Ripple price rallied recently above the $0.3200 and $0.3300 resistances against the US dollar.The price is up more than 15% and it recently climbed above the $0.3500 resistance area.There is a major bullish trend line in place with support at $0.3560 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is placed in a strong uptrend and it is likely to grind above the $0.3800 and $0.4000 resistance levels.Ripple price started a strong uptrend above $0.3400 against the US Dollar after bitcoin price rise. XRP is likely to accelerate higher and it might even clear the $0.4000 resistance level.Ripple Price AnalysisYesterday, there was a start of a strong uptrend in the crypto market, opening doors for a break above $0.3200 in ripple price against the US Dollar. The XRP/USD pair broke a few important resistances near $0.3200 and $0.3240 to move into an uptrend. Later, the price rallied sharply above the $0.3300 and $0.3500 resistance levels. The price even climbed above the $0.3600 barrier and settled well above the 100 hourly simple moving average.A new yearly high was formed near $0.3722 and the price is currently correcting gains. It recently traded below the $0.3650 support and the 23.6% Fib retracement level of the last wave from the $0.3462 low to $0.3722 high. However, there are many supports near the $0.3600 and $0.3550 levels. Besides, the 50% Fib retracement level of the last wave from the $0.3462 low to $0.3722 high prevented the recent drop. There is also a major bullish trend line in place with support at $0.3560 on the hourly chart of the XRP/USD pair.The trend line coincides with the 61.8% Fib retracement level of the last wave from the $0.3462 low to $0.3722 high. Therefore, if the price corrects lower towards the $0.3600 and $0.3560 levels, it could find a strong buying interest. Below the trend line support, the price might test the $0.3500 level. On the upside, a clear break above the $0.3750 resistance is likely to push the price towards the $0.3880 level.Looking at the chart, ripple price is trading heavily into a positive zone above $0.3500 and $0.3600. If buyers remain in charge, there are chances of a strong rise towards the $0.4000 level. On the downside, buying in the short term towards $0.3600 or $0.3500 might be considered with a tight stop.Technical IndicatorsHourly MACD – The MACD for XRP/USD is placed heavily in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower from the overbought zone.Major Support Levels – $0.3600, $0.3560 and $0.3550.Major Resistance Levels – $0.3750, $0.3880 and $0.4000.
Archives for April 2, 2019
The Dolder Grand, a five-star hotel based in Switzerland, will begin accepting bitcoin payments starting next month.
The news was announced Tuesday by the hotel’s tech partner, Inacta AG, which said that the payment option would be made available on May 1.
Once the new payment method goes live, guests can pay for accommodation, food and beverages or spa treatments using bitcoin. Inacta AG’s mobile app Inapay will then convert bitcoin payments into Swiss franc or euro “as soon as the payment has been completed,” according to the statement, meaning that the hotel itself won’t handle cryptocurrency.
The Dolder Grand’s director of finance André Meier said in a statement:
“Many of the improvements in our service in recent years were made possible by advances in technology. As we believe Bitcoin is here to stay, it only seems natural to offer more choices in the payment process.”
The bitcoin payment option was featured earlier as part of a pilot project with Inacta AG.
Hotels across the world have been accepting cryptocurrency payments since as early as 2014. U.S.-based travel agency CheapAir started service to allow bitcoin users to book hotel stays with the cryptocurrency back in February 2014.
In July of that year, Canada-based Sandman Hotel Group started accepting bitcoin as a form of payment for room reservations. More recently, Spain-based Casual Hoteles started accepting bitcoin payments on a pilot basis in February 2019.
Featured image courtesy of The Dolder Grand
ETH price started a strong rally above the $150 and $160 resistance levels against the US Dollar.The price rallied recently and even climbed above the $170 resistance area.There is a crucial bullish trend line formed with support at $165 on the hourly chart of ETH/USD (data feed via Kraken).The pair remains in a strong uptrend and it might continue to rise towards the $180 resistance level.Ethereum price surged more than 25% versus the US Dollar, coupled with bitcoin price rally. ETH is now trading well above the $165 level and it could accelerate towards the $200 barrier.Ethereum Price AnalysisYesterday, we saw a nasty upward move in bitcoin above the $4,800 resistance. It helped ETH price in clearing the $150 and $155 resistances against the US Dollar. The ETH/USD pair jumped more than 25% in the past few sessions. Bulls took control, resulting in a sharp upward move above the $160 and $165 resistance levels. The price even rallied above the $170 resistance and settled well above the 100 hourly simple moving average.A new yearly high was formed near $173 and the price is still trading with a bullish angle. An initial support is near the $170 level. It represents the 23.6% Fib retracement level of the recent rise from the $159 swing low to $173 swing high. There is also a crucial bullish trend line formed with support at $165 on the hourly chart of ETH/USD. The trend line coincides with the 50% Fib retracement level of the recent rise from the $159 swing low to $173 swing high.The current price action is very positive, suggesting more gains above the $172 and $173 levels. Buyers could even target the $180 resistance, which is a strong barrier. The next key resistance is near the $185 level, above which the final target in the current wave could be $200. The overall rally is gathering momentum above $165 and sellers are likely to struggle in the coming sessions.Looking at the chart, Ethereum price is placed in a strong uptrend above the $160 and $165 pivot levels. The price is already up more than 25%, with Ethereum supporters in full action. Therefore, dips towards the $165 and $160 levels are likely to find a solid buying interest. On the upside, a break above the $180 level could open the doors for more gains towards $200.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone, with a positive bias.Hourly RSI – The RSI for ETH/USD is currently well above the 80 level, with a bullish angle.Major Support Level – $165Major Resistance Level – $180
According to the Dawn, a local media outlet, Pakistan’s central bank has announced plans to have a digital currency by 2025.
Digital Version of the Pakistani Rupee
Speaking about the regulation of Electronic Money Institutions, non-bank entities that will be allowed to issue “e-money” for digital payments, Pakistan’s State Bank Deputy Governor Jameel Ahmad told the audience that digital currency is more efficient. He also called on the government to ensure that cybersecurity was a top priority moving forward so that Pakistanis can fully take advantage of recent innovations.
While the Pakistani government has given itself a long window to create an “e-rupee,” private entities will be able to build digital solutions in the meantime. Ahmad said:
“It is our government’s policy to encourage the use of e-commerce amongst public through awareness campaigns to promote a culture of e-commerce, which supports electronic business transactions at national, regional and international levels.”
From Branchless Banking to Blockchain Remittances to a Fiat Blockchain Token
Pakistan’s last great financial innovation, according to the Dawn, was the legalization of web banks or “branchless banking.” The next step is allowing non-banks to participate in the facilitation of payments, which provides a framework for blockchain companies to apply for regulatory approval. The central bank intends to launch its digital version of the country’s Rupee, but not many more details have emerged regarding that. The entire world is moving towards a cashless state. Ahmad spoke to the success of branchless banking:
“Over the past few years, branchless banking providers have evolved well and are now offering financial services to a large segment of our population.”
In some ways, Pakistan was ahead of many other countries in terms of mobile banking solutions and even received praise from the World Bank some years back.
Blockchain, an industry growing at a rapid rate, provides the necessary tools to ensure that transparency and efficiency are part of the digitized fiat equation. Systems that forego the use of blockchains are likely to be inferior and more vulnerable to corruption if the current fiat system is any indicator. The amount of counterfeit dollars is technically an unknown – that they exist in the millions or billions is an absolute fact. An analysis in the early days of Bitcoin presumed that for every $10,000 legitimate dollars, at least $1 is counterfeit.
Earlier this year, a Pakistani bank announced the utilization of blockchain for international remittances from Malaysia.
After Bitcoin’s meteoric rise to its all-time high price of $20,000 back in December 2017, the first ever cryptocurrency has given investors, traders, and mainstream media more than enough reason to criticize the crypto, call it a bubble, and point to severe losses as reason for why the asset would die a slow death. It has caused many to write off the asset entirely, and much of the hype surrounding crypto and blockchain has since faded.However, following an extremely powerful rally in Bitcoin last night, the king of cryptocurrencies has the entire world talking again, from “banks to funds to family offices to brokers” and more. With Bitcoin price back in the limelight, the resurgence in interest could send the price of the leading crypto by market cap back into the stratosphere.Bitcoin Making Headlines On Major Media Outlets Once AgainNever underestimate the power of mainstream media. Headlines influence behavior and decision making, and the constant headlines of Bitcoin price reaching new heights in 2017 took the world by storm.Related Reading | Analysts: Bitcoin Price (BTC) To Revisit $20,000 in March 2021But since then it’s been a rocky road, and a long, arduous bear market has beaten and battered even the most hardcore of Bitcoin bulls. Enthusiasm surrounding Bitcoin has all but vanished from the crypto market. However, a recent overnight rally that broke important resistance levels has the entire world outside of the cryptocurrency space talking about the BTC for the first time since its highly-publicized parabolic advance, and it could help it reclaim its fame.Everybody outside crypto is talking about bitcoin today.From banks to funds to family offices to brokers.— Alex Krüger (@krugermacro) April 2, 2019According to New York-based trader and economist Alex Kruger, “everybody outside of crypto is talking about bitcoin today.” “From banks to funds to family offices to brokers,” he added.A quick Google search backs up these claims, and every major mainstream media outlet from Bloomberg, to New York Times, to Wall Street Journal, to Yahoo Finance and every publication in between features headlines on Bitcoin. Even tech sites, such as Gizmodo, are reporting on the massive Bitcoin rally to $4,800. Twitter and other social media platforms are also echoing talk about Bitcoin’s powerful surge.Media Blitz Could Kick Off a New Crypto Bull RunThe headlines are becoming the subject for water cooler talk amongst investors and traders everywhere. The same public that watched as Bitcoin skyrocketed to $20,000 are now learning that Bitcoin broke through downtrend resistance that could signal the bear market is over, and a new bull run could begin. Smart money has been and will continue to accumulate BTC at these low prices.Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term As Bitcoin continues to rise from here, each time it breaks through major price levels, it’ll make even more headlines as awareness about the first-ever cryptocurrency is far higher than the previous bull cycle. The renewed interest, combined with familiarity, and a surge in both price and media attention could be enough to bring Bitcoin price to new all-time highs. It’s just a matter of time.
Bitcoin (BTC) has continued to surge after incurring a massive influx of buying pressure that allowed it to smash through multiple levels of resistance that were previously seen as being critical in order for the cryptocurrency to see further gains.One prominent analyst now believes that Bitcoin’s latest price surge confirms that the persisting “Crypto Winter” has, in fact, come to an end, and that “Crypto Spring” can now commence.Bitcoin Skyrockets Towards $5,000At the time of writing, Bitcoin is trading up nearly 14% at its current price of $4,720, up significantly from its 24-hour lows of $4,150.Prior to yesterday evening’s upwards surge, Bitcoin faced multiple levels of resistance that existed at approximately $4,200 and $4,600, which had both persisted as strong resistance levels over the past couple of months.Nigel Green, the CEO of the UK-based deVere Group, recently spoke to MarketWatch about the current state of the markets, explaining that the recent upwards break confirms that the markets have found a long-term bottom, and that the so-called “Crypto Winter” is finally over.“After being in bear territory there is a growing sense that bitcoin is back. I’m now calling that the market has bottomed and the so-called crypto winter has come to an end. I believe bitcoin will now move higher over the next few weeks and months, making steady gains for investors,” he explained.Where is Bitcoin Heading Next?As for where Bitcoin is heading next, one analyst is quick to point out that traders should wait to see how BTC’s price action plays out in the near-future for insight into the clout this latest price move carries in the long-term.Cred, a popular cryptocurrency analyst on Twitter, explained this notion in a recent tweet, saying that traders should look towards altcoins for further profits while BTC trades sideways.“$BTC: Rallied into monthly resistance. Rugged intraday conditions – very fast moves with long wicks make it difficult to define risk (i.e. place stop) somewhere sensible. No need to rush into a trade. Chill out, enjoy the green, and scroll through some alts,” he explained.$BTCRallied into monthly resistance.Rugged intraday conditions – very fast moves with long wicks make it difficult to define risk (i.e. place stop) somewhere sensible.No need to rush into a trade.Chill out, enjoy the green, and scroll through some alts. pic.twitter.com/p8rCdrc5xf— Cred (@CryptoCred) April 2, 2019Bitcoin’s latest price surge has led the general crypto markets to skyrocket, with most cryptocurrencies climbing over 10%.Today’s best performing major altcoin is Bitcoin Cash (BCH), which has surged nearly 30% to $211.7 over the past 24 hours. Litecoin is close behind and is currently trading up over 17% at its current price of $70.81. Cardano (ADA) has also done quite well today, surging 15% to $0.081.As the week continues on and Bitcoin establishes fresh levels of support and resistance, analysts and traders will gain a better idea of whether or not the latest market surge will be sustainable long-term.Featured image from Shutterstock.
Bulls finally got the better of stubborn bears as they smashed the $4,200 resistance level to see a sharp 20% Bitcoin price increase. The surge occurred at 07:00 UTC+1 on April 2 and managed to reach $5,000, marking the flagship cryptocurrency’s highest level in 2019.
Bitcoin Price Jumps Above 200-Day Moving Average
Today’s closing price will be a key indicator for where things move from here. Should Bitcoin close above the 200-day moving average, which seems likely given that the price increase has held steady above $4,700, this brings the opportunity of a golden cross pattern.
Investors will look for the golden cross to signal another major bull run, and the next target could be $6,000. But with markets as unpredictable as these, Bitcoin may yet see a bottom around the low $3,000s; failure to keep momentum could lead to another plunge.
Bitcoin Survives ‘Pump or Perish’ Crisis
Bitcoin was widely seen to be approaching a “pump or perish’” moment. But, for the prominent investor and founder of Digital Currency Group, Barry Silbert, its performance against the dollar in the first quarter of 2019 was not to be forgotten.
U.S. Dollar plunged 10% in value against bitcoin in Q1
— Barry Silbert (@barrysilbert) March 31, 2019
His point is an interesting one; in part due to the high volatility and extreme cycles that Bitcoin has seen – especially true since the astronomical high of December 2017, which preceded a bleak year for cryptocurrencies – it is rarely seen as more than anomalous in reference to USD.
Could this be a sign that experts such as Silbert see increasing promise and maturity in Bitcoin? An indicator may be that we are starting to approach a more accurate price level for the world’s largest cryptocurrency, but little more than that for now.
The proof will end up being self-evident, though signs show a more stable Bitcoin than has been the case previously. Gradual gains made throughout February did a great deal to instill confidence in markets.
Is Bitcoin the New Gold standard?
As a store of value, Bitcoin is, in theory, more fit for purpose than gold. The coin has built-in scarcity, but the ease of transfer and proof of ownership are even more compelling advantages. For now, this is the clearest use case of Bitcoin and could help to direct future price movements.
Stability will first need proving across a longer timescale, as that is a key function of gold; you always know that it will be worth something, somewhere to someone. Bitcoin may have a long way to go before this point.
New Lows, No Problem
Elon Musk Reveals His Favorite Crypto – Hint: It’s Not Bitcoin https://t.co/y6GHKN2BwV
— CCN.com (@CCNMarkets) April 2, 2019
We should be a long way past notions of FOMO and FUD which have instructed some of the most novice investors to help keep crypto markets volatile for so long. There remains the possibility that Bitcoin will find lows around $3,000 and who knows, it could drop even lower.
Performance for Bitcoin has been bright so far in 2019, and there seems a solid chance of another $1,000 increase. This does not mean those hopeful investors should be surprised if bears take control once again. We might simply be bearing witness currently to a short squeeze. At any rate, this recent price rise has caught the attention of the Bitcoin industry.
According to Google Trends last year, the number of US users searching for the term, “how to buy Ripple” was greater than the number using the popular search engine to query “how to buy Bitcoin”. However, Google users interested in cryptocurrency from outside the US searched more frequently for information regarding taking up a position in the current number one digital asset by market capitalisation than they did for buying XRP.Likewise, just the term “Bitcoin” outperformed “XRP” or “Ripple” both globally and in the US. Therefore, the long-awaited “flippening” that XRP fans are calling for might have to wait a little longer yet.Google Trends: Buying XRP More Popular than BTC in US Last Year?For advocates of and investors in Ripple’s XRP, it is only a matter of time before the bank-friendly token replaces Bitcoin as the leading digital asset by market capitalisation. Those who form the hardcore XRP fan base can be seen all over Reddit and Twitter denouncing Bitcoin as now-dated technology.For them, BTC is a lumbering dinosaur of a crypto when compared to its competitors. Based on the potentially increased utility many more transactions per second provide, large numbers of folks are banking on XRP one day outperforming Bitcoin in terms of market capitalisation.Whilst the controversial XRP currency is still a long way behind Bitcoin in terms of total size of market, there is one metric that Ripple appears to be somewhat outperforming Bitcoin on – US Google interest.Twitter user and former engineer at Coinbase, Preethi Kasireddy, highlighted earlier today that, according to Google Trends, the phrase “how to buy Ripple” was more frequently searched than “how to buy Bitcoin” amongst US users of the search engine during the course of 2018:Google’s 2018 top “How to” searches:1) How to vote
2) How to register to vote
3) How to play Mega Millions
4) How to buy Ripple 🤔
5) How to turn off automatic updates
6) How to get the old Snapchat back
7) How to play Powerball
8) How to buy Bitcoin 🙃
9) How to screen record— Preethi Kasireddy (@iam_preethi) April 2, 2019Kasireddy’s Tweet is somewhat misleading since it makes no mention of the fact that it is based only on US Google users. When the entire planet is taken into account, “how to buy Bitcoin” far outperforms “how to buy Ripple”. In fact, more than seven times as many searches were made regarding taking up a position in Bitcoin as they were for the XRP equivalent during the year in question.A basic reading of these figures might suggest that Ripple’s XRP is now more popular amongst the cryptocurrency community based in the US. However, this appears not to be the case. When the search terms “Bitcoin” and “Ripple” are compared using the analytics software, BTC comes out on top for number of searches occurring during 2018 both locally in the US and globally.Despite growing numbers of bank partnerships, positive news regarding exchange listings, and trending hard in US Google searches, the blockchain company Ripple’s digital token, XRP, has been losing value versus Bitcoin during 2019. On January 1, a single XRP token would buy around 0.00009439 BTC. Today, a single XRP is worth just 0.00007350 BTC. Evidently, those expecting to see a flippening between XRP and Bitcoin will have to wait a little while longer at least. Related Reading: Weiss Rates Ripple and EOS; Best Time to Invest Could be Very NearFeatured Image from Shutterstock.
Paypal has made a relatively small (for a $120+ billion company) in Cambridge Blockchain, which is a company focused on digital identity.
Paypal’s First Blockchain Investment
Cambridge Blockchain is working on a product that will amount to a digital passport: the user will be able to have strict control of who uses their data, but also be able to use it to verify themselves. The investment gives a clear picture of how Paypal, who allow people to send, receive, and store money without the need of a bank (and even use ATM services through their debit card), might use the blockchain in the future.
Rumors of Paypal integrating Bitcoin payments have circulated for years, but the company has never really gone the whole way with cryptocurrency. Back in 2015, they enabled Bitcoin payments through Braintree, a company they acquired in 2013. A search of Braintree’s website today for “Bitcoin” returns no results.
Now they’ve made their first investment in a blockchain company that’s not focused on cryptocurrency at all. The dollar is still king at Paypal.
A Paypal representative told Forbes:
“We made an investment in Cambridge Blockchain because it is applying blockchain for digital identity in a way that we believe could benefit financial services companies including PayPal.”
A Future of Digital Identity and Blockchain
Besides gambling and value transfers, one of the primary use cases for decentralized ledger technologies is the secure issuance and usage of virtual documents. Things like land/auto titles, university degrees, and other types of credentials are ripe for a digital solution.
Using the blockchain and nonfungible tokens, the potential for fraud is significantly reduced. What a true “e-passport” or identification system will look like is hard to imagine from here, at a time when we mostly identify ourselves with photo ID cards that can be spoofed.
Cambridge Blockchain is just one company working in this sector. They’ve decided to go the traditional funding route, while Civic, a competitor, launched an ICO during the boom times of 2017. The Civic CVC token is used to purchase storage of digital identity on the Ethereum blockchain. At press time, CVC was trading for just under 10 cents.
The Cambridge Blockchain approach is different. They aim to build blockchain-based products for financial companies that want more efficient ways to verify customers. If you’ve gone through any KYC process with a firm like Binance or Coinbase, you know that it can be arduous – taking selfies and so on.
Multiple Players in the Blockchain ID Space
Companies like Cambridge Blockchain and Civic might make it so that users only need to undergo the rigors of identity verification one time, and then be issued a portable, verified identity that is usable at multiple institutions.
Or the system may be even more advanced than that – people who are already verified with traditional banks or Paypal may be granted access to additional, global financial services with the click of a few buttons.
At this point, we can only guess at what companies like Paypal may need from firms like Cambridge Blockchain. While many crypto-enthusiasts would probably rather see Paypal enabling crypto payments within its massive user base, it’s nevertheless a positive sign for Paypal to be making moves in the blockchain space at all. Unlike traditional banks and technology companies, who have dozens of blockchain-related patents, Paypal has just one such patent.
Elon Musk has diversified his cryptocurrency. Or at least, his crypto-related tweets.
A month and a half after calling bitcoin “brilliant,” the Tesla and SpaceX founder lauded one of the crypto market’s longest-running, and famously whimsical, alternatives.
“Dogecoin might be my fav cryptocurrency. It’s pretty cool,” Musk tweeted Tuesday.
His praise for the meme-inspired asset came in response to an April Fool’s Day poll posted the day before by the official Dogecoin account asking who should be the cryptocurrency’s next CEO (an absurd notion on its face, since crypto projects are supposed to be decentralized). Musk won with 54 percent of the vote.
So at 18:26 UTC Tuesday, the official Dogecoin account posted, “Looks like you’re the CEO now @elonmusk, DM us where to email the access codes :-D”
Musk then returned the favor with several tweets mentioning the cryptocurrency including one declaring that “Dogecoin rulz” – with a Doge meme attached.
Then Jackson Palmer, the creator of Dogecoin – currently the 25th most valuable cryptocurrency by market capitalization, according to CoinMarketCap – parodied Musk with this tweet:
“Am considering selling http://Dogecoin.com for $4.20B. Funding (not yet) secured.”
That was a reference to an infamous older post from the Tesla CEO that ultimately led to a Securities and Exchange Commission action.
For those who don’t get it: Last summer, Musk tweeted that he had secured funding to sell his electric car company at $420 per share. The statement proved to be untrue, ultimately costing Musk personally his chairmanship of the company and $20 million.
Skeptics who followed Musk’s tendency to troll the internet took note of the price: “420,” a number that’s familiar code to pot users. Hence Palmer’s asking price of “$4.2 billion.”
Palmer, it should be noted, is not involved with this or any cryptocurrency (though he did confirm to CoinDesk that he still owns the website).
But Musk, who also founded the Boring Company, dreamed up the Hyperloop and is a member of the PayPal mafia, seemed proud of his new affiliation.
On Tuesday he changed his Twitter bio to “CEO of Dogecoin” (and later updated it again to say he was the “former CEO.”) The most recent tweet from the dubiously appointed executive as of this writing warns investors:
“Dogecoin value may vary.”
Shiba inu photo via Shutterstock