Connect with us
[crypto-donation-box]

Blockchain

Will XRP Catch Up With Bitcoin and Ethereum? Diehard Investors Debate Direction of Fourth-Largest Crypto Asset

As XRP continues to under-perform Bitcoin and Ethereum, investors are debating the direction of Ripple’s native asset. An XRP investor and Redditor who bought the asset near its all-time high three years ago is questioning why it hasn’t seen the price increases of other cryptos. His post on the matter quickly surged to the front […]

The post Will XRP Catch Up With Bitcoin and Ethereum? Diehard Investors Debate Direction of Fourth-Largest Crypto Asset appeared first on The Daily Hodl.

Avatar

Published

on

ADVERTISEMENT


As XRP continues to under-perform Bitcoin and Ethereum, investors are debating the direction of Ripple’s native asset.

An XRP investor and Redditor who bought the asset near its all-time high three years ago is questioning why it hasn’t seen the price increases of other cryptos. His post on the matter quickly surged to the front page of the Ripple subreddit.

Some Redditors blame Jed McCaleb, Ripple’s former chief technical officer, for dumping XRP on the market, which they argue keeps the price stagnant.

McCaleb left Ripple in 2013 but still holds a large personal trove of XRP, which he can only sell in limited amounts according to the terms of a legal settlement with Ripple. In August, Whale Alerts estimated McCaleb had already sold around 630 million XRP in 2020 and still held about 4 billion.

Others argue XRP is still in its early stages and will take off as Ripple makes more progress and crypto becomes more mainstream. Says one Redditor,

“On-Demand Liquidity and Internet of Value. XRP will play a huge role in all of it and the price will rise accordingly. They have just been building the highways in order to open up the gates.”

Others are less optimistic, however. Says another investor,

“Don’t wait on an XRP pump as it doesn’t move much from where it currently is.

BTC is looking like it will climb above $12k again, ETH will be flirting with $500 soon, and XRP is still at $0.29. There will be no 2017-like run for XRP, as nobody wants or cares about the coin right now.”

While the fourth-ranked cryptocurrency by market capitalization is up on the year overall, it’s still under-performing compared to Bitcoin and Ethereum, the top two assets by market cap. In 2020, XRP’s value has increased by 36%, while Bitcoin is up 48% and Ethereum is up 210%.

XRP is trading at $0.25 at time of writing, according to CoinMarketCap. That is only about 6.5% of its all-time high of $3.84.

By contrast, Ethereum, trading at $388 at time of writing, is worth about 27% of its all-time high of $1,432. Bitcoin, trading at $10,305 at time of writing, is worth about 51% of its all-time high of $20,089.

ADVERTISEMENT


Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/octocore

Source: https://dailyhodl.com/2020/09/04/will-xrp-catch-up-with-bitcoin-and-ethereum-diehard-investors-debate-direction-of-fourth-largest-crypto-asset/

Blockchain

Facebook’s Diem Unveils Its Latest Stablecoin Plans and Strategic Move to the United States

Republished by Plato

Published

on

Diem, the cryptocurrency project headed by Facebook originally known as Libra, recently announced its plans to launch a stablecoin with its focus scaled back to the United States. 

The company stated earlier this year that it would be relocating its primary operations from Switzerland back to the United States, and would withdraw its payment system license application from Switzerland’s financial regulators. “Diem is simplifying its plans for [its] USD stablecoin issuance by shifting its main operations from Switzerland to the United States,” they said.

This decision was later confirmed by the Swiss Financial Market Supervisory Authority. 

Stablecoins are digital currencies pegged to a fiat currency, with Tether (USDT) and USD Coin (USDC) being two prominent examples. California-based Silvergate Bank will become the sole issuer of the Diem USD, while also managing its dollar reserves. 

Diem to Launch Wholly New Subsidiary Diem Networks US Alongside Crypto Bank Silvergate

In a strategic partnership, the two firms have created a new subsidiary called Diem Networks US — which will run the Diem Payment Network (DPN) to facilitate transactions of Diem stablecoins within its network. 

“Silvergate is a leader in financial innovation and an ideal partner for Diem as we move forward with a blockchain-based payment system that protects consumers and enhances the integrity of the financial system,” said Stuart Levey, chief executive officer of Diem.

“We are committed to a payment system that is safe for consumers and businesses, makes payments faster and cheaper, and takes advantage of blockchain technology to bring the benefits of the financial system to more people around the world. We look forward to working with Silvergate to realize this shared vision.” 

Diem’s strategic shift to the United States comes at a time of a rapidly evolving regulatory environment for cryptocurrencies and blockchain technology. 

Some municipalities and states such as Miami and Wisconsin have embraced the recent innovation, whereas regulators such as the newly-appointed SEC Chair Gary Gensler have critiqued the autonomy of the crypto industry. 

With crypto ETFs and related financial products under intense scrutiny by the SEC, it remains to be seen whether Diem’s decision to relocate back to the United States will bear any fruit.

Featured image from ShutterStock

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/facebooks-diem-unveils-its-latest-stablecoin-plans-and-strategic-move-to-the-united-states/?utm_source=rss&utm_medium=rss&utm_campaign=facebooks-diem-unveils-its-latest-stablecoin-plans-and-strategic-move-to-the-united-states

Continue Reading

Blockchain

Crypto Research Firm Delphi Digital Launches Latest NFT Fund

Republished by Plato

Published

on

Delphi Digital, a New York-based crypto research and venture firm, recently launched its latest on-chain fund to invest in non-fungible token (NFT) projects. 

The fund, referred to as Delphi InfiNFT, is based on decentralized finance (DeFi) investing protocol Syndicate. “It will enable automation of deposits, cap table, distributions, fund management, reporting, etc.” said Anil Lulla, co-founder of Delphi Digital. 

“NFT’s are changing digital ownership rights, as well as how creators are interacting with their communities. Along with the growth of the NFT space, there is supporting infrastructure that needs to be built alongside it. The goal of this fund is to find the protocols that are moving the NFT space forward and building the infrastructure that is needed.”

Delphi Digital has partnered with NFT investor Gmoney for its NFT fund, who famously purchased a CryptoPunk NFT for a record price of 140 Ethereum worth approximately $180,000 at the time. Gmoney and Delphi will co-manage the fund together. 

According to their website, the fund will look to create an investment portfolio consisting of 20 protocols through InfiNFT. “We plan to deploy at least 80% of the fund’s capital in the first 6 – 9 months as we find protocols that fit with our thesis,” the team report read. 

“We will identify and select leading NFT networks through our networks and communities. We’ll be working directly with the teams we invest in to help them become a core piece of the NFT ecosystem long-term.

Delphi’s InfiNFT is backed by IDEO CoLab Ventures, Divergence Ventures, Axie Infinity, Compound Finance, and Fractional, among others. 

The recent steep Ethereum selloff led to massive losses in market cap across the NFT markets. According to NFT Valuations, Cryptopunks’ total market valuation dropped $600 million this past week — representing over a 66% loss. In spite of the recent volatility, investors like Delphi Digital appear to be confident in the long-term prospects of the non-fungible token space.

Ethereum (ETH/USD), alongside the broader crypto market, suffered week-long losses following the news of Tesla cutting its Bitcoin payments. At press time, Ethereum is down 9.3% in the past week. Source: Tradingview.com
Featured image from UnSplash 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/crypto-research-firm-delphi-digital-launches-latest-nft-fund/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-research-firm-delphi-digital-launches-latest-nft-fund

Continue Reading

Blockchain

Cardano, Uniswap, Chainlink Price Analysis: 16 May

Republished by Plato

Published

on

Cardano introduced some target levels at $2.53 and $2.69 via the Fibonacci Extension tool. Uniswap needed to garner bullish strength for a break above $43-$45 resistance. Lastly, a descending triangle breakdown on Chainlink could see a 7.5% retracement towards its 50-SMA

Cardano [ADA]

Source: ADA/USD, TradingView

If buyers were looking to make profits on large-cap alts during the recent turbulent broader market, Cardano was a must inclusion in every portfolio. Weekly gains of 36% were the highest among the top 10 coins by market cap and underlined ADA’s independence from broader market sentiment. Fibonacci Extension tool was used to identify potential target points for the current rally. The 372.2% and $361.8% extension levels stood at  $2.53 and $2.69, respectively. With buying pressure still on the rise according to Awesome Oscillator, ADA made a strong case for an extended rally.

In case of pullbacks, these extension levels can also act as support lines. RSI’s overbought territory indicated the need for stabilization and a dip in volumes could mean some southbound action. Nevertheless, key factors could allow ADA to sustain higher levels moving forward.

Uniswap [UNI]

Source: UNI/USD, TradingView

A descending triangle breakdown showed losses of 8% from the bottom trendline, but buyers stepped in at $35.6-support. In fact, this support has been under the spotlight during recent dips and only reinforced the area as a buffer against extended losses. On the 4-hour timeframe, OBV’s sharp fall was an interesting development which explained why bulls have failed to topple $43-$45 resistance. Considering the dearth of constant buying pressure, Uniswap could trade between $44.4 and $35.6 over the coming days.

A breakout above $44.4 on high volumes would result in a bullish trend but the market was not yet ready for such a swing. Awesome Oscillator’s wavy trajectory suggested that neither side had been fully able to assert dominance.

Chainlink [LINK]

Source: LINK/USD, TradingView

While Chainlink did see losses over the last 24 hours, the bulls held on to $41.2-support – an important development. A descending triangle was prominent on the daily timeframe and a breakdown could see a sell-off between $35.7-39.1. Those hoping to trade on a breakdown can observe the 4-hour timeframe for more sensitive price action.

Awesome Oscillator registered a series of red bars as selling momentum dragged  LINK from a high of $61.9 to a low of $39.7 during the present downtrend. MACD also confirmed a bearish presence in the market. To negate LINK’s pattern, buyers would need to target a rise above $45.6-resistance.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/cardano-uniswap-chainlink-price-analysis-16-may

Continue Reading
Blockchain5 days ago

Billionaire Druckenmiller says ledger-based system could replace USD worldwide

Blockchain5 days ago

First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US

Blockchain5 days ago

Raze Network Kicks Off Testnet Phase With UI Community Voting

Blockchain4 days ago

dotmoovs Raises $840,000 From Strategic Investors and Partners

Blockchain5 days ago

Uniswap flips Bitcoin on daily revenue… and it’s more impressive than you think

Blockchain5 days ago

How did Internet Computer (ICP) become a top-10 cryptocurrency overnight?

Blockchain3 days ago

US Investment Bank Cowen to Offer Crypto Custody Services

Blockchain5 days ago

Casper Network’s CSPR Spot Trading Now Open on OKEx

Blockchain4 days ago

When dollars meet the hype: The biggest NFT hits from celebrities

Blockchain5 days ago

PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain

Blockchain4 days ago

DeFi lending platform Aave reveals “private pool” for institutions

Blockchain5 days ago

From cypherpunk to state contracts: the changing face of blockchain

Blockchain5 days ago

TA: Ethereum Overcame Odds With New High, Here’s Why ETH Could Test $4.5K

Blockchain4 days ago

MoneyGram to Enable Users to Buy Bitcoin and Withdraw it From Birck-and-Mortar Locations

Blockchain4 days ago

Griff Green: Doge-loving hippy hacker steals crypto before bad guys can

Blockchain4 days ago

Here are the Top DeFi Tokens With The Largest Price Jumps This Week

Blockchain4 days ago

As Elon Musk’s SpaceX Literally Sends Dogecoin To The Moon, Justin Sun Craves For Tron to Tag Along

Blockchain5 days ago

Gaming Giant Kinguin Taps Immutable X for NFT Offering

Blockchain4 days ago

Can Elon Musk’s ‘damage control’ measures help revive Dogecoin’s price?

Blockchain4 days ago

Buterin Plugs UNI as Next Oracle Token

Trending