For a small community of users in the occupied territories, bitcoin has become an economic lifeline to the outside world. But it can do only so much.
Archives for September 17, 2018
Bitcoin Price Key Highlights
- Bitcoin price recently broke below a rising wedge pattern to signal that further losses are in the cards.
- Price might still pull back to the broken support area, which lines up with Fib levels, to gather more selling pressure.
- Technical indicators are showing that there is still some bullish momentum left.
Bitcoin price made a downside break from its rising wedge pattern but might be due for a pullback before heading further down.
Technical Indicators Signals
The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is still to the upside. In other words, there still might be a chance for the uptrend to resume.
However, the gap between the two is narrowing to reflect weaker bullish momentum and a possible downward crossover. Bitcoin price has also tumbled below both moving averages, so these might hold as dynamic resistance moving forward.
RSI is turning higher after recently dipping into oversold territory, suggesting a possible return in bullish pressure. Stochastic also looks ready to climb out of the oversold region and bitcoin price could follow suit once it heads north.
However, price could hit roadblocks at the Fib levels marked on the breakdown. The 61.8% Fib lines up with the broken wedge support around $6,430 and the 50% Fib lines up with the 200 SMA dynamic inflection point. If any of these levels keep gains in check, bitcoin price could resume the slide to the swing low or lower.
Risk aversion has returned to broader financial markets on account of the fresh set of tariffs imposed by the US on China. These tariffs, which are due to take effect on September 24, levy 10% of duties on $200 billion worth of Chinese goods and the rate would increase to 25% by the end of the year.
With that, it’s understandable that traders are dumping their riskier holdings and flocking back to the safe-havens. Cryptocurrencies have been deep in the red once more, with declines led by ethereum.
This time last week, it was all about doom and gloom for Ethereum after a high-volume candlestick drove prices below $200 for the first time this year. Needless to say, ETH prices have since recovered. Though we need to see movements above $300, it’s safe to say that aggressive traders can ramp on longs on every dip in lower time frame with the only deterrence being Sep 5 bear candlestick. This bar continues to overshadow and would likely damp buyers’ efforts in days to come.
Latest Ethereum News
Trading at around $205, ETH is a valuable and a sought-after digital asset. Unlike traditional assets, ETH exists in the inter-web and hot wallets are therefore honey pots for hackers. According to Sagasec, a Cyber security firm that was contracted by MyEtherWallet to oversee the security of the Ether storage platform, the wallets is definitely in the hackers’ cross hairs. Their statistics indicates that they wade off as much as 40 attacks per week according to reports.
Attack vectors vary from fake MyEtherWallet websites to dubious social media advertisements or re-direction from emails targeting gullible ETH coin owners. Regardless, Sagasec has been largely successful. So far, there haven’t been any cases of account holders complaining of lost funds through malicious hacks. This pales in comparison with those of exchanges. Crypto exchanges have so far managed to print more than $550 million in losses.
While MEW is doing a wonderful job, the value of ETH—different from price is a subject of contention. It appears as if Jeremy Rubin did trigger an important topic in the blockchain realm. With his economic abstraction argument and projection that ETH might spiral down to zero, argument is now moving to the reservation demand of ETH. In economics, the reservation demand is how long the owner of currency is willing to hold before exchanging it for goods or service. Economists argue that the recent sell off is sparked mainly by ICO fund managers liquidating their DA fueling the selling frenzy. This means at the moment the reservation demand of ETH is low as ICO project managers aren’t willing to risk stalling their project as ETH prices tank.
Ethereum Price Predictions
Weekly Ethereum Price Charts
On a weekly basis, ETH is on a recovery path. From the level of market participation in the last week, chances are we might see confirmations. Cementing this assertion is the marked increase in trade volumes. That’s besides the long lower wick of last week signaling entry of buyers.
Though sellers have an upper hand and trading within that break out pattern of week ending Aug 12, our Ethereum price prediction depends on the speed at which ETH bulls would drive prices towards $300—our immediate highs in days to come.
After all, prices are trading within that high-volume bear candlestick and technically that means sellers are in charge.
Daily Ethereum Price Charts
Following the confirmation of that morning star pattern mid last week, ETH bulls aren’t slowing down.
So far prices are up seven percent on a weekly basis but discouragingly down six percent in the last day. All in all, our previous Ethereum price analysis holds true.
While risk off traders can begin loading longs at current prices with targets at $250, conservative or risk on Ethereum bulls should wait for conclusive breaks and close above $300 before buying on dips.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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At World AI Conference 2018, Jack Ma, the co-founder and chairman of $414 billion e-commerce conglomerate Alibaba, stated that artificial intelligence (AI), blockchain, and Internet of Things (IoT) can all become meaningless if they fail to target the manufacturing industry. “AI, Blockchain and IoT will be meaningless tech unless they can promote the transformation of
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According to a World Economic Forum (WEF) report, blockchain could be used to help tackle the “most pressing” environmental concerns faced by the planet. The document states that the distribute ledger system could help address climate change, biodiversity issues, and scarcity of water.
Could Blockchain Save the World?
The World Economic Forum (WEF) has produced a report on how blockchain could be used to help protect the planet’s environment.
Building Block(chain)s for a Better Planet is part of a series of papers exploring the implications of emerging technologies and how they can impact global society. Other reports in the collection focus on Internet of Things (IoT), virtual reality, and artificial intelligence. The document is a collaboration between international accountancy firm PwC and the American Stanford Woods Institute for the Environment.
The report identifies that the planet is amid an “unprecedented environmental systems change.” This has been caused by surging economic activity since the middle of the twentieth century.
WEF claim that such conditions present a clear opportunity to use blockchain and other technological innovations to combat six of the most pressing environmental dangers facing life on earth. These are: climate change, natural disasters, biodiversity loss, ocean-health deterioration, air pollution, and water scarcity.
Throughout the document, as many as 65 different applications of blockchain technology are identified as being able to help alleviate those environmental issues mentioned previously. It goes on to state that blockchain was particularly useful in examples where it enables:
“… cleaner and more efficient decentralized systems; peer-to-peer trading of resources or permits; supply-chain transparency and management; new financing models for environmental outcomes; and the realization of non-financial value and natural capital.”
The report also states that the opportunities presented by blockchain technology could allow for the monetisation of value that is “currently embedded (but unrealised) in environmental systems.” The authors go on to allege that the technology could fill such a “gap in the market.”
The WEF are careful to note that such changes do not happen on their own. Rather they need to be implemented through collaboration between various participants. These include policy-makers and technologists. The group believes that such a joint effort, assisted by cutting-edge technology, could “create a sustainability revolution.”
The WEF is a non-profit organisation that is based in Switzerland. The think tank aims to unite “the foremost political, business, and other leaders of society to shape global regional and industry agendas.” They are comprised of over 2,000 businesses and political leaders. Many meet each January in Davos, Switzerland. At this year’s event, blockchain and cryptocurrencies were one of the most hotly discussed topics.
Featured image from Shutterstock.
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I’m not a financial advisor, nor is this professional financial advice. Do your own research and make smart investments according to what fits your investment goals and budget. This is article is an opinion piece that attempts to get a better picture of the price of XRP in the near future.
Many XRP investors have been waiting for the price of XRP to return to, and surpass, the 2017 high of $3.60. By connecting just a few dots with regards to Ripple, SBI, and the launch of xRapid, we’ve found more than a few reasons to think XRP could reach $10 by the end of 2018.
If you aren’t familiar with xRapid and XRP, here’s a brief overview. xRapid is a product of Ripple that allows payment providers and financial institutions to dramatically reduce the cost of liquidity and enable real-time, cross-border payments. xRapid uses the digital asset XRP to source liquidity real-time and lower the payment processing costs and speeds. xRapid was first announced in 2017, entered Beta testing this year, and is currently awaiting product launch.
In March 2018, Ripple announced that the Japan Bank Consortium would release a smartphone application powered by Ripple’s blockchain technology – Money Tap. Using Ripple’s distributed ledger technology (DLT) the Money Tap app will “allow customers of the bank consortium to settle transactions instantly, 24 hours a day, seven days a week.” [Source]
At the time of the initial announcement, the app was scheduled for release to three consortium members – Japan’s SBI Net Sumishin Bank, Suruga Bank and Resona Bank – in Autumn 2018 during an initial roll-out in, followed by a staggered rollout of the app to the other consortium bank members.
In April 2018, SBI Group CEO Yoshitaka Kitao tweeted out a link to an article predicting that the price of XRP will reach $8-$10 by the end of 2018. The cryptocurrency community was quick to conclude that by tweeting the article, Yoshitaka Kitao supported the author’s XRP price prediction.
Ripple Price Predictions XRP/USD 2018 https://t.co/vjI21mBQfX
— 北尾吉孝 (@yoshitaka_kitao) February 13, 2018
In early June 2018, SBI Holdings’ subsidiary SBI Virtual Currencies (SBI VC) launched their new cryptocurrency exchange called VCTRADE. VCTRADE is part of the xRapid ecosystem and uses XRP as the primary trading asset. [Source]
Also, in June 2018, Brad Garlinghouse made a statement during an interview with CNBC that major banks will be using xRapid by the end of 2018 and dozens of banks will be using xRapid by the end of 2019. The whole interview is worth a listen but you can jump to 0:45 to hear the statement.
I’ve publicly stated that by the end of this year I have every confidence that major banks will use XRapid as a liquidity tool this calendar year. You know, by the end of next year, I would certainly hope that we would see you know in the order of… dozens. [Source]
If the implication isn’t clear, for major banks to be using xRapid by the end of this year, that means xRapid will be released to production before the end of the year. Brad seemed to confirm this conclusion in his August 22, 2018 AMA where he said, “we expect to continue to make progress towards the end of the year and excited for what we’re going to be able to share between now and the end of the year.”
In August 2018, Ripple announced three new exchange partners for xRapid. These exchanges will be used to move xRapid payments from one currency into another via XRP.
“Bittrex is one of the biggest names in digital asset trading in the U.S. The same goes for Bitso in Mexico and Coins.ph in the Philippines. That makes today’s announcement an important development for xRapid,” said Cory Johnson, Chief Market Strategist at Ripple. “We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.” [Source]
Looking at the same information from another perspective – Bittrex, Bitso and Coins.ph are currently running xRapid technology. It’s the only way they can process xRapid payments.
On September 12, 2018, CEO of SBI Ripple Asia, Takashi Okita, announced the Money Tap website on Twitter. Translated, it reads “Quietly, the teaser site of Moneytap was released. How about the image of the logo and the screen?
— 沖田 貴史 T.OKITA (@OKITATakashi) September 12, 2018
The website shows an anticipated launch of the Money Tap app on iOS in Fall 2018. (In the Northern Hemisphere, Fall 2018 starts on September 22, 2018, and ends on December 21, 2018.) The Android app will be released at a later date.
At this time, there is no confirmation that Money Tap will be running on the xRapid network. Ripple’s xCurrent product also allows banks to do many of the things xRapid does, but without the same cost savings, time savings, or many other features. However, the strong relationship between SBI Holdings and Ripple, the use of xRapid for VCTRADE, as well as the outspoken support of XRP and xRapid by SBI Groups’ CEO strongly suggesting Money Tap will also leverage xRapid technology.
We’ve been doing international remittances using XRP for a long time, greatly reducing remittance costs and greatly shortening remittance time. There’s no way not to use it. – SBI Group CEO Yoshitaka Kitao [Source]
Let’s backtrack for a moment and talk about SBI again. Why is SBI Group a big deal? SBI Group is the parent company for SBI Holdings. SBI Holdings has big plans, including “establishment of a new ecosystem based on digital assets.” [Source] You can view SBI Holdings’ latest financial results here. Their plan for domination is almost complete and laid out pretty clearly starting on page 102.SBI Holdings and SBI Ripple Asia brought together a collection of 61 Japanese banks members to create Japan Bank Consortium (JBC). This is a big deal because the banks in the JBC cover more than 80% of all banking assets in Japan, and the SBI Group’s CEO, Yoshitaka Kitao, wants all of them to use Ripple and XRP.
Not only does it have a clear use case, XRP is faster, cheaper and more scalable than any other digital asset. I strongly believe it will become the global standard in digital currencies.
We have already moved aggressively to take advantage of Ripple’s technology, investing in the company in January of 2016, and later launching SBI Ripple Asia (a joint venture) in May of 2016. Very quickly, we launched a consortium of 61 banks, including the top in Japan to use Ripple for both domestic and cross-border payments. And, we are increasingly interested in looking to use XRP for payments. [Source]
OK, back to the present. Today, Sagar Sarbhai, head of regulatory relations for Asia-Pacific and the Middle East at Ripple, gave an interview on CNBC saying that xRapid will go live “within the next month or so.”
1:00: “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. [Source]
So to recap, Brad, Cory and Sarbhai are all saying that xRapid will launch this year – possibly within the next 4-6 weeks. SBI Virtual Currencies launched their new virtual currency exchange on XRP. There’s a consortium of banks representing 80% of Japanese money about to launch their Ripple DLT-based Money Tap app to their users. The CEO of SBI Group, someone who would have a pretty good idea of how much volume will be moved through VCTRADE and Money Tap, seems to support an $8-$10 XRP price by the end of 2018. Ripple has partnered with multiple exchanges in different countries to process xRapid transactions. The stage has been set for xRapid to be released. Everything is in place.
Now, it’s time to connect all those xRapid dots to the price of XRP. The law of basic supply and demand dictates that with the launch of xRapid, major banks using xRapid, the launch of VCTRADE, as well as the launch of Money Tap, the price of XRP should increase as the demand for the token increases. When money starts moving across the xRapid network, the price of XRP must go up.
Up until this point, the price of XRP has primarily moved based solely on news or cryptocurrency hype. There hasn’t been an actual released product that uses XRP to justify a price increase. At this point in time, the only way for the price of XRP to go up legitimately is for xRapid (or any platform that uses XRP) to go into production and start using XRP.
The launch of xRapid should drive the price of XRP up. There’s a general consensus that the launch of xRapid will cause a large increase in XRP’s trading volume. Any bank or institution that uses XRP for their cross-border transactions will need to purchase and sell XRP on exchanges. (This is one of the reasons the announcement of the new partner exchanges is relevant.) Any transaction sent via xRapid will have corresponding trading volume in XRP. If a bank wants to send $10 million to another country via xRapid, they’ll need to buy and sell $10 million in XRP. There’s a fixed amount of XRP available (and that amount gradually decreases as transactions are processed.)
Math dictates that as more money is sent using XRP, the price of XRP must increase. If XRP’s trading volume (which is currently over $207 million) increases ten-fold, the price of XRP (which is currently about $0.27) should also increase ten-fold. For XRP to hit $10 by the end of 2018 (an increase of about 3604%,) the trading volume must increase to over $7.5 billion.
That number seems insane when you compare it to where we are now. But consider, according to the June 2018 SBI Holdings Financial Report, SBI Sumishin Net Bank has approximately 3.30 million accounts with deposits exceeding approximately JPY 4.6 trillion, which is over $41 billion USD (at current rates.) [Source, pg 24] That’s just one of the banks that will be using Money Tap and xRapid.
Q4 2018 promises to be an exciting time for Ripple and XRP investors. Ripple’s annual meeting, Swell, is being held in San Francisco on October 1-2, 2018. Bill Clinton is the Keynote Speaker. Many in the XRP community suspect an announcement will be made at this year’s Swell.
Based on the fact that real banks and financial institutions with real apps and real financial products are set to use xRapid, it isn’t a stretch of the imagination to see the price of XRP reaching – or even surpassing – $10. While we have no doubt that XRP will reach and exceed $10 one day, the big question is whether it will be by the end of 2018. Time will tell.
MyCrypto, a non-custodial Ethereum and ERC20 token wallet created by the co-founder of MyEtherWallet, has integrated a feature that enables Ethereum users to schedule ETH transactions ahead of time. On MyCrypto, an open-source wallet that is structurally similar to MyEtherWallet, users can connect hardware wallets like Trezor and other non-custodial wallets such as MetaMask to
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As expected, altcoins prices are slowing down after periods of sustained bullish attempts in the second half of last week. As it this, there sellers are running reign in most coins under our preview. Needless to say, week ending Sep 9 and Sep 5 bearish engulfing pattern is a definite price damp for buyers. All in all, should prices move above $9 in EOS, $70 in Litecoin, 25 cents in Stellar Lumens and $150 in Monero, then we shall have a trend continuation pattern. In that case, our immediate bull targets might be hit.
Let’s have a look at these charts:
EOS Price Analysis
Latest EOS News
- That the blockchain development is still in development is understandable. However, propping up excuses with such claims is not acceptable. That’s at least not from an average investor who buys and holds the token in hopes of a better return. Trybe is getting a backlash, spewing speculations that the EOSIO network may after all have back-doors allowing token issuers to access user accounts and do as they deem fit. It’s the mutability factor that’s present in EOS and voted so as to improve “governance” and “oversight” from rogue elements that may hamper investment in EOS and their dApps as it’s definitely a cause of concern.
EOS Price Prediction
Still, EOS is the fifth most capitalized coin the crypto verse and yesterday, prices were stable. Capping gains is Sep 13 bullish engulfing bar with obvious resistance which triggered buys late last week.
If anything, the fact that EOS prices did collapse after periods of moving within a tight trading ranges with ceiling at $5.5 did fade last EOS price predictions.
Furthermore, unless otherwise there are strong gains above reversing Sep 5 losses, then yesterday’s dip is but another case of effort versus result situation printing in a deep bear trend and weighing against EOS buyers.
Litecoin Price Analysis
Latest Litecoin News
- After getting endorsement from BCH founder and evangelist, Roger Ver, DOBI Trade—a Chinese crypto exchange did list LTC pumping the average trade volume in the process. DOBI Trade is well known in the Chinese crypto space and their collaboration with Chuangyu—a technology company in China– thrusted it to the limelight.
Litecoin Price Prediction
Upside moves seem to be waning in the daily time frame with yesterday registering a five percent dip in prices but still trading within Sep 14 high lows.
Though traders remain optimistic of further gains reversing Sep 5 losses, it is the same high-volume bar that may clip Litecoin bullish attempts driving prices back to the $50 main support line.
At current prices, our previous Litecoin price predictions are valid and until we see movements above $60, we suggest risk off traders to hold off their trading. However, should there be reversals today, then odds of Litecoin closing above $70 triggering long term Litecoin buys is likely.
Stellar Lumens Price Analysis
All things constant, Stellar Lumens prices have been trudging as they struggle to gain ground in the face of dominant bears. As it is from the daily chart, prices are down three percent in the last day but still trading the previous support trend line now resistance at around 22 cents and the main resistance trend line at 25 cents.
In line with our last Stellar Lumens price analysis, we shall hold a neutral ground for now. That’s until there are conclusive break outs above 25 cents or below the 15 cents-18 cents support zone.
Tron (TRX) Price Analysis
Latest Tron News
- Bittrex shall today launch TRX/USD and LTC/USD trading pairs for their customers.
Tron Price Prediction
Encouragingly, TRX prices are on an uptrend thanks to that morning star pattern that was confirmed late last week. However, though bulls show potential despite yesterday’s seven percent loss, the subsequent consolidation after Sep 13 candlestick may be a sign of low-level accumulation that might see price breaking above 2.3 cents.
Such kind of moves would not only trigger short-term buys aiming for 3 cents but shall complete a double bottom setting ground for further movements above 4 cents towards the 10 cents ultimate bull target level.
A contrarian move shall be printing out if prices edge below 1.8 cents effectively cancelling this bullish projection. This would undoubtedly attract sellers who might then drive TRX towards Jan 24 lows.
Monero Price Analysis
Inactivity in the last 24 hours means Monero prices have been trading within tight trade ranges with resistance at $120 marking the highs of that bull pin bar.
While Monero prices seem to be bottoming up after registering seven percent week over week gains, we need to see prices building up on last week’s momentum and rejection of $100 for at least our bullish Monero price prediction to hold true.
If not then we are aware that any dip below $110 and support trend line shall usher the next wave of sellers. This may end up driving Monero prices to $70, our main bear target level.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The University System of Georgia (USG) announced the launch of a state-wide fintech academy on on Sept. 11. It is the largest education effort of its kind in the United States. While individual universities have offered blockchain courses, such as Stanford and NYU, Georgia is opening the program to all current students across all colleges
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The ethereum price dropped back down below the $200 mark on Monday, as the second-largest cryptocurrency endured yet another double-digit rout. ETH had been on a moderately-ascendant trajectory since briefly dropping below $175 last week, crossing $225 at one point over the weekend and, despite some early morning losses, holding the $200 line leading into
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