As of recently, the crypto markets have been stabilizing and managed to maintain their upwards momentum as they headed towards the weekend. Many other cryptocurrencies have surged 2% or more – but the altcoin Ripple (XRP) has led the way – which is why it is featured in the crypto news today.
The surge came about after Ripple (XRP) hit its weekly support level. According to analysts, the cryptocurrency will see further gains in the near future as the markets continue to climb.
Right now, Ripple is trading up just under 10% at its current price of $0.364 and has managed to recover from lows of $0.33 which now appears to have become its support level. If we look at the cryptocurrency over a one-week trading period, we will see that it has climbed significantly and surged from lows of $0.30 to its current price levels.
During the latest price surge of Bitcoin to above $5,000, XRP has managed to make up and climbed by more than 8% today. At the time of writing, Ripple (XRP) has continued to climb under 10% at its current price of $0.364.
According to Mati Greenspan who is a senior market analyst at eToro, Ripple’s price action was first sparked when the Asian markets kicked into gear. As he said:
“Since altseason began, many clients have been asking me about the lack of participation from XRP. Indeed, even though many altcoins had a turn to pump over the last few weeks, Ripple had been feeling kind of left out. Well, that seems to have changed this morning as XRP (blue line) has outperformed during the morning’s Asian session ramp.”
The Cryptomist who is another popular crypto analyst also took to Twitter to analyze XRP and share his thoughts, explaining:
“$XRP Respecting the strongly weekly support, as we currently bounced back within support! Added some upon the wick below. I do expect this to hold, unless btc does something drastic.”
As we head into the weekend, there is a talk about the near future of major cryptos and whether they are able to maintain their upwards momentum.
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
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