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XRP (XRP) trading at $0.36 on Gatehub: A good arbitrage opportunity

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Crypto prices vary between exchanges all the time. However, sometimes the difference is so large that it is bound to draw attention. One such differential in the price of XRP (XRP) on most exchanges-v-Gatehub. At the time of writing, there was a huge bearish candle on Gatehub, and XRP (XRP) was trading at $0.36, after hitting a low of $0.34. This could mean that someone placed a large sell order at this price level and it got filled, hence pulling the price lower. Check out the chart below.

While price manipulation, is nothing new in crypto, Gatehub comes across as a credible exchange. It has a wide offering of assets both crypto and precious metals and allows investors to trade cryptos directly on the ripple network. As such, the best bet is that someone sold a huge amount of XRP (XRP) at once, pushing the price down significantly, and it’s unlikely that it is a manipulated move.

Possible implications

The massive sell order for XRP on Gatehub is possibly nothing to worry about. That’s because Gatehub is a relatively small exchange and doesn’t have the volumes to have any major impact on the price of XRP in the last 24-hours, 77% of the XRP trades on Gatehub have been against the USD and they amount to about $1,700,000. This is negligible when compared to the overall XRP volumes in the last 24-hours, which are at over $648 million. This means that it is unlikely to have any adverse effect on the price of XRP (XRP).

Besides, this is a massive opportunity for arbitrage traders to drive the price up. The price difference between Gatehub and other exchanges is so huge that traders are likely to take advantage, by buying XRP on this exchange and selling at the market price on other exchanges. That’s because there is a higher chance of Gatehub prices catching up with the rest of the market than the other way round. This demand could push prices on Gatehub pretty fast, to reflect the prevailing price on market cap.

However, even in the scenario that the price breaks downwards, traders do have a heads up on a possible price floor at $0.34 – $0.36. This can help in mitigating risk, and placing more calculated buy trades at this price level, which is possibly a long-term support level.

Long-term projections

Beyond these short-term price movements, XRP’s long-term trajectory is up. Recently, Brad Garlinghouse stated that they expect at least a dozen banks will be using XRapid by 2019. Brad is someone in the know and probably keeps in touch with top banking executives all across the world. As such, his proclamation probably comes from his interactions with these top bankers.

His statement is a follow-up to one he made earlier in the year that at least one bank would be live with XRapid in 2018. End of year is still far away, and anything could happen between now and then. If a major bank embraces XRapid before the end of the year, then it could positively impact the value of this crypto, and give it a value boost before EOY.

Source:  Crypto Recorder

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Bitcoin

China’s Tsinghua University Partners with Ripple to Create Blockchain Research Scholarship Program

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From the moment that Ripple first launched its platform, it has been looking for ways to spread cryptocurrency and their own products throughout the industry.

They have even managed to cross a major milestone as they established over 200 partnerships involving 40 separate countries. One of their most recent partnerships involves Tsinghua University, in an effort to launch a new scholarship program that will educate students in China.

While China has held a strict anti-crypto stance, the same has not been true of blockchain technology.

The program, which will be called the Blockchain Technology Research Scholarship program, is the combined venture of Ripple and the Tsinghua University Institute of Financial Technology (THUIFR). This university is one of the top schools in all of China, though THUIFTR was not started until 2017. It has been a collaborative effort between Institute for Interdisciplinary Information Sciences, PBC School of Finance, School of Software and Law School at Tsinghua University.

As students participate in the program, they will learn about the ins and outs of blockchain technology. On Twitter, THUIFR claims to have already hosted a seminar, titled “Innovation and Development of Digital Currency and its Regulatory Path.”

The partnership with Ripple will allow the program to launch in China, focusing clearly on the international regulations that govern the blockchain. Ivy Gao, the Director of International Cooperation and Development for THUIFR, said,

“Most importantly, I believe, this program will greatly help with their future research or career in the field of blockchain technology.”

The SVP of Global Operation at Ripple, Eric van Miltenburg, said,

“The program’s goal – to provide students with opportunities in blockchain research – closely aligns with that of Ripple’s University Blockchain Research Initiative. We’re thrilled to support THUIFR in this endeavor and look forward to its launch.”

Ripple has created an impressive reputation for itself as a major player in the fintech world. There are multiple banks using its xRapid product as their own blockchain solution, with more being added as the word spreads. However, it is perhaps the unique philosophy of Ripple’s platform and products that appeals to China, considering the substantial difference from that of Bitcoin’s ideology.

Their token has become the second-most valuable crypto asset, which could be due to the pattern of collaboration between financial institutions, governments, and universities.

According to the most recent data provided by CoinMarketCap, Ripple is presently being traded at $0.3175, ranking second by market capitalization.

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Bitcoin

Was November the Last Big Bitcoin Sell-Off? Trader Expects Slow Grind in 2019

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By CCN.com: According to a trader and crypto technical analyst, November 2018 may have been the last sell-off of Bitcoin and a long consolidation period is expected throughout 2019.

Since experiencing a steep 13 percent drop on January 10 from $4,036 to $3,502, the Bitcoin price has been relatively stable in a tight range in mid-$3,000.

Chart from TradingView

What Does Low Volatility Mean For Bitcoin?

While it seems as if the price of Bitcoin has been volatile throughout the past two weeks, the volatility of the dominant cryptocurrency occurred in a tight range between $3,500 to $4,000.

No major movements below or above key support and resistance levels were recorded, preventing any meaningful short-term price movement.

One trader said that if the trend of relatively low volatility in a tight low price range continues, the sideways action of Bitcoin will extend throughout the year, resulting in a long consolidation period.

“The longer this sideways action takes place the more I think the bottom is in. November was one of the worst monthly candles in history. It’s very possible that was the last of the major selling and now we’ll have a consolidation period that lasts most of 2019,” the trader said.

bitcoin price
The trader is predicting bitcoin to trade sideways through much of 2019. Pic: Shutterstock.

On Sunday, Bitcoin recorded a six percent drop against the U.S. dollar in a 24-hour period from $3,700 to $3,470. The asset has since recovered above the $3,500 mark and based on the performance of the asset in the last 48 hours, Bitcoin is expected to demonstrate stability throughout the week.

Hsaka, a cryptocurrency analyst, said:

Inside Bar; Low that was taken out (3480) holding as support; Continue leaning neutral here, can’t short HTF support, will wait for a break (even moreso when confluent with that CME gap).

A slow grind upwards in the first two quarters of 2019 could allow Bitcoin to establish a proper bottom and a mid-term trend reversal. If the price of asset recovers quickly in a short time period, as seen in the major sell-off of cryptocurrencies in November 2018, it can leave the asset class vulnerable to a large short-term correction.

With events that are considered as catalysts to fuel the momentum of Bitcoin in the first two quarters of this year including Bakkt and Bitcoin exchange-traded fund (ETF) far from being materialized due to the shutdown of the U.S. government, it has become more likely for the cryptocurrency market to demonstrate a low level of volatility in the upcoming months.

How About Alternative Crypto Assets?

Historically, alternative crypto assets, especially low market cap cryptocurrencies, have tended to perform strongly against Bitcoin when the asset is in a sideways market.

However, as seen in the performance of tokens and other major crypto assets in the past 48 hours, the stability in Bitcoin is unlikely to trigger short-term rallies for assets with lower volumes and valuations due to the current conditions of the market.

Some analysts believe November to have been the last sell-off for Bitcoin and expect a several-month-long consolidation period to occur.

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Controversial Opinion Piece Says XRP Decentralization is Happening, Puts Proof of Work Coins with the Dinosaurs

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During the last few months, Proof-of-Work (PoW) cryptocurrencies have been experiencing some issues such as 51% attacks. This is the case of Ethereum Classic (ETC) a top 20 digital asset that has been affected by this kind of attack. However, other networks such as Ripple continue to expand decentralizing their network even more.

XRP has been attacked for being a centralized digital asset. However, the cryptocurrency was able to overcome these critics and become the second largest digital asset in the market. However, XRP has still a long way for taking Bitcoin’s position as the largest cryptocurrency.

This is something difficult because Bitcoin (BTC) was the first cryptocurrency to be released to the market. XRP was launched a few years after, thus, it has fewer chances of becoming the most popular digital asset. Bitcoin has been using the PoW algorithm to verify transactions and keep the network secure. However, this process could eventually become obsolete as rewards drop for miners.

Every 210,000 blocks miners will be receiving fewer Bitcoins for their work. Unless Bitcoin price grows, they will eventually leave the market. Miners are located all over the world, but a large majority is currently in China, which is something that could heavily affect Bitcoin’s network in the future.

In general, Bitcoin mining activities were very profitable when the asset was close to its all-time highs back in December 2017. Several companies decided to set up mining farms and start mining Bitcoin. This resulted in the centralization of the industry in just a few hands. ASIC miners used to process Bitcoin transactions are very expensive and can be acquired in bulk just by a few companies.

XRP uses Distributed Agreement Protocol, also known as Consensus Protocol. In this way, XRP avoids the problem of double spending in a much more efficient way than Bitcoin does. The distributed agreement protocol works with validators that control that the network is operating in a healthy way.

80% of XRP validators must support and vote for a change during a period of two weeks before it goes into effect. This is a better way to improve the network compared to Bitcoin or other cryptocurrencies in the market. If the change is not agreed by these validators, then it will not go into effect.

If validators want to disrupt the normal flow of transactions in the XRP ledger, users would have to agree on a new list that would allow the network to be operative.

David Schwartz, the Chief Technology Officer (CTO) at Ripple, commented about this issue:

“This has never been a problem for any blockchain in the past, and it’s required by every blockchain when previous agreements fail to be sufficient. Decentralized systems fundamentally allow interoperation only among people who continue to agree on a large number of things.”

He went on saying that the XRP has the lack of incentives for this situation to happen. Honest participants want the network to properly work and have all the interest aligned.

In this way, XRP looks better suited than other PoW networks to resist attacks by collusion or other bad actors. Furthermore, XRPis able to process more than 1500 per second while Bitcoin or Ethereum (ETH) could just support 16 transactions per second (TPS). Finally, the fees paid for transaction BTC and ETH are much larger than XRP.

Ripple is also growing in the market. It has reached more than 200 companies working on top of the RippleNet. Additionally, there are new products such as xRapid that are going to be embraced by financial institutions and banking firms to make cross-border payments in a much easier and cheaper way.

At the time of writing, XRP has a market capitalization of $31.56 billion, this is half of the market cap that Bitcoin has ($62.19 billion). According to Yahoo Finance, XRP has a price per coin of $0.31 while Bitcoin is being traded around $3,550.

Source: Bitcoin Exchange Guide

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