Lis 15

Ripple (XRP) Overtakes Ethereum as Second Biggest Crypto By Market Cap

Ripple (XRP) has once again overtaken Ethereum by market cap amid ongoing cryptocurrency market turbulence and bearish sentiment.


Only $100k Separates Ripple and Ethereum

As data from Coinmarketcap confirms, Ripple’s XRP token is now the largest altcoin, losing less than Ethereum in the past 24 hours. As a result, ETH is now in the third-largest cryptocurrency, repeating what has become a pattern in 2018.

As Bitcoinist previously reported, XRP last overtook ETH fairly recently on the back of rumored expansion of the token’s usage.

While not directly affecting Ethereum, the Bitcoin Cash hard fork appeared to hit the asset particularly hard, ETH/USD 00 losing almost 15 percent versus Bitcoin’s 11 percent.

XRP/USD 00 fell 9.2 percent, the difference in market cap between the two altcoins now just $100,000.

No Cause To Celebrate

The short-term success of XRP contrasts with the continued publicity battle Ripple has seen in recent months.

As Ethereum developers forge ahead with major technical developments many have championed, Ripple appears mired in criticism of both its products and senior executives, who have delivered contradictory statements about the company.

In October, CEO Brad Garlinghouse hit back at accusations the network was overly centralized.

“I as the CEO of the company can’t control the XRP ledger. I can’t change a transaction,” he told Cheddar.

“…I think there are a lot of people out there who are waging holy wars, they’re spreading misinformation – and they’re spreading misinformation because they have an economic interest in that.”

Nonetheless, third-party interest in the token remains with news this week surfacing that Japan’s biggest bank wishes to use it as the basis for a cross-border remittance service to Brazil.

Multiple financial institutions are currently considering the concept of Ripple-based remittances, with the company’s xRapid payment network also debuting with XRP as its means of exchange.

What do you think about Ripple overtaking Ethereum? Let us know in the comments below!


Images courtesy of Shutterstock, Bitcoinist archives

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Říj 21

3 Ways Cryptocurrency Investors Can Adapt to Make Money in 2019

Cryptocurrency investors have endured an unbelievably tumultuous year but in spite of the markets dismal performance, there are still a few strategies investors could employ to make money in a down market.

[Editor’s note: This is a guest op-ed submitted by Julia Magas. The views expressed in this article do not necessarily reflect the views of Bitcoinist and are not intended as financial advice. The given article is an opinion piece for educational purposes only. ] 


2017 was an almost magical time for cryptocurrencies. During this time, one could quite literally throw a bucket of paint at the wall and come up with a Monet. Obviously, this over exaggeration is a euphemism for the euphoria and FOMO (fear of missing out) that drove the cryptocurrency market up to new highs in December 2017 and sadly, those times have long gone.

As cryptocurrency investors approach Q4 of 2018, it can be assumed that after a bearish year almost everyone awaits the arrival of 2019 with crossed fingers and toes. Nearly all of the agreed-upon methods for making money from cryptocurrencies fell flat and unless one shorted the market or executed swing trades with impeccable timing, multiplying one’s funds proved to be something of a challenge throughout 2018.

What Happened to the Crypto-Explosion Everyone Expected in 2018?

Analysts, hedge fund managers and nearly every retail investors on the internet had forecast 2018 to be the year of unbelievable gains. ICOs, mainnet launches, airdrops, cryptocurrency futures, and institutional investment all expected to push the bitcoin’s price above $20,000 and the total market valuation – above $1 to $4 trillion dollars.

While at the time, each of these components combined to form what appeared to be an inevitable rally to new heights but considering that hindsight provides the clearest vision, we can now review each of these categories to see how powerful assumptions can sometimes be misleading.

ICOs Fell Flat

Initial Coin Offerings (ICO) were meant to continue exploding into a nearly trillion dollar market in 2018 and various analysts predicted Ethereum 00 would rise from $1,400 to $3,500 – $4,000. Fast forward to the present and handfuls of ICOs have liquidated their crowdfunding for fiat and the hype and constant media coverage of ICOs nearly ground to a halt.

ICOs were meant to be an easy avenue for maximizing investments, but right at the start of 2018 global regulatory pressure by an assortment of governments and the precipitous decline in ETH prices made this less of a reality. Furthermore, a number of ICOs transitioned from being open investments to only allowing private and accredited investors which effectively cut out the little man.

Altcoin Mainnet Launches Misfired and Airdrops Fizzled Out

Once again, the general consensus dictated that altcoins would diverge from ERC20 standard by launching their own mainnets which would lure other crypto-startups to build on their platforms. This was further underpinned by the belief that altcoin values would skyrocket as numerous partnerships with established companies looking to become a part of the blockchain revolution occurred.

Investors expected to make a hefty profit from the flood of airdrops that would ensue after various altcoins transitioned from Ethereum standard to their own mainnet and while airdrops did occur, the frequency and projected price outcome failed to meet investor expectations.

Futures Placed a Damper on Price Growth and Temporarily Discouraged Institutional Investment

As the 2017 rally culminated in December 2017, the anticipation of CME and CBOE Bitcoin futures propelled the market higher and many investors expected Bitcoin gains to extend from $30,000 to $50,000 per coin. Fast-forward to today and research, along with an array of analysts now suggest that bitcoin futures may have had the opposite effect and bears shorting both bitcoin and ethereum may have actually pushed prices down.

Profits Still Exist, Even in a Down Market

So, since conventional cryptocurrency investing theory proved to be fallible, what options are left for turning a profit in the remainder of 2018 and the start of 2019? This is likely the question on the minds of every cryptocurrency investor.

Fortunately, all is not lost and there may be a guiding light at the end of the tunnel. While bullish price forecasts mostly fell short, adoption and crypto-investment platform expansion are definitely on the rise. From a technical standpoint it appears that the end of the bear market could be in sight and as Bitcoin approaches the end of the current long-term descending wedge, investors and analysts eagerly await a self-imposed deadline for either a strong upside or downside move.

The larger question should be: What if it doesn’t happen?

What if BTC 00 dips below the descending triangle and the entire cryptocurrency market capitalization plummets further?

The partnerships and blockchain adoption will continue. The exchanges will remain open for business. The world will keep on turning and blockchain technology will continue to grow its use cases, but what happens to investors? Or more importantly, how will investors make a buck in worsening market conditions?

Below we discuss three strategies that investors could employ while waiting on a bull market reversal.

Strategy 1: Go Long on Crypto-Startups with Real World Partnerships

Investors may need to re-adjust their expectations and allocate a certain percentage of their portfolio toward long picks. Of course, the cryptocurrency market is fast paced, high risk and possibly better suited to day traders in 2018, but a small selection of coins that one is willing to wait 2 to 5 years on might not be the worst idea.

Given the inherent volatility of cryptocurrency, it’s probably best to select cryptocurrencies that have solid partnerships with established industry players that are more likely to bear fruit over the long term.

Companies like IOTA, Ripple (XRP), GoByte (GBX), IOST and Stellar Lumens (XLM) are likely contenders.

Currently, IOTA has partnerships with Volkswagen, Bosch, Fujitsu and DNB ASA. Ripple (XRP), while contentious among many circles, remains a top 5 cryptocurrency with powerful partnerships and multiple use cases worldwide.

GoByte Network has partnered with iVend and is well positioned for the growing crypto-payments sector. Currently, revenues from e-commerce and mobile payment processing gravitate near $530 billion and the sector is expected to rise to $886 billion by 2021.

IOST develops blockchain infrastructure that serves as a bomb proof solution to the scalability issues commonly faced by Ethereum and Bitcoin. Their blockchain is fully capable of meeting the enterprise level needs that a company like Amazon or AliBaba might need and they have an impressive array of investors and partnerships. At the moment IOST price is possibly the most attractive it’s been since 2017.

Stellar Lumens is quite similar to Ripple (XRP) except for the fact that it is less centralized, has its own exchange and also recently launched a decentralized exchange where each token and ‘tether’ is paired with XLM. Stellar Lumens also has an array of impressive partnerships with IBM, Shift, Deloitte and Stripe to name just a few.

Strategy 2: Take a Break and Let Robots Handle the Trading

Instead of focusing on 50 to 100 percent gains and attempting to time the market, investors could go for the low hanging fruit and let robots do all the hard work. Most cryptocurrencies fluctuate at least 1 to 2 percent daily and trading bots could easily cover this for investors 24-hours a day 7-days a week.

To date, Gekko, Zenbot and Crypto Trader are the most popular, but traders could also have a look at some of the newcomers like Cryptohopper, Gunbot, and Haasbot.

Strategy 3: Run a Masternode to Maximize Returns while Accumulating Extra Coins

Instead of investing one’s full attention to trading, investors could also consider operating a node as this provides the opportunity to earn passive income in the form of extra coins, while also remaining positioned to benefit from the price appreciation of staked coins.

While operating a masternode tends to require a hefty initial investment, operators are rewarded with block rewards (tokens) of whichever cryptocurrency network they are supporting. Most operators are compensated with 5 to 20 percent of a block reward and these ‘rewards’ are meant to help compensate operators for the cost of running the node.

Here’s a look at what is expected of the top three digital currencies for the remainder of 2018, to help you make an informed trading decision.

While operating a node in 2017 required a treasure trove of capital, this year’s bear market has significantly reduced the cost and the opportunity to earn passive income on a cryptocurrency investment is worth considering. Node operators can hodl, exchange or sell their block rewards on any number of cryptocurrency exchanges and GoByte (GBX) is currently one of the most affordable cryptocurrency to operate a masternode.

GoByte CEO, Hisyam Nasir believes that operating a masternode has multiple advantages, even when run during a bear market. Nasir points out that “Printing coins allows operators to save on cost and this could potentially be more effective than just hodling.”

Nasir also explained that,

running a node is great in a bear market, because you are printing new coins to offset downturns in price. This is much more effective than hodling depreciating coins that don’t offer rewards.”

While there are are list of great cryptocurrencies that one could take a stake in, GoByte already has a firm foothold in e-commerce and mobile payments. Not to mention, the sector is slated to grow to represent 46% of the global e-commerce market by 2021 and a recent report found that 40% of survey participants with some cryptocurrency awareness would be content to use it for everyday purchases.

While nothing is a given, it is relatively sensible to surmise that as more vendors accept crypto-payments, GoByte token (GBX) will appreciate in value, thus making the operation of a masternode extremely lucrative.

Currently, the cost of operating a GoByte masternode is a one-time investment of 1,001 GBX and potential investors can visit https://masternodes.online/currencies/GBX/ to learn more about the process. At the time of writing, the cost is roughly $890.00 and hosting is merely $1.21 to $5.00 per month.

Smart Investors will be Ready for 2019 with a Multi-Level Investment Plan

2018 has been an incredibly rough year for cryptocurrency and unless one shorted the market it’s hard to argue against that observation. While the world’s top analysts are dead set in their belief that cryptocurrency prices will moon in 2019, nothing is a given and 2018 taught plenty of investors of the dangers of making cryptocurrency assumptions.

Investors and traders, whether long or short, need to have a multi-pronged strategy and the strategies mentioned in this article could be a fantastic starting point. Investors must retain a long vision for this nascent sector.

Blockchain adoption and partnerships between crypto-startups and established international companies are on the rise. Centralized exchanges are nearly finished completed investment platforms and services that have already attracted some of the biggest institutional investors. Meanwhile, decentralized exchanges are also popping up left and right and this new wave of peer-to-peer commerce is likely to draw in more retail investors looking to exchange and use their cryptocurrencies.

Going long on some crypto-startups that have these promising partnerships should be a step every investor considers. Furthermore, new technologies that can handle the more tedious parts of trading are readily and freely available so don’t be afraid to let the robots take over!

Also don’t forget that the e-commerce and payments sector is bound to continue growing, and as this occurs revenues from e-commerce and mobile payment processing are expected to rise significantly. Surely the wisest short and long-term move for investors would be to ensure they can catch this wave by investing in a node as this is proven to provide passive income while also allowing operators to benefit from the price appreciation of staked coins.

History has shown that the early bird nearly always gets the worm and with cryptocurrency valuations near 2018 lows this might be the best time to deploy well thought out investment strategies.  

What are your thoughts on these strategies? Share below!


Images courtesy of Shutterstock

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Říj 17

EToro CEO: We’ll See ‘Greatest Transfer of Wealth Ever Onto the Blockchain’ [Interview]

Bitcoinist spoke with Yoni Assia, CEO of the largest social trading platform in the world eToro on their latest push to take cryptocurrency mainstream. 


Interview with eToro CEO, Yoni Assia

With over 10 million users globally, eToro has become a somewhat of a household name. It is also no secret that the company has been a big supporter of Bitcoin and other cryptocurrencies for a few years now. Its logo is often seen alongside numerous cryptocurrencies almost everywhere in the UK and elsewhere.

etoro

Assia explained why eToro is so focused on raising cryptocurrency awareness, why regulation is important for mass adoption, and his opinion on ‘Bitcoin maximalism.’

Bitcoinist: You’ve just announced a significant cut in spreads on crypto-assets. Why did you decide to do this? User feedback or simply a way to make trading more affordable for the average person?

Yoni Assia: We cut our crypto spreads as part of our efforts to support the mass adoption of crypto.  We want to make it as easy as possible for investors to buy, hold and sell crypto and cutting spreads so clients keep more of their gain is one part of this.

Bitcoinist: What other bottlenecks to wide-scale user adoption currently exist in your opinion?

Yoni Assia: Currently, the level of understanding of crypto-assets is one of the barriers to wide-scale user adoption of, and investment in, crypto-assets. It’s a barrier that we’ve looked to address at eToro through building our community of traders and investors who can share their investment strategies and insights. From this, others are able to follow the approaches of those who have been the most successful. We also provide educational material and a virtual portfolio.

Other barriers for crypto center on the fact that this is still a very young asset class. Bitcoin, the first crypto, is still less than 10 years old. We believe that the challenges around scalability, speed, volatility etc will be solved over time.

Bitcoinist: Your platform has over 10 million users. Since the so-called bubble ‘popped’ in 2018 following the historic bull-run of late 2017, has your platform seen a drop in new user signups or the opposite?

New clients continue to join the eToro platform every day. Some come for crypto, others for the other more traditional asset classes we offer such as stocks and commodities or our CopyPortfolios. It is also interesting to note that many of the clients who were attracted to eToro by crypto have also diversified into other assets on the platform.

Bitcoinist: At current rates, can you give us an idea of how many users you expect to start trading crypto on your platform over the next few years?

Yoni Assia: While I can’t give you a number, we expect to continue to grow the number of users on the platform over the next few years. EToro is continuing to expand its global footprint, for example, we will be launching in the US later this year. Some people come to eToro for crypto, but we also offer a multitude of other asset classes.

Bitcoinist: What is the most popular cryptocurrency on eToro? Do you think this could change in the future?

Yoni Assia: The most popular crypto on eToro is XRP 00. I don’t have a crystal ball so I can’t predict the future. Our clients value diversification so we see interest in any new coins added to the platform.

Bitcoinist: Does a diversified crypto-asset portfolio still make sense given that Bitcoin has experienced the least bleeding relative to other cryptocurrencies?

Yoni Assia: Maintaining a diversified portfolio, both in terms of crypto-assets and in terms of wider assets, is a prudent way to invest regardless of market conditions or asset performance.

Bitcoinist: Etoro has signed numerous partnerships with major sports teams and pro athletes to promote cryptocurrencies. Have these efforts borne fruit so far? And what other initiatives do you have planned?

Yoni Assia: We’ve recently sponsored seven premier league clubs in the UK as well as German football team Eintracht Frankfurt. We’ve also partnered with French tennis player and eToro user Gaelle Monfils. These initiatives help us to raise awareness of crypto and we will continue to form partnerships that help us to strengthen our brand and build awareness.

Bitcoinist: Why do you believe regulation will accelerate mass adoption? Some regulations such as the BitLicense in New York state have forced companies to leave, for example. Do you favor more of a hands-off approach or clear-cut regulations just like in traditional finance?

Yoni Assia: A conducive regulatory environment is vital to protect consumers and foster growth and innovation within the investment industry. We believe that regulation will lead to greater adoption by institutions and intermediaries, which will accelerate mass adoption.

In the UK, eToro was the driving force behind the establishment of CryptoUK, the first self-regulatory trade association for the UK crypto-asset industry. Its remit is to promote higher standards of conduct and to educate politicians and regulators about the industry and its potential. We welcome the recent report from the UK’s Treasury Select Committee which reflected Crypto UK’s calls for the introduction of proportionate regulation to improve standards and encourage growth.

Bitcoinist: Why do you believe Bitcoin and crypto can offer opportunities to traditional finance? Wasn’t Bitcoin created to disrupt and disinter-mediate traditional finance, fractional-reserve banking, and fiat currencies?

Yoni Assia: We don’t’ believe that traditional finance will disappear overnight and we are already seeing many large financial institutions exploring the opportunities offered by crypto and the blockchain technology that underpins it.

We believe that crypto, and the underlying blockchain technology, will have a huge impact on global finance. Blockchain has the potential to revolutionize finance by enabling the tokenization of all assets, not just currencies. In time, we believe that we will see the greatest transfer of wealth ever onto the blockchain.

Bitcoinist: Are you personally in the “Blockchain not Bitcoin” camp or vice versa? Why?

Yoni Assia: They are two separate things and being in favor of one doesn’t have to mean you are against the other. For me the easiest way to try and explain the significance of crypto and the blockchain technology that underpins it is to compare it to the internet.

The relationship between blockchain and crypto is parallel to the internet and email. Much like email is just one use case of the internet, bitcoin is just one use case of the Blockchain. Bitcoin was the first crypto and almost ten years after the white paper was written remains the most dominant.

Whether Bitcoin will still be the most significant crypto in another ten years is not for me to say, but I do believe that blockchain will transform finance in the same way that the internet revolutionized communications.

Bitcoinist: What is your opinion on Bitcoin maximalism? Will it be winner takes all (with everything being built on the Bitcoin blockchain in the future) or will there be room for many cryptocurrencies to exist?

Yoni Assia: The crypto-asset market is still very much in its infancy, and crypto-assets are still vying to prove their respective use cases to the world. Currently, different crypto-assets seek to solve different problems and are experiencing varying levels of adoption. There absolutely could be room for a few cryptocurrencies to exist, but it’s too early to say which ones this could be at this stage.

Do you agree with Assia’s comments? Share your thoughts below! 


Images courtesy of Shutterstock, Twitter

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Zář 22

Tilray & Marijuana Stocks Smoke Cryptocurrency, Then Go Poof

The financial markets were ablaze this week with high volatility in cannabis shares unseating cryptocurrency as the trade of choice. References to cannabis in news articles were almost double that of cryptocurrency. But big falls on Friday, coupled with almost unilateral gains across crypto, showed how schizophrenic the weed market can be.


Tilray. When Lambo?

Tilray was the name on everyone’s lips this week. On Tuesday the Canadian company announced DEA approval to export a cannabinoid study drug into the US for clinical tests. TLRY stock jumped from around $120 to almost $300, as it saw $15 billion in volume from Monday to Thursday.

The price spurt intensified because the market cap for the company was just $16.4 billion at end of trading. On top of this, a single private equity fund controls over 70% of the shares, further reducing the available stock. The entire market cap of cannabis shares is around $35 billion, so investors were chasing each other around a very small market.

Live Fast, Die Young… in a Nice Pair of Shorts

Celebrated Bitcoin bull, Mike Novogratz, wanted a piece of that action, so managed to “get a borrow, short it for a day trade, make some money”. He believes that longer term, the marijuana industry has a promising future, but for now, it is all about short-selling.

He explained:

Listen, the weed business has a great underlying story, a lot like cryptocurrency. In five or six years, we will have a monster weed business.

Sure enough, price drops across Thursday and Friday saw Tilray close the week at around the same point it started it.

More Than a Ripple in the Crypto waters

The second half of the week saw a rally across virtually the entire crypto market, with Ripple a stand-out performer. At one point it unseated Ethereum 00 as the second largest currency by market cap, although that position has since reversed.

There are some who question Ripple’s surge 00, including Yahoo Sports, who compare its position to that of Tilray, midweek. Sadly, the hosted video doesn’t seem to match the headline, so we are left in the dark as to why Yahoo make that comparison.

Guess we will just have to wait and see.

Are cannabis stocks behaving similarly to the cryptocurrency market right now? Share your thoughts below!


Images courtesy of Shutterstock, Tradingview.com

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Srp 31

Bitcoin Cash Will Cost 0.3% Of Bitcoin, Ripple to $0.01 By 2023: Forecast

Ripple (XRP) will be worth just 1 US cent within five years and Bitcoin Cash (BCH) will fade, a damning new report from ICO advisory firm Satis Group predicts August 30.


Satis: Ripple ‘Misleadingly Marketed’

Forecasting the future trajectory for the cryptocurrency industry, Satis drew a sharp distinction between assets that “apply unique value propositions within deep and viral markets” and copycat tokens.

Bitcoin, Monero, and Decred, as examples of the former, are set for huge gains by 2023 – Bitcoin should costs $96,000, Monero $18,000 and Decred $535.

Bitcoin Cash, on the contrary, is an example of “cryptoassets which attempt to inherit brand recognition and provide minimal technological advantage to incumbents.”

Ripple, Satis continues, represents “cryptoassets which are misleadingly marketed, not needed within their own network, and have centralized ownership/validation.”

As such, Bitcoin Cash 00 will pale in comparison to Bitcoin at $268 in five years’ time, while Ripple will de facto become worthless. Satis adds:

Most ‘Other Utility’ application-specific networks hold very little value, in their current construct.

Cryptocurrency Market Value Will Hit $3.6T

The remarks constitute some of the most pessimistic to hit Ripple’s XRP token 00, which has battled a slew of negative publicity this month. As Bitcoinist reported, confusion of its token utility and conflicting statements by executives have earned the company scorn from various sources.

Similarly embattled, Bitcoin Cash has become a focus for criticism and even ridicule this month following the alleged liquidity issues suffered by mining giant Bitmain, a major bagholder of the altcoin.

Beyond those assets’ failings, Satis meanwhile predicts, cryptocurrency markets, in general, are set to boom throughout the coming decade.

“We estimate the amount of cryptoasset market value needed to support economic activities to expand from (~$500 billion) next year to ($3.6 trillion) in 2028,” the company states.

The findings are part of a five-installment series examining the cryptocurrency industry.

What do you think about Satis Group’s forecast? Let us know in the comments below!


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Čvc 11

Ethereum Price Analysis – Plus NEO, EOS, ADA, XRP

As prominent economists sound the death knell for cryptocurrencies and technical analysts label the current events as part of the bottoming process, investors have one question in mind. Are cryptocurrencies nearly prepped for a turnaround or is this the next leg down in a 7-month bear market?


Market Overview

Cryptocurrencies continue to waver and fumble as a few prominent world economists forecast that governments will regulate bitcoin to death. Meanwhile, other experts predict that bitcoin will become a mainstream means of payment within the next decade. To date, droves of cryptocurrency investors are still wondering exactly where the much-hyped institutional investors are and, while positive weekly developments demonstrate that the platform for institutional investors is being constructed, these events appear to be having minimal impact on cryptocurrency prices.

In other news, the Bancor hack and failure of Bitcoin to stay above $6,750 appears to be dragging the entire cryptocurrency market to new lows, yet analysts and retail investors have spent the start of the week labeling the current technical setup as the bottoming for most cryptocurrencies.

Let’s have a look at the charts to see what’s happening.

ETH

Ethereum (ETH) price chart

After two days of trading outside the descending channel, ETH managed to pop above $500 for the first time in more than two weeks. Unfortunately, the Bancor hack and Bitcoin pullback appear to have directly impacted ETH’s momentum as it dropped below the 20 and 50-day MA and back into the descending channel.

At the time of this writing, ETH is down 10% and the daily chart shows the Stoch sharply descending from nearly overbought territory whereas the RSI dips into the bearish zone at 38. ETH now trades below the $450 support and could drop as low as the $400 – $420 area which was a June low. Below this point, ETH has support at $380 and $360.

NEO

NEO Price Chart

After pulling back from an impressive 20%+ rally last week, NEO now rests on the 20-day MA at $34.25 and the RSI on the 4hr chart shows the cryptocurrency attempting a turn around at 32 which has proven to be a zone where this particular altcoin stages a reversal.

Over the last few days, NEO has done the tango with the 50% Fib retracement level ($41 – $36.33) and the technical setup suggests a further decline in the near term. $33.66 serves as the most immediate support and at press time, NEO is holding above the 20-MA as interest in NEO appears to be increasing.

EOS

EOS price chart

EOS has taken quite a hit, down 13.18% at $7.39. EOS trades far below the 20 and 50-MA and currently rests on the $7.37 support followed by a softer support at $7. Failure to hold above $7 could see EOS drop as low as $4 where buyers are likely to show strong interest.

At the time of this writing, the RSI dips into the oversold region, and the Stoch had turned downwards with plenty of room to go which suggests further selling. In the event of a price reversal, EOS will encounter strong resistance at $9 where it previously struggled to overcome the descending trendline.

ADA

ADA price chart

Following the direction of other altcoins, Cardano (ADA) is also down 9.42% today and currently trades at $0.129 which is below the $0.1350 support. The closest support after this is $0.1253. The 4-hour chart shows both the Stoch and RSI beginning to reverse to possibly rise from oversold territory as ADA has aroused purchasing interest below $0.13. As Bitcoin continues to fall, ADA could drop as far as $0.11 which would be a good point to open a position as ADA should recover to the $0.15 resistance with ease once the current clouds clear up.

XRP

At the moment, XRP is suffering as it has finally fallen below the all-important $0.45 support and is down 5.90% for the day. Both the 20 and 50-day MA are below the 100 MA suggesting further decline as the most likely outcome. Yesterday’s drop from $0.48 pushed XRP below the 61.8% Fib retracement level, along with the $0.47 support and the cryptocurrency closed below the 100-day MA.

At the moment, both the RSI and Stoch are in bearish territory and for the time being, we do not see any entry points that provide an attractive risk-reward scenario as XRP has failed to attract buying interest even below $0.45.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX and CoinMarketCap. The charts for analysis are provided by TradingView.]

Where do you think altcoin prices will go this week? Let us know in the comments below!


Images courtesy of ShutterStock, Tradingview.com

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Kvě 04

Ripple Slapped with Class Action Lawsuit from Disgruntled Investor

· May 4, 2018 · 6:00 pm

A San Diego-based law firm has filed a class action lawsuit against Ripple accusing the crypto firm of violating both state and federal securities law. The suit alleges that Ripple investors have incurred losses due to company’s sale of XRP tokens. There continues to be an ongoing debate as to whether XRP tokens are securities.


Details of the Ripple Lawsuit

Taylor-Copeland law is the name of the law firm handling the case. According to a scanned copy of the case filing, the Plaintiff is one Ryan Coffey. The suit lists four charges against the Defendants; Ripple Labs Inc., XRP II LLC, and Bradley Garlinghouse, the CEO of Ripple Labs.

The four charges allege that the Defendants have profited off the public by running a “never-ending coin offering.” The lawsuit also claims that XRP tokens “have all the hallmarks of a security” and calls for investors who have lost money to Ripple to join the class action.

In the summary brief as part of the lawsuit, the Defendants are accused of creating tokens “out of thin air.” Unlike Bitcoin and Ethereum, the total XRP supply was pre-mined at the inception of the token in 2013. The suit accuses the Defendants of using inflated metrics to deceive investors into thinking XRP tokens constitute a viable investment.

Ripple is also charged with knowingly offering a tokenized security to the public while not being registered by the SEC. Meanwhile, the case made by Taylor-Copeland also states that Ripple’s earnings come solely from the sale of the XRP tokens, which cost nothing to create. The lawsuit goes even further to claim that Defendants tried to bribe both Coinbase and Gemini, two major U.S.-based crypto exchange platforms.

The Plaintiff in the case, Ryan Coffey, purchased 650 XRP at $2.60 totaling at $1,690. Coffey reportedly bought the coins on January 6, 2018. Less than a fortnight later, Coffey sold the tokens for $1,105 incurring a loss of $551. A recent Weiss Ratings report described Ripple as a passable short-term investment vehicle that isn’t recommended as a long-term asset.

Despite being a cryptocurrency, Ripple is, in fact, a centralized enterprise, which makes it more vulnerable to regulatory clampdowns. Without any change to the Ripple economic model, investors who purchase the company’s tokens for the “long hodl” might end up incurring losses. XRP tokens are not shares. Thus, their profitability is based on their non-mandatory adoption by the banking sector.

The Ripple (XRP) Security Debate

The Ripple lawsuit has a sense of irony to it, given the case between the company and the R3 blockchain consortium. Furthermore, the case underscores the debate of whether XRP is a security or not.  The chief strategist for the company, Cory Johnson, recently declared that Ripple is not a security.

However, reports emanating from the SEC indicate that the Commission views the crypto as a security. Gary Gensler, ex-CFTC Chairman also recently identified the crypto as a “noncompliant security.” This characterization was due to the centralized distribution model employed by the company.

Whether there are any legal merits to the case against Ripple is left for the courts to decide. Preliminary reactions on online cryptocurrency forums indicate that many crypto followers believe the suit to be a frivolous one. Some have even poked fun at the Plaintiff for initiating a legal process that could cost thousands of dollars over a $551 loss.

Where do you stand on the lawsuit? Also, are XRP tokens securities? Let us know in the comment section below.


Image courtesy of Coinmarketcap, Shutterstock

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Bře 28

Uphold Adds Ripple (XRP) Buy / Sell Options to Its Digital Money Platform

· March 28, 2018 · 2:00 pm

Uphold, a cloud-based digital money platform enabling users to buy, hold, convert and transact various currencies, commodities, and cryptocurrencies, has now launched the trading of Ripple’s XRP.


Uphodl XRP

Uphold users are now able to purchase XRP directly from the website with no transaction fees for the first 5 million XRP purchased, and they may convert the cryptocurrency into seven other cryptocurrencies, 23 fiat currencies, and four precious metals.

In a press release published earlier today, Uphold CEO Adrian Steckel explained:

There has been huge demand for XRP, and Uphold is one of the first platforms to make XRP easily accessible.

This announcement does not come as a surprise. As noted by Yahoo Finance, the company previously received $57.5 million in funding from a former Ripple executive.

Uphold vs. Coinbase

Uphold – which also offers Bitcoin, Litecoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Dash, and BAT – now represents one of the largest places to buy XRP.

Coinbase, the popular San Francisco-based cryptocurrency brokerage site, currently does not offer XRP, though rumors continue to swirl that Ripple’s cryptocurrency will soon be added to the platform. Coinbase, however, as thus far seemed somewhat impartial to the centralized cryptocurrency – though it has a policy in place in regards to not tipping its hand as to the next additions.

Coinbase has, however, announced its intention to support the ERC20 technical standard, which may imply the next additions to the platform will be altcoins built on Ethereum’s blockchain technology.

Unlike Coinbase, which acts as a more traditional cryptocurrency exchange, Uphold specializes in buying and converting different currencies, as well as safely storing them in a “cloud money vault.” The platform also allows its users to send currencies to other members internationally.

Uphold claims it currently holds $143.5 million in customer funds, most of which are comprised of US dollars and Bitcoin.

Uphold vs. Coinbase

A Good Choice?

The long-term investment value of Ripple has been a debate among experts.

Ripple co-founder Jeb McCaleb recently claimed investors should be concerned over the company’s centralized nature, noting how it is nearly impossible to run a node outside of Ripple Labs. Furthermore, the Ripple team runs the vast majority of the cryptocurrency’s nodes – despite claims that it operates with decentralized technology.

What do you think of Uphold’s addition of XRP to its platform? Do you think the cryptocurrency is a good investment, or are you concerned over its centralized nature? Let us know in the comments below!


Images courtesy of Uphold, AdobeStock

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Úno 15

Ripple Signs Major Deal with Saudia Arabia’s Central Bank

· February 15, 2018 · 10:30 am

Ripple, the third largest cryptocurrency by market cap, has been on a tear lately, and it has now signed a significant deal with Saudi Arabia’s central bank.


Ripple Rapidly Gaining Traction

Ripple continues to make inroads into the traditional financial sector. It has recently announced a massive deal with the UAE Exchange and a major partnership with Lianlian International. Additionally, Banco Santander is set to roll out Ripple payments in Q1, and just today came the news that Western Union will begin testing XRP transfers.

Ripple XRP

According to reports, Saudi Arabia’s central bank has penned a deal with the San Francisco-based cryptocurrency company, which aims to help banks in the oil-rich kingdom settle instantaneous cross-border payments using blockchain software. Specifically, Saudi Arabia will utilize xCurrent, Ripple’s enterprise software solution facilitating such payments with end-to-end tracking.

Saudi Arabia’s deal with the cryptocurrency company is the first such blockchain-utilizing pilot program launched by a central bank. Dilip Rao, Ripple’s global head of infrastructure innovation, says:

Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers.

Saudi Arabia’s partnership with the virtual currency company comes after Gulf regulators have expressed concerns over Bitcoin and the cryptocurrency market’s lack of regulation. Thus, Ripple has, unsurprisingly, proven itself to be an attractive offer.

Ripple Shoots Up After AMEX Deal and Secret US Bank Meeting

Unlike Bitcoin and other cryptocurrencies that are largely founded on the premises of deregulation and decentralization, Ripple has openly marketed itself as a blockchain solution for traditional financial institutions. In turn, the cryptocurrency has long come under criticism for undermining what some consider to be the very foundations of cryptocurrency and blockchain technology.

Drawing further skepticism from investors is the fact that the vast majority of XRP tokens are owned by Ripple’s parent company, thus making it technically capable of regulating the price of said tokens.

XRP saw highs around $3.84 on January 4th but has since fallen as low as $0.59. It is currently trading at $1.12.

In December, UAE central bank governor Mubarak Rashed al-Mansouri also told Reuters that the central banks of both Saudi Arabia and the United Arab Emirates are working together in hopes of issuing a digital currency that would help facilitate cross-border transactions between the two countries.

What do you think of Ripple’s efforts to continually sign major deals with financial institutions? Do you think Ripple undermines cryptocurrency’s foundations? Let us know in the comments below!


Images courtesy of Shutterstock and Bitcoinist archives.

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Led 05

Coinbase Rejection Sees Ripple Drop 20% As Rumors Evaporate

· January 5, 2018 · 5:15 am

Ripple’s seemingly unstoppable bull run took a hit Thursday after US exchange Coinbase dispelled rumors it would add the asset.


‘No Plans For New Assets’

From highs above $3.60, the latest milestone in what has become the biggest-ever annual appreciation for a major cryptocurrency of around 35,000%, the platform’s XRP token swiftly fell by almost a fifth following the news.

As of press time Friday, XRP is correcting and is still down 9% versus USD and 15.4% against Bitcoin (BTC).

A blog post from Coinbase reads:

As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.

Coinbase Treads Carefully

Rumors had previously circulated widely that XRP was due to debut on the largest exchange in the US. The veiled nod to those rumors is no doubt a prudent step as Coinbase is continuing to face major criticism and scrutiny after it emerged staff leaked information about Bitcoin Cash (BCH) being added to its books.

Meanwhile, the Coinbase blog post continued to say:

A committee of internal experts is responsible for determining whether and when new assets will be added to the platform in accordance with our framework.

The Coinbase Effect

It then added the following:

These individuals — and all employees at Coinbase — are subject to confidentiality and trading restrictions.

Ripple executives, like its investors, nonetheless remain tangibly confident about the asset’s prospects. As Bitcoinist reported Thursday, the token’s utility as a currency is a major boon to users and, thus, has a tremendous innate value, according to CEO Brad Garlinghouse.

Co-founder and chairman Chris Larsen, who owns a 37% stake of Ripple’s implied value of $320 billion, could well be the world’s ‘implied’ new richest person, with a fortune topping that of both Bill Gates and crypto-skeptic Warren Buffett.

XRP also found its way into traditionally Bitcoin-critical media outlet Russia Today’s cryptocurrency recommendations for 2018, along with Ethereum, Bitcoin Cash, Cardano, and Litecoin.

What do you think about Coinbase’s decision not to add Ripple? Let us know in the comments below!


Images courtesy of Pixabay and Bitcoinist archives.

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