Connect with us

Blockchain

Ripple’s ODL Solution Can Function Without XRP Infrastructure, Says CTO As Firm Plans To Open New ODL Corridors

David Schwartz: Ripple Is Working On ‘Very Exciting’ Features That Could Allow Creation Of Stablecoins On the XRP Ledger

Ripple’s On-Demand Liquidity service, which facilitates international remittances and settlements, can work without leveraging XRP as a bridge currency. This is according to the CTO of the San Francisco-based blockchain payments firm. The ODL is currently being used by high-profile money transfer firms like MoneyGram, and Ripple is working on developing new ODL payment corridors […]

Published

on

David Schwartz: Ripple Is Working On ‘Very Exciting’ Features That Could Allow Creation Of Stablecoins On the XRP Ledger

Ripple’s On-Demand Liquidity service, which facilitates international remittances and settlements, can work without leveraging XRP as a bridge currency. This is according to the CTO of the San Francisco-based blockchain payments firm.

The ODL is currently being used by high-profile money transfer firms like MoneyGram, and Ripple is working on developing new ODL payment corridors this year.

David Schwartz: ODL Can Work With A Piece Cut Out Instead Of XRP Infrastructure

Ripple’s ultimate goal is to replace the legacy cross-border payments infrastructure with the On-Demand Liquidity (ODL) solution which uses the cost and speed advantages of the XRP cryptocurrency.

The company also aims to eliminate the burden of having to hold liquid cash on hand in order for international remittances to work. Concerning this matter, a Twitter user quizzed Schwartz whether it is possible for the ODL to work without buying or selling XRP, for instance, in a case where the customer has a large XRP reserve.

Schwartz responded that the ODL can operate with a piece cut out. This means that one part would be cut out if the person initiating the transaction already has XRP or if the recipient is willing to accept XRP.

The Ripple exec then notes that the company prefers fiat-to-fiat transfers due to several reasons he did not mention. Furthermore, the ODL can work with no XRP infrastructure at all, which would see it being deployed the fastest. Per Schwartz, they can then use XRP “where it could provide the most impact with a ready supply of customers and payments to tap into.”

Schwartz argues that direct payments with XRP require the most infrastructure and would present a major roadblock for institutions as the sender institution would be required to hold XRP while the recipient must be willing to accept the digital token.

Ripple Set To Open More XRP Payment Corridors This Year

Ripple’s blockchain payments platform, ODL, has gained traction in recent months. The XRP-powered service has particularly thrived in the remittance corridor between the United States and Mexico

Asheesh Birla, the SVP of product and corporate development at Ripple recently noted that Ripple is planning to open new ODL corridors this year:

Ripple is on track to open new ODL corridors this year and we’re onboarding new customers and working with existing customers to ramp up ODL volume in important corridors including USD-MXN, USD-PHP, AUD-USD and PHP, and from EUR-USD.”

Notably, Ripple seems to be targeting Brazil for its next XRP corridor. Ripple’s top executives held a private virtual meeting last week with the president of Brazil Central Bank, Roberto Campos Neto. Additionally, Ripple’s global head of banking, Marjan Delatinne, postulated that the firm is actively working on a new payment corridor in Brazil.

Source: https://zycrypto.com/ripples-odl-solution-can-function-without-xrp-infrastructure-says-cto-as-firm-plans-to-open-new-odl-corridors/

Blockchain

Market Wrap: Bitcoin Bounces to $11.8K; Over 10K BTC Locked in Harvest Finance

Published

on

Bitcoin traders hit the buy button Monday while a DeFi project gains $135 million in BTC locked since the start of September.

  • Bitcoin (BTC) trading around $11,689 as of 20:00 UTC (4 p.m. ET). Gaining 2.2% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $11,409-$11,839
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

btcoct19-2

Bitcoin trading on Bitstamp since Oct. 17.
Source: TradingView

Bitcoin’s price is making major gains Monday, with a rally starting around 12:00 UTC (8 a.m. ET) and the price jumping from $11,477 to as high as $11,839 on spot exchanges such as Bitstamp within hours. Since then, the price has settled around $11,689 as of press time.   

Read More: ‘Boring’ Bitcoin Market Sends Miners’ Fee Earnings to 3-Month Low

Katie Stockton, a technical analyst for Fairlead Strategies, said bitcoin began a bullish run on Oct. 18, when the price per one BTC began trending above a key moving average. Bitcoin has been consolidating since breaking out above its 50-day moving average,” Stockton told CoinDesk. 

“Short-term momentum remains to the upside within the intermediate-term uptrend, suggesting the consolidation phase will give way to a test of August’s high,” she added. 

The record price level for 2020 so far occurred Aug. 17, with bitcoin hitting $12,476 on spot exchange Bitstamp. 

btcsinceaug2020

Spot trading on Bitstamp since August.
Source: TradingView

While bitcoin trading volumes and transactions have been quiet as of late, momentum, in the form of bitcoin spot volume, has been higher than usual Monday. Volumes on major USD/BTC are at $473,739,764 Monday, already higher than the past month daily average of $348,110,579. 

volumespastmonth

Bitcoin volumes on major exchanges the past month.
Source: CryptoCompare

John Willock, CEO of crypto asset manager Tritum, said he sees bitcoin’s price passing $12,000 again soon. “Definitely $12,000 is easily in sight,” he said. “The potential for U.S. fiscal stimulus that is broadly anticipated is likely to result in more price surges in haven/hedge assets like bitcoin and gold.”

2020btcvsgold

Bitcoin and gold returns in 2020.
Source: CoinDesk Research, St. Louis Fed, Yahoo Finance

Constantin Kogan, partner at crypto fund-of-funds BitBull Capital, noted a low in bitcoin miner revenue from fees. “The share of miners’ revenues from transaction processing fees fell to a three-month low of 3.49% over the weekend,” he said. 

Read More: Bitstamp Adds Crypto Crime Insurance for Assets Held Online

Indeed, miners’ revenues from fees was the lowest point for that metric since July 12, when it dropped to 2.52%. Some of that can be attributed to low volatility and transactions being processed on the Bitcoin network, according to Kogan.

btxtxnssixmonths

Miner revenue from fees.
Source: Glassnode

On Oct. 18, 231,437 transactions were processed on the network, a 40% fall from July 1, when 382,408 transactions were recorded. “Revenues of BTC miners have fallen amid low market volatility,” Kogan noted.

Investors plow BTC into Harvest Finance on Ethereum

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Monday trading around $379 and climbing 1% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

The decentralized finance, or DeFi, space is still attracting bitcoiners looking to increase profits. The project Harvest Finance, which allows users to deploy crypto automatically to popular DeFi projects, has gone from almost zero BTC in early September to surpass 10,000 BTC Sunday. 

Total BTC locked in Harvest Finance Monday as of press time was 11,479 BTC, $135,394,805 at current prices and nearly $348 million in total assets locked.

btcharvestfinance


Bitcoin locked in the Harvest Finance protocol since the start of September.
Source: DeFi Pulse

When asked about the bitcoin being parked in protocols like Harvest Finance, Brian Mosoff, chief executive officer of investment firm Ether Capital, remarked on the lower volatility and the potentially lower trading returns for bitcoin versus ether. 

btcvsethvolatility

ETH versus BTC volatility since the start of September.
Source: CoinDesk Research

“Bitcoin has lower volatility than ETH so it also may be ‘safer’ to put it into DeFi, and this may be another contributing factor,” Mosoff said. 

Other markets

Digital assets on the CoinDesk 20 are mostly green Monday. Notable winners as of 20:00 UTC (4:00 p.m. ET):

Notable losers as of 20:00 UTC (4:00 p.m. ET):

Read More: Filecoin Miners Go On Strike One Day After Mainnet Launch

Commodities:

  • Oil was down 0.29%. Price per barrel of West Texas Intermediate crude: $40.62.
  • Gold was in the green 0.18% and at $1,901 as of press time.

Treasurys:

  • U.S. Treasury bond yields were mixed Monday. Yields, which move in the opposite direction as price, were up most on the 10-year, jumping to 0.762 and in the green 1.3%.
https://www.coindesk.com/coindesk20

The CoinDesk 20: The Assets That Matter Most to the Market

Disclosure

Source: https://www.coindesk.com/market-wrap-bitcoin-bounces-harvest-finance

Continue Reading

Blockchain

ETH Price Analysis: Ethereum’s Sideways Action To End At $400 Or $360 First?

Published

on

ETH/USD – Bulls Defend Support at 2019 Highs

Key Support Levels: $364, $355, $346.
Key Resistance Levels: $380, $396, $400.

Last week, Etheruem had surged as high as $396 as it hit the resistance provided by a bearish .5 Fib Retracement level. Over the week, Ethereum started to head lower from here as it broke beneath $376 to reach the support at the 2019 High at $364 on Friday.

ETH bounced higher over the weekend as it reached as high as $380. However, the coin is now facing short term resistance at a falling trend line and must overcome this level to continue higher toward $400.

It’s worth noting that the cryptocurrency is trapped in a range and it’s unable to break from it for the time being.

ethusd-oct19
ETH/USD Daily Chart. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the buyers manage to break the trend line and head above $380, the first level of resistance lies at $396 (bearish .5 Fib). This is closely followed by resistance at $400. Beyond $400, additional resistance lies at $410 and $416 (bearish .618 Fib).

On the other side, if the sellers push beneath $375, the first level of support lies at $364 (2019 Highs). Beneath this, support lies at $355, $346 (100-days EMA), and $336.

ETH/BTC – ETH Trading Inside Consolidation Pattern.

Key Support Levels: 0.032 BTC, 0.0315 BTC, 0.0311 BTC.
Key Resistance Levels: 0.0337 BTC, 0.034 BTC, 0.0347 BTC.

Against Bitcoin, Ethereum is currently trading within a symmetrical triangle pattern that started in the first week of September. Each time the bulls attempt to push above the triangle, they are rejected by the upper boundary and head lower.

Last week, they tried to push above 0.0337 BTC (March 2019 Support – now resistance) but failed to follow through. As a result, they headed into the lower boundary, where the market rebounded over the weekend to reach the current 0.0327 BTC level.

ethbtc-oct19
ETH/BTC Daily Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, if the buyers can break the upper boundary, the first level of resistance lies at 0.0337 BTC. Above this, resistance is expected at 0.034 BTC, 0.0347 BTC, and 0.0352 BTC.

On the other side, the first level of support lies at the lower boundary of the triangle. Beneath this, support lies at 0.032 BTC (100-days EMA), 0.0315 BTC, and 0.0311 BTC (.618 Fib Retracement).

The RSI is at the mid-line, which shows the market is in a state of indecision. For a break above the triangle, the RSI must break the mid-line to show bullish momentum within the market.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/eth-price-analysis-ethereums-sideways-action-to-end-at-400-or-360-first/

Continue Reading

Blockchain

Bitcoin Price Has Only Ever Spent 93 Days Above $11,500

Published

on

With Bitcoin’s price hovering around $11,500, recent data indicated that the asset had spent only about three months of its existence above that particular level.

BTC: Only Three Months Above $11.5K

The official launch of the first-ever cryptocurrency came in early January 2009. Born during the last massive financial crisis, Bitcoin was this “magical money” that actually lacked any significant attention in its initial years. Consequently, its price traded close to zero for a while.

Since then, however, Bitcoin started gaining traction that ultimately resulted in severe volatility throughout the years. The massive fluctuations took the asset towards an all-time high in December 2017 of nearly $20,000, and just a year later, BTC saw its price beneath $4,000.

Fast-forwarding two years and Bitcoin is currently positioned around $11,500. Although this level is nearly twice as less as the all-time high, recent data from the analytics company Skew informed that BTC hadn’t spent a lot of time above $11,500.

Historical Performance Bitcoin Price. Source: Skew
Historical Performance Bitcoin Price. Source: Skew

More precisely, BTC’s price has hovered above $11,500 for only 93 days (or three months) since January 2009.

You Might Also Like:

Fundamentals in Place

Apart from the data above, Bitcoin’s hash rate has experienced a significant boost even after the completion of the third halving in May. As CryptoPotato reported recently, the metric measuring the computing power miners use to validate transactions on the BTC blockchain reached a new all-time high of 170 exahashes per second. This represented a 40% increase in the five months following the halving.

Although the hash rate is not correlated with the price, another report suggested an upcoming price increase. By indicating that Bitcoin whales, meaning entities with at least 1,000 coins, have slowed down accumulation, Glassnode asserted that this could ultimately be a bullish sign for the asset price.

Historically, once whales have stopped buying massive quantities, this has led to an opportunity for retail investors. According to the analytics company, Bitcoin may be in the “beginning of a run-up to a market top.”

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).


Source: https://cryptopotato.com/bitcoin-price-has-only-ever-spent-93-days-above-11500/

Continue Reading

Trending