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Ripple

XRP Price Up 14% In Two Days as Swiss Exchange Launches Crypto ETP

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XRP (XRP) consolidated its newly gained second position in the market cap rankings Saturday, with a 5% valuation spike over twenty-four hours. This compounds the coin’s runaway growth since the recent market dip, from which time XRP has climbed 14% in price.

The price movement comes amid news that the prominent Swiss stock exchange, SIX, is set to launch a crypto-based exchange traded product (ETP). The product will see five major cryptocurrencies exposed to the market, namely, XRP (XRP), Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

Crypto Exchange Traded Product

While the majority of the investment package will be weighted towards Bitcoin, XRP is well represented with the second highest share. BTC will make up 50% of the product, and XRP will make up 25%. Ethereum takes third spot with around 17%, and BCH and LTC make up the rest with 5% and 3% respectively.

Dubbed the Amun Crypto ETP, it is expected to go live next week, and as chief executive Hany Rashwan told the Financial Times (paywall):

“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.”

In a nod to a cherished piece of lingo in the crypto-culture, the ETP will be listed under the ticker, HODL.

This comes just a few days after Thomas Zeeb, head of securities and exchanges at SIX, told Reuters that he expects blockchain to completely disrupt the existing model of exchange market, saying:

“The existing system could be completely replaced by the digital exchange in about 10 years. The moment that brokers, banks, insurance companies and big asset managers really see the cost advantages, they’ll move relatively quickly.”

XRP Price Climbing

Since Thursday, XRP gained 14% on its way from $0.435179 up to $0.496730. That was enough to take the market cap to just shy of $20 billion, which is now pulling slowly away from Ethereum’s $17.9 billion.

As was the case during all of XRP’s previous spikes, a significant chunk of the buys came from Asian markets – specifically the XRP/JPY trade, which was the most concentrated pair on Saturday.

Besides the recent surge by Factom (FCT), and a sudden spike by Stratis (STRAT), XRP is the best performer out of the market cap top hundred for Saturday. Almost all coins are down for the previous week, but XRP’s 3% losses are nothing compared to the 13% lost by BTC, the 18-20% lost by ETH and LTC, or the 30% lost by BCH.

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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2 Comments

2 Comments

  1. Asil

    November 18, 2018 at 2:09 pm

    Hey there – check the following paragraph you printed in this article pasted below and note you wrote “Swedish” – AMUN is SWISS!!!!

  2. Greg Thomson

    November 18, 2018 at 2:17 pm

    Agh. Apologies, and thank you for pointing it out.

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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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Analysis

XRP Trading Sideways as UAE Exchange Adopts Ripple for Overseas Payments

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Ripple (XRP) is trading around $0.3030 on Friday, without any major changes, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

The price tested the midterm descending channel resistance, and now is finishing its short term sideways correction. The XRP is trying to break out the local support, which would allow the price to go down to reach the major channel support at $0.2630. The major midterm target, however, is the fractal support at $0.2365. The resistance is meanwhile at $0.3135.

Fundamentally, UAE Exchange is ready to start running overseas payments based on the Ripple platform. This will be launched in early 2019, mostly in Asia.

This news was first mentioned in Feb 2018, when UAE Exchange highlighted blockchain’s powerful opportunities, but also noted this needed a lot of development before implementation. Blockchain really offers a medley of opportunities to the exchange, as it will help it become a leader in the Middle East. At first stage, however, UAE is going to work with just one or two Asian banks.

In 2017, the overall amount of overseas payments in Asia was at least $613B, with the major part coming from the Middle East, from where employed people sent their money to their home countries.

Ripple will be using RippleNet for overseas payments, which will allow the exchange to boost the transaction speed, thus quickly conquering the mobile and online payment market.

Ripple already succeeded in similar projects over the last few months, in Malaysia and South Korea. The Middle East is even more attractive, though, with lots of opportunities awaiting.

Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

 

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 21 rated postsHaving majored in both Social Psychology and Economics, I went on to continue my education in post graduate. Later I worked as a team lead of a tech and fundamental analysis lab in the Applied System Analysis Research Institute. This helped me to acquire all necessary skills and experience to become a successful trader and analyst, as well as a portfolio manager in an investment company. I'm a pro in the financial field and the author of articles for various international media. I also hold the position of Chief Analyst at RoboMarkets.




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Bitcoin

Pessimism Spreads and Blocks Out Opportunities for Bitcoin, Ripple and Ethereum

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  • BTC/USD is in a key technical scenario.
  • The dominant pessimism is likely to turn upside down.
  • ETH/USD rejects leadership again and the market languishes.

The weekend is approaching without significant changes among the main protagonists of the Crypto board. I am reviewing the dominant emotional state in social networks and pessimism rules. The gloom sets an optimal atmosphere for a change in the direction of the market.

Extreme pessimism is the antagonist of the blind euphoria we saw exactly a year ago. This melancholy crushes the psyche of the HOLDers, but should not do so in the minds of traders. For a trader, the direction of the market must be secondary.

This extremely depressing environment covers with anxiety the ability to look at the market and make the right decisions. The task of an analyst is to provide a clear picture of the current scenario that will help investors in the process of managing their portfolios.

Seeking to offer this service, today I will analyze the graphs of Bitcoin, Ripple and Ethereum represented in logarithmic scale. This type of representation helps analyze very volatile assets with wide ranges.

BTC/USD Daily Logarithmic Chart

BTC/USD trades at the price level of $3,362. The price has reached the trend line that governs the movement of the BTC/USD for years, and therefore we are facing a decisive moment. We can see if we review the graph. In recent years the price of Bitcoin has moved below the line on several occasions, to return to rising above it again.

Below the current price, the first support level is at $3,275 (price congestion support and very long-term uptrend line). The second support level is at $3,177 (long-term bearish trend line). The third support level is at $2,890 (price congestion support). Regarding this third level of support, I find it very improbable that it can be reached in the next few days because it would take an extraordinary sales force to break the two intermediate supports.

Above the current price, the first serious resistance level is at $3,925 (price congestion resistance). The second resistance level is at $4,390 (price congestion resistance). The third resistance level is at $4,693 (EMA50), a critical level from which we could start to speak of an upward turn.

The MACD in the daily range shows a perfect profile for an upward movement. After moving to extreme harmful levels, it draws a bullish divergence and crosses over to the upside. It is bullish according to the manuals, but the current situation can generate even more extreme movements.

The DMI in the daily range shows the bulls increasing their activity since the arrival of the price to the current zone. It is, therefore, a shopping area. The bears, on the opposite, should think the same as they have been decreasing their strength to approach the current levels.

XRP/USD Daily Logarithmic Chart

XRP/USD is currently trading at the $0.306 price level after failing to conquer the first resistance level at $0.32 yesterday. After this failed attempt the XRP/USD came down for support at the $0.30 price level and found it. These are now the warning levels for this pair.

Above the current price, the first resistance level is $0.32 (price congestion resistance). The second resistance level is at $0.345 (price congestion resistance). The third resistance level is at $0.370 (price congestion resistance) and is very important if the XRP/USD beats it, which would allow an attack on the EMA50 at $0.394 and enter into a neutral scenario at least.

Below the current price, the first support level is $0.30 (price congestion support). The second support level is $0.271 (price congestion support). The third level of support is at $0.258 (price congestion support and annual lows).

The MACD in the daily range shows such a perfect bullish cross profile that I doubt it can be real and work. It is likely that we will see a downward rejection of this indicator in the next few days.

The DMI in the daily range shows us how neither bulls nor bears have changed their expectations when reaching this price range. The ADX shows a loss of trend strength in the last few sessions.

ETH/USD Daily Logarithmic Chart

The ETH/USD trades at the $89.3 price level. Yesterday it tried to breach the $95 resistance level but failed. The Ethereum has all the attention on it for his condition of the leader in bull markets and his current weakness worries analysts.

Above the current price, the first resistance level is at $95 (price congestion resistance). The second resistance level is at $125 (price congestion resistance). The third resistance level is at $144 (EMA50).

Below the current price, the first support level is at $80.5 (price congestion support). The second support level is at $69 (price congestion support). The third level of support is at $53 (price congestion support).

The MACD in the daily range also shows a bullish manual structure. I am amazed at the clarity of the structure when compared to the perceived pessimistic environment.

The DMI in the daily range shows bulls unconvinced of a possible upward change in the price path. The bears, for their part, have decreased a little in intensity but remain at very high levels.

To sum up the situation, if you have reached these levels without being pushed to sell, there is nothing right now to tell us that this market is irrecoverable — nothing to give us reasonable cause.

If you are thinking about buying, the levels are adequate not for the price but because the loss of any support level can give us the signal to execute stops and conserve capital to enter lower prices if we get to see them.

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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