to sharp corrections. This is partly related to the fact that Ripple differs from bitcoin and many of the altcoins in important ways. Although its backers do not like to refer to it as a centralized system, Ripple is owned by a firm with the same name. This firm owns more than half of all XRP tokens.

What’s more, Ripple seems to be the best positioned to address the limited transaction and scalability issues currently dogging the crypto economy. As it currently stands, Ripple transactions are confirmed within seconds, whereas bitcoin needs roughly 10 minutes.

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 704 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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EncrypGen (DNA) Surges Ahead After Two Major Announcements

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Although nobody enjoys a bear market, the downturn has afforded me more time to research promising technology instead of worrying about trading patterns.  Not all projects will survive this downturn.  In fact, most probably won’t.  Instead, companies that have delivered upon their goals and promises will be the ones that soar like eagles.  EncrypGen (DNA) is an extremely promising company I have been following since their Initial Coin Offering in 2017.

Background

EncrypGen made global headlines in November when it launched the world’s first blockchain based genetic data marketplace.  The marketplace, called the Gene-Chain, brings together buyers and sellers to facilitate the exchange of genomic data.  Consumers will be able to both safely store their genetic data and, if they choose, generate passive income by selling that same data to researchers.  The good news for data sellers is that EncrypGen just made a major announcement which will make cashing out much easier.

Consumers Can Now Withdraw Via Bitcoin

As of Monday, consumers can now withdraw the proceeds from their data sales via Bitcoin.  This will allow consumers a quick, convenient, and safe method to withdraw their earnings and use it for whatever they choose.  With the holidays coming up, this is a perfect opportunity for consumers to generate some extra cash that can be used toward making the holidays extra special for everyone.  The next part of this process will include the ERC20/ETH integration.  The integration is expected to be completed in January.

Partnership With Murrieta Genomics

In addition to the new withdrawal method, EncrypGen also made headlines by announcing a major new partnership with Murrieta Genomics.  Murrieta Genomics is a genomic sequencing incubator based out of California.  Murrieta has agreed to offer EncrypGen’s Gene-Chain to the Genomic Data Industry.  This will greatly benefit both individual data users and researchers.  The hope is that this blockchain based solution will lead to more efficient and effective healthcare through the advancement of new medical treatments.

EncrypGen’s Chief Strategist, Joe Cawley, had this to stay about the partnership:

“Today’s Partnership moves Gene-Chain up the value chain toward those generating Next Generation Sequencing (NGS) genomic data, assays and testing techniques.  NGS genomic data unlocks the multi-trillion dollar personalized medicine market.”

Indeed, the opportunity currently available in genomics and personalized medicine is enormous.  Although there are a few competitors in this space, they have yet to even release an alpha platform.  Additionally, given the regulatory hurdles that new entrants will face, EncrypGen’s closest competitors are likely years behind.  As those competitors work on getting a platform built, EncrypGen will be focused on developing strategic partnerships that will enable the Gene-Chain to become the world’s go-to marketplace for genetic data transactions.

Conclusion

With the Gene-Chain now live, EncrypGen is focusing its attention on developing more strategic initiatives such as the partnership with Murrieta Genomics.  DNA token holders can expect more announcements like this over the next 6 months.

Although the crypto market is extremely depressing for all involved, traders must not lose sight of the end goal.  I recently wrote an article that the crypto market is still in the earliest phase of the technology adoption lifecycle.  EncrypGen is a pioneer in both crypto and genomics.  And I fully expect EncrypGen to not only survive the bear market but to prevail in the end.

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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4.8 stars on average, based on 14 rated posts




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EOS Price Analysis: EOS is Set Up for Bigger Gains, Following Recent Technical Development

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  • EOS has jumped around 45% between the sessions of 15th – 17th December. 
  • Bulls shrug off all negative related news flow that has surrounded EOS in recent weeks.

The EOS/USD bulls are on a serious mission to recovery. Unlike several of its peers, a slowdown in momentum has not been seen with the EOS price. More importantly, a breakout has been observed from a range-block, of which EOS/USD was confine within. This had been the case since the 7th December, managing to escape however on 17th and capitalize further on that.

EOS Shakes off Negative Commentary

Over the past few weeks, there have been several negative bits of news flow. Recently, as covered by Hacked in a prior article, the Cardano founder, Charles Hoskinson, had a fair few words to say about EOS. He had noted that action from regulators was potentially right around the corner for EOS. Hoskinson had specifically raised concerns about the EOS token sale.

Elsewhere, it was recently covered by Chinese press that EOS decentralized apps (DApps) have been victim to hacks totaling around $1 million since July. The report cited data which was collected by PeckShield, who are a blockchain security organization. This suggests that the DApps on EOS have been hit by at least 27 breaches from July up to late November. This is an amount of 400,000 EOS, equivalent to 8 million yuan, at the time of the published report.

Lastly, at the back-end of last month, there was some FUD surrounding the CTO of Block.one, Daniel Larimer. The community and social media space were concerned about Larimer working on new projects. This prompted worries that he may be leaving EOS, keeping in mind the EOS mainnet hadn’t even reached a year.

EOS has pretty much shrugged much of this FUD off, as seen with this latest rally. It has far outperformed its peers with the big gains collected over the past two sessions.

Technical Review EOS/USD

EOS/USD daily chart

EOS/USD had a decent extension to the upside after breaching the confinements of the detailed range-block.  The bulls initially jumped a chunky 45% over the period of 15th to the 17th December. However, into the session on Tuesday, the price has run into some minor resistance, seen at the 4th December high area. This can be noted within $2.60 territory.

The pullback being observed at the time of writing isn’t too much of a surprise, given the burst higher in such a short time frame. Profit-taking is only natural in this case. It is a minor retreat ahead of further potential moves north. Eyes will be on the breached range-block for support, the top of that seen at $2.18.

Should the bulls gather enough momentum for a push above the minor near-term resistance seen, then a fast 60% move could be seen. This would take EOS/USD back towards $4.40, where another minor supply zone is observed. Further north, a reclaim of the pre-November fall levels, i.e., $6 territory, is the next major 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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4.5 stars on average, based on 88 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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Ethereum Price Analysis: ETH/USD Not Out of the Woods Yet

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  • ETH/USD odds are still stacked against the bulls for now, as price remains within range-block.
  • Ethereum co-founder Vitalik Buterin, says his creation is becoming more and more decentralized.

ETH/USD has enjoyed a chunky bull run over the past three sessions, with that slowing down Tuesday. Between the 15th – 17th December, the price had gained a chunky 23%. ETH/USD hit its highest level seen since 9th December. It appears the bulls, however, have run into a near-term barrier. ETH has been moving within a range-block from 7th December, which is still the case. The momentum so far not proving to be enough to take the price through for now.

Ethereum More Decentralized – Vitalik Buterin

The co-founder of Ethereum, Vitalik Buterin, discussed how the network is becoming more decentralized of late. He was recently speaking in an interview with Blockchain Insider.

Buterin believes that a change is starting to be seen in terms of the further decentralization of the Ethereum blockchain. He believed that it was much too centralized around himself. He further affirmed the observations over the last 12 months of governance actions, which were he suggested were responsible for this.

The Ethereum creator said, “Number one, like a lot of the features in the Constantinople hard fork, that are launching in January, basically happened without me. Number two, issuance reduction from 3 ether to 2 ether which is going into Constantinople, I was not involved at all.”

Only just some days ago, a team lead within the Ethereum development circle, Péter Szilágyi, confirmed the scheduled update. This was covered by Hacked in a prior article. He had noted the upgrade is to start around 16th January 2019.

Ethereum 1.X Update

Focus outside of the Constantinople hard fork is on Ethereum 1.X. This will be a new developed update, which is anticipated to take place during June 2019 provided there are no delays.

Buterin said, “Ethereum 1.x, short-term scalability improvements that are going on to the main chain, before we can switch over to sharding. That whole effort started without my involvement at all.” The update is supposedly a replacement of the EVM – Ethereum Virtual Machine.

Technical Review – ETH/USD

ETH/USD daily chart

As detailed earlier, ETH/USD has been moving within a range-block. The upper part of this recent range appears to have slowed down the bulls. The key levels to this block for now, seen at $101 to the upside, and $83.45 to the downside. It is as simple as depending on which area is broken that shall determine the fate of the trend.

Despite the enormous jump of around 16% for ETH/USD, the fact of the matter is the odds are still stacked against the bulls. This being the case so long as the price remains confined within the detailed formation above.

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 88 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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Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

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