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Seattle-based RChain Sees Large Capital Flows into RHOC Cryptocurrency

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RChain’s native RHOC token surged on Sunday, with the coin adding hundreds of millions of dollars to its market cap in less than 24 hours. The vast majority of the buying frenzy took place on Hong Kong’s Kucoin exchange, which processed nearly 85% of the daily transactions.

RHOC Price Levels

RHOC coin saw huge gains over the weekend, as prices continued to recover from a mid-month selloff that dragged down most major crypto assets. At the time of writing, the coin was up more than 21% to $2.38, according to CoinMarketCap. Since Friday, RHOC has gained more than 32%, outpacing the broader cryptocurrency market by a wide margin.

At current price levels, RHOC is capitalized at $819 million, placing it 42nd among active cryptocurrencies. More than $1.6 million worth of RHOC coins were changed hands over the last 24 hours.

The coin rose nearly 20% against bitcoin to 0.00020522 BTC. Relative to Ethereum, RHOC added 9% to 0.00193499 ETH.

The bulk of RChain tokens are bought and sold on Hong Kong’s Kucoin exchange. However, the coin can also be accessed on ChaoEX, EtherDelta and Token Store.

An Introduction to the RChain Cooperative

As the brainchild of mathematician Greg Meredith, RChain seeks to provide “industrial-scale utility” to the blockchain market. In order to do so, the project says it must “provide content delivery at the scale of Facebook and support transactions at the speed of Visa.”

The platform, once built, will be able to handle 100,000 transactions per second, much higher than even Visa. If RChain accomplishes this task, it could radically transform the blockchain industry.

These bold claims certainly resonated with investors, who contributed $5 million to the project in a single day. The ICO hit its hard cap total of $15 million in less than two weeks. While the amount was far less ambitious than other crowdsales, RChain was only interested in large-scale investors who could contribute a minimum of $50,000.

However, even with a successful ICO raise, achieving such a massive throughput will have serious obstacles. Scalability continues to be one of the major issues dogging the blockchain community, which has raised skepticism about whether RChain can follow through on its highly ambitious goals.

The project has announced it will launch its first software, called Mercury, by the end of 2018. The Mercury product will allow current RHOC holders to access the platform.

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 649 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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Zcash (ZEC) Price Analysis: Market Cap Growth Continues, More Updates Coming Soon

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  • Zcash moves up to rank 19 on the top cryptocurrencies by market capitalization.
  • The Sapling upgrade just a few days away, as Zcash team suggest there could be more announcements soon.

Zcash (ZEC) continues to jump up the ladder, with its growing market capitalization. Last week it managed to creep into the top 20 cryptocurrencies, by market cap. Most recently, it has now moved up to rank 19. At the time of writing, it is seen at $624.5 million, ahead of VeChain (VET) with $612.6 million.

Countdown for Sapling Upgrade

It is just under 6 days now until the anticipated Sapling upgrade from the Zcash foundation. According to the firm, ‘Activation block 419200 will be mined October 29, 2018 01:31 UTC+00:00 assuming 150 seconds/block.’ The build-up of this is something that has appeared to be very supportive in the elevation of the ZEC price.

The Sapling is a network upgrade that boasts increased efficiency for transactions of which are shielded. They will facilitate broad mobile, exchange and vendor adoption of the Zcash shielded addresses. Zcash’s goal is to also see increased speed with these shielded transactions; it is touted that transactions can be shielded in less than 1 second.

New Announcements Coming Soon?

The Zcash team via their Twitter account have continued to count down their upcoming upgrade, tweeting “Is your product is #Sapling-ready? Or you would like to learn more about supporting the #Zcash Sapling upgrade? Reach out and let’s connect!” Within the tweet, they covered existing Salping-ready services listing; Bithumb, BitGo, Coinomi, Lamassu, Ledger, Suprnova, Trezor and WinZEC. They noted “MORE COMING SOON!” implying there are potential pending partnerships and integrations in the works.

Technical Review – Daily Chart

ZEC/USD daily chart

ZEC/USD bulls are on the hunt for an extended breakout north, as a vital trend line is being tested. A break of the mentioned resistance is seen tracking at $126. If a breach and daily close above, should open to door wide open to some buying pressure. The bulls will be met right away by some supply running from $130-133. As a result, sellers have knocked the price down throughout October, within this territory. Finally, for upside targets, a rally up to $145, would like then come into play. The price last traded here on 28th September.

In terms of support, this is seen all the way back down at $110. A lower supporting trend line can be observed tracking here. This has been active since mid-September. Furthermore, a buying area is noted from $100-95.

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 33 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 Listing Announcement Triggers 29% Growth For Decred (DCR)

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Yet another coin just felt the beneficial effect of a listing on Binance – the world’s largest cryptocurrency exchange by adjusted volume.

Following Tuesday’s announcement by the Binance team, Decred will be listed on the exchange starting Wednesday, October 24th.

The previous month has been one in which the power of a listing on a major exchange has made itself obvious. Just two weeks ago Ravencoin (RVN) gained a Binance listing and shot to 351% growth. Meanwhile Basic Attention Token (BAT) gained close to 50% in the last week based on the mere speculation that the Coinbase exchange would be listing it soon.

DCR/USD Surge

As you can see from the chart below, it seems very few people knew about the DCR listing until it was announced by Binance.

The early morning spike hit just as the blog post was tweeted out, and over the next few hours DCR went on to record 29% gains – climbing from a price of $38.79 to $50.35.

The coin’s trade volume increased by a factor of 2,260% as it rose from the $500,000 range up to the current sum of $11.8 million. The majority of those trades have come in the form of the DCR/BTC and DCR/KRW pairs, with Bittrex, Huobi and Upbit housing most of the action.

With the morning’s spike, DCR bypassed weekly and monthly highs, while the quarterly high of $70 is still some distance away.

The project began development in 2015, and the coin remained below the $3 price range for nearly two years, up until it was carried along with the rest of the market in 2017’s surge.

Binance Picks Up Decred

The Binance blog post published on Tuesday morning states:

“Fellow Binancians, Binance will open trading for DCR/BNB and DCR/BTC trading pairs at 2018/10/24 04:00 AM (UTC). Users can now start depositing DCR in preparation for trading.”

The Decred team on Twitter followed this up with a celebratory tweet thanking Binance and its founder CZ for the listing on the exchange:

“Thank you @cz_binance & @binance, we’re honored to have $DCR listed on your exchange!”

Binance’s own informational on Decred emphasizes its use as a transactional currency, and notes that the coin will never experience the issue of having to hardfork, stating:

“Decred is similar to Bitcoin. There will only be 21M coins created, ever. The big difference: Decred uses advanced and innovative technology that solves blockchain governance. No hard forks needed. Exchanges will never have to deal with customer requests for splits. The general public will never have to sift through contentious forks or be fooled by claims of a “better Decred.”

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 82 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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XRP Price Analysis: Reports Indicate National Bank of Kuwait (NBK) is Set to Go Live With xCurrent

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  • Sources suggest National Bank of Kuwait (NBK) are moving closer to going live within Ripple’s xCurrent solution.
  • Despite current XRP/USD selling pressure, a bullish technical set up is still seen as a potential.

National Bank of Kuwait Ready to Use xCurrent

One of the largest banks in the Middle East, National Bank of Kuwait (NBK), is readying to move forward with xCurrent. It is reported this could be in place within the next few weeks. xCurrent is Ripple’s enterprise software solution that facilitates banks to instantly settle cross-border payments, providing end-to-end tracking.

The latest suggested is that the NBK are currently awaiting to receive the green light from the Central Bank of Kuwait. Sources close to the matter, are said to note that NBK are currently preparing for its first transaction with the xCurrent solution. In terms of time frame, the suggestions are for the back end of October, or by early November. These sources are being cited by the newswire, Crypto Briefing.

Earlier this year, in May, the National Bank of Kuwait mentioned Ripple via their official Twitter account. They tweeted, “NBK leads the way in Kuwait in a partnership with RippleNet to offer instant cross-border payments to customers Ripple.” Nothing further on this, from either the NBK or Ripple was noted.

It is important to note that the xCurrent solution does not use XRP tokens, unlike xRapid, which enables banks to send payments using XRP. It can then be transacted back into the appropriate fiat currency by the receiver. On the basis of the above noted, it is likely to have a direct influence on the value of XRP.

Technical Review – 4-hour Chart

XRP/USD 4-hour chart

Despite the consistent downside pressure observed with XRP/USD, a potential bullish technical set up can still be eyed. As seen on the 4-hour time frame, price action has been moving within a bullish flag pattern. The lower support has recently been penetrated by the market bears.

Near-term support eyed immediately at $0.4660-40 area, the below trend line. Further south, a demand zone is seen running from $0.4535 down to $0.4350. This was an area that caught the price during some hard selling at the back end of September. Bulls managed to kick started a recovery at this low area on 25th September. Should this technical set up fail to play out, eyes will then be on $0.4000 for support. Last traded down here on 15th October. Lastly, looking at resistance, this is seen just ahead at $0.4650, upper trend line of the flag. Ahead, there is heavy supply heading into and within the $0.5000 territory.

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 33 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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