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Is Amazon Preparing To Launch Its Own Crypto Asset? XRP Architect Analyzes Odds That Retail Giant Will Enter the Space

Ripple executive David Schwartz is analyzing the prospects of an Amazon-minted crypto asset. Speculation on Amazon’s potential interest in entering the industry has been a hot topic in crypto circles for years, fueled by the company’s patent filings and domain purchases. In a new post on Quora, the chief technology officer at Ripple says he […]

The post Is Amazon Preparing To Launch Its Own Crypto Asset? XRP Architect Analyzes Odds That Retail Giant Will Enter the Space appeared first on The Daily Hodl.

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Ripple executive David Schwartz is analyzing the prospects of an Amazon-minted crypto asset.

Speculation on Amazon’s potential interest in entering the industry has been a hot topic in crypto circles for years, fueled by the company’s patent filings and domain purchases.

In a new post on Quora, the chief technology officer at Ripple says he doubts the online retail giant will launch its own digital asset for its 200 million users anytime soon. Schwartz cites the difficulty in converting crypto assets to other currencies as the main factor that will keep Amazon out of the crypto movement.

“…that’s not a particularly convenient way to make a currency.

Imagine if you had one currency that you were paid in, one currency that you had to pay taxes in, one currency that you used to pay your rent, one currency that you used to buy groceries, and so on. That would be a confusing mess. Not only would you incur lots of pointless fees converting between currencies, but you wouldn’t know what fraction of your salary you needed to pay your rent because the currencies could change value relative to each other.”

Back in 2017, Amazon bought three crypto-related domains – amazoncryptocurrency.com, amazonethereum.com and amazoncryptocurrencies.com – fueling talk of the company’s potential interest in the space.

Amazon also has several blockchain patents, at least one of which is geared towards tracking items over time across the supply chain.

Back in late 2019 predictive analytics company Cindicator asked a group of analysts which company was most likely to launch a cryptocurrency to compete with Facebook’s Libra, now Diem, and 22.62% of respondents said they believed Amazon would be next.

However, at the time the study was published, Amazon Pay vice president Patrick Gauthier squashed rumors that the company would launch a cryptocurrency anytime soon, citing the speculative nature of the market.

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Source: https://dailyhodl.com/2021/01/07/is-amazon-preparing-to-launch-its-own-crypto-asset-xrp-architect-analyzes-odds-that-retail-giant-will-enter-the-space/

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Ethereum Price Analysis: 25 January

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Ethereum price hit a new ATH of $1476 on Monday after recently testing the previous ATH a few days ago. While ETH’s resurgence is bullish in the short-term it is yet to determine how the long-term outlook will evolve. At press time, there are conflicting long-term outlooks but the short-term scenario seems bearish for the smart contracts platform.

Trading at $1423 at press time, Ethereum price stands above an important area of resistance; failure to conquer this resistance puts bears in control.

Ethereum 6-hour chart

Source: ETHUSD TradingView

The Ethereum price shows an ascending parallel channel that theoretically calls for a bearish breakout. However, considering the inflow of capital and institutional investment, this is a bull cycle and a bearish breakout seems unlikely. If anything, the breakout from the recent ascending parallel channel in late December is the proof of the bull run.

Hence, this time around, ETH’s price is expected to break higher. At press time, Ethereum’s price is testing the upper trendline of the parallel channel and has to decide if it is going to head higher or get rejected and head lower. If the price gets rejected or forms a lower high on the OBV, then there will be a bearish divergence between the price and OBV. This divergence further suggests a drop for the smart-contracts platform.

Moreover, the Stochastic RSI indicator also suggests that the price is overbought and is preparing for a potential downtrend due to the formation of a bearish crossover.

The RSI indicator hasn’t hit the overbought zone yet but shows signs of diminished buyers – indicating a retracement is likely. As mentioned earlier, the OBV indicator shows that buy volume is reducing indicating a bearish divergence and hence, a pullback.

Conclusion

A pullback at the upper trendline will most likely push the price towards the middle-line of the parallel channel at $1300, which would mean a drop of 7 to 10%. The price is also likely to bounce off the support at $1346, which coincides with the 50% Fibonacci level.

In addition to the indicators, the Fibonacci extension tool shows that there is a golden pocket area above the current price, which is a strong area of support/resistance. Hence, a trend higher for the price here would require strong buying pressure.

Source: https://ambcrypto.com/ethereum-price-analysis-january-25

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Blockchain

Test Hamed

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January 25, 2021& News

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Crypto Lawyer Stephen Palley Backs SEC, Says XRP Is A Security

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Ripple Would Still Prosper Even If XRP Was Declared A Security By U.S Lawmakers, Brad Garlinghouse Asserts

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A top lawyer and crypto enthusiast Stephen Palley has backed the SEC, saying that XRP is indeed a security. The company behind XRP, Ripple has been in court since late December last year following a suit by the SEC alleging that XRP was an unregistered security.

Prior to this, the XRP community had accused the Ripple management of periodically dumping the cryptocurrency on the market due to its highly centralized system. Ripple has denied this allegation severally before the SEC filed a suit against the company and its executives for selling and making a profit from XRP to the tune of $1.3 billion.

Though Ripple is ready to fight the SEC as it believes that XRP is not a security, some important personalities in the crypto space have affirmed the position of the SEC, one of which is Stephen Palley. Last week, Biden’s newly appointed head of the SEC, Gary Gensler said there may be more unregistered securities like XRP in the crypto space and there is a need to regulate them.

Although the case on XRP has not yet been concluded, the position of top cryptocurrency influencers such as Palley may give an insight into its outcome. Already, many exchanges have delisted XRP and the world’s leading digital assets manager Grayscale also removed it from its large-cap funds earlier this year.

Meanwhile, in Japan, XRP investors have taken a clear position of support for XRP as the court case proceeds. Ripple has a long-standing business relationship with one of Japan’s leading financial services company SBI Holdings. As a result, XRP has become accepted in the country and crypto investors there consider it to be a currency and not a security as the SEC alleges.

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Another country that has supported XRP and Ripple is the United Kingdom where XRP isn’t regarded as a security. Ripple CEO Brad Garlinghouse had earlier announced that the company was considering moving its headquarters to London before the SEC case began. If the court eventually rules in favor of the SEC then Ripple may have to find its place in one of these countries where it is welcomed.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/crypto-lawyer-stephen-palley-backs-sec-says-xrp-is-a-security/

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