XRP Price Analysis – Ripple Will Have to Fight for Important Levels

Ripple Will Have to Fight for Important Levels

Ripple (XRP) is trading at $0.8359 Friday; earlier this week, the crypto fell to $0.4901, but then recovered. Over the last few days, XRP is above the support at $0.7500, which means the recovery has been quite successful, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Now that Ripple is trading above the intermediate support at $0.8200, it can go further to reach the previous high at $0.9640. Many things will depend on the market environment and its attitude to buying.

Currently, it is important to understand whether Ripple will be able to stay above the 100-hour SMA at $0.8550. If such a breakout is a success, the short term trend will become 100% positive.

For now, the key support for XPR is at $0.8080, while the resistance is at $0.8600. The MACD is already in the positives on D1, starting to issue a buy signal, although its momentum contracted. The Stochastic is in the positives, too, but started moving down, with the buy signal strength fading out.

Currently, there is no lack of fundamentals for Ripple. As such, the company has published its quarterly report, specifying the overall token value amount at $160B, with a small part of tokens (around $16.6M) sold though XRP II platform licensing. All other tokens has been sold software-wise, the report says.

Total market cap of Ripple is at $2363.5B, according to the company’s data. This is somewhat lower than earlier this year, but one should bear in mind Ripple is actively investing its funds into the network development. As for the token price, the company says this is in line with the competition and the global market demand.

Apart from the report, Ripple becoming a partner of five payment providers was also in the news. These are namely Exchange4free, FairFX, MoneyMatch, RationalFX, and UniPay, and they are particularly interested in xVia technology that has a potential to increase the transaction speed by multiple times, while also adding to the transparency.

As such, Ripple is again expanding in non-crypto online payment. With xVia, the company will be able to attract more users thanks to fast transactions and new algorithms. These technologies are not much related to XPR, though, and the company is often criticized for that. However, this is again about the same thing: the cryptos may disappear, but the technologies will be here to stay.

xrp

Disclaimer

Any forecasts contained herein are based on the authors’ particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

 

 

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Private Security For Crypto (BTC, ETH, XRP) Traders: A New Industry In Moscow

The precarious industry of buying and selling cryptocurrency for cash has some serious drawbacks in terms of attempting to trade large volumes in crypto and the security issue during the transaction. Imagine having to liquidate some 2 Bitcoin (BTC) with someone who wants to offer hard cash that you desperately need for other investments or uses.

This means your customer for the 2 BTC will have to carry with him, a cool $18,466 in cash. Now, this is a lot of money for one individual to carry and the risks are high when dealing with strangers for such transactions. The possibilities of a set-up cannot be ignored 100%. Trust in this Crypto-verse is no longer guaranteed.

There has been a growing number of crypto related fraud and theft that has been reported in Russia since BTC and Crypto took over the world of investing in the past few months. In most cases, Russian police are always reluctant to investigate such crimes for there is no set laws that even mention cryptocurrencies, let alone to give guidelines for regulation.

This then leaves the doors open for private security firms to capitalize on this hick-up to provide security services to high profile traders and those in possession of large amounts of crypto; and obviously at a fee.

One example of an attack was witnessed in February when the creator of PRIZM, Yury Mayorov, was kidnapped by four men and robbed of $20,000 in cash, 300 BTC and three iPhones. Mayorov was grabbed off of Isakovskogo Street in Moscow and put into a Mercedes Benz, beaten and robbed while they drove around the city.

With such cases being rampant in Russia, it is not a bad idea hiring a personal guard at a starting rate of as low as $15 an hour. The prices do go up if the client wants to hire a vehicle and more guards when doing crypto related business. Most private security firms in the country now provide contracts for property protection that covers suitcases with cash and hard wallets.

The best way of mitigating from being a victim in Russia, is to either to take care of your anonymity as a silent crypto millionaire or hire these guys.

[Photo source, indiamart.com]

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IBM Files Patent For Proof-Of-Work Protocol Tailored To IoT Networks

IBM has filed a patent for a tailored proof-of-work protocol that would address key issues facing IoT Blockchain systems.

Tech giant IBM has filed a patent for an Internet of Things (IOT)-focused Blockchain configuration which would tailor the proof-of-work (PoW) protocol in order to address potential security issues in IoT networks, in an application published April 26.

The patent proposes:

“A method, comprising: determining a proof-of-work via an [IOT compatible] device; using a predefined set of nonce values when determining the proof-of-work; storing the proof-of-work on a blockchain; and broadcasting the proof-of-work as a broadcast message.”

Nonces are used in PoW systems to vary the input to a cryptographic hash function so as to obtain a hash that fulfills certain conditions. IBM’s idea to restrict a nonce – literally, a “number that can only be used once” – to a predetermined range could potentially solve two challenges currently facing Blockchain solutions for IoT networks.

IoT devices are embedded with software, sensors and network connectivity, and a Blockchain solution could decentralize the interaction between these devices as well as enable them to execute smart contracts.

Many IoT devices – for example an IP-enabled doorbell of a smart dishwasher – are however “low-power” devices, meaning that they don’t have enough computational power to compete with dedicated mining devices, such as application-specific integrated circuits (ASICs). A network of such devices that would deploy a proof-of-work protocol thus faces a problem of being unable to conduct resource-intensive PoW calculations and at the same time remain secure from malicious external actors, as IBM describes:

“Most IoT devices are constrained in the amount of energy they can consume. To enable such low-power devices to compute proof-of-work for smart contracts, the complexity of a crypto-effort or crypto-puzzle should be reduced. However, reduction in the complexity of the crypto-puzzle can enable malicious participants to manipulate the smart contracts.”

IBM’s proposal ensures that intra-network competition can be controlled, as well as protected from powerful outside actors, as “the complexity of constructing a PoW can be adjusted dynamically, such that there is no incentive for any IoT device to use computing power beyond a determined threshold to increase its chances of a successful completion of a PoW.”

IBM envisions the applications of IoT smart contracts could extend to “peer to peer (P2P) energy networks, logistic networks, crowd-sourced weather networks, and the like.”

IBM has previously collaborated with Samsung on another Blockchain proof-of-concept for IoT networks.

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Major Chip Maker AMD’s Revenues Surge Due to Cryptocurrency Mining

Cryptocurrency mining has been an interesting industry for AMD and NVIDIA. The former has noted a strong earnings increase, although they remain wary of this industry. Especially with all cryptocurrencies losing value, the manufacturer isn’t too concerned about the future demand for new GPUs. Putting Wall Street investors’ minds at ease is a top priority for the company right now.

AMD’s Position in the GPU Mining Industry

Last year and early 2018 have been rather profitable for GPU manufacturers. With a lot of consumers attempting to mine cryptocurrency, demand for graphics cards has soared .For companies such as AMD and NVIDIA, this created a rather unexpected windfall. With GPU sales through the roof in late 2017, both companies saw a positive end to the fiscal year. In Q of 2018, however, the cryptocurrency craze has quieted down quite a bit.

Due to this negative development, there were concerns regarding future successes for AMD. Wall Street investors expect demand for its GPUs to drop off spectacularly. That does not appear to be the case, even though there is still some reason for concern. Cryptocurrency miners may flood the market with second-hand graphics cards.  AMD chief executive Lisa Su is not too troubled by this prospect:

“We don’t see a significant risk of secondhand GPUs coming into the market. We do see a bit of volatility and that’s why we are putting into our forecast for the second quarter and the second half a little bit lower blockchain demand, but that’s more than made up for by the other new products and the way the new products are ramping in the business.”

Cryptocurrency Rebound can Result in More Demand

Even though the first quarter of 2018 wasn’t great for cryptocurrency, things are turning around. All prices are going up again this past week. GPU-mined currencies such as Ethereum have noted a strong increase over the past 30 days. If this trend remains in place, manufacturers such as AMD may see revenue from cryptocurrency miners increase once again.

During Q1 of 2018, cryptocurrency mining-related sales made up 10% of AMD’s revenue. That is not a small number, but also nothing spectacular. Even if the mining business would collapse entirely, AMD remains confident they can generate a higher profit in Q2 compared to the same quarter in 2017. The influx of second-hand GPUs has not materialized yet, although UBS warned investors about such an impending trend earlier this month.

For AMD, their future success doesn’t hinge on the cryptocurrency mining craze either. Its revenue forecast for Q2 2018 has been raised by company analysts, which is interesting to take note of. Which role cryptocurrency mining will play in those earnings, remains a bit unclear. AMD video cards are primarily sought after by gamers, and with new titles coming out this year, that demand will not slow down.

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All Bets On Tron (TRX) Moving Forward

Two days ago, Tron (TRX) looked unstoppable in the markets. The gains by the token were in the form of double digit gains once the crypto-verse was alerted that the popular token would be listed on Coinbene.

The Coinbene exchange is ranked 25th on coinmarketcap.com when you do an complete analysis of exchanges that charge fees and those that do not. The exchange is currently dong a cool $125.84 Million in daily trading. The website is available in the five languages of English, Chinese, Portuguese, Vietnamese and Malay. It also covers over 150 countries across the globe. The exchange also tops up its services by providing its users with a mobile app available on both Android and iOS.

The TRX market action has also been accompanied by several anticipated announcements that were kicked off by the release of Testnet on the 31st of March this year. Mainnet is slated for release on the 31st of May and total token migration to the Tron network, has been scheduled for the 21st of June. There is also the Super representative elections to be held on the 26th of June this year.

It is with the above premise that all bets are on the Tron project moving forward. Any additional listing in the markets will surely add liquidity to the token and further push its value to heights closer to the $0.10 mark if not to previous highs of around $0.30 per TRX.

As the days trod on, one is tempted to set calendar reminders for the aforementioned dates and with respect to the Tron project.

The Tron foundation and project has a charismatic CEO who will stop at nothing to realize the vision of the project. Justin Sun is considered as a true protege of Jack Ma and even graduated from Ma’s Hapun University less than two months ago. The aim of the university is to groom promising entrepreneurs in the ever changing world of business that seems to evolve in tandem with the global technological advancements.

In conclusion, there are a lot of events on the Tron calender that are sure to determine the impact of the token, and later coin, in the crypto-verse. Many HODLers and traders are constantly looking to social media platforms for updates from the Tron Foundation, that might affect the price of TRX in the market.

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Major Cryptocurrency Hedge Fund: ICON is Our Biggest Bet in 2018

Dan Morehead an early cryptocurrency adapter and CEO of the hedge fund Pantera Capital said in an interview on Bloomberg yesterday that the funds biggest present position is in the Korean blockchain Icon. The statement surprised the host of the interview who didn’t seem to know anything about Icon or why the fund would be heavily invested in it.

ICON is a bridge to bring separate blockchain networks together

ICON is a blockchain ecosystem that was purpose-built with the goal of creating hyperconnectivity between other blockchains and financial networks. The ecosystem was designed by the blockchain development company The Loop which is part of DAYLI Intelligence, a subsidiary of DAYLI Financial Group, to allow decentralized apps (DApps) from one entity to exchange information or value with dApps from another.

Icon launched its Mainnet on January 24, 2018, which got them off the Ethereum network and onto their own unique blockchain network known as a “loopchain” which allows individual connected blockchains to maintain their own affairs but also vote on issues that affect the entire ICON “loop” of blockchains.

The ICON Community is also a single blockchain with its own governing system that uses Community Nodes (C-nodes) to represent gateways in which other blockchains can connect to the ICON Network. Each community member blockchain elects a Community Representative (C-Reps) to handle matters within the ICON network like transaction verification. C-Reps receive ICX tokens for providing this service.

The ICX token on the ICON Network has three main functions apart from being a store of value. They can be used to exchange money or assets of value across multiple blockchains, used digitally to verify identifications through ICON blockchain ID, and as a vehicle for processing smart contracts.

The ICON Network was designed to facilitate communications, payments, and contracts between different corporate institutions using separate blockchain based networks. For example a hospital, school, and insurance company all using different blockchains can use the ICON network as a bridge in order to reduce processing times and fees.

ICON Maybe the Future of Blockchain Technology

In order to bypass Korean regulations forbidding ICO’s in the country ICON, along with a group of other ICO’s was issued in Switzerland and began trading on the Bithumb exchange on March 21. The price of ICX was driven up at the launch when ICON announced and airdrop event for its customers which took the price of the token to $4, it trades today $4.30 according to Live Coin Watch.

ICON and its competitor EOS which also uses its own blockchain network are looked at by many as the best way to scale up the current blockchain ecosystem which is why investors like Dan Morehead see it as a winner in the long term.

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China’s #metoo Movement Dodges Censorship on the Ethereum Blockchain

The sectors of the economy that blockchain technology has disrupted continues to rise, and now the #metoo movement in China can be added to that list. Despite the fact that the government has largely banned activities associated with digital currencies, the technology that underpins bitcoin has given #metoo student activists a voice. Yue Xin, a student

The post China’s #metoo Movement Dodges Censorship on the Ethereum Blockchain appeared first on CCN

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AMD CEO: Blockchain Is Important But “A Bit Of Distraction”

AMD CEO admits blockchain is important, but calls the technology “a bit of a distraction in the short term”.

CEO Lisa Su of AMD, an American multinational semiconductor company, said that Blockchain is “a bit of a distraction in the short term” in an interview with CNBC April 26.

Su admitted the importance of blockchain, stating, “It’s a very important technology […] The idea you can do all these peer-to-peer transactions, a decentralized network, it’s a good technology, but frankly l think it’s a bit of a distraction, in the short term.”

Su mentioned better-than-expected growth in her company in the first quarter of the current year, stating that rather than getting caught up in the hype surrounding blockchain, they would focus on their core markets. When asked whether she thought blockchain was “temporary in nature… and not a reliable avenue of future growth” she said:

“The long-term technology around blockchain is an important technology, and we’re spending a lot of time with some of the key influencers in this area, so I think it’ll be here for the next 3,4,5 years. Now what it does tomorrow vs. yesterday, I think that’s anyone’s guess.”

AMD’s stock jumped 11 percent on April 25 after an announcement that they had outperformed earnings estimates. When asked by an interviewer whether the company was underplaying the role of Ethereum mining hardware in this success — the interviewer cited 23% of first quarter 2018 revenue — Su replied:

“We believe blockchain or mining was about approximately 10 percent of our revenue during the quarter. And the truth is there are a lot different factors in these estimates. We feel we have a very good idea of what people are using our products for. It’s a nice growth factor, but it’s certainly not the dominant growth factor in our story.”

While in her recent statement Su expressed caution around blockchain technology and cryptocurrency, in December last year she claimed that AMD was very interested in participating in blockchain technology and the cryptocurrency mining market.

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Asian Cryptocurrency Trading Roundup: Top Altcoin is Stellar Lumens

FOMO Moments

The selloff that started yesterday has fortunately abated and markets have not tumbled back levels seen at the beginning of the month. Total crypto capitalization has returned back over $400 billion, led by Bitcoin which is trading 3.6% higher today at just over $9,200. The minor correction was expected following two weeks of solid gains. All altcoins are in the green at the moment during Asian trading, as usual one is outperforming the rest and today that coin is Stellar Lumens.

According to Coinmarketcap XLM is the best performing altcoin in the top 25 with a 16% increase on the day. Stellar Lumens is currently trading at $0.42 up from a level of $0.36 this time yesterday. Over the week XLM has also been strong with an increase of 15% from a similar level this time last Friday. Over the past month Stellar has almost doubled in price from $0.21 this time last month. Against Bitcoin XLM is up 10% to 4540 satoshis from a level of 4100 sats this time yesterday. Weekly gains have been similar but over the month Stellar has gained 70% against Bitcoin rising from 2660 satoshis this time last month.

The conclusion of MobileCoin’s multi-million dollar ICO has provided the momentum for XLM today. The privacy-based ICO raised $30 million using the Stellar Consensus Protocol to streamline mobile payments. Stellar’s integration with MobileCoin gives it an entrance to the mobile payments market which could be huge. Stellar is angling to become the standard for fast and cost effective micro-payments using mobile messaging systems.

Trading has been dominated in South Korea once again with 27% in KRW. Binance however handles the highest level of trade with 24%. Trade volume in XLM has climbed almost 90% from $115 billion to $217 billion where it currently stands. Market cap is $7.8 billion which places this altcoin at 7th in the charts.

Total market capitalization for all crypto markets has 4.3% climbed to $413 billion indicating that the last dip was a minor correction and long term signals are still bullish. Other altcoins doing well this morning in Asia include Icon and Verge. Siacoin also needs a mention as it has jumped 52% this morning  nudging it closer to the top 25.

More on Stellar can be found here: https://www.stellar.org/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.

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Litecoin (LTC) Confirms TokenPay Partnership On Acquiring German Bank, Debit Card

The discussion that ensued between the CEO of TokenPay and that of Litecoin on the acquisition of a Bank in Germany and the production LTC debit card, which later ended in a tet-a-tet between the two CEOs has actually been confirmed to be true.

During the unveiling of Verge’s secrete partnership, Litecoin CEO, Charlee Lie disparaged Verge for saying it will coast the cryptocurrency market after the partnership. However, he was countered by the CEO of TokenPay, Derek Capo, who questioned Lee for not investing in Verge’s crowdfunding, but complaining of the partnership.

The conversation went on between the two, until they both came to terms to discuss privately on the acquisition of a German bank and production of Litecoin debit card.

“1. If tokenpay did not donate the deal does not happen. 2. tokenpay has a partnership with vergecurrency for our banking solution (we are buying bank in Germany). 3. More partnerships between crypto is important. TokenPay also benefits in helping large community, etc.”

“No problem, so when do you want to talk about a REAL debit card solution (for Litecoin)? We are buying 9.9% of a bank in Munich with option to buy 90%. We have a whole ecosystem and plan in place. Let me know how we can work together. The battle between old and new world is just getting started”

“They key to making this all work is ecosystems, partnerships and constant communication with regulators. Buying a bank in Germany gets us a seat at regulator table, key to educating governments. As for LTC we can add to our bank, debit card, gift cards etc.”

“Thanks. Let me know if there’s anything I or the Litecoin Foundation can do to help,” Charlee replied.

However, TokenPay had previously confirmed the partnership in a tweet, saying a non disclosure agreement has been signed. It did not further state if anything is being discussed on the German Bank.

“TokenPay CEO derekcapo Interview with Sean Davis. THE TPAY ECOSYSTEM EXPLAINED. XVG Deal LTC NDA Signed”

While the agreement may not be clear, Charlee in a message to Finance Magnates, Lee confirmed revealed that Litecoin is “exploring” the idea.

Litecoin is serious about having a debit car. The cryptocoin just partnered with Wirex, and a debit card is about to be unveiled after their partnership. Tenx, also partnered with the cryptocoin on the same development.

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