Tag Archives: XRP

Bitstamp apologizes after posting report calling XRP toxic waste’

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Bitstamp apologizes after posting report calling XRP ‘toxic waste’

Bitstamp now regrets posting Messari's 134-page report yesterday that included coarse language and colorful descriptions of certain tokens.


Image courtesy of CoinTelegraph

            DEC 09, 2020

Digital asset exchange Bitstamp has apologized for sharing a crypto market report that it claims does not reflect the firm’s “views or values.”

In a tweet from Bitstamp posted today, the exchange issued an apology for posting research firm Messari’s “Crypto Theses for 2021” report from founder and CEO Ryan Selkis. The report refers to XRP as “toxic waste,” with Selkis calling Bitcoin (BTC) forks, Stellar Lumens (XLM) and Litecoin (LTC) “piles of s—.” The report said:

“These are toxic assets propped up by regulatory capture, and they go against everything that got me into crypto."

Bitstamp has removed the original tweet it posted following the report’s publication on Dec. 8, and referred to parts of the “language and content” in the report as inconsistent with the firm’s values. The firm added that it believed some aspects were disrespectful towards “part of the community.”

2/3 We did not complete a thorough enough review of the 130+ page report before it was published. This is on us, we should have done better.

— Bitstamp (@Bitstamp) December 9, 2020

In response, the Messari CEO said on Twitter he was going for a humorous tone to keep readers engaged — the report is 134 pages long. However, he doubled down on his XRP views, referring to the token as “snake oil” and adding it was unlikely he would change his opinion in the future.

Members of the XRP army were generally supportive of Bitstamp’s statement, calling it a “quick and thoughtful reaction.” The exchange may have been responding to Selkis’ views on XRP, or the seemingly unprofessional language peppered throughout the report — the Messari CEO used “f—” five times, and “s—” nine times.

“Bitstamp may have expected a more cerebral ‘Pro’ piece from our analysts vs. the yearly [company] hot takes,” said Selkis. “I don't blame them for being caught off guard.”

In last year’s “Crypto Theses for 2020” Selkis said he hated XRP but did not label the token as toxic. In fact, he said at the time that XRP had “tremendous and surprising staying power.”

At least one crypto figure stepped in to defend the Messari CEO. Samson Mow, the chief strategy officer at Blockstream. A well known Bitcoin maximalist and opponent of “shitcoins” he argued Selkis “did nothing wrong.”

But Bitstamp’s decision to cancel Selkis was supported by other Twitter users.

“Impressed to see you acknowledge customers' opinions on these matters Bitstamp,” said Shane Schofield. “Would hope, as a sponsor of Messari, you could remind them that everyone has biases.”

This is not the first time the Messari CEO has been on the receiving end of attacks by the XRP army. Last January, he allegedly received threatening phone calls after the firm published a critical analysis of XRP.

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Original article posted on the CoinTelegraph.com site, by Turner Wright.

Article re-posted on Markethive by Jeffrey Sloe

XRP’s Google Search Interest Spikes to December 2017 Levels

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XRP’s Google Search Interest Spikes to December 2017 Levels

John P. Njui   •   XRP NEWS • CRYPTOCURRENCY   •   NOVEMBER 28, 2020

Quick take:

  • XRP’s Google search interest is back to early December 2017 levels
  • Interest in the remittance coin has been primarily due to the Flare Networks snapshot
  • The snapshot will occur on the 12th of December and will be supported by several major exchanges
  • FOMO could kick in leading up to the snapshot causing XRP to push above the recent high of $0.78

According to Google Trends, search interest in the remittance coin of XRP on a global level has increased to levels last seen in December of 2017. The chart below, courtesy of Google, further demonstrates this fact.


(Click image for larger image)

Flare Networks Snapshot – Why XRP is Trending

XRP trending in Google is attributed to three facts. Firstly, the Flare Networks snapshot scheduled for the 12th of December has reignited interest in remittance coin as investors rush to own XRP to capitalize on the eventual airdrop of Spark Tokens. Airdropped tokens are usually viewed as free assets thus providing an incentive for investors to own XRP.

Secondly, the interest in XRP due to the Flare Networks snapshot has resulted in buying demand for the digital asset. This demand has pushed the value of XRP higher in the crypto markets. XRP recently posted a 2-year peak value of $0.78 thus arousing the curiosity of traders and investors who want to get in on the possible parabolic run leading up to the Flare Networks snapshot.

Thirdly, Crypto Analyst Timothy Peterson, had earlier this month foreshadowed that XRP would begin a bullish climb that will result in the digital asset eclipsing Bitcoin in gains next year. Mr. Peterson’s forecast was reiterated by Crypto Analyst MagicPoopCannon who accurately predicted XRP testing the $0.80 price area.

XRP Could Retest $0.78 and Push Higher Before December 12th

As earlier mentioned, the Flare Networks snapshot is on the 12th of December. This gives XRP roughly two weeks to capitalize on the hype surrounding the event.

This fact coupled with an increase in Google search interest in XRP could result in a FOMO scenario that could propel the remittance coin to heights last seen in December 2017 and January 2018.

Bitcoin Could Ruin the Party for XRP

As with all altcoins, traders and investors of XRP are reminded that Bitcoin needs to remain calm between now and December 12th for the remittance coin to thrive. Therefore, having an eye out for any sudden maneuvers in either direction by Bitcoin is highly advised.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

XRP Is Entering New Bull Cycle That Could Send Its Price Soaring Towards 1 Analyst

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XRP Is Entering New Bull Cycle That Could Send Its Price Soaring Towards $1 — Analyst

By Brenda Ngari – November 20, 2020

As bitcoin sets new highs, XRP appears set to initiate a new bull wave. A cryptocurrency analyst has observed that a particular technical indicator is indicating the possibility of the asset jumping over 192% towards $1.

A Huge Breakout Imminent

The $0.30 region has been pivotal for XRP’s overall trend over the last few years. In August last year, the level acted as sturdy support which helped the token avoid massive losses during pullbacks. Since then, however, the $0.30 region has acted as stubborn resistance hindering any meaningful rally. XRP recently tested this level before a sharp rejection.

Now, analyst Magic is suggesting that XRP could commence the much-anticipated bull market. Magic notes that XRP recently broke out of a massive falling wedge. The analyst projects that the digital currency could soon target the $0.80-$0.92 range. This would mark an appreciation of over 192% from the current $0.28 price level. 

“Based on the size of the falling wedge pattern, I’ve found that the upside target should be around the 0.80 level. However, the 23.6% retrace for the entire bear market is at about 0.92. So, it’s possible that XRP could rally well above the 0.80 level to test the 0.92 level. The MACD is printing a strong expansion to the upside, increasing the probability of a push to higher levels.”

XRP Faces Stiff Resistance Ahead

While Magic’s analysis is music to XRP investors’ ears, the analyst warns that attaining these sky-high prices won’t come easy. For starters, XRP will have to tackle the resistance at $0.30 and $0.35. Magic believes there is a high possibility that the fourth-largest crypto will obliterate these hurdles and this will clear the path for $0.55 and $0.80 next.

“So, while there are some strong resistance levels to contend with, I think XRP could be on the verge of the next powerful bull market that we’ve all been waiting for,” Magic said. 

The increasing number of XRP whales in recent months adds credence to the theory that XRP is poised for a parabolic rally. Whales gobbling up XRP is a sign that big-money investors are expecting the price to go up in the near future.

Nonetheless, XRP has had the worst performance in 2020 compared to its peers. Bitcoin, for instance, is up 143% while ethereum has raked in a whopping 270% gains. XRP, on the other hand, has gained a mere 55% since the beginning of this year.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

XRP Addresses Holding 10 to 1M Coins Hits New All-Time High

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XRP Addresses Holding 10 to 1M Coins Hits New All-Time High

John P. Njui   •   ERP NEWS   •   NOVEMBER 15, 2020

Quick take:

  • XRP holders are once again accumulating the remittance coin
  • The number of addresses holding between 10 and 1 million XRP has hit a new all-time high
  • XRP is consolidating above $0.27 as investors prepare for the Flare Networks snapshot
  • 2021 could be an interesting year for XRP in the crypto markets

XRP investors are once again accumulating the digital asset. According to on-chain data from the team at Santiment, the number of addresses holding between 10 and 1 million XRP, has hit a new all-time high. The team shared their observation via the following tweet that also highlighted that XRP was one of the few digital assets exhibiting impressive gains in the crypto markets.

Increment of XRP Holders Could be Due to the Flare Networks Snapshot

One reason that could be behind the accumulation of XRP is the Flare Networks snapshot event on the 12th of December at 0:00 UTC. The snapshot will be used to determine which addresses will receive the Spark tokens airdrop that is yet to be announced.

The team at Flare Networks has thus advised XRP investors and traders to move their digital assets to a crypto exchange or wallet that supports the snapshot event. (A full list can be found on the Flare Networks website.)

XRP investors are also cautioned against sending their digital assets to random platforms or individuals who claim to be part of the event.

XRP Continues to Consolidate above $0.27

In an earlier analysis, it was noted that XRP had comfortably recaptured the $0.25 and $0.26 price areas as zones of support. XRP is currently consolidating at $0.27 in a move that could foreshadow an attempt to break the $0.30 price ceiling in the days to follow. On a macro level, XRP is exhibiting some bullishness on the weekly chart as shall be elaborated.


XRPUSD Weekly chart courtesy of Tradingview.com (Click image for larger view)

To begin with, the XRP weekly chart is about to close off the week on a bullish Heikin Ashi Candle. The weekly trade volume also confirms the aforementioned increased buying of XRP. The weekly MACD is in the process of crossing in a bullish manner above the baseline. The weekly MFI and RSI are at 56 and 58 respectively. This means XRP is yet to be overbought on a macro level.

Therefore, XRP could be gearing up for a few bullish weeks that could very much point towards the scenario forecasted by Timothy Peterson of a bullish 2021 for the digital asset.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Analysts Expect XRP Price to Continue Breakout Against Bitcoin

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Analysts Expect XRP Price to Continue Breakout Against Bitcoin

Like it or not, XRP hasn’t fared too well over the past few years. Since its blow-off top in January of 2018, during which the cryptocurrency traded above $3.00, the price of XRP has crashed, falling to $0.24 where it is now and as low as $0.17. That represents an over 90% drop from the all-time high. The cryptocurrency has lost a similar amount against Bitcoin (the XRP/BTC pair).

Yet, analysts are becoming convinced that the altcoin against the leading cryptocurrency may soon move higher.

Cryptocurrency trader “TraderSmokey” noted that XRP’s BTC pair is “looking good,” depicting that the pair has broken out of a long-term falling wedge to only consolidate into a short-term falling wedge, implying an imminent breakout to the upside. He said that this consolidation coupled with the bullish Ichimoku Cloud is setting XRP up to surge around 6-7% against BTC.

Not Only Thing Suggesting XRP To Move Higher

It isn’t only the above that suggests XRP/BTC will continue to surge higher in the coming days.

According to a Telegram channel tracking TD Sequential indicator signals on a number of assets, cryptocurrencies and commodities especially, the XRP/BTC one-day chart saw a “Buy 9” (notably different than the Buy 13 candles seen with BTC, but bullish nonetheless) candle during Friday’s trading session. Should the indicator play out as it does in textbooks, XRP could soon begin to rally against Bitcoin.

Also, per previous reports from this very outlet, analyst Bitcoin Jack noted that the XRP/BTC trading pair has a bullish setup forming, recently forming somewhat of a bottom at key levels. He claims that the cryptocurrency could soon surge from 2,536 satoshis to 2,879 satoshis — a gain of 13.5% over the coming weeks.

On a longer-term basis, TraderXO noted that XRP against BTC has been trading in a manner similar to a chart pattern or schematic described by legendary chartist Richard Wyckoff. The schematic is the Wyckoff Accumulation pattern, and it implies that XRP is currently in Phase C of accumulation, which correlates with a strong surge in prices back to the range high.

Should the Wyckoff schematic play out in full, the price of the altcoin will surge towards 5,000 satoshis, and maybe beyond.

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Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

Here’s Why a Top Analyst Thinks XRP Is Ready to Surge 20

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Here’s Why a Top Analyst Thinks XRP Is Ready to Surge 20%

XRP Preparing to Rally Higher

XRP really hasn’t done well over the past 12 months, actually posting a negative return of around -50% in 2019 in a year when Bitcoin gained 95% in and of itself and assets across the board exploded higher.

The bulls are purportedly about to push the third-largest cryptocurrency higher. Trader Galaxy noted that XRP is “looking ready” to rally 20% or so higher towards $0.28, drawing attention to the existence of a clear uptrend and the fact that the asset has flipped a number of key resistances into supports, boding well for the bullish case.

Galaxy isn’t the only bull.

Analyst CryptoWolf recently noted that per his earlier analysis, XRP has finally started to decisively break out of a falling wedge pattern that has constrained price action for the past seven months. The cryptocurrency has also surmounted a key horizontal resistance that has been important on a macro basis.

With this in mind, he suggested in the below chart that he expects for XRP to target the 0.382 Fibonacci Retracement of the entire falling wedge over the coming weeks, which suggests a 25% rally is on the horizon.

Aside from the technical and charting bull case, there are some positive fundamental factors.

Per previous reports from Ethereum World News, world’s largest crypto payment processor BitPay is now allowing “cryptocurrency consumers [to] spend XRP with BitPay merchants and clients can pay BitPay invoices with a digital asset designed for global payments.”

Although not enabled by default, global merchants using BitPay like Microsoft, NewEgg, Dish Networks, FanDuel, and Avnet will be able to activate XRP payment support without “any additional integration.”

Altcoins Won’t Survive in Long Run

Although analysts are sure of XRP’s potential to surge higher, some have expressed doubts over the long-term viability of altcoins as an investment.

A Reddit user found that by diversifying a $1,000 portfolio into the top 10 crypto assets (Bitcoin, Ethereum, XRP, etc.) at 10% for each coin, his portfolio gained 1.7% in an entire year. During that same time span, Bitcoin gained 95% in and of itself and traditional asset classes gained dozens of percent and saw near-record gains.

Not to mention, analyst Ceteris Paribus recently noted that the launch of the CME’s Bitcoin options could be bearish for altcoins: “If it isn’t obvious, the more we see products like this get offered the more bearish it is for the majority of alts,” they wrote.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

4500 Stores Worldwide Now Accept XRP for Goods And Services

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4500 Stores Worldwide Now Accept XRP for Goods And Services

Ripple keeps growing at a dizzying rate, demonstrating that they not only have the blockchain technology preferred by large banks and financial institutions, but they have also developed a token that works perfectly as a cryptocurrency that grows in use and acceptance faster than any other altcoin in the ecosystem.

Despite the skepticism of many, the Ripple team has managed to captivate several investors, with important new partnerships. The last one was revealed a few hours ago when the cryptocurrency payment processor CoinGate announced that it was providing support for XRP in all of its 4500 stores.

Coingate Accepts XRP But Also Wants To Help it Grow

The CoinGate team comments that in addition to having studied the technology, the decision to accept XRP was made considering the high demand for the token in the community.

“We are thrilled to let you know that we are adding yet another payment option for our merchants, and this time it’s a big one! Due to very popular demand by the community, our next cryptocurrency on the list – XRP! As a result, XRP coin owners can now use it as a means of payment at more than 4,500 shops online! Whether you want to purchase a VPN, video game or anything else, you are more than welcome to do that!”

CoinGate emphasized that as a company they have high confidence in Ripple’s trustworthiness and the advanced blockchain technology they develop. CoinGate noted that despite accusations of being extremely centralized, Ripple is carrying out a decentralization strategy in which they stimulate the admission of third-party validators, removing one proprietary node for every two new decentralized nodes.

They also expressed their commitment to Ripple technology. “To further accelerate the decentralization of the XRP network, we are now running our own XRP Ledger validator!” Coingate said in its announcement.

The relationship between Coingate and Ripple is not limited only to supporting XRP as a payment mechanism. Coingate also announced the launch of a token purchase service with several payment modalities:

“Now, you can also buy XRP via CoinGate using one of our supported methods. For example, you are able to purchase it using SEPA bank transfer, mobile balance, and QQPay via CoinGate dashboard. However, if you do not wish to bother with registration, there are alternative methods to achieve the same.
One way is to buy XRP with a credit/debit card. It is a very simple procedure that only requires a quick KYC check-up. Same goes for those who wish to purchase XRP using Neteller or Skrill wallets. Just provide your receiving XRP address, enter your credentials and proceed to checkout!”

Ripple is Growing… And You Can Be a Part of It

Ripple’s growth is a fact. Its marketing strategy and a solid technological development have allowed it to rise to number 2 in the global market cap, surpassed only by Bitcoin, which remains the undisputed king of cryptocurrencies.

Currently, unlike other projects that have had to dismiss several members due to economic losses, Ripple has initiated a campaign to acquire talent. At the moment there are 36 open positions listed on Ripple’s job site, for various departments in countries such as the United States, United Kingdom, Brazil, China, Dubai, Singapore, and India.

Original article written by Jose Antonio Lanz and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe