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Ripple price slump by 30% – CEO still sees interest from institutional investors

Mark Brennan
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Ripple price slump by 30% – CEO still sees interest from institutional investors

Just in time for Black Friday, the prices of cryptocurrencies went south. Ripple couldn’t save itself from that either with its native cryptocurrency XRP fell by more than 25%. Was that just a necessary correction or is XRP still going downhill? Institutional investors may be waiting to get into XRP

Correction catches Ripple (XRP)
There was finally a correction that many had been expecting for weeks. The Bitcoin price plummeted by around USD 3,000 and tore all Altcoins to the ground.

This is because of high dependency of altcoin prices on the Bitcoin. As a rule, altcoins suffer far more than Bitcoin itself. This to applies to XRP. But one must not forget that the Ripple price has increased significantly in the last few weeks and recorded an increase of around 150%.

Institutional interest In XRP?
Ripple and XRP have come back to life after a long dry spell and Brad Garlinghouse, Chief Executive Officer of Ripple, sees the opportunity for XRP. According to him, the increasing interest of institutional investors could also affect XRP. But mainly he speaks of the fundamental interest of institutional investors in cryptocurrencies.

In a series of tweets, Garlinghouse said that the rising interest of institutional investors in Bitcoin is primarily its nature as a store of value. Bitcoin is, according to him, an “extremely useful inflation hedge”.

The CEO of Ripple of course took advantage of the opportunity to point out the properties of XRP. He highlighted the fast and inexpensive transactions of XRP.

 

Institutional investors focus on Bitcoin
All projects hope for money from institutional investors. But not everyone gets a piece of cake. This is what it looked like with XRP. Probably the biggest news of the last few months was Bitcoin integration with PayPal.

PayPal has integrated 4 crypto currencies and completely left out XRP. It is not possible to say exactly what the reasons were. It could have something to do with the legal uncertainty surrounding XRP in the US.

But not much came from Grayscale and Co. in terms of XRP in the last few weeks. The situation is similar for listed companies such as MicroStrategy and Square. They only invested in Bitcoin. The interest in XRP is currently limited.

Therefore, there is currently no need to hope for increasing interest in Ripple and XRP from institutional investors.

Ripple still owns 55% of all XRP
Of course, the direction in which the XRP price will move cannot be precisely predicted. The dependency on the Bitcoin rate is very high. However, the surge in XRP in the past few days may have created momentum that could result in another positive move.

Few beginners to Ripple know that Ripple’s main source of income is the sale of its own XRP tokens.

When XRP was created Ripple got 80% of all XRP tokens back then and still holds around 55%. Hence, investors can expect the company to continue to throw their XRP into the market over the next several decades. Although this happens in small tranches, but still creates a large selling pressure.

Bitcoin is Recovering Above USD 17,000, Ripple Back Above USD 0.50, Ethereum Above USD 500-Price Analysis

Albert Brown
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Bitcoin is Recovering Above USD 17,000, Ripple Back Above USD 0.50, Ethereum Above USD 500-Price Analysis

Bitcoin price started a major downside correction below the USD 18,000 level. BTC fell more than 10% and went down till USD 16000. Finally, the bulls were able to protect the USD 16,500 support level and the price is currently recovering above USD 17,000.

There was also a sharp drop in most of the major altcoins, including Ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, Bitcoin cash and ADA.

ETH / USD broke many key supports near USD 580 and USD 550, and it even spiked below USD 500. XRP / USD declined nearly 30% before finding support near the USD 0.475 level.

Bitcoin Price
After a close below the USD 18,000 level, Bitcoin price accelerated its decline. BTC traded below the USD 17,500 and USD 17,000 support levels. Finally, it found supports near USD 16,500 and USD 16,350. The price is recovering and trading above USD 17,000. On the upside, the first major resistance is at USD 17,650, above which the price could test USD 18,000.

An initial support on the downside is near the USD 17,000 level. A close below the USD 17,000 level could potentially push the price back towards the USD 16,500 level.

Ethereum Price
Ethereum price declined more than USD 100 and it broke the USD 500 support level. ETH found support near the USD 485 zone and rebounded above USD 500. However, the price is struggling to recover above the USD 525 and USD 530 levels.

If it continues to struggle near USD 530, there could be another bearish reaction. An initial support is near the USD 500 level, below which the price could revisit the USD 485 support level.

Bitcoin cash, Litecoin, and XRP price
Bitcoin cash price is down 18% and it is now trading below the USD 300 and USD 288 levels. BCH could continue to decline towards the USD 270 support level. Even more losses below USD 270 could trigger a sharp decline towards the USD 250 support zone.

Litecoin (LTC) declined sharply below the USD 82.00 and USD 80.00 support levels. LTC traded close to $ 70.00 before correcting higher. The price is testing the USD 75.00 level and it could recover further towards the USD 76.50 and USD 78.00 levels. The main resistance is now forming near the USD 80.00 level.

XRP price dipped below the USD 0.600 support level. The bears strengthened and the price even spiked below the USD 0.520 support. The price tested the USD 0.475 support and rebounded above USD 0.520. On the upside, the bulls could face a strong challenge near the USD 0.555 and USD 0.565 levels.

In short, Bitcoin price corrected sharply below USD 18,000 and USD 17,500. BTC still has some medium-term uptrend supports on USD 16,500 and USD 15,000. On the upside, the bulls may struggle to surpass USD 17,800 and USD 18,000.

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Robert Kiyosaki Author Of  “Rich Dad Poor Dad” Believes in Bitcoin To Moon

Albert Brown
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Robert Kiyosaki Author Of  “Rich Dad Poor Dad” Believes in Bitcoin To Moon

Robert Kiyosaki is one of the most successful authors of financial books with his top rated book “Rich Dad Poor Dad”.

Yesterday, Thursday, Kiyosaki posted some thoughts on Bitcoin, Gold, and silver. In it, the author of bestselling book describes his opinion on the future price of the Bitcoin. Kiyosaki also speaks about the topic of inflation protection.

“Rich Dad Poor Dad” by Robert Kiyosaki is a non-fiction book that is still one of the 10 best-selling financial books of all time.

Above all, Rich Dad Poor Dad shows the reader how important financial education is. True to the motto “Become the master of your finances”, Kiyosaki sensitizes the reader to the right way of saving and investing.

At the same time, the author has been commenting on current events in the financial markets in recent months. Concerning Covid-19 and the associated monetary policy measures, Kiyosaki repeatedly pleaded for inflation-proof currencies.

In addition to gold, the focus here is primarily on Bitcoin. In a recent interview with Anthony Pompliano, the author spoke about ways to protect and invest in high valued assets.

Gold and silver are God’s money. Bitcoin is people’s open-source money.

Bitcoin to the Moon: Robert Kiyosaki
On, Thursday, Kiyosaki revealed to its 1.4 million followers on Twitter in a concise way where the Bitcoin journey was going.

 

It is clear that Kiyosaki is using the crypto coin king Bitcoin in addition to Silver and Gold. Starting with Bitcoin and simply writing “Bitcoin To Moon” means a lot.

Two weeks ago, Kiyosaki recommended buying Bitcoin and Gold. Assuming that we will see a strong devaluation of the US dollar, in the opinion of Kiyosaki it is important how much Bitcoins you own in the end.

“Bitcoin beats gold and silver. The dollar is dying. When it comes to a crash, it’s not the price that matters, but how much Gold and BTC you own”. He said.

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Bitcoin Crash: Value Drops $ 3,000 in Hours, What’s Happening?

Mark Brennan
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Yesterday, Bitcoin seemed to hit almost its all-time high, but it went downhill. The cryptocurrency fell by more than 14 percent and found a low at $ 16400. What is going on?

Whales Dump Bitcoin on Exchanges
The price decline came after major Bitcoin investors (whales) sent their coins to cryptocurrency exchanges. This is evident from an indicator from the analysis agency CryptoQuant. Ki-Young Ju is CEO of CryptoQuant:

“The average inflow of Bitcoins on exchanges rose a few hours ago. That means that whales sold their Bitcoins on the exchanges. “

Still, Ki-Young Ju remains positive:

“Long-term indicators show that buying pressure continues to hold. I still believe we can break $ 20,000 in the next few days. “

 

Market Needs Cooling
Another explanation is that the market needs some cooling. From the beginning of October to the peak in November, the BTC price rose by more than 87 percent. The market became euphoric, the highest Bitcoin price ever came very close.

Btc Fear & Greed Indicator

Alternative’s Fear & Greed Indicator is an index that shows the sentiment in the market. At the moment there is extreme greed. Such high values ​​of greed are rare. Before we start to see a new price increase, a correction is therefore important. That cools the sentiment a bit, giving Bitcoin the room to push through to the all-time high.

Bitcoin Out of Rising Trend
Can the price drop further? That is quite possible. Bitcoin has been in a parabolic upward trend since early September. Last night Bitcoin broke out of this trend. The support of USD 18,000 also turned out to be unsustainable, so we can expect even lower prices.

More Detailed Analysis is Coming Soon.

BTC Forms Double Top and Falls to $ 17,200-A 14% crash-What’s Next For BTC?

Albert Brown
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BTC Forms Double Top and Falls to $ 17,200-A 14% crash-What’s Next For BTC?

Bitcoin fell to $ 17,200 on Binance Exchange as buying pressure finally eased after weeks of upward price action. Bitcoin corrected from the $ 19,600 to $ 17200, down about 14%.

Analysts are currently divided over what comes next for the leading cryptocurrency.

Bitcoin began to roll over after it surpassed the $ 19,600 mark yesterday. At the same time, analysts noted that the cryptocurrency began to print bearish technical signals near the highs, which suggested that it was overbought. 

Bitcoin Extremely Overbought

Mohit Sorout, a founding partner at Bitazu Capital, shared the chart shown below on the day Bitcoin crossed over $ 19,000.

The chart shows the price action of BTC relative to the Pi Cycle indicator

The chart shows the price action of BTC relative to the Pi Cycle indicator. The indicator is a formula that accurately predicted BTC’s mid-term highs in the past, including the mid-2019 high, as well as a series of highs in 2016 and 2017.

If history repeats itself, there is a good chance that Bitcoin will correct back to the lower boundary of the indicator and then retrace higher to break the upper boundary of the indicator. 

Alex Fiskum, a partner at Alice Capital, shared a similar bearish chart. The chart shows that the current market sentiment and positioning of Bitcoin look extremely similar to the 2019 highs and all-time highs were seen in 2017. 

Bitcoin price forms a double Top

 A double top pattern was formed near the $ 19,500 level and the price of Bitcoin dropped sharply below the $ 19,000 support.

A double top pattern was formed near the $ 19,500 level and the price of Bitcoin dropped sharply below the $ 19,000 support.

The price dipped below many of the keys supports around $ 19,000 and the 100-hour SMA. 

The hourly chart of the BTC / USD pair also broke below the major bullish trend line with support around $ 19,000. 

Bitcoin broke the last swing low at $ 18,656 and continued its decline below the $ 18,500 level. 

Bears pushed the price below the 1.236 Fibonacci extensions of the uptrend from a swing low of $ 18.656 to a swing high of $ 19.511.

The price further dropped and reached USD 17200 levels. If the price is unable to maintain 17000 psychological support, we may find support around $ 15800 to 16200 levels.

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Crypto.com Manages To Obtain Approval From The Financial Services Authority in Malta

Jakkk
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Crypto.com Manages To Obtain Approval From The Financial Services Authority in Malta

The well-known cryptocurrency exchange, Crypto.com, announced yesterday that it has received approval from the Financial Services Authority in Malta (MFSA). The company has obtained a Financial Institutions License along with a Class 3 Virtual Financial Assets (VFA) license.

Malta passed cryptocurrency laws in 2018 to regulate the market and since then the European country has developed a clear framework for  to operate under MFSA. According to the official announcement, the company will become one of the first crypto platforms in the world to receive such regulatory approvals in Maltese jurisdiction.

The Financial Institution License allows the company to provide payment services and to issue electronic money. Through a Class 3 VFA license, Crypto.com can offer order execution, custody services and account handling to experienced and inexperienced investors.

Kris Marszalek, Co-Founder and CEO of Crypto.com, said the following about the news:

“We have a long-standing commitment to building a fully regulated business in every market in which we operate. Being one of the first cryptocurrency platforms to receive approval for a Class 3 VFA and Financial Institutions license is an important milestone and we look forward to securing licenses in more markets in 2021. ”

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US Customers Have To Leave The International Binance Exchange

Jakkk
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US Customers Have To Leave The International Binance Exchange

Binance’s US business is operated separately than Binance exchange. The international platform does not support US customers.

Read: Why Ripple Price Explodes To Over 100% In Seven Days

But It’s not a problem for most US users as they can register on Binance without having to prove their identity. If you consistently use a VPN, you will also be able to open a customer account.

Two Bitcoin can be withdrawn per account per day. So a good 38000 USD available withdraw limit, if you use the current BTC rate.

You can also make multiple accounts by using different e-mail addresses, as their is no mandatory KYC.

This gap could only be closed if Binance were to ask its customers for a mandatory proof of identity procedure.

Now media reports are piling up that the exchange is writing to customers who are classified as US users and asking them to leave the international Binance exchange within 14 days.

Forbes Poured Fuel On The Fire

An article from Forbes caused quite a stir in late October. Because Forbes and its two journalists claim that Binance has deliberately fooled US regulators. But Binance denies the charges and is taking Forbes and its two employees to court in the United States.

The question now is whether the latest reports of US customers being thrown out may have been spurred by the Forbes article.

Officially, Binance has a US platform, but it doesn’t offer as much volume, crypto coins or other functions as the international parent Binance.

BitMEX Was A Warning

The founders of BitMEX also found that the US authorities and their requirements are not to be joked with. For a long time, they also indirectly made customer accounts possible for US traders because they did not close the gap with proof of identity.

The US authorities then started investigation two different charges against the founders of BitMEX.

BitMEX now requires its customers to go through a KYC procedure including ID/passport copies, images etc.

Binance follow a similar procedures of KYC, but only requires it as an option if the customer wants to increase their withdrawal limits. It remains to be seen whether Binance might run into similar difficulties as BitMEX or not.

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Google Trend Shows Interest in XRP Highest In Two Years. 

Albert Brown
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Google Trend Shows Interest in XRP Highest In Two Years. 

Interest in the term XRP has peaked and reached it highest compared to last two years. As a result the price of the third-largest crypto asset by market cap has more than doubled in a week.

Read: Why Ripple Price Explodes To Over 100% In Seven Days

According to Google Trends, interest in this Ripple project is now at its highest since late September 2018. The only time it exceeded its 2018 level was during the December 2017 – January 2018 peak.

Interest in XRP in the past 12 months:

Interest in XRP in the past 12 months

We can also compare this with the interest expressed in Bitcoin (BTC), which stands as a giant (the red line) above XRP (the blue line) according to the table below. BTC searches also peaked during the January 2018 frenzy, peaking again in mid-October 2020 and hitting the levels it previously saw in late June 2019.

Btc google trend

And while the XRP price rose to its highest point since May 2018 ($ 0.765), crypto analytics firm Santiment noted that the number of unique addresses executing transactions on the XRP network in one day (24,408) was the highest output since 1 May 2020.

Additionally, XRP rose to the second position of the most popular coin ranking website CoinGecko. Now stabilizing at third position above Tether.

 

Then a twist. XRP saw a rapid crash, and caused pain among those who bought at the top. 

 

That said, it followed a rapid comeback, currently trading at USD 0.667, up 23% in a day, 121% in a week, and 168% in a month. It is still down from the USD 0.766.

But can be the cause in such price increase of Ripple.

Among the recent events, Ripple announced their partnership with UK-based financial services provider MoneyNetint.

Earlier this month, Ripple Labs filed a trademark with the United States Patent and Trademark Office for a new product called Paystring, intended to cover the categories of electronic financial services, monetary services for receiving and paying out money, exchanging fiat currencies and virtual currencies.

Ripple price could also have benefited from the success of their partners.

 

Additionally the other reason in price increase is the event  approaching on December 12, 2020. Where an airdrop of 45 billion Spark tokens to XRP holders of non-custodial wallets by blockchain platform Flare Network will be rewarded. This mega event is backed by Ripple’s investment arm Xpring, rebranded as RippleX.

According to Flare, 28 exchanges are currently supporting the airdrop.

Ripple has also posted a vacancy to recruit a Senior Director for Central Bank Engagements. The clearly indicates that the company plans to increase its focus on digital currency initiatives.

Meanwhile, others argue that people are buying XRP because they cannot afford BTC.

More comments:

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SBI Bank, Japanese Financial Giant, Introduces Bitcoin Lending Service-ETH And XRP Will Be Added Soon

Mark Brennan
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SBI Bank, Japanese Financial Giant, Introduces Bitcoin Lending Service-ETH And XRP Will Be Added Soon

The SBI Group, a Japanese financial giant, is introducing a cryptocurrency lending service through its crypto-related subsidiary SBI VC Trade. According to an official announcement made on November 24, users will be able to lend their crypto to SBI with the new crypto lending platform. They can then earn interest at a rate of 1% including taxes.

Read: Why Ripple Price Explodes To Over 100% In Seven Days

The new service, dubbed VC Trade Lending, will initially support major cryptocurrency Bitcoin (BTC). Meanwhile, SBI will further develop plans to support Ethereum and XRP. You can lend for a minimum amount of 0.1 BTC, or $ 1,840 at the time of writing. The maximum amount is set at 5 BTC, or $ 92,000.

SBI stated that no account management fees or annual membership fees will be charged by VC Trade Lending. The service will also not charge you for deposits in Japanese yen or cryptocurrency. However, the service does charge for withdrawing yen.

SBI is a major financial institution in Japan involved in the crypto industry. At the beginning of October 2020, SBI acquired SBI’s foreign exchange and derivatives arm, SBI Liquidity Market, TaoTao.

TaoTao is a crypto exchange that was 40% owned by Yahoo Japanese YJFX. SBI also runs its own crypto business through its subsidiary, SBI VC Trade.

SBI is an important partner of Ripple, a company that builds financial products for faster banks payments. The third largest cryptocurrency by market cap at the time of writing.

In late October 2020, SBI CEO Yoshitaka Kitao claimed that Ripple would most likely move to Japan if it chose to leave America.

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Since Halving 2020, Bitcoin Has Outperformed 2016-17. Interesting Facts

Albert Brown
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Since Halving 2020, Bitcoin Has Outperformed 2016-17. Interesting Facts

Bitcoin halving took place on 11 May this year. Since then, Bitcoin has risen by a factor of 2.2, which is more than during the previous cycle. This is evident from data from ChartsBTC on Twitter.

Bitcoin well on track

The graph above shows Bitcoin’s rise in the first cycle (blue) and the second cycle (red). Every bitcoin halving heralds the start of a new bull run. So far, bitcoin is still well on track. The current price increase is slightly above that of the previous cycle of 2016 and 2017.

This is remarkable because, in 2016, the bitcoin bull run started more slowly than now. If Bitcoin continues to do this, Bitcoin can rise by a higher factor than during the previous halving cycle.

Analyst PlanB agrees, believing the price will accelerate in January 2021. At that point, he says, we can see “a real jump” marking the beginning of the real bull market. He also calls this phase 5. This is a phase in which institutional parties start to see the value of Bitcoin.

 

What is a Bitcoin Halving?

A bitcoin halving takes place approximately every four years. During Bitcoin block halving, the reward of miners is halved. The last halving was from 12.5 bitcoins per transaction block to 6.25 bitcoins. This miner reward is simultaneously the influx of new bitcoins into the market. The bitcoin halving directly influences the new supply of bitcoins and, therefore, also on the price. Because is the new supply falls, and the demand remains the same the price should, in theory, go up.

Each cycle starts higher.

ChartsBTC also shared an interesting chart last week. Each green bar represents four years. For example, the first bar shows the price development from bitcoin to the first halving. The second bar shows the price from 2012 to 2016, and the third bar shows the price from 2016 to May 2020. The last bar will continue until the next halving of 2024.

 

The graph above indicates that Bitcoin price can make huge moves up and down, but the long-term trend is still up.

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