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Ripple Slumps as Bulls Fail to Sustain the Recent Rallies

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Jan 16, 2021 at 11:53 // News

Ripple has stuck below the $0.31 resistance

Ripple has resumed a downward move as a result of its recent rejection at the $0.285 high. Today, the coin is approaching the previous low at $0.27.

However, since January 12, Ripple has been stuck below the $0.31 resistance where buyers tried unsuccessfully to break the overhead resistance. After its decline from the recent high, the coin plunged to $0.26 low. 

The bulls bought the dips at the recent low as price corrected upward. Unfortunately, the upward correction was rejected at the $0.285 high. This implies a further downward movement of the coin is likely. On the downside, if XRP falls and breaks below the $0.26 support, the market will sink to a low above $0.16. Meanwhile, the altcoin has continued its fall.

Ripple indicator analysis

The crypto’s price is breaking below the 21-day SMA. A break below the SMAs suggests a downward movement of the coin. Presently, XRP has fallen to level 43 of the Relative Strength Index period 14. It indicates that the coin is in the downtrend zone and below the centerline 50. 

XRP+Coinidol.png

Key Resistance Zones: $0.80, $0.85, $0.90

Key Support Zones: $0.20, $0.15, $0.10

What is the next move for Ripple?

With the recent rejection at the $0.285 high, XRP is likely to further decline. On January 11 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement suggests that Ripple will fall to level 1.618 Fibonacci extension. That is the low of level $0.18.  

XRP+Coinidol+2+Chart.png

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing 

Source: https://coinidol.com/ripple-sustain-rallies/

Blockchain

Palestine Reportedly Working On Its Own Digital Currency

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Cryptocurrencies are back in the geopolitical scenario. The Palestinian Monetary Authority is reportedly working on issuing a digital currency as a strategy to achieve a higher level of financial independence.

This effort would put Palestine on the same list as other nations like Venezuela, the Marshall Islands, the Bahamas, China, and the latest endeavors of El Salvador, who are interested in the power of the blockchain to improve the efficiency of their financial infrastructure —and gain a little more independence from other economic powers, bypassing their sanctions since we’re there.

A Palestinian Sovereign Digital Coin: Practical Solution Or Political Statement?

Palestine has a rather peculiar political situation, although 138 of the 193 United Nations (UN) recognize it as an independent country, the United States and Israel (two of its most important political rivals to say the least) do not recognize its existence, and Israel currently exercises an important military and even financial control on the region.

Countries that recognize Palestine as a free country (Green) vs Countries that do not (Grey). Image: Wikipedia
Countries that recognize Palestine as a free country (Green) vs. Countries that do not (Grey). Image: Wikipedia

And this is where the blockchain comes in as a possible relief valve or perhaps a means of political protest by Palestine against Israel. Palestine does not have its own currency and instead relies on a mixed economy in which Israeli shekels, Jordanian dinars, and U.S. dollars move in and out.

So, with an economy controlled by a rival third party, it is almost impossible for Palestinians to have any financial sovereignty when Israeli banks dictate their movements.


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Currently, Israel prohibits banks from conducting large cash transactions. It also imposes limits on the amount of money Palestinians can transfer to Israel each month.

According to a Bloomberg report, this hinders financial transactions between Palestinians and could be one of the most important practical reasons for trying to create a sovereign currency free from Israel’s influence.

As a result, they [the palestinians] sometimes have to borrow to cover foreign exchange payments to third parties and are stuck with a glut of Israeli banknotes. That could be one reason a digital currency would be attractive to the Palestinian monetary system.

Experts Don’t Expect Much

Palestinians might be optimistic, but many experts don’t see much hope for the Palestinian efforts. Among this group is Raja Khalidi, director of the Palestine Economic Policy Research Institute, who believes that it is practically impossible for the Palestinian cryptocurrency to see the light of day.

“The macroeconomic conditions don’t exist to allow a Palestinian currency — digital or otherwise — to exist as a means of exchange.

For his part, Barry Topf, former senior adviser to the Bank of Israel governor, assured that this currency will fail to fulfill two of the main functions of money:

“It’s not going to replace the shekel or the dinar or the dollar. It’s certainly not going to be a store of value or a unit of accounting.”

However, Palestine seems determined to pursue a venture in which it has nothing to lose. Two cryptocurrency studies are currently underway to help experts understand the landscape. In the end, much of its success will depend on the support it receives from other international bodies, and especially from other states.

And this is a matter of discussion for political analysts, not crypto enthusiasts.

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Source: https://cryptopotato.com/palestine-working-digital-currency/

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Blockchain

Ethereum Testnet Burns 88K ETH in Preparation for EIP-1559

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Ethereum’s London hard fork launched on the Ropsten testnet on June 24 in preparation for the mainnet rollout in July.

The upgrade will usher in the implementation of the highly anticipated EIP-1559 modification that will adjust the Ethereum transaction fee calculation mechanism.

The next phase in the London hard fork rollout is deployment on the Goerli testnet, which is scheduled for June 30. Following that, it will be launched on the Rinkeby testnet on July 7 and then mainnet later in the month.

Watch The Burn

Part of the EIP-1559 mechanism, aside from changing the fee auction structure, is to burn the “base fee,” which will make the Ethereum economy deflationary over time.

A website called Watch The Burn has been set up to see this in action. At the time of press, 88,483 ETH had been burned on the testnet. This is equivalent to around $177 million at current prices.


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Ethereum software solutions firm ConsenSys estimates that the annual supply change will be minus 1.6 million ETH. At current prices, this equates to the burning of $3.2 billion in ETH, which will reduce the annual supply rate by 1.4%.

The deflationary properties of the network will be further compounded when proof-of-stake launches on mainnet for ETH 2.0 in 2022 some time, and the asset is no longer mined.

In February, Predictions Global founder Ryan Berckmans detailed how, in his opinion, Ethereum prices could surge to five figures through these deflationary mechanisms. He argued that this effectively gives ETH back to holders and not miners as the asset increases in scarcity through fee burns.

Unfortunately, hopes of major gas savings from the upgrade have been dashed. ConsenSys confirmed that it was not the intent of the EIP, adding:

“As a side effect of a more predictable base fee, EIP-1559 may lead to some reduction in gas prices if we assume that fee predictability means users will overpay for gas less frequently.”

Ethereum Prices Lackluster

Ethereum prices had regained the psychological $2,000 level at the time of press. The asset has gained 4.2% on the day but remains in a downtrend.

CoinGecko has reported a 20% decline in the price of ETH over the past fortnight. The world’s number two crypto asset is currently 54% down from its all-time high of $4,350 on May 12.

So there may be a bit longer to wait before these properties of scarcity and demand are reflected in its price action.

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Source: https://cryptopotato.com/ethereum-testnet-burns-88k-eth-in-preparation-for-eip-1559/

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Blockchain

Citizens of El Salvador To Receive $30 in Bitcoin as the Law Will be Implemented In September

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The President of El Salvador Nayib Bukele has announced that bitcoin’s legal tender status will take effect in the country on September 7th, 2021. In addition, the government will give El Salvadoran citizens $30 worth of bitcoin.

  • Bukele made the statement during a national address on Friday (June 25th, 2021). The El Savaldoran President’s announcement comes after the country’s supermajority voted in favor of his Bitcoin plan to make the largest cryptocurrency the country’s second legal tender earlier in June.
  • Apart from the news of the Bitcoin law taking effect, President Bukele also revealed the creation of a new BTC wallet called Chivo.
  • According to him, every adult who signs up on the wallet will receive $30 worth of bitcoin. This effort could encourage increased adoption of the cryptocurrency.
  • Earlier, El Salvador’s President said that individuals who invest 3 BTC into the country’s economy would be awarded citizenship.
  • Although the World Bank and the International Monetary Fund (IMF) are not in support of the Central American country’s bitcoin adoption, the latest developments indicate that El Salvador is not going to give up its plans.
  • President Bukele’s plan has also faced opposition within the country. Some members of the Farabundo Martí National Liberation Front (FMLN), one of El Salvador’s major political parties, called the Bitcoin Law illegal, adding that it was harmful and was also designed to loot the people’s pockets.
  • However, the President, in his recent address, refuted the claims, stating that bitcoin will instead benefit the people and move the country forward.

Featured Image Courtesy of Reuters

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Source: https://cryptopotato.com/citizens-of-el-salvador-to-receive-30-in-bitcoin-as-the-law-will-be-implemented-in-september/

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