XRP Price Analysis: XRP Adds 20 Percent without CoinBase, SEC Support

The last week has been an eventful for XRP and Ripple the company. Straight from releasing an upgrade of their Ledger to Sargar hinting of xRapid launch in the next month or so, XRP bulls are on overdrive and up a massive 20 percent in the last day. Needless to say, it appears as if XRP prices are bottoming up thanks to yesterday’s high volume rejection of 25 cents. If it stays as it is, then we might see gains above 40 cents confirming last week’s XRP price analysis.XRP Latest News–XRP Price AnalysisNo doubt, the silence and the subsequent failure of the SEC to authoritatively categorize XRP is unsettling for coin investors. While Ripple has insisted that it is a distinct company and can’t influence the prices of XRP, it continues to improve on their ledger which they so depend for execution of their enterprise-level products. Through various soft forks as XRP Ledger version 1.1.0, the company is trying everything they can to be on the right side of SEC “investment contract” filter, the Howey Test.As it stands, pundits and critics alike are shifty on their position and if SEC follow through confirming that indeed XRP value and profit margins are dependent on the “works of a third party”, prices of XRP will surely tank. This declaration will simply mean XRP shall be under the oversight of the SEC and token holders have to register their holdings with the regulator for tax purposes.https://t.co/O4el5bDyFP— Nelis (100% bot) ⚡ (@Nielsmanboy) September 18, 2018It’s along these lines that Ripple developers are now urging nodes to upgrade to XRP Ledger Version 1.1.0 by Sep 27, 2018. By introducing DepositPreAuth Amendment that is designed to work in tandem with DepositAuth Amendment, users can at anytime pre-approve incoming transactions and even whitelist addresses. Aside from this, the upgrade improves on contentions around fix 1515 while withdrawing support for the sign and sign for commands from Ripple APIs.XRP Price PredictionWeekly XRP Price ChartXRP Price AnalysisWeekly XRP Price Chart by Trading ViewTechnically—and controversially, the path of least resistance is southwards, towards 15 cents. At one time, that projection was far-fetched but at current XRP valuation, it’s clear that sellers have been rampant even after yesterday’s sharp increment. Now, though XRP prices are up 20 percent, odds are buyers would have a hard time building on last week’s attempts. This is due to the confirmation of week ending Aug 12 bear break out by end of week ending Sep 9 losses. Like before, our XRP trading stand is clear: XRP buyers have an uphill task as long as prices are trading below the 35 cents-40 cents resistance zone.Daily XRP Price ChartXRP Price AnalysisDaily XRP Price Chart by Trading ViewIn this time frame, yesterday’s 20 percent rapid gains at the back drop of high volumes confirms bullish attempts of last week’s second half. Notably, a stand out in recent price movement has not been about price—they have been in consolidation for the better part of the week, but on the degree of break out and the involvement behind that surge from 25 cents—our minor sell trigger line and support.All things constant, we suggest initiating small position longs knowing very well that any move above 45cents validates our long term XRP price analysis. As such, today we recommend buying on dips now that our buy triggers are valid. Yesterday’s surge above 30 cents did invalidate previous XRP price predictions.Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

Former Linkedin Data Executive Joins Coinbase as VP of Data

Former LinkedIn executive Michael Li has recently joined major U.S. crypto exchange and wallet provider Coinbase as the VP of data, TechCrunch reports September 18.

Li started his career at LinkedIn as Director of Business Analytics back in 2011. The expert has been growing his professional experience at the the business and employment-oriented company, working on business analytics and data science.

In his LinkedIn post, Li noted that centralized data organization is a “strategic way to get the most value out of data for the company,” claiming that it is “still a new concept for many companies,” including those in Silicon Valley.

The data expert further suggested that strong data organization is “becoming the number one choice for more and more companies” in an environment of rapidly growing data and stricter data regulations.

Regarding his new position at Coinbase, Li stressed in a Medium post that data is an “essential” aspect of empowering Coinbase’s mission, as well as the “core strategy” to providing “the most trusted and easiest-to-use” crypto services, and creating data solutions for blockchain use cases.

Earlier in August, Coinbase hired former Amazon Web Services (AWS) and Microsoft employee Tim Wagner as VP of engineering. Prior to that, the crypto exchange announced that ex-Pershing exec Jeff Horowitz will join the company as Chief Compliance Officer.

In April, LinkedIn co-founder and former CTO Eric Ly launched a reputation service that allows users to verify the teams behind Initial Coin Offerings (ICOs), which in turn aims to help potential investors determine whether a project is legitimate.

Fidelity Investments Aims to Release Crypto Products by Year End

Fidelity bitcoin cryptocurrency
Advertisement

Fidelity Investments CEO Abigail Johnson has revealed that the company is working on a number of cryptocurrency and blockchain-related products and offerings, with their release tentatively fixed for sometime before the end of the year.

Speaking on Friday at the Boston Fintech Week conference, Johnson declined to go into any specifics regarding what exactly Fidelity is working on in the crypto space, but investors and other market participants are likely to pay close attention to subsequent Fidelity announcements as it continues to build a reputation as one of the most crypto-positive large financial service firms in the world.

‘A Few Things Underway’

Speaking about Fidelity’s plans for moving into the cryptocurrency space, Johnson said:

“We’ve got a few things underway, a few things that are partially done but also kind of on the shelf because it’s not really the right time. We hope to have some things to announce by the end of the year.”

The announcement will come as welcome news to crypto markets, which continue to anticipate the entry of large institutional investment that by and large has not yet taken place. In a market with a total capitalisation still below $300 billion despite a surfeit of publicity and investment sentiment, Fidelity has consistently been one of the few large firms that has repeatedly and openly signaled its interest.

Abigail Johnson FidelityFidelity CEO Abigail Jonson | Source: Bloomberg/YouTube

In June, CCN reported that the company was rumored to be at work on a crypto exchange. In the same month, the company is said to have expressed interest in a hiring a fund manager to run a new cryptocurrency fund. Neither of these rumors have been confirmed by the company.

After launching in 2015, the company’s public charity organisation Fidelity Charitable also raised nearly $6 million in crypto donations in only the first six months of 2017. According to Johnson, the success of Fidelity Charitable lay in the fact that it gave a new class of wealthy crypto entrepreneurs an easy way to become philanthropists.

Fidelity isn’t Working on the Crypto Products it Thought it Would be

Johnson also stated that while the company is still exploring uses for crypto and blockchain technology and modifying many ideas along the way, its goal is to place the needs of the market before the technology.

In her words:

“What we started with was building a long list of use cases for either Bitcoin, Ethereum, other cryptocurrencies, or potentially just raw blockchain technology. Most of them have been scrapped by now or at least put on the shelf. The things that actually survived were not the things I think necessarily we expected. We were trying to listen to the marketplace and anticipate what would make sense.”

Despite the growth of cryptocurrencies and digital currency, the Fidelity CEO still maintained that the company does not expect financial services to be completely taken over by electronic offerings in the future, and that this will inform Fidelity’s decisions going forward.

Images from Shutterstock

Follow us on Telegram or subscribe to our newsletter here.

Join CCN’s crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.

Advertisement