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XRP short-term Price Analysis: 21 November

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Disclaimer: The findings of the following article are the observations of the writer alone and should not be taken as investment advice

As is more or less a tradition in the crypto-market, Bitcoin’s positive price action on the charts ended up benefitting many of the market’s altcoins. The previous week wasn’t any different as altcoins like XRP surged significantly after it broke out of the ascending channel formation it was part of since 14 November.

At press time, XRP was being traded at $0.358, with the cryptocurrency having a market capitalization of $16.1 billion and a 24-hour trading volume of $8.3 billion.

XRP 1-hour chart

Source: XRP/USD, TradingView

According to XRP’s 1-hour chart, the cryptocurrency was part of an ascending channel formation since 14 November. However, over the past 24-hours, it has been able to orchestrate a breakout. While in most cases an ascending channel’s breakout leads to a price correction, the strong bullish sentiment in the crypto-market thanks to Bitcoin’s journey to $19K has allowed XRP to head north. However, the crypto did face a bit of resistance around the $0.375 -level.

Reasoning

While XRP’s technical indicators noted strong bullish momentum, it still doesn’t rule out the possibility of an upcoming price correction. The RSI indicator lay well within the overbought zone, at press time. However, the last time the RSI was at this level, a dramatic drop followed, pushing it into the oversold zone on the charts.

This may result in the coin revisiting its support at $0.334. Interestingly, the EMA ribbons had also settled along this point of support for XRP and if a price correction were to take place in the next 24-48 hours, this level may help stabilize the cryptocurrency’s price.

Important levels

Resistance: $0.364
Support:$0.2334, $0.296
Entry: $0.365
Take Profit: $0.340
Stop Loss: $0.375

Conclusion

XRP’s price has been part of an ascending channel formation for close to a week and on the back of the overall bullish momentum in the crypto-market, the cryptocurrency has managed to break out in the upward direction. This has taken XRP to its immediate resistance at $0.375. However, going by past precedents, it can be assumed that when the bullish momentum fades, there is a strong possibility that it may revisit its nearest support level.

Source: https://eng.ambcrypto.com/xrp-short-term-price-analysis-21-november

Blockchain

Japan’s SBI Holdings is launching a Bitcoin lending service

SBI Holdings has announced the launching of a crypto lending service, beginning with Bitcoin. The service will be available on the digital currency trading platform, SBI VC Trade. SBI Holdings, the leading financial services company in Japan, announced on Tuesday that it launched a cryptocurrency lending service. Starting with Bitcoin (BTC), the service will be […]

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  • SBI Holdings has announced the launching of a crypto lending service, beginning with Bitcoin.
  • The service will be available on the digital currency trading platform, SBI VC Trade.

SBI Holdings, the leading financial services company in Japan, announced on Tuesday that it launched a cryptocurrency lending service. Starting with Bitcoin (BTC), the service will be rolled out later to include other popularly-traded digital currencies, including Ether (ETH) and Ripple (XRP). The Japanese financial services giant mentioned in the announcement that the crypto lending service will also feature optimal trading opportunities. 

SBI Holdings debuts Bitcoin lending service

According to the announcement today, lending service is made available on SBI Holdings digital currency trading subsidiary, SBI VC Trade. As the service debuted with Bitcoin, the customers can lend out their Bitcoin to the crypto company, which would attract interest for them after the stated lending duration expires. The works are similar to other digital currency lending platforms. SBI Holdings accepts a minimum of 0.1 BTC and 5 BTC as maximum lending quantity.

For a lending period of 84 days, customers will earn 1.0 percent (tax included) annually of the deposited coins annually. As noted earlier, SBI Holdings intends to expand the services to include Ether and Ripple, as well as the types of lending periods, per the announcement. The development is coming after recent reports that a crypto lending platform, Cred, filed for bankruptcy, with many sources citing mismanagement of funds as a cause.

Reliability is a factor

“One of the risks of cryptocurrency lending service is the risk of bankruptcy of the lender,” the SBI Holdings’ translated page reads. “All of our customers’ lending destinations for our cryptocurrency lending service are SBI Group companies that boast high reliability, so you can use it with confidence.” 

The company further revealed its intentions to introduce more market-suited trading opportunities.

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Max Keiser: Institutions Will Purchase Bitcoin Directly From Miners And Box Out The Public As Price Reaches $1M

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Max Keiser: Institutions Will Purchase Bitcoin Directly From Miners And Box Out The Public As Price Reaches $1M

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Amid the COVID-19 crisis, economies worldwide have shuddered and governments have been forced to introduce drastic measures to resuscitate the ailing economy. As a result of this uncertainty, bitcoin has become an attractive investment for institutions. The spark that started with MicroStrategy’s jumbo bitcoin purchase morphed to an institutional frenzy around the flagship cryptocurrency.

The increased appetite for bitcoin from institutions comes from its budding image as a digital store of value. As the demand grows, the supply for BTC shrinks. Max Keiser, vocal bitcoin champion and founder of crypto-focused venture capitalist firm Heisenberg Capital, thinks this serious supply pressure will drive the price of bitcoin to $1 million.

Speaking with Express, Keiser noted that bitcoin’s supply is fixed at 900 BTC per day and will be slashed in half again to 450 BTC in 2024. And this is why he’s of the opinion that institutional players will devise ways of purchasing bitcoin directly from the miners, subsequently shutting out the public. This will be accompanied by the incredible price growth to $1,000,000.

Keiser goes on to predict that Generation Zs who purchased bitcoin while it was trading below $100 will be “the new global elite”. “The world order is about to flip”, he added.

The daily demand for bitcoin from leading crypto exchanges currently exceeds the supply minted by miners on a daily basis. To put things into perspective, the daily demand on these trading platforms totals 2,600 BTC, while miners can only produce 900 BTC per day. Keiser described this supply-demand disparity as “amazing”.

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Bitcoin has especially attracted the attention of multi-billion-dollar corporations and billionaires this year. Besides MicroStrategy, Square and Stone Ridge also allocated significant portions of their idle cash reserves to bitcoin, while PayPal recently launched a crypto service that allows users to buy, hold, and sell bitcoin and other cryptocurrencies. Interestingly, according to Pantera Capital’s Dan Morehead, PayPal and Square’s Cash App are buying more than 100% of newly-minted bitcoins.

And there are also renowned investors putting their money into bitcoin including Paul Tudor Jones and Stan Druckenmiller. Celebrities like Game of Thrones actress Maisie Williams have also come out as BTC HODLers.

As more institutions and billionaires come to the bitcoin space, the supply scarcity will intensify. The only way supply and demand counterbalance are at a higher price.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/max-keiser-institutions-will-purchase-bitcoin-directly-from-miners-and-box-out-the-public-as-price-reaches-1m/

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Gnosis Launches GnosisDAO to Decentralize Prediction Markets

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After its long-time involvement in the prediction markets landscape, the pioneering Ethereum development firm and predictions market platform Gnosis is now launching GnosisDAO — the cryptocurrency industry’s first decentralized prediction market-driven collective.

Within a prediction market, people can buy or sell the shares of a possible outcome, or prediction, to reflect whether or not they support the prediction. It acts as a store of crowdsourced information that can help define the most likely future.

Gnosis intends to bring a similar concept of prediction markets into the decentralized finance space. It will allow end-users to have a say in the governance and technical layers of web3 ecosystems. By doing so, the DAO will ensure the governance process is taken away from centralized organizations and more power is given to a network of people, thus decentralizing the process.

The CEO of Gnosis, Martin Köppelmann, said that while they plan to expand the use case of GnosisDAO over time, initially, the prediction market technology will help them transparently make development, support, and governance-related decisions of their token.

He also said that the DAO could grow to guide organizational development of DeFi.

Explaining that the technology underlying GnosisDAO is open for every organization to use, he emphasized that it may create a pattern for organizational and corporate governance for the decades to come.

The Gnosis team has previously worked on Omen Prediction Markets that raised $1.24 million for U.S. presidential election result prediction. They expect that GnosisDAO will define a new paradigm for “futarchy” —  governance by prediction markets — in the age of decentralization

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Source: https://blockonomi.com/gnosis-launches-gnosisdao-to-decentralize-prediction-markets/

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