Connect with us

Bitcoin

There’s Never Been A Better Time To Be A Ripple (XRP) Holder

Published

on

XRP logo Ripple

This could be a big week for Ripple (XRP). The third-place cryptocurrency, which currently sits at the price of $0.78 giving it a market cap of $30.46 billion. This, of course, is still far below the close to $4 a piece that XRP reached at the start of last month but the $30 billion cap break is a strong threshold to break and it’s one that’s going to (with any luck, for XRP holders) draw a substantial amount of speculative volume towards the XRP market.

That aside, however, why is this going to be a big week?

Well, a couple of fundamental elements (one more impactful than the other) have hit press and each has the potential to shore up what we see as an already solid fundamental case for a Ripple speculative position right now.

Here’s what we are looking at.

The major event took place over the last couple of days and was put on by internet giant Yahoo in the form of the Yahoo All Markets Summit (AMS). For anybody not familiar with the Yahoo AMS, it’s a major annual event held by the company designed to, as its name suggests, put the spotlight on some of the potentially game changing entities currently active in major markets globally.

XRP Daily Chart

XRP Daily Chart

Of course, this time around, the blockchain and cryptocurrency space had a substantial presence at the event but no other coin was as well represented as was XRP. Brad Garlinghouse, the company’s CEO and one of the most well-known cryptocurrency billionaires (primarily derived from his XRP holdings), was a keynote speaker for the cryptocurrency side of the event and – as might be expected – he spent pretty much the whole time talking about how Ripple has the potential to change the world.

The impact of this sort of event on global speculative participation in a currency like XRP cannot be understated.

This is a roomful of tech entrepreneurs and enthusiasts, many of whom will likely already be exposed to the cryptocurrency space but, at the same time, many of whom will be looking for a way to pick up some sort of exposure near-term.

At the Yahoo AMS, Garlinghouse essentially stood in front of this crowd and told them why Ripple should be their exposure of choice.

And that’s not all. A company called Crypto Emporium just added XRP as a payment method for its customers, with the addition representing the fourth such cryptocurrency behind bitcoin, Ethereum and Litecoin to be accepted by the entity.

Sure, this isn’t a major demand boost given the size of Crypto Emporium (for anybody not familiar with the company, it’s a seller of luxury goods that only accepts cryptocurrency) but it does serve to offer up a degree of insight into the community and support that this coin has surrounding it – the addition of Ripple was the result of a vote by supporters, with XRP beating out on Verge and others to take the listing.

So what are the key levels to keep an eye on from here on out?

First up, we are watching one dollar as a near-term threshold. A break above this level would validate previous highs (at $3.80) as an immediate upside target. Beyond that, we are looking at $10 has a solid mid-2018 valuation.

Put simply, especially at current prices, there has never been a better time to hold XRP.

We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!

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.


Image courtesy of Ripple

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

Published

on

By

Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

Continue Reading

Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

Published

on

By

Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

Continue Reading

Bitcoin

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

Published

on

By

Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

Continue Reading

Trending