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Ripple Co-Founder Reveals Key Factor that Can Drive Up XRP Adoption

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Ripple co-founder Chris Larsen disclosed what could potentially help in pushing XRP’s popularity higher.

In an interview with Bloomberg, Larsen revealed what has been holding XRP back, in his opinion. He pointed to the lack of regulatory clarity as being the main reason preventing XRP from gaining more traction. He said that that was the main reason holding the US back in the cryptocurrency sector and further added:

“You know we have a lot of regulatory clarity in key parts of the world in Japan, Singapore, the U.K. Switzerland, and UAE have deemed XRP a currency. […] But in the US 10 years in we still don’t have that regulatory clarity.”

Larsen further added that it was “perplexing” that XRP was being singled out among virtual currencies by the Securities and Exchange Commission, who deems it as an investment contract rather than a digital currency. He explained that it was perplexing because XRP had previously been “declared a currency by Obama’s treasury in 2015.” Larsen added:

“It (XRP)’s been out there in the wild now for almost nine years. Ten hundreds of billions of dollars have traded so it has utility. So we think that that was a perplexing move that happened on the last day of the Trump administration under the SEC.”

Larsen refers to the abrupt lawsuit the SEC handed Ripple Labs on the day right before former chairman Jay Clayton concluded his tenure, under the Trump administration. The Ripple co-founder also revealed that in his opinion, if the US were to remain competitive with China in the financial world, it would need to provide clearer guidelines for cryptocurrencies.

Following the lawsuit, many top exchanges including Kraken, Coinbase, and Binance.US backed away from XRP, delisting or halting its trades in fear of butting heads with securities regulators. However, an incident occurring during a discovery hearing between Ripple Labs and the SEC revealed that cryptocurrency exchanges may not be in violation of securities laws if they relisted XRP on US crypto trading platforms. 

The stance of whether XRP is a security has been debated upon, with many criticizing the timing of the XRP lawsuit as a low blow. The lawsuit was handed out in the wake of former chairman of the SEC, Jay Clayton, leaving the Commission. While some have argued that XRP conforms to the Howey test, therefore rendering it a security, others have argued that it should be viewed more as a cryptocurrency. 

Larsen, along with other industry leaders, have cited the importance of establishing clear crypto regulations for the US to remain competitive and relevant in the fintech and crypto sector. Previously, Larsen had cited that unfortunately, US domestic digital payments were nowhere near the utility as their Chinese counterparts. While the Federal Reserve has ramped up its digital efforts, China, on the other hand, has been actively testing its digital yuan. 

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/ripple-co-founder-reveals-key-factor-that-can-drive-up-xrp-adoption

Blockchain

Five Biggest Altcoin Gainer Showcase — June 7-14

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BeInCrypto breaks down the five biggest altcoin movers and shakers from the previous week. Will their momentum continue?

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The five altcoins are:

  • Amp (AMP): 50.26%
  • Quant (QNT): 31.97%
  • Theta Fuel (TFUEL) : 17.12%
  • Chiliz (CHZ): 6.61%
  • Revain (REV) : 2.04%

AMP

AMP has been moving upwards since May 23, when it reached a low of $0.023. The increase continued until a high of $0.079 was reached on June 11, barely failing to reach a new all-time high price. 

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In addition, AMP could not reach a close above the $0.077 resistance area. 

Despite the rejection, technical indicators in the daily time frame are bullish. The RSI is attempting to move above 70 and the MACD is positive. Furthermore, the Stochastic oscillator has made a bullish cross (green icon). 

If AMP manages to close above $0.077, the next resistance would likely be found at $0.11.,This target is the 1.61 external Fib retracement when measuring the most recent drop.

QNT

QNT has been increasing since May 23, when it bounced above a long-term ascending support line. The line has been in place since Jan. 30. 

Currently, QNT is making an attempt at reaching a new all-time high above $64.33. 

Similar to AMP, technical indicators are bullish. The RSI is above 50, the MACD is positive, and the Stochastic oscillator has made a bullish cross.

If a breakout occurs, the next resistance would be found at $89.20.

TFUEL

On June 1, TFUEL broke out from a descending parallel channel (green icon). It continued increasing until it reached a new all-time high of $0.679 on June 9. However, it created a shooting star candlestick the same day and has been moving downwards since (red icon). 

While it’s possible that this was the top of a bullish impulse, an extension could take TFUEL all the way up to $1. 

On June 13, TFUEL bounced and validated the $0.47 area as support. The trend is considered bullish as long as TFUEL is trading above this level.

CHZ

Since March 12, CHZ has been trading inside a descending parallel channel. These structures often contain corrective movements. 

While CHZ has been increasing since May 23, it’s still trading inside the lower portion of the channel. It has to reclaim the middle of the channel in order for the trend to be considered bullish. 

Technical indicators are relatively neutral, failing to confirm the direction of the trend.

REV

On May 11, REV was rejected by the $0.04 area and has been moving downwards since. This created a very long upper wick (red icon).

REV is currently trading at its all-time low levels near $0.01.

The movement does not have a clear structure and looks very out of the ordinary.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/five-biggest-altcoin-gainer-showcase-june-7-14/

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Blockchain

Five Biggest Altcoin Gainer Showcase — June 7-14

Published

on

BeInCrypto breaks down the five biggest altcoin movers and shakers from the previous week. Will their momentum continue?

Sponsored
Sponsored

The five altcoins are:

  • Amp (AMP): 50.26%
  • Quant (QNT): 31.97%
  • Theta Fuel (TFUEL) : 17.12%
  • Chiliz (CHZ): 6.61%
  • Revain (REV) : 2.04%

AMP

AMP has been moving upwards since May 23, when it reached a low of $0.023. The increase continued until a high of $0.079 was reached on June 11, barely failing to reach a new all-time high price. 

Sponsored
Sponsored

In addition, AMP could not reach a close above the $0.077 resistance area. 

Despite the rejection, technical indicators in the daily time frame are bullish. The RSI is attempting to move above 70 and the MACD is positive. Furthermore, the Stochastic oscillator has made a bullish cross (green icon). 

If AMP manages to close above $0.077, the next resistance would likely be found at $0.11.,This target is the 1.61 external Fib retracement when measuring the most recent drop.

QNT

QNT has been increasing since May 23, when it bounced above a long-term ascending support line. The line has been in place since Jan. 30. 

Currently, QNT is making an attempt at reaching a new all-time high above $64.33. 

Similar to AMP, technical indicators are bullish. The RSI is above 50, the MACD is positive, and the Stochastic oscillator has made a bullish cross.

If a breakout occurs, the next resistance would be found at $89.20.

TFUEL

On June 1, TFUEL broke out from a descending parallel channel (green icon). It continued increasing until it reached a new all-time high of $0.679 on June 9. However, it created a shooting star candlestick the same day and has been moving downwards since (red icon). 

While it’s possible that this was the top of a bullish impulse, an extension could take TFUEL all the way up to $1. 

On June 13, TFUEL bounced and validated the $0.47 area as support. The trend is considered bullish as long as TFUEL is trading above this level.

CHZ

Since March 12, CHZ has been trading inside a descending parallel channel. These structures often contain corrective movements. 

While CHZ has been increasing since May 23, it’s still trading inside the lower portion of the channel. It has to reclaim the middle of the channel in order for the trend to be considered bullish. 

Technical indicators are relatively neutral, failing to confirm the direction of the trend.

REV

On May 11, REV was rejected by the $0.04 area and has been moving downwards since. This created a very long upper wick (red icon).

REV is currently trading at its all-time low levels near $0.01.

The movement does not have a clear structure and looks very out of the ordinary.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/five-biggest-altcoin-gainer-showcase-june-7-14/

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What Changed in Crypto Markets While You Were Sleeping — June 14

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BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

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Bitcoin update

Bitcoin began last week by falling to a low of $31,000. However, it bounced right back up, leaving a long lower wick in place and reaching a bullish close. The weekly high was at $39,380.

Despite the bullish candlestick, technical indicators are firmly bearish. The MACD is decreasing and its histogram has crossed into negative territory. This has historically been a bearish sign.

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The Stochastic oscillator has made a bearish cross (red icon) and the RSI has crossed below the 50-line.

The next closest resistance areas are at $43,250 and $47,400. These targets are the respective 0.382 and 0.5 Fib retracement resistance levels.

BTC Weekly close
BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap is up by more than 8% today, currently sitting at $1.677 trillion. Since May 24, the total cap has moved in a range between $1.47 trillion and $1.84 trillion.

Nearly every cryptocurrency in the top-100 by market cap are in the green today, and many are seeing double-digit percentage gains. Amp (AMP) is on top, gaining more than 20% in the past 24 hours and is up over 50% in the past week. This has boosted AMP into the #34 position.

Apart from stablecoin fluctuations, no altcoin in the top-100 has experienced a loss in the past 24 hours. HUSD, cUSDC, and cDAI are all tied for the biggest loser, down 0.5% on the day.

In other crypto news

  • Bitcoin’s price rose to over $39,000 as miners approved the Taproot upgrade, and Musk saying that Tesla will reinstate bitcoin payments following more clean energy usage.
  • Ethereum continues to get fundamentally stronger in terms of becoming a decentralized financial layer and almost a quarter of the supply is now locked in smart contracts.
  • Africa is topping the charts of P2P bitcoin trading volume, recording $17 million in May 2021. This growth represents a near-50% increase year-over-year.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. Began trading and writing about cryptocurrencies in 2016, and have been an avid investor in stocks and precious metals since my teens.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/what-changed-crypto-markets-while-sleeping-june-14/

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Blockchain

What Changed in Crypto Markets While You Were Sleeping — June 14

Published

on

BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

Sponsored
Sponsored

Bitcoin update

Bitcoin began last week by falling to a low of $31,000. However, it bounced right back up, leaving a long lower wick in place and reaching a bullish close. The weekly high was at $39,380.

Despite the bullish candlestick, technical indicators are firmly bearish. The MACD is decreasing and its histogram has crossed into negative territory. This has historically been a bearish sign.

Sponsored
Sponsored

The Stochastic oscillator has made a bearish cross (red icon) and the RSI has crossed below the 50-line.

The next closest resistance areas are at $43,250 and $47,400. These targets are the respective 0.382 and 0.5 Fib retracement resistance levels.

BTC Weekly close
BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap is up by more than 8% today, currently sitting at $1.677 trillion. Since May 24, the total cap has moved in a range between $1.47 trillion and $1.84 trillion.

Nearly every cryptocurrency in the top-100 by market cap are in the green today, and many are seeing double-digit percentage gains. Amp (AMP) is on top, gaining more than 20% in the past 24 hours and is up over 50% in the past week. This has boosted AMP into the #34 position.

Apart from stablecoin fluctuations, no altcoin in the top-100 has experienced a loss in the past 24 hours. HUSD, cUSDC, and cDAI are all tied for the biggest loser, down 0.5% on the day.

In other crypto news

  • Bitcoin’s price rose to over $39,000 as miners approved the Taproot upgrade, and Musk saying that Tesla will reinstate bitcoin payments following more clean energy usage.
  • Ethereum continues to get fundamentally stronger in terms of becoming a decentralized financial layer and almost a quarter of the supply is now locked in smart contracts.
  • Africa is topping the charts of P2P bitcoin trading volume, recording $17 million in May 2021. This growth represents a near-50% increase year-over-year.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. Began trading and writing about cryptocurrencies in 2016, and have been an avid investor in stocks and precious metals since my teens.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/what-changed-crypto-markets-while-sleeping-june-14/

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