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Ripple Price Forecast: XRP/USD Stubborn Trendline Resistance Hints Free-fall To $0.1850

Ripple faces growing resistance at the trendline further putting to great risk the support at $0.19 and $0.1850. XRP/USD could settle for consolidation if support above $0.19 is defended at all costs. Ripple’s drop on Monday refreshed the lows traded last week around $0.1850. This resulted in the formation of a double-bottom pattern. The pattern

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  • Ripple faces growing resistance at the trendline further putting to great risk the support at $0.19 and $0.1850.
  • XRP/USD could settle for consolidation if support above $0.19 is defended at all costs.

Ripple’s drop on Monday refreshed the lows traded last week around $0.1850. This resulted in the formation of a double-bottom pattern. The pattern is very popular in technical analysis and it is used to signal a reversal from a downtrend. As expected, Ripple reversed the trend almost immediately, stepping above $0.19.

The bulls extended the leg upwards but failed to break the hurdle at $0.1950. The trendline resistance also stood in the way of the bullish action. Ripple resumed the downtrend resting the short term support at $0.19. At the time of writing, the fourth-largest cryptocurrency is trading at $0.1916 and holding the position above the 100 SMA in the hourly range.

XRP/USD 1-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

High congestion of bulls at $0.19 is bound to stop declines toward the main support at $0.1850. Technical indicators such as the RSI and the MACD emphasize on sideways trading action. For instance, the MACD is moving sidelong at +0.00083. This means that buyers are relatively in control. The consolidation is confirmed by the Relative Strength Index (RSI).

On the upside, resistance at $0.1950 is them buyers’ nightmare. If broken, a breakout could emanate, sending Ripple above $0.20. Meanwhile, support above $0.19 is currently key to breaking the stubborn descending trendline resistance. Note the longer the price stays under the trendline, the stronger the bears become; a situation that could force Ripple to retest levels towards $0.18.

Ripple Intraday Key Level

Spot rate: $0.1915

Relative change: -0.000999

Percentage change: -0.52%

Trend: Bearish

Volatility: Expanding

 

Source: https://coingape.com/ripple-price-forecast-xrp-usd-stubborn-trendline-resistance-hints-free-fall-0-1850/

Blockchain

ConsenSys: DeFi high yields might affect Ethereum 2.0 staking

ConsenSys suggests in a publication that DeFi high yield opportunities might affect Ethereum 2.0 staking. Eth2 Phase 0 is expected to launch later this year. Many people believe that decentralized finance (DeFi) is actually a good development on the Ethereum, as the boom in the market increased adoption and activities in the network. The Ethereum […]

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  • ConsenSys suggests in a publication that DeFi high yield opportunities might affect Ethereum 2.0 staking.
  • Eth2 Phase 0 is expected to launch later this year.

Many people believe that decentralized finance (DeFi) is actually a good development on the Ethereum, as the boom in the market increased adoption and activities in the network. The Ethereum cryptocurrency, ETH, also gained huge points as a result. However, ConsenSys, a New York-based blockchain company, explained in a recent publication that decentralized finance might be a threat to the upcoming Ethereum 2.0 staking.

ConsenSys sees high yielding protocols as a threat to Eth2 staking

Notably, the development of a high yielding platform in the decentralized finance market provided Ethereum users with another viable option to earn high rewards from their ETH holdings. These protocols flaunted substantial returns, which attracted the attention of most crypto investors and traders. Following the promise of massive returns, the blockchain company says Ethereum investors might prefer to stake their cryptos in DeFi than for the upcoming Ethereum 2.0 staking event.

According to the ConsenSys Q3 DeFi Report, the staking is slated to begin after the Ethereum 2.0 Phase 0 is released. Hopefully, this particular Phase in Eth2 development is expected to be launched later this year. Although it won’t introduce any scaling improvements to the Ethereum network at the time, the blockchain company rather noted that it enabled the staking functionality for the network.

Ethereum 2.0 staking

So, Ether holders will be able to stake their cryptocurrencies (a minimum of 32 ETH) once the Phase 0 is released. Although the staking of ETH comes with a reward, the investors won’t be able to withdraw the staked cryptocurrencies, at least until the next Phase with the transfer function is launched. This Phase is scheduled for launch by next year.

Judging by this, decentralized finance participants might rather prefer to lock their ETH holdings in the high yielding protocols rather than in Eth2. The number one reason can be related to the profitability of both platforms. As DeFi offers high returns, many people would probably flock to it. Besides, the DeFi participants still maintain their ownership of cryptos and can withdraw them anytime. However, staked ETHs on Ethereum 2.0 are locked away for months and can’t be withdrawn until the next Phase (s) is launched.

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Grayscale Study: COVID-19 Made Bitcoin Even More Attractive To US Investors

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The number of US-based investors interested in Bitcoin continues to increase according to Grayscale’s Investment 2020 report on the cryptocurrency.

The leading digital asset manager also noted that the COVID-19 pandemic has exemplified Bitcoin’s merits and made it even more captivating to investors.

US Investors’ Growing Interest In Bitcoin

Titled “Bitcoin Investor Study,” Grayscale’s 2020 research aimed at shedding some light on US investors’ perception of Bitcoin and how it has changed in a year. The expanding interest is among the most notable highlights. Grayscale noted that 36% of all surveyed participants in 2019 expressed an interest in BTC, while the percentage has grown to 55% this year.

83% of those who answered that they have previously bought Bitcoin have made their purchase in the past year. The most significant percentage here was in the past four months – 38%.

Nearly two-thirds of those particular Bitcoin investors reported that “the ramifications of COVID-19 were a factor in their decision to do so.” Furthermore, three times as many investors indicated that the pandemic had increased Bitcoin’s appeal as those reporting that it had decreased their interest in the asset.

US Investors Timeframe of Bitcoin Purchases. Source: Grayscale
US Investors Timeframe of Bitcoin Purchases. Source: Grayscale

The data also suggested that “Bitcoin is moving toward mainstream acceptance,” as 62% of the 1,000 participants said they were familiar with the primary cryptocurrency. For reference, the percentage last year was slightly over 50%.

Bitcoin To The Moon Attracts Investors

Apart from listing the COVID-19 as a motivating factor to purchase Bitcoin, the participants listed two other reasons. Being the best-performing asset of the previous decade, BTC’s potential price growth has become even more alluring to new investors. Nearly 80% named this as their most enticing aspect.

The other reason why most people have become attracted to the asset is the ability to start small. Although many investors outside of the cryptocurrency industry believe that they need to purchase at least one bitcoin to start, that’s far from the trust. As any BTC proponent will assert, people can buy even a small fraction.

65% have answered that having the option to buy less than one bitcoin has made them feel safer towards entering the space. The percentage has grown by 6 points since last year.

US Investors Buying Bitcoin Motivating Factors. Source: Grayscale
US Investors Buying Bitcoin Motivating Factors. Source: Grayscale

Despite all the rising data from above, most people still believe that they need more comprehensive educational materials before investing. They explained that the regular investor couldn’t find trustworthy information on the cryptocurrency space. However, there’s a significant number of reports covering crypto scams.

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Source: https://cryptopotato.com/grayscale-study-covid-19-made-bitcoin-even-more-attractive-to-us-investors/

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Banking Giant JP Morgan Releases Its Own Stablecoin

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About a year and a half after its announcement, JPMorgan Chase has released its stablecoin. The American multinational investment bank and financial services company has presented the digital asset, showing its beliefs in blockchain technology and cryptocurrencies.

After A Long Hype, It’s Time For JPM Coin

As per a recent news announcement, JPM Coin is already live and reportedly used by a large technology company to send payments across the world. The new-born digital asset is considered an indication of the pro-digital currency aims of the company and an expectation that more commercial clients will use its stablecoin in the future.

As a follow-up of the new currency release, JPMorgan has decided to create Onyx – a new business arm to house and operate its blockchain and digital assets enterprise.

“The unit has more than 100 dedicated staffers,” said Takis Georgakopoulos, the bank’s global head of wholesale payments.

We are launching Onyx because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business,” said Takis Georgakopoulos, the bank’s global head of wholesale payments.

Further Belief In Crypto And Blockchain’s Profitability

As per the announcement, JPMorgan Chase shows strong faith in the blockchain industry’s usefulness. According to Umar Farooq, the newly named CEO of Onyx, banks could now save money on removing mistakes and creating a model to earn money by participating in the network, while charging a few cents to confirm data for each transaction.

Processing paper checks would also benefit from the integration of digitalization.

“Using a version of blockchain with the participants being the main issuers of checks and the main operators of lockboxes, it’s possible we can save 75% of the total cost for the industry today, and make checks available in a matter of minutes as opposed to days,” said Georgakopoulos.

As CryptoPotato reported, JPMorgan Chase has shown its readiness to enter the crypto world as early as last year, changing its opinion on Bitcoin in general. Back then, the major bank announced plans to launch its own cryptocurrency, which would be used to settle transactions between clients of its wholesale payments business instantly.

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Source: https://cryptopotato.com/banking-giant-jp-morgan-releases-its-own-stablecoin/

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