August 17, 2018

Ripple Price (XRP) Records 16% Rally as Cryptocurrency Market Booms

A bullish correction has “rippled” across the cryptocurrency market today, with the ripple price (XRP) leading a widespread altcoin comeback.

Ripple Price Marches Back

The XRP/USD trading pair on Friday jumped more than 16 percent, rising from 0.29065-fiat to 0.32853-fiat. The upside adds up to a 37 percent increase since the pair established its bottom at 0.24711-fiat. At the same time, the XRP market cap is now just shy of $13 billion.

The rally coincides with one of the Ripple Labs’ latest announcement concerning their plans to strengthen xRapid, a cross-border banking solution. The company named three “preferred” exchanges as their partners – Bittrex (USA), Bitso (Mexico), and Coin.Ph (Philippines), based on their high XRP holdings. Therefore, banks that are associated with Ripple Labs can now open an account at the exchanges mentioned above and trade their local fiat for XRP, which later can be used to facilitate cross-border transactions on the top of Ripple ledger. Once the XRP funds move, say, from the U.S. to Mexico, the recipient will be able to convert the crypto to Mexican pesos using the Bitso exchange.

The announcement could have triggered a positive buying sentiment among speculators — if not the serious investors — that resulted in a 16 percent rally. Nevertheless, the pair was on a recovery mode since Aug. 13, and the latest price action might have just intensified it. In a broader timeframe, the ripple price continues to be in a long-term bearish trend, which could be reversed upon the formation of an extended inverse Head & Shoulder pattern towards 0.46936-fiat.

For now, the XRP/USD is currently targetting 0.35428-fiat as its potential upside target, the base of the current inverse H&S pattern, with its shoulder level aligning with 0.31282-fiat. Day traders should be observing the ascending channel formation for entry and exit positions, which further resonates with the near-term inverse H&S theory. However, it is essential to look out for a support break and set your stop losses in the opposite direction of your positions – like risk management against potential reversals.

Technically, the XRP/USD is oversold and should expect bearish corrections in near-term. The bias, meanwhile, remains to be towards the bulls.

bitcoin, Ethereum Price Rallies Weaker than Ripple

In comparison to ripple, other top coins, including bitcoin and ethereum, found their uptrends capped by strong resistance levels. The BTC/USD rose about three percent on Friday, while the ETH/USD a slight better with five percent gains. Only EOS could match up to XRP’s interim to-the-moon ride by displaying a 12 percent surge, respectively.

bitcoin is stuck inside a narrow range below the $6,500 level, failing to extend its upside momentum like ripple. The BTC/USD continues to form a short-term ascending line, which could be broken towards either side as the medium-term bias conflict intensifies. A move beyond $6,550 could still influence a short run towards $6,650, but a strong bull trend can only be confirmed should the $7,000-upside is achieved.

The ethereum uptrend is weak considering the coin has been the most-discussed asset during the latest crypto selloff. Like bitcoin, the ETH/USD is also trying to strike through a stubborn resistance level, at $300. The pair is now targeting $335 as the medium-term upside target while interim support can be found near $277.

The EOS/USD has extended its bounce further and is now testing $5.3 as its interim resistance level while still holding its leg near $4.18, the interim support. The pair is giving an oversold reading already which could trigger a short-term bear correction phase.

Other coins, including bitcoin cash, cardono, litecoin, and stellar have displayed single-digit surges in the past 24 hours. With that in mind, a potential correction phase has high odds.

Featured Image from Shutterstock

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Published at Fri, 17 Aug 2018 22:19:51 +0000

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May 15, 2017

Palestine May Launch Its Own Cryptocurrency as Sovereign Legal Tender

Palestinian officials are planning for the region of Palestine to receive its own digital currency within the next five years. The motivation for this stems from concerns about potential Israeli interference, Azzam Shawwa, Governor of the Palestinian Monetary Authority (PMA), told the news agency Reuters.

Palestinians have no sovereign currency of their own and use a combination of different currencies, including the euro, the dollar, the Jordanian dinar and the Israeli shekel, to conduct their daily financial transactions.

Due to the lack of a sovereign currency, Palestinian officials have little control over money supply and inflation. This is why the Palestinian Monetary Authority wants to introduce a bitcoin-like digital currency as the territory’s new legal tender, which will be called “the Palestinian Pound,” according to Shawwa.

It is the Palestinian Monetary Authority’s goal to become a fully-fledged and internationally recognized central bank for an independent Palestine. However, it is still unclear how a digital sovereign currency for Palestinians would sit with the 1994 Paris Protocol agreement. The protocol agreement gives the Palestinian Monetary Authority the functions of a central bank; however, it has not granted the institutions the right to issue its own currency. The Paris protocol recommends the use of the shekel in the region and, thereby, effectively provides Israel with a veto over the establishment of a Palestinian currency.

A sovereign digital currency, though, would make sense for Palestine. Not only would it allow the PMA to have more control over the country’s money supply and inflation, but it would also circumvent the practical challenges of delivering hard currency into the country as the PMA has no money-printing facilities.

“If we print currency, to get it into the country you would always need clearance from the Israelis and that could be an obstacle. So that is why we don’t want to go into it,” Shawwa explained to Reuters.

While the digital Palestinian pound is planned to be issued within the next five years, this will be no easy task for Palestinian authorities, given that the Palestinian Monetary Authority has been trying for over a decade to become an internationally recognized central bank.

Another option for the Palestinian monetary situation would be to keep the current status quo of the four above-mentioned currencies in use or to officially recognize one of the these currencies as the territory’s legal tender. However, a digital sovereign currency would be the preferred choice for Palestine, according to Shawwa.

The post Palestine May Launch Its Own Cryptocurrency as Sovereign Legal Tender appeared first on Bitcoin Magazine.

November 27, 2017

Bithumb: Bitcoin Crosses $10,000 at South Korea’s Largest Exchange

The price of a single bitcoin at one of the planet’s leading cryptocurrency exchanges, Bithumb, was for the first time ever above $10,000 today. In the early hours of Monday morning (GMT), the price rose to around $10,068. It has since dropped back down below the enormous five-figure psychological milestone on the largest South Korean exchange. At the time of writing, Bithumb have the price listed as $9,984.40. It is therefore still trading considerably higher than at many of the other exchange prices listed on Coinmarketcap. The price per bitcoin in the rest of the world is sitting closer to $9,600.

Long time fan of bitcoin and greater transparency in governance of finance, Julian Assange Tweeted the historic moment earlier today:

bitcoin now $10,062 on the large Korean exchange Bithumb https://t.co/zCp2hz79ei

— Julian Assange 🔹 (@JulianAssange) November 27, 2017

https://platform.twitter.com/widgets.js

The news also means that some of the biggest bitcoin bulls going have already been proven right with their long term price predictions. Just last month, Mike Novogratz, the former Fortress Hedge Fund manager, claimed that bitcoin would reach the historic milestone of $10,000 by some point in mid-2018. For now, it’s only Bithumb of the planet’s major exchanges that has listed the price as over five-figures, however, as 2017 comes to a close, a widespread price of $10,000+ is looking a lot more like a case of “when” rather than “if” now.

The inflated price at Bithumb is likely due to heightened demand for cryptocurrency in South Korea following the announcement made earlier this week by one of the largest banks there. Local news source Naver reported that the Shinhan bank are currently testing out offering wallet facilities to account holders with them. A representative of the bank told the publication:

Shinhan is testing a virtual bitcoin vault platform wherein the private keys of bitcoin addresses and wallets are managed and issued by the bank. The bank intends to provide the vault service for free and charge a fee for withdrawals.

With millions of users of Shinhan’s services in Korea and many of the country’s largest companies also banking there, it seems as if the move to offer bitcoin facilities will mean even greater adoption in one of the markets where cryptocurrency is already thriving. It’s certainly the kind of mainstream recognition that we’ve been waiting for.

The CEO of CommerceBlock a cryptocurrency company believes that Bithumb are just the first of many to cross the threshold into five-figure valuations. He told Capital:

“Few would bet against bitcoin hitting $10,000 before the 25th (December) but many in the crypto industry won’t be punching the air when we get there. Real proponents of cryptocurrency aren’t interested in bitcoin’s price. Widespread adoption is the big prize and too much hype only puts ordinary people off.”

It’s hard not to be a little excited, however. Evidently, the colossal gains over the year is an indication that the world’s first decentralised, permission-less, trustless system of finance is capturing the imagination of many. With the paranoia of a hostile takeover via Segwit2x and bitcoin Cash largely behind the community, and exciting developments from the CME Group and now in Korea, 2018 is already shaping up to be another fantastic story for the world’s most popular digital currency.

The post Bithumb: Bitcoin Crosses $10,000 at South Korea’s Largest Exchange appeared first on NEWSBTC.

February 8, 2018

Bush Security Advisor Warns Against Blockchain Cold War

Bush Security Advisor Warns Against Blockchain Cold War The man who helped invent the financial embargoes that cut off terrorist funding after 9/11 is concerned that cryptocurrencies could be used to undermine his creations. A […]