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The Amazon of Crypto? XRP Price Hinges on Ripple’s Ability to Improve Its Image

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The Amazon of Crypto? XRP Price Hinges on Ripple’s Ability to Improve Its Image | Crypto Briefing
















Ripple’s XRP eyes key resistance barrier into as whales go into buying frenzy.


Key Takeaways

  • Ripple’s business model pivots towards expanding the utility of XRP.
  • Large investors seem to expect a prices to advance further and are accumulating millions of dollars of this token.
  • Despite the optimism, technicals suggest this altcoin sits in a no-trade zone.

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Distributed ledger startup Ripple is allegedly working on expanding the utility of its native token, XRP, with the company’s CEO, Brad Garlinghouse, going as far as comparing the firm with e-commerce titans, Amazon.

Meanwhile, investors seem to be growing optimistic as the cross-border remittances tokens sit at a pivotal point on its trend.

Ripple Vows to Improve Its Image

Ripple is working tirelessly to improve its image within and without the cryptocurrency community.

Following a dramatic reduction of token sales during Q1 2020, the firm faced backlash for selling roughly $32.6 million XRP to institutional investors in Q2.

The 1,760% increase in sales came after CEO Brad Garlinghouse realized that the distributed ledger startup “would not be profitable or cash flow positive” without selling this altcoin.

Given the amount of notoriety Ripple’s “Q2 2020 XRP Markets Report” generated, Garlinghouse wanted to shift investors’ focus by announcing that its business model would pivot towards expanding the utility of its native token.

He affirmed that the company would aim to support activities far beyond the scoop of international remittances, just like Amazon branched out into e-commerce.

“Amazon started as a bookseller and just sold books. We happen to have started with payments. Two years from now, you’re going to find that Ripple is to payments as Amazon was to books,” said Garlinghouse.

Nonetheless, data from Santiment reveals that Ripple’s commitment to creating a working product and continuously polishing its features does not reflect Garlinghouse’s marketing attempts.

Since the beginning of the year, the development activity on the XRP network, as well as the token itself, has been steadily declining, suggesting that few investors are convinced of Ripple’s grand ambitions.

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Ripple’s Development Activity by Santiment
Ripple’s Development Activity by Santiment

Ripple was also caught editing and removing a list of controversies on Garlinghouse’s Wikipedia profile, adding even more bearish sentiment.

The editor deleted three lines from the page because the disputes were not about Garlinghouse himself:

“The first is regarding SWIFT, the second and third are about Ripple Labs,” and the last one was regarding ties to a minor Kansas politician, the editor explained.

Brad Garlinghouse’s page is relatively insignificant, but similar small-scale edits have taken place several times.

For instance, Ripple’s Wikipedia page has virtually no discussion of controversies, while the Wikipedia page on Ripple Labs features an extensive controversy section.

XRP Looks Poised to Enter New Bullish Cycle

The cross-border remittances token recently entered a consolidation phase at a crucial level that has forced the Bollinger bands to squeeze on its 1-day chart.

Squeezes are indicative of low volatility periods and are usually succeeded by significant price movements. The longer the squeeze, the higher the probability of a strong breakout.

Since this technical index does not provide a clear path about the direction of XRP’s trend, the area between the lower and upper band is a reasonable no-trade zone. Only a candlestick close above or below these crucial hurdles will determine where this altcoin is headed next.

However, certain large investors seem to have bought Ripple’s marketing initiative and are preparing for a bullish breakout.

XRP US dollar price chart
XRP/USD on TradingView

Santiment’s holder distribution chart shows that the buying pressure behind XRP is rising substantially.

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The behavioral analytics firm recorded a significant spike in the number of addresses with millions of dollars in this token, colloquially known as “whales.”

Since August 17, the number of addresses holding 10 million or more XRP has been firmly increasing. Roughly ten new whales have joined the network, representing a 1.3% increase in such a short period.

The sudden spike in large investors may seem insignificant at first glance. Still, when considering that they hold over $2.9 million in XRP, the increase in buying pressure can translate into millions of dollars.

If the buying spree by these large investors continues, Ripple may have the ability to enter a new bullish cycle.

XRP Holder Distribution by Santiment
XRP Holder Distribution by Santiment

Indeed, breaking above the upper Bollinger band at $0.032 would see the international settlements token rise towards $0.385. Consequently, it will move past mid-February’s high of $0.35 to make a higher high for the first time since early 2018.

If this were to happen, XRP’s multi-year downtrend would come to an end, and it will mark the beginning of a new bull market.

XRP US dollar price chart
XRP/USD on TradingView

On the flip side, investors must watch out for the lower Bollinger band at $0.28.

Turning this support level into resistance may result in a downswing that sees XRP drop towards the 61.8% or 50% Fibonacci retracement level. These significant areas sit at $0.24 and $0.22, respectively.

It remains to be seen whether Ripple will finally live up to XRP holders’ expectations, and the new initiatives will not just be remembered as one of its unfulfilled promises.

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Source: https://cryptobriefing.com/amazon-crypto-xrp-price-hinges-ripples-ability-improve-image/

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Five Reasons Ethereum Has Entered a New Bull Market

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Ethereum is currently retracting sharply from its previous and 30-month peak of $620. Even with a decline of around $100 to today’s prices of $525, ETH is still up over 300% since the beginning of the year.

The confirmed genesis of the long-awaited Beacon Chain, which is Phase 0 of the even longer awaited Serenity ETH 2.0 upgrade, has no doubt driven momentum but it is not the only strong point for Ethereum.

Over 5 Reasons to be Bullish on Ethereum

DTC Capital’s Spencer Noon has pulled out a few key charts to back up the notion that we are definitely in a bull run for Ethereum.

Active addresses on the network are the first metric as it now has just under 500,000 per day. This is almost double what it was at the same time last year.

In terms of fees paid, Ethereum dwarfs everything else in the crypto space with 80 billion gas now being used on a daily basis. The analyst exclaimed that this is;

“A clear sign that it is the most useful network in the world.”

Over $16 billion in stablecoins have now been issued on Ethereum, a figure that has gone parabolic since the start of this year which is a sign that there is a major demand for digital dollars.

The DeFi effect has been huge as, despite a number of rivals and ‘killers’ emerging this year, Ethereum remains the foundation of the entire ecosystem. Ethereum’s largest use case has gone parabolic as there are now ten times more DeFi users than there were a year ago.

Total value locked across the DeFi space has surged almost 2000% since the beginning of 2020 to reach $14 billion with five billion dollar plus protocols which is a sign that the space is maturing.

And There’s More …

The amount of Bitcoin tokenized on Ethereum is also at record highs with 152,000 BTC, or $2.7 billion worth at today’s prices wrapped on the Ethereum network.

The DEX effect cannot be overlooked either as decentralized exchanges on Ethereum have done $20 billion in volume over the last 30 days. This has brought their combined total to $86 billion this year;

“A sign that DEXs can compete with the top centralized exchanges.”

As reported by CryptoPotato, Ethereum social sentiment and searches are also at their highest levels since early 2018 as the mainstream media and the masses start paying attention.

This latest pullback may settle below $500, but there is little doubt it will provide a buying zone for ETH which still has a long way to go.

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Source: https://cryptopotato.com/five-reasons-ethereum-has-entered-a-new-bull-market/

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Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration

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Coinbase’s CEO Brian Armstrong has sent a letter to the US Treasury Secretary Steven Mnuchin regarding new rumored regulations on self-hosted cryptocurrency wallets. Armstrong believes that if implemented, the new legislation could harm users and, ultimately, the role of the US in the cryptocurrency financial field.

New Regulations On Self-Hosted Crypto Wallets?

The CEO of the largest US-based digital asset exchange took it to Twitter to outline the potential importance of these regulations if indeed implemented. The rumors indicate that the current Treasury Secretary Mnuchin plans to make them official before the end of his term.

Armstrong explained that self-hosted cryptocurrency wallets (also referred to as non-custodial or self-custody wallets) are “a type of software that lets individuals store and use their own cryptocurrency, instead of needing to rely on a third-party financial institution.”

They enable users to access basic financial services through this technology – “just like anyone can use a computer or smartphone to access the open market.”

Should the proposed regulations become official, they would require financial institutions, including Coinbase, to verify the recipient (owner) of the self-hosted wallet. Meaning, it would collect identifying information on that party before completing the transaction.

According to Armstrong, such requirements would lead to several potential issues because “it is often impractical to collect identifying information on a recipient in the crypto-economy.”

Some of those issues could affect users that send cryptocurrencies to various merchants online or to other people in emerging markets, where “it is difficult or impossible to collect meaningful know-your-customer information.”

Even simpler transactions like upvoting some content on Reddit or transferring an item in a game would also require the verification of the recipient, which makes the process prolonged and complicated.

The US Will Suffer The Most

Armstrong believes that the impact of these “barriers” would prompt US-based users to initiate fewer transactions. This would “effectively create a walled garden for crypto financial services in the US, cutting us from innovation happening in the rest of the world.”

US customers would turn to foreign cryptocurrency companies to access such services, which could put the country’s status as a financial hub at risk in the long-run.

“If this crypto regulation comes out, it would be a terrible legacy and have long-standing negative impacts for the US. In the early days of the internet, there were people who called for it to be regulated like to phone companies. Thank goodness they didn’t.” – added Armstrong.

He also asserted that Coinbase and other cryptocurrency companies have sent a letter to the Treasury last week to articulate these concerns. However, he hasn’t specified if the Treasury has responded in any way yet.

Featured Image Courtesy of Observer

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Source: https://cryptopotato.com/coinbase-ceo-fears-rumored-regulations-proposed-by-the-trump-administration/

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South Korean crypto market records more trades in Altcoins

TL:DR Breakdown: The South Korean crypto market had the most altcoin trading volume for the past five months. Korean traders showed more interest in trading home-based coins. The South Korean crypto market recorded a massive altcoin trading volume over the past five months, according to the market report on Friday by Xangle and Chainalysis. The […]

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TL:DR Breakdown:

  • The South Korean crypto market had the most altcoin trading volume for the past five months.
  • Korean traders showed more interest in trading home-based coins.

The South Korean crypto market recorded a massive altcoin trading volume over the past five months, according to the market report on Friday by Xangle and Chainalysis. The data were curated from the four biggest digital currency exchanges in the country. Traders in the country were mostly trading cryptocurrencies from Korean projects. Overall, the cumulative value of trading volume on the exchanges from June to October reached $93 billion.

Altcoin trading dominated in the South Korean crypto market

Between the stated periods, the four biggest crypto exchanges gained a cumulative trading volume as follows: Coinone ($15.7 billion), Bithumb ($39 billion), Korbit ($630 million), and Upbit ($37 billion). According to the report, the Bitcoin trading volume only accounts for about 15.3 percent of the entire cumulative trading volume in the South Korean crypto market. For decentralized finance (DeFi) tokens, Xangle noted that such cryptos had poor listings on the exchanges.

They represented about 11.5 percent of the entire listing in Bithumb, Coinone, Upbit, and Korbit combined. As such, they accounted for a lower record at 5.96 percent of the $93 billion total cumulative trading volume. From these records, Xangle noted that altcoins were the most traded digital currencies in the South Korean crypto market, as Bitcoin and DeFi tokens contained less than 50 percent of the entire volume.

Korean altcoins

Per the report, there are more than 260 digital currencies available on the four exchanges for trading. Coinone exchange offers the highest number of coins (130) for trading, followed by Bithumb (116), Upbit (105), and Korbit (23). About 33 percent of these coins are the native cryptocurrency of the Korean crypto project, according to Xangle. The most-traded Korean coins include KLAY, TMTG, FLETA, EGG, and so on.

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