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Ripped Off: Australian Couple Falls for Crypto Scam, Wipes Out Pension

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Mike and Karen Taylor say their entire retirement savings has evaporated after they got caught up in a cryptocurrency scam in Australia.

The Melbourne couple say they were traveling around the country in a camper van when they decided to invest some of their savings through a website. Eventually, they tapped into their pension until their total investment reached $633,000 ($900,000 AUD). Months later their money was gone.

Mike Taylor tells local media outlet 7News that the website looked legitimate but after a few months they never saw any return.

Regulators in the US issued a warning last year about crypto scams and created a fake website to illustrate just how easy it is to get enticed – and later ripped off – by a slick, professional-looking website.

Says Taylor, a bus driver,

“That was the whole of our superannuation – that’s now gone.” 

According to the report, Taylor will return to work, and he plans to sell his 1965 Pontiac to make some money.

Crypto scams that promise high returns are becoming increasingly widespread in Australia where fraudsters made off with $4.3 million ($6.1 million AUD) in 2018.

A recent study shows that the Taylors are among a growing number of Australians being targeted by cryptocurrency criminals.

“Online scammers generally tricked consumers into buying various cryptocurrencies through fake platforms, but when consumers tried to cash out their investments, scammers “made excuses or were no longer contactable,” explained the ACCC report.

Some investment scams also asked victims to pay in cryptocurrency for forex trading, commodity trading or other investment opportunities, asking victims to visit bitcoin ATMs to convert fiat into the cryptocurrency and then transfer it to them.”

You can check out the full study here.

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Ripple (XRP) May Face Grim Future Despite Today’s Bounce

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Earlier this past week Ripple (XRP) along with the aggregated crypto markets faced an incredibly sharp sell-off that sent XRP reeling down to lows of $0.25, which marked a significant pullback from the mid-$0.30 region where it has previously found stability.

Although the crypto was able to post a small bounce today, analysts are still noting that XRP broke below its 2018 support level, which could mean that significantly further losses are imminent.

Ripple (XRP) Finds Support Around $0.25

At the time of writing, Ripple is trading up just over 1% at its current price of $0.265, which marks a slight increase from its daily lows of just below $0.26.

This past Wednesday, XRP incurred a significant influx of selling pressure that sent its price reeling down from over $0.30 to lows of roughly $0.25, at which point it found some strong support that allowed it to climb slightly higher.

It now appears that the $0.25 region is a strong level of support, as it has bounced each time that it has visited this region.

Importantly, unlike many other major altcoins, XRP is currently trading below its 2018 lows, and has now set a fresh low since it first began its downwards ascent from highs of nearly $4.00 in early-January of 2018.

Will XRP Drop Further in Near-Future?

Although analysts are not sure what has been the root cause behind Ripple’s lackluster price action throughout 2019, some investors have pinned it on regulatory concerns regarding its potential status as a securities product, which others have linked it to Ripple – the FinTech company closely associated with XRP – offloading massive amount of XRP onto the markets each quarter.

Regardless of what the cause might be, The Cryptomist, a popular cryptocurrency analyst on Twitter, noted in a recent tweet that the recent drop marked a break below its 2018 support level, which could mean further losses are imminent.

“$XRP: Relieved I sold last week!  Support from August 2018 has now broken. However, I am adding some here as we potentially have a falling wedge here. Breakout would test previous support,” she explained while referencing the below chart.

As the week wraps up, it is unclear as to whether or not Bitcoin’s price action will guide that of Ripple’s, or if the crypto will operate on an individual basis as it continues to face intense selling pressure.

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Ripple’s XRP price forecast: XRP/USD pair trades on low volatility

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On the 4-hour chart, Ripple (XRP) is still trading on the downside, although the price action has remained intact within the descending channel.

  • The price of Ripple (XRP) is up by 1.34% in the last 24 hours, although trading remains in the descending channel.
  • Ripple’s XRP bulls seemed to be assuming control of the market following the recent price increase

In the last 24-hours, the entire crypto market has seen a little shake-up, making the top coin projects to recover their recent low. Ripple’s XRP price has jumped up a bit to the $0.269 leaving the $0.26 area, where the market was trading in a consolidation mode, yesterday. The 3rd best performing cryptocurrency has shown a sign of strength from the bull sides with a current price gain of 1.34%.

Today, Ripple (XRP) has resumed back in the middle of consolidation after a slight drop from near the $0.27. The price is now roaming around the $0.265 price level. If the market continues the surge and squeeze, the, $0.27 is likely to surface in the next few positive moves. More so, the XRP/USD pair might further look for higher price levels if the bulls continue to show commitment.

Ripple (XRP)’s Current Statistics

Trading Price: $0.265

Market Capitalization: $11,397,672,418

Trading Volume: $1,002,231,510

Key Resistance Levels: $0.27, $0.28, $0.29

Key Support Levels: $0.25, $0.24, $23

Ripple Price Prediction August 17, 2019

On the 4-hour chart, Ripple’s XRP is still trading on the downside, although the price action has remained intact within the descending channel. The August 15 Doji candle (bullish candle formation) has eventually played out well. While the price of XRP is now above the $0.26, we can expect the next level of resistance at $0.27, $0.28 and $0.29 on the upside.

Ripple XRP technical price analysis chart
XRPUSD, 4H Price Chart – August 17, 2019

However, the market is currently displaying a sign of subduing volatility with choppy price action. Taking a look at the price chart, we can see the trading volume is still fading. If the XRP/USD pair continues to stay under the control of bear radar, the price may roll back to previous supports at $0.26, $0.25 and $0.24 levels. It’s important to note that the Ripple (XRP) market remains on a long-term bearish trend.

Conclusively:

Following the August 15 bear surge, we can see the Ripple’s XRP is struggling to produce significant price action due to low trading volume in the market. If the market becomes volatile in favor of the bulls, the price may surpass the $0.30 level. In support of the bears, the price actions will remain in the channel boundary.

Technical Indicator Reading

RSI for Ripple (XRP) has managed to climb back above the oversold level. The market will rise if the RSI keep trending higher.

The Stochastic RSI has reached the highest condition. We can expect selling pressure when the indicator turns downward.

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Leading tech site adds web monetization via Ripple-powered Coil

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Coil is a brainchild of Stefan Thomas who is the former CTO of Ripple.

CSS-Tricks, a leading tech blogging site included Ripple-powered Coil’s web monetization feature to its platform to enable micropayments. The website finds Coil as one of the best solutions which stand over and above the other micropayment platforms that CSS-Tricks had already tried in the past.

CSS-Tricks Adds Coil’s Web Monetization
It’s worth noting that, Coil is a brainchild of Stefan Thomas who is the former CTO of Ripple. Mr.Thomas developed Coil to help content creators in the monetization of content across the internet. Coil works via an open API called “Web Monetization” for content creators and a browser-extension for users.

Meaning that, as the fan subscribes to a content creator’s platform, they can make micropayments from their browser and in return Coil uses this API to stream micropayment to content creators such as journalists, podcasters, video creators, musicians, artists, photographers or streamers in real-time.

As for CCS-Tricks, it offers extensive information about CSS, HTML, JavaScript, and other similar terminologies. The platform as launched back on July 04, 2007 by Chris Coyier, a front-end developer, designer and a co-founder of CodePen.io.

CSS-Tricks using Coil running on Ripple got announced by Chris Coyier via his Twitter profile. He tweeted:

According to the detail blog post published on CSS-Tricks, the team found Coil as a compelling solution. The blog reads that;

The coil is nicely designed. It’s the service that readers subscribe to and a browser extension (for Chrome and Firefox) that pays publishers.

Moreover, appreciating the anonymity aspect of Ripple-supported Coil, Chris states that;

The coil is nicely designed. It’s the service that readers actually subscribe to and a browser even though everyone is anonymous, I can still do things for the supporters, like not show ads. tension (for Chrome and Firefox) that pays publishers. Chris went on to say; Even though everyone is anonymous, I can still do things for the supporters, like not show ads.

The money by integrating Coil’s web monetization will end up in a “Stronghold account,” and content creators have to just add one tag on their site tag in the . The subscribers or fans can just add the Ripple’s Coil’s browser extension and start sending micropayments to Content creators directly via Coil extension. Chris further outlines that;

The big hope is that this becomes a decent source of revenue once this coerces a web standard and lots of users choose to do it. My guess is it’ll take years to get there if it does indeed become a winning player.

Following Chris’s Tweet, Stefan Thomas also went on Twitter and wrote, one of his favorite sites added Web Monetization.

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