Ripple Price Key HighlightsRipple price recently busted through the short-term descending trend line to signal a reversal.Price might still need to make a pullback in order to gather more bullish momentum to sustain the rally.The 61.8% Fib already seems to be holding, though, and technical indicators are reflecting a pickup in buying pressure.Ripple price looks ready to resume its longer-term rally after breaking past a short-term descending trend line.Technical Indicators SignalsThe 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside or that there’s a chance the selloff could resume. However, the gap between the moving averages is narrowing to reflecting slowing bearish pressure and a possible bullish crossover.In addition, the 200 SMA dynamic inflection point coincides with the 61.8% Fibonacci retracement level that already seems to be keeping losses in check. If so, Ripple price could make its way back up to the swing high at 0.5300 or higher.Stochastic has already pulled out of the oversold region to bring a return in buying pressure. A bullish divergence was also reflected, adding confirmation that buyers are gaining the upper hand. On the other hand, RSI is still treading lower and has plenty of room to slide, so a deeper correction is still a possibility.XRPUSD Chart from TradingViewRipple has been one of the more resilient cryptocurrencies lately thanks to positive developments specific to this digital asset. Anticipation for its partners shifting to the xRapid platform continues to support speculations of stronger volume and increased activity for XRP.It also helped that bitcoin and its peers enjoyed rallies on the Tether sharp selloff, which was then followed by an update on Fidelity’s platform for institutional investors. These could be enough to shore positive sentiment in the industry for much longer, paving the way for a more sustained recovery.
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Market data is provided by the HitBTC exchange.
Stable coin Tether is being cited as one of the main reasons for the spurt in crypto prices that pushed total market capitalization above $221 billion on Monday (UTC time), but it was not a new issuance of Tether that was the catalyst for upward market movement.
There was news circulating about Tether (USDT) being delisted from various exchanges. This led investors to dump USDT, which lost its peg to the dollar and fell to as low as 85 cents, before recovering part of its earlier losses.
Anxious investors converted their USDT to other cryptocurrencies that led to a sharp rally. Additionally, the surge in prices would have triggered stop losses on the short positions, adding fuel to the rally.
It will be interesting to watch whether cryptocurrencies hold on to higher prices or give up recent gains in the next few days. Let’s watch the critical levels that will indicate a trend change.
Bitcoin skyrocketed to $7,550 intraday, but the bulls are struggling to hold the gains. This shows liquidation by traders who are stuck at higher levels.
If the bulls close (UTC time frame) above $6,850 levels, it will be a positive sign and will invalidate the bearish descending triangle pattern. $7,413–$7,600 might act as minor resistance, above which, the rally can extend to $8,400.
The next couple of days will confirm whether the breakout is genuine or a sucker’s rally. For now, traders can continue to hold their long positions with the stop loss at $5,900.
If the bears turn around and break below the support zone of $6,075.04– $5,900, the BTC/USD pair will become extremely negative and can nosedive to the $5,450 and $5,000 levels.
Ethereum is stuck inside the $192.5–$249.93 range. Today’s rally came close to the overhead resistance but could not break out.
A breakout and close (UTC time frame) above $250 can attract buying, pushing prices to the next resistance zone of $300–$322.57. If the bulls scale this zone, a new uptrend is likely.
The ETH/USD pair will resume the downtrend if it breaks below $167.32. We do not find a buy setup at current levels.
Ripple is attempting to pull back after taking support at the 78.6 percent retracement level in the recent rally.
Today, the pullback faced resistance at the 20-day EMA, which has started to slope down. Currently, the price is close to the $0.4255 level.
The XRP/USD pair will become negative if it breaks below the $0.37 level. Such a move might retrace the complete rally, plummeting prices back to $0.26913. Traders should wait for a reliable buy setup to form before initiating any trade.
Bitcoin Cash held the support line of the symmetrical triangle for the past four days and launched itself higher today, reaching close to the resistance line, where sellers emerged.
Though a symmetrical triangle is a continuation pattern, sometimes it acts as a reversal pattern. A breakout and close (UTC time frame) above the symmetrical triangle will signal a change in trend that can result in a rally to $660 and $880. Therefore, traders who are holding their long positions can keep their stops at $400.
Any break of the triangle and a move below $400 will be a negative development that can drag the BCH/USD pair to $300 or lower.
EOS has held the $5 level for the past four days. Today’s rally stalled just above $6. The key level on the upside is $6.829, above which we can expect a new uptrend to begin.
A break of $5 can result in a drop to the support zone of $4.4930–$3.8723. Therefore, traders can keep a stop of $4.90 on their long positions.
Above $6.8299, the EOS/USD pair can climb to $9 and higher. Until the breakout, volatile trading inside the range will continue.
The rally in Stellar broke out of the overhead resistance of $0.24987525 and the downtrend line of the descending triangle. However, the bulls are finding it difficult to sustain the higher levels. Currently, the price is back below the downtrend line and the overhead resistance of $0.24987525.
Traders can watch the $0.27 level on the upside. If the XLM/USD pair closes (UTC time frame) above this level, it will invalidate the bearish pattern, which is a bullish sign.
If the price remains below the $0.25 level, we might expect the range bound action to continue. The bearish pattern will complete on a breakdown of $0.184. Any long positions should be closed if the bears break and close below $0.165.
Litecoin continues to trade inside the $69.279–$49.466 range. The bulls have successfully defended the bottom of the range for the third time. This becomes a critical level to watch on the downside, as a break below this will resume the downtrend, plunging the digital currency to $40 or lower.
On the upside, the level to watch is $69.279. If the bulls close above this resistance, it will indicate the formation of a triple bottom pattern. Therefore, we suggest traders initiate long positions on a close (UTC time frame) above $70.
The rally can carry the LTC/USD pair to $94, which will act as major resistance. If this level is crossed, we can expect a new long-term uptrend to begin.
Though Cardano traded below the $0.073531 level for the past four days, the bears could not cause any major damage.
Today, the ADA/USD pair rallied sharply and came close to the overhead resistance of $0.094256 where sellers stepped in.
A breakout of $0.094256 can carry the digital currency to $0.111843, which is likely to act as a major resistance. On the downside, if the bulls maintain the price above $0.073531, the consolidation might continue a while longer. A break of the $0.0685 level will attract further selling and result in a retest of the critical support at $0.060105.
Monero has held the psychological support of $100 for the past four days. Today, the digital currency rallied close to the overhead resistance at $128.65 where it faced selling as on previous occasions.
If the XMR/USD pair breaks out of $128.65, it is likely to reach the overhead resistance zone of $142.71–$150. A break of the $100 level can result in a drop to the lower support of $81.
If the prices sustain above $107.80, the digital currency might remain range bound for a few more days.
TRON again broke out of the overhead resistance but failed to sustain higher levels. This shows profit booking and a lack of buying above the range.
The TRX/USD pair is back inside the $0.02815521–$0.0183 range. It will pick up momentum after it sustains above the range.
The traders can expect an up move to the $0.0415 level if the price closes (UTC time frame) above $0.02815521. If the bulls fail to achieve the breakout, the digital currency might extend its stay inside the range for a few more days.
If you are a young fortune-hunter toiling away on a computer in a basement, the prospect of death probably isn’t among your top considerations. Equally, if the main draw to crypto is its relative privacy, you may not be particularly eager to share your private keys with your loved ones, as a hacker could sift through your papers, weaponize your keys and empty your savings.
Prepare for the Inevitable
Most privacy-obsessed, wealth-chasing geeks are used to keeping their private keys a total secret. But when the Grim Reaper shows up unannounced, the family of an anonymous crypto-millionaire can be left without access to their relative’s riches. In one of the most widely publicized recent examples, paranoid U.S. investor Matthew Mellon died earlier this year, leaving few clues to a crypto fortune reportedly valued at more than $500 million.
In South Africa, for instance, thousands of people have invested in cryptocurrencies. However, once they pass away, many of those individuals will die with their holdings.
“As a young industry, with little regulation, it is crucial for investors to become more responsible in their attitude towards cryptocurrency investing,” Eran Brill, an investment management director at Stonehage Fleming in South Africa, recently told one news site. “Investors need a storage execution strategy for account information, as well as advice on the implications regarding the deceased estate, including access to accounts, distribution to beneficiaries, and tax implications.”
The ‘Double Funeral’ Dilemma
There have already been several examples around the world of bitcoin investors who have died without leaving their keys for their relatives. In such cases, families must deal with a kind of “double funeral,” as they mourn the loss of their loved ones while coming to terms with the loss of an irretrievable fortune that might have been theirs.
This underscores how bitcoin’s main attraction — its safe remove from regulators and impenetrable privacy from regulation — can also become its fatal weakness. Users may enjoy immunity from high bank fees and taxes, but they miss out on the good side of the old system, such as help with the administration of their estates.
According to Chainalysis, about 25 percent of all bitcoins now in circulation (valued at roughly $23.5 billion) have already been lost forever. Death likely accounts for a good portion of these losses. But the recent example of Mellon, in particular, may encourage investors to start thinking beyond their own lives.
Mellon died in April at the age of 54. He passed away with up to $500 million in ripple stashed away in cold storage under fake names in banks across the U.S. But the secretive millionaire took his fortune with him, because he failed to name heirs to his wealth and did not provide information on how to access his crypto wallets.
Posthumous losses of cryptocurrency will likely become more of a problem in the years to come, as investors will remain inclined to value secrecy to safeguard their wallets. While death is a concern, bitcoin wealth can also be lost through theft, accidental deletion, security breaches, and the loss of passwords and hard drives. This explains, in part, why cryptocurrency investors are secretive about their details.
Legislators in South Africa, the second-largest crypto market on the African continent after Nigeria, are still wrapping their heads around bitcoin regulation, nine years after the introduction of the virtual currency. But regulation could prove to be a mixed blessing for account holders. On the negative side, the South African tax regulator now recognizes cryptocurrency as an “asset of intangible nature.” But on the positive side, the introduction of new rules could mean that players operating in this decentralized space will be able to claim greater protection if the need arises.
South Africa’s formal recognition of bitcoin means its laws of succession apply to cryptocurrencies, as with other investments in the estates of deceased individuals. However, it is still up to investors themselves to formally identify their heirs in their wills.
That said, having a will does not automatically mean that one’s bitcoin wealth will get passed down to loved ones. Private keys are still needed to unlock crypto wallets, which is why individuals need to leave clear instructions on how their heirs can access their fortunes.
Inheritable digital safe services such as Digipulse help people to keep their bitcoin information safe, while allowing it to be utilized for legacy purposes. Simpler methods might include entrusting third parties with copies of private keys, either on paper or in digital format, but such options necessitate a level of trust.
What do you think about the relationship between cryptocurrency, privacy and death? Let us know in the comments section below.
Images courtesy of Shutterstock.
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