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This Single Chart Suggests XRP May Rally Up Towards $0.50

XRP has been moving in close tandem with Bitcoin and the aggregated crypto market throughout the past few days and weeks, with the crypto largely consolidating within the mid-$0.20 region as it continued finding support in the lower-$0.20 region and resistance around $0.30. This price action has done little to offer insight into the cryptocurrency’s […]

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XRP has been moving in close tandem with Bitcoin and the aggregated crypto market throughout the past few days and weeks, with the crypto largely consolidating within the mid-$0.20 region as it continued finding support in the lower-$0.20 region and resistance around $0.30.

This price action has done little to offer insight into the cryptocurrency’s near-term outlook, and it does appear that where it trends next will depend largely on where Bitcoin and other major altcoins trend in the near-term.

Despite the weakness seen in recent weeks, it is important to note that it is still flashing some signs of strength.

One analyst believes that XRP will outperform Ethereum in the mid-term, noting that there are a plethora of bullish factors underpinning its current technical outlook.

Another trader recently put forth a chart showing how he sees the cryptocurrency trending in the near-term. If his outlook comes to fruition, the cryptocurrency will soon rally up towards $0.50 in the near-term.

XRP Shows Signs of Strength as Analysts Expect Outperformance

At the time of writing, XRP is trading up just under 2% at its current price of $0.24. This is around the price at which it has been trading at for the past couple of days.

It has been caught within a consolidation pattern, with it forming a tight range between $0.23 and $0.245. Which of these levels is broken first may provide significant insights into its near-term outlook.

One analyst explained that he believes XRP will outperform Ethereum in the near-term due to its strong technical outlook.

“I’ll say it again – expect XRP to outperform ETH over the coming months. Has nothing to do with fundamentals or my affinity towards either coin- just the charts, plain and simple.”

Analyst: The Token is Likely to Target $0.50 in the Near-Term

While speaking about the cryptocurrency’s technical outlook, one analyst explained that XRP may be well-positioned to see major upside in the near-term.

He put forth a chart showing that the recent drawdown is simply a bullish retest, which will be followed by a strong upswing that leads it up towards $0.50 in the near-term.

This can be seen in the below chart:

XRP

Image Courtesy of il Capo of Crypto. Chart via TradingView.

The above chart also shows that a break above $0.50 could be enough to send it towards its other key resistance regions at $0.92 and $1.18.

For this to occur, it is imperative that Bitcoin and the rest of the crypto market also remain strong in the near-term.

Featured image from Unsplash.
Charts from TradingView.

Source: https://www.newsbtc.com/2020/09/09/this-single-chart-suggests-xrp-may-rally-up-towards-0-50/?utm_source=rss&utm_medium=rss&utm_campaign=this-single-chart-suggests-xrp-may-rally-up-towards-0-50

Blockchain

Elon Musk’s Tesla Should Accept ADA, Says Cardano Founder Charles Hoskinson

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Charles Hoskinson – the founder of Cardano –  stated that the project’s native cryptocurrency ADA is one of the greenest and most eco-friendly digital assets. He further opined that Tesla (TSLA) should choose it if it really cares about environmental sustainability.

Tesla Should Go for Cardano (ADA)

In a recent interview with Lex Fridman, Charles Hoskinson highlighted the benefits of his proof-of-stake blockchain platform Cardano. He noted that the PoS system is much better in terms of energy consumption compared to its rivals. Moreover, he surmised that Cardano and its native digital asset should be the first choice for Elon Musk’s giant EV-maker Tesla:

”If they truly care about alternative energy, sustainability, carbon reduction, and carbon neutrality, you can’t be in a system where there is no built-in mechanism to constrain the energy consumption.”

As an alternative energy company, Hoskinson stated that Tesla should focus on the greenest cryptocurrencies, such as ADA, and not the high energy-consuming Bitcoin. Apart from the ecological damage, which it causes, the primary digital asset lacks many other qualities, according to Cardano’s founder:

”Bitcoin is the least programable of all the cryptocurrencies and if you want to do interesting, sexy, and unique things there is just no real way to do that.”

However, Hoskinson pointed out that all crypto projects are an experiment and hide their risks. Even though Cardano gained significant success recently, it is not 100% sure that in the future, it will fulfill its goals.

Cardano Is Better Than Ethereum

This is not the first time when Charles Hoskinson elevates Cardano over its rivals. In late May, he criticized Ethereum’s network by calling it overrated and outlining a lack of vital qualities. Subsequently, he revealed his three reasons why Cardano is the better blockchain project.


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First, Cardano can operate with metadata and also with automated regulation. In his opinion, Ethereum can only process smart contracts while its rival can do that with governance and compliance.

Second, Ethereum has never cooperated with local governments of developing countries to benefit their citizens, while Cardano has done that in Ethiopia, Tanzania, and Georgia.

Third, Hoskinson opined that Ethereum has a very confusing structure, and the upcoming ETH 2.0 release will lead to the demise of the entire network:

”First of all Ethereum is killing itself. They are replacing Ethereum with Ethereum 2.0. In the end, ETH 2.0 will kill ETH 1.0.”

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Source: https://cryptopotato.com/elon-musks-tesla-should-accept-ada-says-cardano-founder-charles-hoskinson/

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Mark Cuban Backs Ethereum-Based Data Marketplace dClimate

Mark Cuban Ethereum

Rate this post Dallas Mavericks owner, Mark Cuban is betting big on Ethereum’s future. The billionaire investor is joining Ethereum-based data project dClimate, a decentralized network for climate data, forecasts, and models based on the Ethereum blockchain and powered by the oracle network Chainlink Mark Cuban to Join Ethereum and Chainlink Data Project dClimate  Cuban has been advocating for crypto investments and adoption in the last few years. The tech entrepreneur has shown a great deal of interest in Ethereum in particular. During an interview, Cuban discussed the blockchain’s potential to disrupt banking, healthcare, and software companies. He also claimed that Etherem has a “greater long term” value as compared to Bitcoin. Following that, he invested in an Ethereum scalability startup Polygon. With his latest investment, Cuban is set to unleash Ethereum’s disruptive capabilities in a sector that ripe for a change: data. dClimate connects businesses and entities in need of climate data with publishers who can fulfill their needs. The company uses blockchain to eliminate middlemen and ensures transparency with an in-built mechanism to score the data quality. It also employs Chainlink — an Ethereum-based project that delivers information in and out of a blockchain network — to fetch the climate data. Chainlink is designed to connect blockchains with data in the real world in a secure manner. Over the last year, Chainlink has benefitted immensely from hundreds of partnerships with crypto-related projects, resulting in a 1000% surge in the value of LINK, its native token. Cuban’s Expertise is Invaluable to dClimate According to dClimate co-founder Sid Jha, Cuban’s understanding of blockchain and smart contracts could evolve and add transparency to the climate data industry. Furthermore, he stated, “His insights and expertise will be an invaluable asset to the dClimate team as we build a platform that can be leveraged by the many stakeholders who need reliable and secure weather data to build climate resilience.” Apart from Ethereum, Cuban has also expressed an interest in Dogecoin, a meme-currency that has a market cap of over $40.7 billion. His professional basketball team, Dallas Mavericks is also supportive of the crypto revolution and started accepting Bitcoin for payments two years ago.

The post Mark Cuban Backs Ethereum-Based Data Marketplace dClimate appeared first on Cryptoknowmics-Crypto News and Media Platform.

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Dallas Mavericks owner, Mark Cuban is betting big on Ethereum’s future. The billionaire investor is joining Ethereum-based data project dClimate, a decentralized network for climate data, forecasts, and models based on the Ethereum blockchain and powered by the oracle network Chainlink

Mark Cuban to Join Ethereum and Chainlink Data Project dClimate 

Cuban has been advocating for crypto investments and adoption in the last few years. The tech entrepreneur has shown a great deal of interest in Ethereum in particular. During an interview, Cuban discussed the blockchain’s potential to disrupt banking, healthcare, and software companies. He also claimed that Etherem has a “greater long term” value as compared to Bitcoin. Following that, he invested in an Ethereum scalability startup Polygon.

With his latest investment, Cuban is set to unleash Ethereum’s disruptive capabilities in a sector that ripe for a change: data.

dClimate connects businesses and entities in need of climate data with publishers who can fulfill their needs. The company uses blockchain to eliminate middlemen and ensures transparency with an in-built mechanism to score the data quality. It also employs Chainlink — an Ethereum-based project that delivers information in and out of a blockchain network — to fetch the climate data. Chainlink is designed to connect blockchains with data in the real world in a secure manner. Over the last year, Chainlink has benefitted immensely from hundreds of partnerships with crypto-related projects, resulting in a 1000% surge in the value of LINK, its native token.

Cuban’s Expertise is Invaluable to dClimate

According to dClimate co-founder Sid Jha, Cuban’s understanding of blockchain and smart contracts could evolve and add transparency to the climate data industry. Furthermore, he stated, “His insights and expertise will be an invaluable asset to the dClimate team as we build a platform that can be leveraged by the many stakeholders who need reliable and secure weather data to build climate resilience.”

Apart from Ethereum, Cuban has also expressed an interest in Dogecoin, a meme-currency that has a market cap of over $40.7 billion. His professional basketball team, Dallas Mavericks is also supportive of the crypto revolution and started accepting Bitcoin for payments two years ago.

READ  Diginex Is the First Crypto Exchange to Go Public on Nasdaq

#DClimate #Ethereum #Ethereum and Chainlink #Mark Cuban

Source: https://www.cryptoknowmics.com/news/mark-cuban-backs-ethereum-based-data-marketplace-dclimate/

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Bitcoin Struggles to Breach $40k After Fed Schedules Interest Rate Hike

Bitcoin Fed

Rate this post Bitcoin struggled to soar above $40,000 as investors unpacked the latest Fed announcement. On Wednesday, the Federal Reserve announced that it planned to increase interest rates twice in 2023, much sooner than the markets expected. The announcement incited fears that the banking system could also curtail its bond-buying program. Bitcoin Tumbles Amid Fed Announcement on Interest Rate Hikes in 2023 Bitcoin (BTC) prices are tumbling again after briefly showing signs of recovery. The currency was changing hands at an intraday low of $38,300, following its decline from the $40,000 mark. Meanwhile, in the stock markets, DOW and S&P 500 also recorded a drop of 0.77% and 0.54% respectively. The latest decision on interest rates comes in light of rising inflation in the United States. The country — currently experiencing a 13 year high in consumer prices — is projected to see its inflation rates spike from 2.4% to 3.4%. While Fed chair Jerome Powell has termed the projected rates to be “transitory”, investors are worried about the implications of ongoing inflation for a post-pandemic economy. In the meantime, investors tied to risky assets such as stocks and cryptocurrencies are also anticipating the Fed to roll back its $120 billion monthly bond purchase program, which could be winded down before the planned interest rate hikes. Current Bitcoin Price Activity is Normal Range-Bound Trading BTC prices briefly breached $40,000 but fell short of $45,000, as the currency traded at nearly $41, 350 on 15 June. But the digital asset couldn’t maintain this level longer and plummeted further. Even as BTC fell from $40,000 to $38,300, investors are confident about the primary cryptocurrency’s resilience. Some believe that Bitcoin’s price activity matches its range-bound trading. At this point, investors are hoping for BTC to hold at $37,000, which could represent its support level. Interestingly, major exchanges have recorded a continuous inflow of BTC over the last few days. Miner outflows have also been increasing according to the findings of CryptoQuant, which suggest that BTC inflows produce bearish results for the market.  Additionally, the currency’s 50 and 200-day moving averages are also on their way to convergence, leading to the formation of a bearish death cross. While they are not the strongest indicators of the current spot price action, they help understand the existing resistance for bulls. 

The post Bitcoin Struggles to Breach $40k After Fed Schedules Interest Rate Hike appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

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Rate this post

Bitcoin struggled to soar above $40,000 as investors unpacked the latest Fed announcement. On Wednesday, the Federal Reserve announced that it planned to increase interest rates twice in 2023, much sooner than the markets expected. The announcement incited fears that the banking system could also curtail its bond-buying program.

Bitcoin Tumbles Amid Fed Announcement on Interest Rate Hikes in 2023

Bitcoin (BTC) prices are tumbling again after briefly showing signs of recovery. The currency was changing hands at an intraday low of $38,300, following its decline from the $40,000 mark. Meanwhile, in the stock markets, DOW and S&P 500 also recorded a drop of 0.77% and 0.54% respectively.

The latest decision on interest rates comes in light of rising inflation in the United States. The country — currently experiencing a 13 year high in consumer prices — is projected to see its inflation rates spike from 2.4% to 3.4%. While Fed chair Jerome Powell has termed the projected rates to be “transitory”, investors are worried about the implications of ongoing inflation for a post-pandemic economy.

In the meantime, investors tied to risky assets such as stocks and cryptocurrencies are also anticipating the Fed to roll back its $120 billion monthly bond purchase program, which could be winded down before the planned interest rate hikes.

Current Bitcoin Price Activity is Normal Range-Bound Trading

BTC prices briefly breached $40,000 but fell short of $45,000, as the currency traded at nearly $41, 350 on 15 June. But the digital asset couldn’t maintain this level longer and plummeted further.

Even as BTC fell from $40,000 to $38,300, investors are confident about the primary cryptocurrency’s resilience. Some believe that Bitcoin’s price activity matches its range-bound trading. At this point, investors are hoping for BTC to hold at $37,000, which could represent its support level.

Interestingly, major exchanges have recorded a continuous inflow of BTC over the last few days. Miner outflows have also been increasing according to the findings of CryptoQuant, which suggest that BTC inflows produce bearish results for the market. 

Additionally, the currency’s 50 and 200-day moving averages are also on their way to convergence, leading to the formation of a bearish death cross. While they are not the strongest indicators of the current spot price action, they help understand the existing resistance for bulls. 

READ  BCD Technical Analysis: Price Likely to Fall Below the First Support Level of $4.32

#Bitcoin price #Federal Reserve Bank #Federal Reserve Interest Rate

Source: https://www.cryptoknowmics.com/news/bitcoin-struggles-to-breach-40000-after-fed-schedules-early-interest-rate-hike/

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