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Crypto (BTC, ETH, XRP) Markets In The Green after Upbit’s Internal Audit Reveals No Fraud

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BTC
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The crypto markets have generally been in the green from yesterday when the Consensus Summit started in New York City. Bitcoin (BTC) is currently trading at $8,789; Ethereum (ETH) has found a footing above $700 and trading at $734; Ripple (XRP) is trading at $0.745; Bitcoin Cash (BCH) is currently valued at $1,446; and EOS (EOS) is showing some remarkable recovery at $14.19. All these top 5 coins are showing daily gains of between 2% to 5%: not bad increments considering the market dip that was experienced when news hit the crypto-verse that Upbit was under investigation for fraud.

The South Korean exchange was raided by local police and investigators on allegations that it was cooking its books. The investigations further dug deep to conduct allegations of suspicious movement of funds from the Upbit exchange to the personal accounts of Upbit executives.

This announcement, on the 10th of May, caused a major dip in the crypto-markets that saw the total market capitalization drop from a stable $440 Billion to levels of $389 Billion in a time period that was less than 12 hours. This happened as more and more traders received the above news and started withdrawing their digital assets from the exchange for fear of it falling apart or being closed by South Korean authorities. This news was coincidentally reported at the same time there was fear of a Mt. Gox Bitcoin (BTC) dump that was worth over 8,200 BTC: Double FUD in a day!

The above two events caused a panic that rocked the markets throughout the weekend, and into Monday when the Consensus 2018 event kicked off in New York City, bringing a much-needed increment in volume in the crypto-markets.

News reaching Global Coin Report indicates that an internal audit by Upbit has come up with preliminary findings that distance the South Korean exchange from any wrongdoings. The exchange is still operational as we speak and continues to process transactions for its traders. Upbit is very confident that the issue will be resolved 100% once the South Korean officials also reveal similar findings.

This show of confidence by Upbit has brought some much-needed relief that will allow traders to continue using the exchange without fear of further panic. Upbit is currently ranked 5th on coinmarketcap.com and according to daily trade volume in USD. The exchange is currently doing $718.53 Million in daily trade volume at the moment of writing this with EOS being the highly traded asset on the exchange. The token makes up 15.63% of the daily trade volume on the exchange.

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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

Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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Altcoins

Litecoin Cash (LCC): The potential mover?

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Litecoin Cash
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Litecoin underwent a hard fork in the past, and that is what led to the creation of Litecoin Cash. Bitcoin has also experienced a hard fork, which has led to the creation of Bitcoin Cash, so this trend is not necessarily brand new.

Forks have occurred pretty often now in the cryptocurrency community, and the perception is that it probably will continue to, as long as the need (forks are often created to overcome issues faced by the originals) remains there.

While the market has been bearish for most of the year, it has been showing some definite signs of life, especially when we look at the kind of price action that has been happening with Ripple recently. Litecoin is also rising in anticipating of its hard fork, which is to be expected.

For those who are unaware, Litecoin Cash was created earlier this year. 10 Litecoin Cash was given to every investor who had 1 Litecoin – and that one move, it’s easy to see, was very massive concerning value.

Charlie Lee, the founder of Litecoin, has come out against LiteCoin Cash, calling it a scam. Many cryptocurrency influencers have come out against Litecoin cash, although there are still others that believe that this is only because the project threatens them.

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Altcoins

The Stage is Set for Stellar XLM vs XRP

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XLM vs XRP
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The digital asset of XRP, did something spectacular on the 18th of September when it shocked the crypto-markets by rising in value by 21%. In a time period that was less than 5 hours, XRP spiked from levels of $0.273 to those of $0.332 and has continued rising. The digital asset is currently valued at $0.36.

xRapid Factor

The reason for the sharp increment in value of XRP was news that the Ripple company was going to launch xRapid in the next month or so. This was after the firm’s head of Regulatory relations for Asia-Pacific and the Middle East, Sagar Sarabhai, made the following comments during a CNBC interview on the 17th of September:

“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”

Stellar’s Cross-Border Payments

The news of Ripple launching xRapid has come 2 weeks after the Stellar project and IBM, announced that they were entering the industry of cross-border payments through their new service known as IBM Blockchain World-Wire. The new payment settlement service has been quoted as being ‘near instant’ meaning that it will probably rival the transactions time seen in the xRapid pilot tests of 2 – 3 minutes earlier on in the year.

Stellar Acquiring Chain

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