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Ripple Price Prediction: XRP/USD Holds above $0.24 Support as Sellers Threaten to Short

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XRP Price Analysis – October 17
XRP/USD has fallen to the support above $0.24 after rejection from the $0.26 overhead resistance. The holding of the support at $0.24 will determine the direction of the coin. In the last 24 hours, the bulls and bears have engaged in price tussle above the $0.24 support. The XRP/BTC is also on a downward move but it is reaching a bearish exhaustion.

XRP/USD Market

Key Levels:
Resistance Levels: $0.24, $0.26, $0.28
Support Levels: $0.22, $0.20, $0.18

XRP/USD – Daily Chart

Following the rejection at the $0.26 high Ripple fell to $0.24 support and resumed fluctuation above it. In the last 24 hours, the current support has been holding. A fresh upward move will commence if the $0.24 support holds. The coin will rise and retest the $0.26 overhead resistance. Conversely, if the bears break the current support at $0.24, the downtrend will resume. Nonetheless, from the 4-hour chart, the price action indicates that XRP will further decline. On October 16 downtrend; the retraced candle body tested the 78. 6% Fibonacci retracement level. This implies that the Ripple will fall to the 1.272 Fibonacci extension level. That is a low of $0.238.

Ripple (XRP) Indicator Analysis
Ripple price bars are below the SMAs. This suggests that the coin will make a downward movement to the previous lows. The coin is above the 25% range of the daily stochastic. It indicates that Ripple is in a bullish momentum. This is contrary to the price action which shows signs of bearish signals.

XRP/BTC – Daily Chart

Since August 3, XRP/BTC has been on a downtrend. On September 23 downtrend; a retraced candle body tested the 78.6 %Fibonacci retracement level. This retracement further explains that the coin will fall to level 1.272 Fibonacci extensions. That is XRP/BTC will fall to level Ƀ0.000019873. The coin is at level 31 of the Relative Strength Index period 14. It indicates that the coin is in the downtrend zone and below the centerline 50. The market is also approaching the oversold region of the market.

Source: https://insidebitcoins.com/news/xrp-price-analysis-october-17

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Why Should Traders and Investors Trade Cryptocurrencies With a CFD Broker Like Moneta Markets?

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Cryptocurrencies have risen in popularity at an exponential rate over the past few years, and while it’s somewhat romanticized by many because of their disconnection between banks and institutions, traders and investors are increasingly wanting the security of having regulatory protection when trading cryptos. As a regulated CFD broker, we’re able to offer them access to crypto markets via our crypto CFD products. We’ve seen a number of crypto exchanges hacked over the past several years with hundreds of millions of dollars worth of tokens stolen that are unable to ever be recovered, and by offering crypto CFDs we’re able to provide a safe and regulated environment for clients to capitalise on the price movements of cryptocurrencies.

Also, depending on the region, an increasing number of financial institutions block or refuse transactions from Crypto exchanges, so for an investor or trader wanting to gain exposure to the crypto markets it’s increasingly difficult to withdraw funds from an exchange. By offering crypto CFDs we are offering clients who want exposure to crypto markets a safe and secure environment to do so with no barriers for withdrawing their funds if and when they choose to.

Another advantage of trading crypto CFDs with Moneta Markets is that there’s the potential to profit regardless of the direction, so traders of all styles can take advantage of rising prices by trading long, as well as capitalising on falling prices by short selling. And, because Moneta Markets’ crypto CFDs are leveraged, traders are able to capitalise not only from smaller market movements, but increased market exposure with lower trading capital.

Moneta Markets also offer cryptocurrency deposits in addition to fiat, why was this introduced?

A key component of Moneta Markets’ brand proposition is that we’re a client-centric FinTech company. As such, it’s imperative that we are able to live up to that claim by meeting and exceeding the expectations of our clients when it comes to keeping up with new technologies, and even more so when it comes to a game-changing technology such as cryptocurrencies.

Cryptocurrencies are here to stay, they’re the future of financial transactions so it makes perfect sense to be able to offer our clients the option to fund their account using cryptos, and to be honest I’m quite surprised that we are one of the few CFD brokers to offer cryptocurrency as an option for deposits and withdrawals.

The demand to implement crypto account funding came not only from the appeal as their own tradable product, but many clients quite like the fact that they don’t need to disclose their bank account or credit card details to fund their trading account. Also, it’s just so accessible – there are no international borders when it comes to cryptocurrencies and costs are typically extremely low, if not zero.

At the end of the day, it all comes down to giving clients what they want, as well as making it as easy as possible for them to access the products that they want to trade.

You mentioned being client-centric, what does that mean to you?

Moneta Markets was created specifically to cater to traders who want to access a wide range of products through our next-generation WebTrader platform. Traders are tired of the clunky old MT4/MT5 model which has failed to evolve with the industry. By leveraging the best in web-based technology we’re able to offer traders access to global markets across any operating system and mobile device, wherever there’s an internet connection.

We worked tirelessly to create a product that is the direct result of client feedback received over the past 10+ years. As touched on above, offering crypto CFDs to trade as well as cryptocurrency funding was all part of this feedback, and as we continue to receive feedback whether related to introducing new crypto CFDs and funding methods via new tokens/coins, feedback surrounding our trading platform, or any other component of our business, we’ll continue to build upon what we offer, to create the perfect trading environment for traders of all instruments.

What does the future hold for Moneta Markets, and the industry at large?

We’re in the middle of a major transitional period in global markets, and it’s quite exciting. Many followers of cryptocurrency subscribe to the idea that it will eventually replace fiat currency, and while this idea also has its fair share of critics, it’s here to stay in some capacity and I think it would be foolish to think otherwise. While I don’t think we’ll see the death of fiat any time soon, especially when it comes to Forex and foreign exchange in general, it is important that we continue to make cryptocurrencies available for clients, and include cryptocurrency as an accepted method for account deposits and withdrawals.

For us as a broker, we are excited about how things are continually evolving within not only the crypto space but the FinTech sector, and as a company that thrives off innovation, we look forward to adapting with it. The CFD industry is fast-paced, and as a tech-driven company we’re thrilled to be a part of something as revolutionary as the ‘crypto era’ and we look forward to seeing the true potential of not only cryptocurrencies but blockchain technology as a whole.

Source: https://www.livebitcoinnews.com/why-should-traders-and-investors-trade-cryptocurrencies-with-a-cfd-broker-like-moneta-markets/

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Market Watch: After a Bloody Wednesday, Bitcoin Struggles At $13,000 As ETH Below $400

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Bitcoin went on a roller-coaster ride in the past 24 hours from a new yearly high of nearly $14,000 to dipping below $13,000. Most altcoins mimicked their leader, and the total market cap has dropped by $15 billion.

Bitcoin’s Wild 24H Ride

As CryptoPotato reported yesterday morning, everything seemed to be going in BTC’s way. The cryptocurrency was surging and peaked at another 2020 high. In fact, with a price of $13,865, it came inches away from breaking last year’s record as well.

However, it was not to be as the situation reversed rather vigorously. In the following hours, Bitcoin plummeted in value. This resulted in a daily low of about $12,920 (on Bitstamp). In other words, the primary cryptocurrency lost nearly $1,000 in just a few hourly candles.

Since then, though, Bitcoin has recovered some of its losses. After reclaiming back the $13,000 price level, BTC has increased to its current position – around $13,150.

On its way down, BTC found support somewhere around the $12,950 line. Should another price dip occur and Bitcoin breaks below it, the next support level is at $12,800. Contrary, BTC has to overcome the resistance at $13,500 to return to its recent bull run.

btcusd_chart
BTC/USDT. Source: TradingView

Red Dominates The Altcoins

As it typically happens, when Bitcoin plummets, so do most of the altcoins. The scenario repeated yesterday, and despite most of them recovering some of the losses, red is still the predominant color.

On a 24-hour scale, Ethereum has dropped by 2.3% and struggles to stay below $390. Ripple (-2.5%) has dipped below $0.25. Binance Coin (-3.3%), Chainlink (-2.4%), Polkadot (-4.6%), Litecoin (-4.25%), and Bitcoin SV (-1.3%) have also painted red.

heatmap
Cryptocurrency Market Heatmap. Source: Quantify Crypto

Crypto.com Coin has lost the most value since yesterday – 10%. CRO trades beneath $0.09. The cryptocurrency’s price hasn’t enjoyed October so far as it has dropped by more than 40% since the start of the month.

Aragon (-8.5%), Ocean Protocol (-8%), Maker (-7%), Celo (-7%), and Yearn. Finance (-7%) follow. In total, the cumulative market capitalization of all digital assets has dropped from $410 billion to $391 billion.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/market-watch-after-a-bloody-wednesday-bitcoin-struggles-at-13000-as-eth-below-400/

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Bitcoin Won’t Attract The Unbanked, Says Mastercard SEO

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Cryptocurrencies, in general, will not help for the inclusion of unbanked individuals into payment systems and banks, claims Mastercard CEO Ajay Banga. However, the company is far from ignoring digital currencies altogether.

Trying To Get 1 Billion Into The Banking System

As per a recent news report, Mastercard CEO Ajay Banga, who’s on a mission to bank upwards of 1 billion unbanked people across the world, doesn’t see much of a use in digital currencies for that.

Banga’s opinion is that assets like Bitcoin will not make such a significant pull towards financial inclusion.

According to the CEO, high volatility serves as a downfall for cryptocurrencies. He has highlighted that the value of the most popular one of them (Bitcoin) fluctuates by large amounts, emphasizing that just this year, one BTC changed its dollar value from less than $5,000 in March to almost $14,000 recently.

“Bitcoin per se is volatile in its valuation,” Banga said, adding, “Can you imagine someone who is financially excluded trading in a way to get included through a currency that could cost the equivalent of two Coca-Cola bottles today and 21 tomorrow? That’s not a way to get them included. That’s a way to make them scared of the financial system.”

Five years ago, Mastercard’s CEO embarked on a mission to help 500 million people worldwide get access to the financial system and bank services. This year the plan has upgraded up to one billion. According to Banga, people without bank accounts suffer the lack of access to credit while paying much higher fees for financial transactions via payday lenders, etc.

However, Trust In Crypto Remains

What MasterCard’s CEO failed to outline, however, is the censorship-resistant nature of decentralized cryptocurrencies, as well as the non-existing barriers to entry. 

In other words, anyone with access to the internet can become a part of the network without having to go through lengthy and, in many cases, impossible registration procedures to open a simple bank account, for example.

Moreover, once they become a part of it, there’s no central authority that can ‘shut you down’ per se, regardless of your economic situation or current location.

There’s merit to his words, nonetheless, because some of the inherent challenges remain. For instance, people need a relatively high understanding of technology and a working computer and internet connection to become part of Bitcoin’s network – something that a lot of citizens in third-world countries simply don’t have.

Despite the CEO’s opinion, MasterCard has been on the road to adopting digital currencies for a while now. As CryptoPotato reported recently, the company partnered with UK-based payment processor Wirex to expand its cryptocurrency program and aid “adoption and create innovative experiences in the crypto space.”

Featured image courtesy of CNBC

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Source: https://cryptopotato.com/bitcoin-wont-attract-the-unbanked-says-mastercard-seo/

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