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Ripple Price Prediction: XRP/USD Regains Ground Above $0.20; Still Vulnerable To Losses

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XRP Price Prediction – May 22

Within 24 hours, Ripple (XRP) is gaining more than 3.96% and the next resistance level may be at $0.22.

XRP/USD Market

Key Levels:

Resistance levels: $0.23, $0.24, $0.25

Support levels: $0.16, $0.15, $0.14

XRPUSD – Daily Chart

XRP/USD moves from $0.191 to the area above $0.200 in a matter of hours and touched an intraday high at $0.202. While the coin has retreated to $0.201 at the time of writing, the pair retains bullish momentum. In the short term, XRP/USD has gained more than 3.96% in the last 24 hours. Therefore, a sustainable move above $0.200 might improve the technical picture, provided that we see a follow through and recovery towards $0.203.

Currently, the price of the coin is changing hands at $0.201 level and the bulls are still gathering momentum. If the price moves below the lower boundary of the channel, the price could be pushed to the support level of $0.16, $0.15 and $0.14 levels. Meanwhile, in as much as the green-line of the 21-day moving average is still above the red-line of the 9-day moving average, the Ripple price may continue to be on the bears’ side.

Moreover, the technical indicator RSI (14) is making an attempt to cross above the 50-level, if this possible, then the bullish trend may come to play. More so, should the bulls put more effort to push the XRP/USD higher, further resistance may likely be found at $0.23, $0.24, and $0.25 levels before the market is free to make another attempt at $0.26 level.

Against Bitcoin, Ripple (XRP) is still demonstrating some positive signs across the market. The trend is perpetually looking bullish in the long-term and moving within the descending channel. It is currently changing hands at 2188 SAT after witnessing some bearish moment last few weeks.

XRPBTC – Daily Chart

More so, the resistance levels to look for are 2400 SAT and 2600 SAT while the closest support levels to keep an eye on are 2000 SAT, 1800 SAT, and critically 1600 SAT. The RSI (14) is moving above 40-level, which indicates more bullish signals for some time.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Source: https://insidebitcoins.com/news/ripple-price-prediction-xrp-usd-regains-ground-above-0-20-still-vulnerable-to-losses

Blockchain

“OMG Is Not Ethereum Killer” Vitalik On Tether’s [USDT] Migration To OMG Network

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Hong Kong-based cryptocurrency trading platform, Bitfinex revealed that stablecoin Tether [USDT] has been integrated into the OMG Network.

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Tether Finds Shelter at OMG Network

Bitfinex’s latest move was put into action in order to diminish confirmation times while making sure that users engage in faster payments with more economical transaction costs. The platform assures all of this with security kindred to that of Ethereum.

The OMG Network sure does sound like an incipient company, however, prominent platform OmiseGO was rebranded as the former. As per the company’s blog post, the CEO of the OMG Network, Vansa Chatikavanij expressed her exhilaration to work with Bitfinex as she looks forward to addressing the scalability issues of the blockchain in order to explore new monetary services.

Chatikavanij added,

“Today, we’re excited to announce the launch of the OMG Network that supports thousands of transactions per second and reduces transaction costs to a third of Ethereum.”

Paolo Ardoino, CTO at Bitfinex seconded CEO Chatikavanij on the same as he stated,

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“By migrating USDT value transfers to the OMG Network, we save costs, drive performance improvements, and relieve pressure on the root chain. This is good for Bitfinex, our users, and the entire Ethereum ecosystem.”

The blog post further highlighted that the minimum miner fee to transfer USDT as an ERC20 token is priced at 0.001 Ethereum. Further justifying its traverse from the Ethereum blockchain into the OMG Network, the “vulnerability to severe network congestion” was also addressed in the blog post. Since every block has an inhibited capacity of only 12 transactions per second, an incrementation in need could surpass the standard capacity causing a surge in gas costs as well as settlement times.

The OMG Network’s “More Viable Plasma solution” reportedly sanctions a number of transactions in a single block with a lesser fee. Ardoino further elaborated on the same and said,

“This allows traders to react faster to trading opportunities and more efficiently arbitrage between exchanges as the network grows.”

Even though Ethereum is the most sizably voluminous value settler for Tether,  the stablecoin operates on various other blockchains including EOS, Liquid Network, Omni, Tron, Algorand, Ethereum and its latest blockchain, OMG Network.

Vitalik Buterin the man abaft the Ethereum network took to Twitter and said,

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Following this tweet and replying to Buterin, Ardoino elucidated the reason for the migration. His tweet read,

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Ethereum’s gas costs and scalability issues have always caused affliction. However, if these issues perpetuate, it is speculated that Ethereum could encounter many closed doors akin to its latest.



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Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Author: Sahana Kiran

Source: https://coingape.com/omg-not-ethereum-killer-tether-usdt-migrates-omg-network-ethereum/

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Blockchain

Bitso Notes All-time High Liquidity in its XRP/MXN Payment Corridor

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When it comes to Ripple and XRP, the main area of focus is the financial sector, rather than cryptocurrency. In recent weeks, it appears that the XRP/MXN liquidity through Bitso has reached a new all-time high.

The XRP asset was never designed to rival Bitcoin or other crypto assets.

XRP is Doing Wonders for Bitso Users

Instead, it is utilized to bring liquidity to financial markets and payment corridors.

So far, Ripple’s asset is making inroads in this regard.

Primarily the XRP/MXN payment corridor on Bitso is generating a lot of volume.

An ongoing uptrend has been recorded during the second half of last week.

This shows that XRP is powering more transactions for Mexican users as of right now. 

This ongoing growth in liquidity has been visible for many weeks now.

Over the weekend, a new all-time high liquidity for XRP/MXN was recorded at well over 36.7 million. 

This is another core example of how powerful Ripple’s On-Demand Liquidity really is for money transfers.

It gives Bitso an option to convert USD into XRP, after which it is converted to Mexican pesos.

The ongoing growth in this segment highlights the need for better payment corridors between the US and Mexico. 

Source: https://themerkle.com/bitso-notes-all-time-high-liquidity-in-its-xrp-mxn-payment-corridor/

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Blockchain

Interactive Brokers’ Clients Made Fewer Trades Than April and March

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Trading activity at Interactive Brokers LLC (NASDAQ:IBKR) lost further momentum in May with volumes easing on a monthly comparison basis following record gains in March. The broker, however, posted its third-best reading for Daily Average Revenue Trades (DARTs), a sign that it is too early to bet the Cocona-spurred rally could be coming to an end.

During May 2020, the number of DARTs were reported at 1.645 million transactions, a fall of -4 percent month-over-month from 1.720 million in April and a record 1.96 million‎ in March. On a year-on-year basis, Interactive Brokers saw a brighter performance in its DARTs with May’s figure up 84 percent relative to nearly 894k transactions reported in the same month last year.

The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation

Interactive Brokers, whose two main divisions were online brokerage and market-making before it ceased the latter in 2018, has won more clients, with total May’s active accounts up to 839,000, or four percent higher from 805,600 accounts the previous month. The figure was higher by 31 percent year-over-year when compared to May 2019 (‎638,600 ‎accounts).

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Interactive Brokers had seemingly eased its recent restrictions on borrowed margins, which came amid fears over the impact of the spreading coronavirus on its traders’ bets. The company’s ending client margin loan balances were around $23.3 billion in May 2020. This figure is up 13 percent from $20 billion in April but still lower by over 10 percent than the prior year and also reduces clients’ exposure by a third when compared to February.

On average, in May 2020, Interactive Brokers charged clients commission fees of $2.83 per order relative to $2.77 in April. This figure includes exchange, clearing and regulatory fees, with the key products metrics coming out at $1.98 for stocks, $4.42 for equity options and $4.08 for futures orders.

Interactive Brokers said last month it has been forced to cover $104 million worth of its customers’ losses on April 20, the day when prices plunged below zero for the first time ever. The Greenwich, Connecticut-based broker reported earlier that it had suffered an aggregate provisionary loss of $88 million, but the figure swelled after IBKR made its final calculations for the first quarter.

Interactive said several customers had been caught on the wrong side of April plunge, having held long positions on cash-settled WTI futures at both CME and ICE Futures Europe. The negative settlement price meant customers incurred losses in excess of the equity in their accounts, forcing the broker to step in and pay the margin calls owed to clearing houses. However, it said the $104 million mistake on their part would not have a material effect on its financial condition.

Source: https://www.financemagnates.com/institutional-forex/execution/interactive-brokers-clients-made-fewer-trades-than-april-and-march/

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