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Could This Be The End for XRP In The Crypto Markets?

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The crypto-markets have been looking a bit gloomy this past week with the total market capitalization dropping from $255 Billion on Tuesday the 7th of August, to current levels of $207 Billion at the moment of writing this (August 11th). One of the fears many crypto traders have is that this market cap will drop to levels below $200 Billion and continue to hurt their investment portfolios.

Looking at XRP, it has dropped from levels of $0.41 on the same Tuesday – 7th of August – to current levels of $0.29. This is a drop in price of 30% in less than 4 days. Comparing this to the peak value of XRP of $3.82 in January, the digital asset has dropped 92.4% in the past 8 months.

It is by a similar observation that the inventor of the Bollinger Bands used in trading – John Bollinger – believes it is time to start looking for signs of capitulation in XRP. In a tweet on the 10th of August, Mr. Bollinger had this to say about the recent slump in the price of the digital asset:

Capitulation is when investors give up on any previous gains in an asset they own in the market and start selling abrupt to get out of their positions. Capitulation involves extremely high volumes and sharp declines. It also involves panic selling. The question now is, have the XRP investors totally given up on the coin that is meant to skyrocket to the stratosphere this year due to numerous news and its general popularity?

A brief history of John Bollinger

John Bollinger is a trusted and famous technical trader who developed the highly used Bollinger Bands. He developed the technique in the 1980s which uses a moving average with two trading bands above and below it. These two bands are used to gauge the possible highs and lows of an asset. Many traders believe that the closer the price of an asset moves to the upper band, the more overbought it is and most likely to drop in value. If it moves to the lower band, it is oversold and likely to start an upward trend.

John Bollinger further provides 22 rules to follow when using the bands as a trading system. Crypto trading platforms such as Binance and Bitfinex have Bollinger Bands as an analysis tool on their charts.

To trade cryptocurrencies, sign up with Binance!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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