Connect with us

Altcoins

Ripple (XRP): The reversal is real

Published

on

Ripple XRP
READ LATER - DOWNLOAD THIS POST AS PDF

There are all sorts of times where cryptocurrency investors and traders are “faked out” by a price rally and decide that it might be time for an entry – only to find out, to their dismay, that the cryptocurrency that they entered has ended up pulling back and consolidating.

Well, one thing is for sure – Ripple’s XRP is showing a real reversal here. In the past 24 hours (on top of huge price boosts in the last couple of days); it has boasted an absolute staggering 17.8% gain, which is incredible, considering the fact that the entire cryptocurrency market has been bearish for months.

It is extremely clear now that if you were to buy in the extremely oversold months of July or August, it would have been a wise decision. Unlike other cryptocurrency projects, Ripple has some concrete partnerships with real financial institutions, but this sustained price action indicates that market confidence has indeed returned to the project, as this price action is not continuing because of any one specific catalyst.

Even in the past week, the keyword researches for “XRP” and “Ripple” have increased. That isn’t surprising, considering there are executives on the team that have been teasing that a cryptocurrency-based product will be launched shortly, in as soon as several weeks.

That is excellent news, but it needs to be noted that XRP has been affected by the market adversely, so this confirmed reversal is great, but many long-term investors, though they might be breathing a little easier, are by no means relieved.

For some context, XRP dropped an astonishing 46 percent from June to July, a period during which bitcoin didn’t even fall by 10%, as it slid from $6700 to $6100.

Regardless, Ripple and its upcoming products clearly mean that institutional money will be entering the market, and it’s evident that investors and traders are pleased with the positive developments. It is obvious that this Ripple reversal is real, and time will tell just how far the price goes up.

Bitcoin is continuing to stabilize, as some believe that a solid bottom has been formed. Of course, time will tell whether this is true. Regardless, one thing is for sure – money is coming back into the market, and many expect the entire market to be mildly bullish throughout the rest of September.

The volume of the global cryptocurrency exchange market is $2 billion, more than usual, and it would appear that this means that investors and traders and placing more buy pressure on in the market.

It’s easy to see that Ripple is leading the pack, and that shouldn’t be too surprising, because of two things: it has been severely oversold for some time now, and it also has had some exciting announcements. In addition to all of this, the upcoming developments mean that this XRP price reversal might be sustained, and the only question now is where exactly Ripple’s XRP will encounter some resistance.

For the latest cryptocurrency news, join our Telegram!

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. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Photo by Filip Mroz on Unsplash

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

Continue Reading

Altcoins

Can Libra help the crypto industry to reach new heights?

Published

on

Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
READ LATER - DOWNLOAD THIS POST AS PDF

The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

Continue Reading

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

Published

on

collateralized debt position
READ LATER - DOWNLOAD THIS POST AS PDF

While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

Continue Reading

Elite