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Ripple Reels To Key Support, Losing The 3rd Largest Crypto Position

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Ripple reels to key support levels as it was trading in close tandem with Bitcoin and ETH in the recent weeks which exposed it to huge selling pressure as we reported in the Ripple news.

Analysts are now noting widely that the cryptocurrency will be well-positioned to see further weakness into the near-term if it stays below the crucial support level that the bulls were defending. The break below this level overnight seems to be a huge sign for the near-term outlook suggesting that the buyers could be losing their strength.

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Image Courtesy of Big Cheds. Chart via TradingView.

Where the trend will go next will depend on whether or not Bitcoin and the rest of the market can break above the near-term resistance level which was initially established as a result of the recent market-wide price decline. One of the best results of the XRP weakness was the coin losing the third biggest crypto position to Tether. At the time of writing, XRP was trading about 1% at its current price of $0.29 which marks a huge decline from the recent high of $0.33 that was set a few days ago.

ripple charts
Image Courtesy of Unfolded.

As ripple reels to key support again, there was a rejection indicating that the level is laced with selling pressure which could continue hampering the short-term outlook. The recent price decline came along with the one seen by Bitcoin and Ethereum which both acquired notable losses yesterday, forcing them back down to their previous trading ranges. One analyst noted previously that the $0.30 level was a crucial support level for the asset to hold above but it then lost the level and it seems to be at risk of seeing even further downside.

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 “XRP (USDT) 1 hour  – At an area of interest, trying to rally.”

One side effect of the XRP weakness was its market cap failing to grow with the speed that Tether did before it became the third biggest cryptocurrency by market cap. According to the data aggregator Unfolded, USDT surpassed XRP’s market cap which made it the third-largest cryptocurrency:

“Tether USDT has just surpassed XRP and is not the 3rd highest capitalized asset at a Market Cap of $13.14B across all platforms where it exists.”

Where Ethereum and Bitcoin will head next will play a vital role in determining XRP’s trend as a rebound from the recent low that could propel the coin’s market cap past the one of USDT.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/ripple-news/ripple-reels-to-key-support-losing-the-3rd-largest-crypto-position/

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TrustToken and Syscoin Partner on a Stablecoin Bridge

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Decentralized marketplace and e-commerce protocol Syscoin has partnered with the stablecoin platform TrustToken.

The goal of the collaboration is to speed up payments and to provide further solutions to Ethereum’s blockchain. It also means that the five stablecoins of TrustToken, namely TUSD, TGBP, THKD, TCAD, and TAUD, will run on Syscoin’s blockchain and be available for users.

A Collaboration Between Syscoin and TrustToken

According to a release shared with CryptoPotato, the popular decentralized marketplace and e-commerce protocol Syscoin has teamed up with stablecoin platform TrustToken.

Right off the bat, this means that the stablecoins provided by the platform will now run on Syscoin’s blockchain as well. These are TUSD, TGBP, THKD, TCAD, and TAUD.

Stablecoins have grown in popularity over the past few months, mainly because of the DeFi boom, where they are used to enable staking, liquidity provision, and so forth. However, there was also an obvious challenge with all of it – scaling. Supposedly, Syscoin is intended to help with that. Using Z-DAG (Zero Confirmation Directed Acyclic Graph), the protocol claims to be able to settle transactions in less than 10 seconds with comparatively low fees.

The partnership will also enable users to mine two cryptocurrencies at the same time – SYS and BTC.

Distribution of the Roles

While Syscoin’s task would be scalability, TrustToken comes in for the stablecoin part. It’s a platform that aims at an open financial system through a selection of stablecoins.

The stablecoins it offers are collateralized, and it has also partnered with Chainlink, as well as other protocols.

The overall partnership is aimed at creating a solution for scalable and secure token payments at a lower risk interoperability with Ethereum’s network. It should make TrustToken’s stablecoins function quicker and cheaper following the enabling of the bridge.

Speaking on the matter was Syscoin’s Foundation Chairman Jag Sidhu, who said:

“Digital assets have growing needs for better usability, robust decentralized security, and a scalable way of ensuring every transaction complies with regulations. Syscoin uniquely aligns with all of these requirements. We look forward to TrustToken’s family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.”

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Source: https://cryptopotato.com/trusttoken-and-syscoin-partner-on-a-stablecoin-bridge/

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Visa And BlockFi Partner To Release A Bitcoin Rewards Credit Card

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  • The US-based cryptocurrency lending company BlockFi has partnered with the American multinational financial services corporation Visa to bring Bitcoin to the masses.
  • Bloomberg reported that the two US companies will offer a credit card that rewards clients’ purchases with the primary cryptocurrency, instead of traditional options such as cash and airline miles.
  • Dubbed the Bitcoin Rewards Credit Card, it will allow customers to receive 1.5% of their purchases back in BTC. 
  • Should the user spend more than $3,000 in the first three months after receiving the card, he will be entitled to a bonus of $250 in bitcoin. However, the innovative card will come with a $200 annual fee.
  • Evolve Bank & Trust, a subsidiary of Evolve Bancorp Inc, will be the card’s issuer. All three parties involved plan to launch the card in early 2021.
  • Founder and Chief Executive Officer (CEO) of BlockFi, Zac Prince, commented that his company is “excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of customers.”
  • With the BlockFi partnership, Visa has doubled-down on its endeavors with bitcoin-related collaborations. Earlier this year, the US giant and the BTC-friendly shopping app Fold launched a Visa co-branded debit card that rewards users with up to 10% of BTC back for every dollar purchase on retailers like Hotels.com, Nike, Starbucks, and Uber. 
  • BlockFi raised $50 million in Series C funding earlier this year, and Morgan Creek Capital’s Anthony ‘Pomp’ Pompliano joined its board of directors.
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Source: https://cryptopotato.com/visa-and-blockfi-partner-to-release-a-bitcoin-rewards-credit-card/

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