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XRP Price: Binance Wallet Maintenance and BitMEX Research Cause Brief Dip

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Things are not looking all that great for the top cryptocurrencies right now. With Bitcoin losing a fair bit of value yet again, it is only normal all other cryptocurrencies follow suit. For XRP, the current momentum is very different compared to what users have seen over the past few weeks. Right now, a dip to $0.45 or even lower is very likely.

XRP Price Continues to Struggle

It is evident things are looking rather worrisome in the world of cryptocurrencies, tokens, and assets. This is not entirely surprising, as bearish pressure has loomed overhead for quite some time now. A further dip is not something the markets need right now, yet it seems the bearish pressure remains inevitable throughout 2018. For XRP, that means all of the recent gains have been wiped out completely.

The most recent XRP uptrend saw the value of this asset soar to $0.62. Although it seemed that trend would remain in place for some time to come, the downtrend materialized fairly quickly after. A second push was cut short at the $0.6 level, and has been rejected as well. This does not bode well for XRP’s value throughout the final quarter of 2018, albeit nothing has been set in stone just yet.

It would appear there is one major contributing factor to this particular XRP price dip. Binance, the world’s leading cryptocurrency exchange, has performed maintenance on its XRP wallet. That means both deposits and withdrawals were not accessible, and the trading ground to a halt as well. The maintenance now seems to be over. Not a positive sign for this asset, as it will only fuel further speculation and lead to more negative price pressure.

There is also a recent study by BitMex which seems to condemn XRP for its centralized and “terribly flawed” approach. Research like this should not be dismissed, albeit it shows there is still a lot of bias toward Ripple and their native ecosystem as well. One also has to keep in mind Ripple – and by extension, XRP – are not taking the traditional cryptocurrency approach whatsoever

To counter that latest argument, XRP Research Center recently shared an updated infographic regarding the recent development. It shows things are looking very good for xRapid, as well as XRP. Although there is still a long way to go prior to bringing this technology and asset to market in a significant manner. Positive developments seemingly do not influence the price in a spectacular manner at this time.

Despite the current 3.2% decline in USD value and 2% loss over Bitcoin, things are not looking terrible for Ripple’s XRP. Its overall trading volume is a bit low, but that is primarily because of Binance’s maintenance, by the look of things.  As Bitbank and Bithumb are currently the biggest markets for XRP trading, it will be interesting to see how things evolve moving forward.

 

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Binance CEO, CZ believes this the best time to buy: Bitcoin is crispy roasted

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  • “While many VCs have “paused”, we are actually more comfortable investing now,” Binance CEO CZ.
  • Bitcoin is stuck in a larger range resistance with the upside limit at $3,600.

The CEO of the world’s largest cryptocurrency exchange, Binance Changpeng Zhao or otherwise known as CZ said earlier today that the company is perfectly fine with Venture Capital putting money into the crypto industry even as the market continues to spiral as opposed to investing while the market is down. The comments he shared via Twitter read:

“While many VCs have “paused”, we are actually more comfortable investing now.

Valuations are more reasonable, most have prototype/product, only strong teams left.  Much better investment opportunities than at ATH.”

It is believed that the CEO made the comments in regards to another comment published by, Barry Silbert, the founder of a VC firm, Digital Currency Group (DCG) on Wednesday this week. Barry wrote saying:

“We’ve seen half a dozen fundraising deals fall apart over the past month after the lead pulled out. All is not well in crypto VC investor land. Good time to remind founders that a signed term sheet does not equal cash in the bank.”

Binance Labs, the VC branch of Binance was recently reported by CoinDesk, a crypto news website that it “will launch new incubator programs in Berlin, Buenos Aires, Lagos, Singapore and Hong Kong come March 2019.” This how Binance is comfortable investing at the moment, when the market is generally in the red.

Bitcoin price technical picture

Bitcoin refreshed 2018 lows towards the end of the session yesterday. The asset touched base with $3,200 as the sellers envisioned BTC/USD at $3,000. However, the buyers were able to draw the line in the sand preventing declines below $3,200. At present, Bitcoin is changing hands at $3,256.38, unfortunately the bulls do not have a catalyst to support above $3,300. The hourly moving averages are above the price to show that the bears’ influence is still significantly present in the market. Bitcoin is stuck in a larger range resistance with the upside limit at $3,600 and a support at $3,200 as seen in the chart below. Technical levels are not extremely bad for Bitcoin since the RSI has avoided the oversold region and is currently in a slight downward slope. The same trend is seen with the DMI on the same 1-hour range.

BTC/USD 1-hour chart

Source: fxstreet

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Binance proves to be quick with development; trumps the week with progress

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On 10th December, the leading cryptocurrency exchange in the world, Binance, published a report that outlined the weekly success and developments in the ecosystem. In this round-up, the exchange listed the preview of DEX, the launch of the sub-accounts feature, CZ’s speech at Forbes Asia Forum and the Binance tattoo, and more. On Twitter, the official handle of Binance read:

“Last week @Binance.
1. New DEX preview video released @Binance_DEX
2. Sub-accounts feature launched
3. Binance Blockchain Week announced – follow @EventBinance for updates!
4. Support for BTC added on iOS @TrustWalletApp”

Recently, a preview of Binance’s new exchange, DEX, went live wherein the platform is intended to bring decentralization in the field of cryptocurrency trading. This exchange is believed to work in favor of the control of funds being in the hands of the customers alone.

Furthermore, in the preview launch, Binance also mentioned the things that a customer can do via DEX. Some of the features are: issuing new tokens, burning tokens, sending and receiving Binance Coin [BNB] and other tokens, freezing and unfreezing tokens and more. In the words of Binance:

“What can you do on Binance DEX?
Send and receive BNB to anyone on the DEX
Issue new tokens
Send tokens to others on the DEX, and receive some in return
Burn tokens as needed
Freeze some tokens, and unfreeze them later
Propose new trading pairs, with the whole community having a say on the merits of the pairing
Send buy and sell orders through trading pairs the community created”

Binance also recently added many pairs with a stable coin known as True USD [TUSD] wherein the tokens paired with the stable coin were Bitcoin Cash [BCH], XRP, Ethereum [ETH], Stellar Lumens [XLM].

Not only for itself but Binance has proved to be beneficial even for the society after it announced to dole out its listing fees to charity for the greater good. Furthermore, it stated that the company will not fix a number, including the minimum listing fee for the initiative.

Source.ambcrypto

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Crypto Whale Moves $510 Million in Binance Coin (BNB) For Pennies, CZ Says Only Moving To Cold Wallets

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‘Whale’ Moves $510M Worth Of Binance Coin (BNB) For $0.03; CZ Says Only Moving To Cold Wallets

The crypto world is always full of unpredictability and on Wednesday night, a crypto wallet tracker by the name of ‘Whale Alert’ warned the global crypto community that a large number of multi-million dollar transactions were taking place online at a rapid pace. In this regard, Whale Alert reported that most of the tokens in question were ERC-20 based altcoins.

However, what is most intriguing about this case of is the fact that 98,776,172 Binance Coin (BNB) have been transferred form Binance’s native trading platform to an unknown wallet address. Mind you, the aforementioned token supply accounts for more than 75% of BNB’s total supply.

Another shocker is that the volume of BNB being moved adds up to a whopping USD $512 million, however, the entire transfer was facilitated for a gas fees of just $0.03 (using the Ethereum blockchain). As a result of this, the global economic sector has once again been shown the true power of cryptocurrency (especially its use as a means of processing near-instant, borderless, censorship-resistant monetary transactions).

An In-Depth Look At The Matter

While many on Twitter took to speculating as to why this massive movement of BNB took place, some asked whether this transaction was in any way associated with Binance’s potential use of “new cold wallets.”

However, as soon as the issue started to escalate, Binance CEO, Changpeng Zhao, came forth and calmed investors down by tweeting out the following message:

Falling Transaction Fees Could Save Crypto

Despite all of the weirdness surround the aforementioned situation, one positive thing to come out of this entire scenario is that over the course of the past few months, voluminous ERC-20 transactions have been processed for literally pennies using blockchain avenues.

This is quite an achievement especially considering that most banking institutions not only charge a hefty sum of money for processing each transaction but also take 2-3 days (minimum) to complete a particular financial transfer.

Final Take

In closing out this article, it is worth remembering that earlier in November, Binancefacilitated a record-breaking transaction, wherein the firm sent across a total of 109,000 BTC (valued at $600 million at the time) to another wallet address for a total fee of just $8. For Bitcoin, this monumental drop in TX rates has been attributed to an increase in ‘Segwit adoption’.

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