Connect with us

Bitcoin News

Ripple Price Analysis: XRP Lost Critical 5000 SAT Support Area – What’s Next?



Ripple’s XRP has seen a price decline totaling 6% over the past 24 hours of trading, bringing the current price for the coin down to around $0.3754 at press time. The cryptocurrency has lost a further 16% over the past 7 trading days.

This price drop largely is due to the retracement seen in Bitcoin, although XRP also has seen difficulty when priced against Bitcoin.

XRP currently is ranked in 3d place amongst the top cryptocurrency projects by market cap value, holding a $15.89 billion market cap, according to CoinMarketCap at time of publication. 

Looking at the XRP/USD 1-Day Chart:

  • Since our previous XRP/USD analysis, we can see that XRP/USD has fallen further from the $0.39 level, to where it currently is trading at around $0.375. XRP has strong resistance beneath it provided by the 200-day moving average around the $0.3615 level.
  • From above: The nearest levels of resistance lie at $0.3790 and $0.3943. If the bulls can continue further above $0.40, higher resistance can be located at $0.4235, $0.4376 and $0.4617. Above this, further resistance lies at $0.48 and $0.50.
  • From below: The nearest level of support now sits between $0.36 and $0.35. Beneath $0.35, further support is located at $0.34, $0.32 and $0.30.
  • Trading volume has dropped significantly from the average level seen during May 2019.
  • The RSI is in a precarious position as it hovers around the 50 level which indicates indecision within the market. If the RSI drops beneath 50, we can expect XRP/USD to head lower.


Looking at the XRP/BTC 1-Day Chart:

  • Against Bitcoin, we can see XRP/BTC has now dropped further beneath the support at 5000 SAT to where it currently trades at press time, around 4850 SAT.
  • From above: The nearest level of resistance now sits at 4910 SAT, 5000 SAT and 5090 SAT. Above 5100 SAT, further resistance exists at 5571 SAT, 5962 SAT and 6000 SAT.
  • From below: The nearest level of support lies at 4731 SAT. Beneath this, further support is expected at 4500 SAT, 4323 SAT and 4000 SAT.
  • Trading volume has also significantly declined toward the second half of May 2019.
  • The Stochastic RSI suggests that price action will head further lower due to a bearish crossover in overbought conditions.


Be the first to know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter.

CryptoPotato Video Channel

More news for you:

Like what you read? Give us one like or share it to your friends
original post…

Bitcoin News

US China Trade Deal Optimism Will Spark Massive Dow Jones Rally




The Dow Jones and the remainder of the U.S. inventory marketplace are anticipated to begin robust rallies within the upcoming weeks as the boldness of buyers within the prospect of a complete deal between the U.S. and China grows.

On Friday, a number of resources together with The Wall Street Journal reported that the Trump management is ready to increase the suspension on price lists from March 1 to May 1, via 60 days.

The intent of the U.S. executive to put off the time limit of the business deal demonstrates the willingness of each international locations to reach a complete settlement within the upcoming months.

[embedded content] [embedded content]

Reports at the prolongation of the business talks practice a remark launched via Chinese President Xi Jinping previous this week when he claimed that the U.S. and China are “inseparable.”

Dow Jones Confidence Rising Rapidly

Since January 28, inside of lower than a month, the Dow Jones Industrial Average recovered from 24,528 issues to 26,031 issues, smashing through the 26,000 level for the primary time since November.

Several basic catalysts together with the robust jobs expansion within the U.S., file prime family steadiness sheets, and the endurance of the Federal Reserve are stated to have fueled the rally of the Dow Jones.

Most importantly, on the other hand, geopolitical dangers have noticeably diminished in fresh weeks because of the numerous development the U.S. and China have made at the ongoing business discussions.

Dow Jones Industrial Average 1-Day Chart, Source: TradingView

The majority of problems highlighted all through the conferences performed via the U.S. and Chinese negotiators have reportedly been addressed thru MOUs.

But, the foundation of the business struggle, which is the U.S. executive’s fear against the commercial insurance policies of China that resolve the construction of the rustic’s economic system, stays unsolved.

Michael Wessel, an marketing consultant for the Trump business group and a commissioner of a congressional panel on China, informed WSJ that the Chinese executive satisfied the Trump management to step again and paintings against an achievable deal.

The marketing consultant prompt that the Trump management would additionally like to near a take care of China previous to the 2020 election.

He stated:

It turns out the Chinese have got the president to backpedal a bit of. They are almost certainly going to handle probably the most egregious public problems that would possibly arise previous to the 2020 election and organize the connection till then. The Chinese don’t need to be an election factor both.

The certain sentiment within the prospect of a business deal has been sufficient to opposite the fashion of the Dow Jones and make allowance the U.S. marketplace to begin a shocking restoration.

If a complete deal is accomplished within the near-term, analysts foresee it main the U.S. marketplace into a powerful bull marketplace with forged momentum.

Major Hurdles Left to Overcome

As BlackRock international leader funding strategist Richard Turnill stated, the strain between the U.S. and China at the present business insurance policies of China that drive U.S. firms to proportion applied sciences with native firms may nonetheless accentuate.

“The change in perception around the Fed is now largely priced in, and the recovery is also driven by a perceived improvement in U.S.-China trade tensions. But there are still significant risks of an escalation in tensions over technology,” Turnill stated.

In the following a number of weeks, the U.S. and China are anticipated to focal point the discussions at the coverage of highbrow belongings and the character of the partnerships between U.S. and Chinese firms touching on technological construction and innovation.

But, analysts normally imagine the prospective extension of the March 1 time limit as a assured resolution of the Trump management anticipating the business struggle to return to an finish within the non permanent.



Like what you learn? Give us one like or proportion it in your pals
original post…

Continue Reading

Bitcoin News

John McAfee Blows His Own Horn Over Bitcoin Price Predictions




The media and others have all of it mistaken in terms of predicting Bitcoin’s value actions. This consistent with John McAfee who believes he’s the one one that could make such calls appropriately.

The founding father of tool large McAfee took to Twitter this week to provide his ideas.

But I Already Said That!

It’s been a number of months since McAfee tweeted in particular about Bitcoin’s value. It turns out the newest predictions made by way of a number of other people didn’t sit down neatly with him.

One of the issues that pass hand-in-hand with Bitcoin and different cryptos relate to value predictions. Everyone, it kind of feels, has an concept about how prime, or how low, it is going to pass, and when.

Jesse Lund, IBM’s vp of Blockchain and Digital Currencies, lately expressed his bullish Bitcoin perspectives. He set a long-term $1 million price target.

That goal is according to his trust that the upper the cost of a crypto asset, the extra software it has. For this explanation why, other people will have to center of attention much less at the transferring costs of crypto belongings and extra on their software, he stated, including:

If the cost of Bitcoin have been upper, there could be extra liquidity at the community, we may well be having a truly other dialogue with banks at this time.

This $1 million goal turns out to have truly frustrated McAfee. He tweeted:

On Friday, he adopted up, and tweeted this:

McAfee’s newest tweets come a couple of 12 months after he reaffirmed his bullish view about Bitcoin. He’s stated that its value would succeed in “$500,000 by the end of 2020”. In November 2017, he tweeted that the cryptocurrency had sped up a lot sooner than anticipated, inflicting him to lift his prediction to $1 million as an alternative.

Bitcoin’s On the Move; So Are Price Predictors

An fascinating level made by way of Lund used to be that speculators are hurting the worth of cryptocurrencies “because they’re thinking about it wrong.”

Bitcoin’s value has been slowly, however frequently, drawing near $4,000 USD.

Lund joins others who’ve spoken out about BTC’s value because it’s lately began to transport upper. Following a fast surge in its value to $4,000 from $3,614 to $4,000 inside of a span of 3 days, buyers are speculated it will retrace by way of round 7 p.c to $3,700, CCN reported.

The wary projection at the value pattern of the dominant crypto asset comes after the failure of BTC to climb past the a very powerful $4,000 resistance degree.

Much consideration is on institutional traders, who’re expected to ramp up their crypto positions this 12 months. It’s concept that they’re going to open the floodgates of capitalization, institutional experience, and the air of secrecy of officialdom, infusing the crypto business with such a lot price. CCN famous that many be expecting its market cap will dwarf its earlier height on the top of the bubble in 2017.

The loss of momentum in the fee pattern of BTC has additionally began to impact tokens that experience outperformed the vast majority of virtual belongings up to now 30 days, CCN reported this week. Also, tokens equivalent to Binance Coin, VeChain, Ontology, Status, and Waves have began to fall. They may see intensified problem actions within the subsequent 24 to 48 hours relying at the efficiency of BTC.



Like what you learn? Give us one like or percentage it on your pals
original post…

Continue Reading

Bitcoin News

University of California Researchers Propose Blockchain System for Clinical Data



Academics from the University of California, San Francisco, have proposed a technique of sharing scientific information the usage of a blockchain-based gadget. An article outlining their analysis published by way of global analysis magazine Nature on Feb. 22.

The researchers reportedly advanced a blockchain-powered gadget that targets to reinforce the traceability and immutability of amassed clinical information, and make it extra devoted. In addition, the gadget targets to advance strategies for reporting opposed occasions right through analysis and reinforce scientific file control.

During the trial, the builders reportedly introduced a web based portal obtainable to all individuals with an actual medical trial dataset, which facilitated the interplay between sufferers and medical investigators. The authors additional examined malicious assaults to information integrity with actual international scientific information.

After a transaction used to be carried out, all related information used to be reportedly recorded onto a brand new block after which joined in combination and hashed the usage of the SHA256 set of rules. “Data storage of the blockchain will be accomplished by duplicating and distributing the chain to physically separate machines and data warehouses to be managed by the regulator,” the document additional explains.

The blockchain

The blockchain. Source: Nature Communications

If a consumer wishes to change already introduced knowledge or proper a mistake, the gadget permits them to make an replace by way of filing a brand new transaction with the corrected information with out overwriting previous information.

Blockchain era has already been applied by way of more than a few healthcare-related organizations. Earlier this month, the Canadian unit of American tech massive IBM partnered with pharmaceutical corporate Boehringer Ingelheim to check blockchain in medical recordkeeping. The events goal to find whether or not the mixing of blockchain with medical recordkeeping supplies the correct degree of information integrity, transparency, and affected person protection, along with lowering prices and automating processes.

Also this month, blockchain tech corporate Bitfury partnered with radiology blockchain market Medical Diagnostic Web and blockchain-powered existence information market Longenesis to create a blockchain-based platform for keeping up, sharing and securing scientific imaging and diagnostics knowledge equivalent to X-rays and CT scans.

Like what you learn? Give us one like or proportion it on your pals
original post…

Continue Reading

Bitcoin News

Russian Gold-Backed Crypto Slams the Global US Dollar Standard




By CCN Markets: Russia is continuing to explore the possibility of a gold-backed cryptocurrency for use as a cross-border settlement alternative with other countries.

Under heavy sanctions from the US, the potential of a value-pegged cryptocurrency could help Russia escape from the usage of the Dollar as a currency standard.

Russia’s State Duma member Vladimir Gutenev proposed the creation of this digital asset. He suggested the tying of the value to gold would alleviate issues found in cryptocurrencies, and that this offering would be likened to a stable coin.

Breaking US Dollar bonds

Russia has honed in on gold reserves as a way to fight the US Dollar hegemony already. Boosting such reserves allows them to diversify foreign exchange and reduce reliance on the US dollar. It has, of late, been part of Russia’s national policy.

The central bank reported in May that their gold holdings amounted to nearly $492 billion.

The possibility of tokenizing and digitizing their stores would give them a lot more freedom and power with the value of their gold reserves. However, cryptocurrencies launched by the central bank are still being met with resistance.

The head of the Central Bank of Russia (CBR) Elvira Nabiullina said: “As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”

Crypto the answer

Nabiullina explains that the CBR is still unsure of cryptocurrencies being launched into Russia’s monetary system, but the idea of a volatility-free digital asset is more inviting.

“The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates,” Nabiullina said.

She added:

“We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”

She did add, however, that the regulator could study the possibility of creating stablecoins while there is a real asset behind their provision. This is Gutenev’s point; having a gold-backed cryptocurrency would alleviate volatility concerns, and tap into a powerhouse of wealth for the Russians.

Big boost for Russia

Currently, Russia is under significant sanctions from the US, and more so, suffers at the hands of the global US dollar standard. Trading done with other countries can potentially also be hampered because of the close reliance on the US dollar.

If Russia can successfully launch a gold-backed cryptocurrency, they will be able to liquefy their massive reserves and trade more freely across the border. Moreso, they could start shifting the needle away from the Dollar and towards their asset-backed currency, globally.

This post was last modified on 16/06/2019 08:48

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Luxembourg University Postdoc: Central Bank Digital Currencies Too Attractive to Ignore



The thought of issuing a central bank digital currency (CBDC) is simply too horny to forget about, a postdoctoral researcher from the University of Luxembourg wrote in a find out about. The analysis was once shared by way of the Oxford Business Law Blog on Friday, Feb. 22.

Hossein Nabilou, a postdoctoral researcher on the Faculty of Law, Economics, and Finance of the University of Luxembourg, introduced his findings in a find out about entitled “Central Bank Digital Currencies: Preliminary Legal Observations.” The record inquisitive about attainable demanding situations that launching a CBDC may reason for the European Central Bank (ECB).

According to Nabilou, cryptocurrencies have considerably impacted the banking sector. He writes how their capability, very similar to cash issued by way of a central financial institution, first drew banks’ consideration. Banks had been additionally preoccupied with the concept that cryptocurrencies may spoil their monopoly on controlling the stream of cash and affect the stableness of present monetary methods, Nabilou believes.

Thus, CBDCs can also be handled as a coverage reaction to the rising acclaim for cryptocurrencies, he continues. Despite the existing scepticism in opposition to crypto and several other failed makes an attempt to release a state-backed coin, such because the Venezuelan Petro, central banks are actively studying the generation in the back of virtual currencies. Some of them also have the potential of launching a CBDC of their schedule, the researcher writes.

However, if the ECB launches a virtual forex, it will result in banking disintermediation, Nabilou continues. Customers gets direct get admission to to the central financial institution’s stability sheets, and in consequence there will probably be no reason why for them to carry balances inside a industrial financial institution, which may result in general banking sector instability.

Moreover, this kind of transfer would centralize the credit score allocation and undermine the primary of an open marketplace economic system with loose festival, violating the constitutional constraints set by way of the EU. For the ones causes, the ECB is not going to factor a CBDC except the suitable laws are offered, Nabilou concludes.

Venezuela was once probably the most first nations to release a state-backed coin in 2018. Despite the efforts taken by way of the federal government, the Petro has seemingly failed to lend a hand bail out the rustic’s economic system. Several banks in Iran have additionally supported a gold-backed virtual forex dubbed PayMon, whilst Egypt is still considering a chance of launching a CBDC.

Some central financial institution officers have publicly shared Nabilou’s view on CBDCs. For example, South Korea’s central financial institution has recently issued a caution over CBDCs, pointing out that they’d lead to mass withdrawals of budget from non-public establishments, squeezing liquidity and pushing up rates of interest.

Like what you learn? Give us one like or percentage it on your buddies
original post…

Continue Reading

Recent Posts

Copyright © 2019 The Crypto Report