XRP Price & Technical Analysis: XRP Again under Bearish Pressure
CoinSpeaker
XRP Price & Technical Analysis: XRP Again under Bearish Pressure
XRP is still slightly moving down on Thursday Nov 8, trading at $0.5169, says Dmitriy Gurkovskiy, Chief Analyst at .
Technically, the crypto continues its midterm ascending trend. The last upward impulse reached the current channel resistance, which paused the trend and started a pullback. Right now, the trend formed the latest rising move to 50.00% Fibo. The major target, meanwhile, may be at the overall channel support, $0.4750. Conversely, if the resistance at $0.5235 gets broken out, another rising move towards $0.5680 may occur.
Fundamentally, Ripple looks mixed. , says its spokesman, and the rumors telling otherwise are untrue. Meanwhile, the November protocol update has nothing to do with RippleNet. Swift update, in its turn, is for providing all transactions with a tracking link, which will enable the banks to track them in real time.
The platform in question is Swift GPI, and while it has been promoted, rumors appeared that xRapid may get integrated into this system, too. BBesides, Ripple took part in Swift Sibos conference before, which may have somewhat supported the rumors.
It may be said that xRapid integration could do a lot of good for Swift thanks to a progressive technology with a nice track record. However, it looks like global market players are not ready for spreading such technologies.
The launch somewhat supports XRP, as it acts as the base crypto there. The platform is launched simultaneously in 61 countries, making Ripple quite accessible for investors.
Cryptocurrency LiteCreed $LTCR Rises 450% During the Past 24 Hours Crypto currency LiteCreed rose 450% during the past day. LiteCreed has been trading at 7.7E-07 Bitcoins or about 77 Pandacoins. Litecred is a PoW/PoS cryptocurrency […]
JPMorgan Warns Investors Of ‘Overpriced’ bitcoin And Potential Crash True to form, JPMorgan strategists have been warning investors off bitcoin, despite the current bull-market. According to a recent investor note, bitcoin has surged ahead of […]
Interest in bitcoin is intensifying. People wishing to purchase bitcoin and other cryptocurrencies are flocking to digital currency exchanges, such as Coinbase. In effect, on November 2, 2017, as bitcoin hit all-time highs for the third week in a row, Coinbase in just a 24-hour period.
The number of people wishing to participate in the cryptocurrency ecosystem is increasing exponentially. For example, data collected by shows the extraordinary growth of Coinbase’s customer base.
Coinbase, the online cryptocurrency exchange, now has more than 11.9 million customers, in 32 countries. The amount of digital currency Coinbase has exchanged has reached $40 billion USD, according to the company’s website.
Coinbase added 100,000 users in the past 24hrs Data:
— Alistair Milne (@alistairmilne)
Based in San Francisco, California, Coinbase allows customers to instantly purchase bitcoin, Ethereum, and Litecoin using a US bank account.
bitcoin’s value continues to increase dramatically. As of this writing, bitcoin’s price has surpassed $7,300 USD. Thus, the cryptocurrency is for its fifth consecutive quarter of impressive growth in value.
Financial experts suggest various to explain bitcoin’s recent increase in value. For example, many experts attribute the latest spike to the CME Group’s that it plans to launch bitcoin futures contracts in the fourth quarter of this year, contingent upon regulatory approval. This announcement has aroused investors’ interest. The CME Group is one of the largest derivative marketplaces.
Other experts propose that the bitcoin’s recent price spike is due to the upcoming Segwit2x blockchain hard-fork. Blockchain is the technology behind bitcoin. On November 16, 2017, blockchain is scheduled to undergo a hard-fork, or split, known as Segwit2x. Consequently, there will be two bitcoin blockchains and two types of coins: bitcoin and Bitcoin2x.
The Segwit2x hard-fork might significantly benefit those holding bitcoin because they will receive an equal amount of Bitcoin2x for each bitcoin they possess.
Specifically, as detailed by Coinbase, “Any user storing bitcoin on Coinbase at the time of the fork will be credited with an equal amount of the new Bitcoin2x asset on the Bitcoin2x blockchain. No action is required – we will automatically credit your account. If you have 5 bitcoin stored on Coinbase before the fork, you will have 5 bitcoin and 5 Bitcoin2x following the event.”
But even before the CME Group’s bitcoin futures announcement and the Segwit2x hard-fork, bitcoin’s adoption rate had been increasing. As we can see by the striking number of new Coinbase customers now subscribing in a single day, this trend seems likely to strengthen.
Do you think bitcoin’s adoption rate is just scratching the surface? Let us know in the comments below.
