Bitcoin [BTC] has “too much brainpower, research, adoption and money” to fail: Monero [XMR]’s Fluffypony

As the Bitcoin Cash [BCH] hash war ensues, the Bitcoin [BTC] community is becoming increasingly known as being toxic. Known as the Bitcoin maximalists, these individuals are beginning to take over the safe space of many individuals in the cryptocurrency space, as mentioned by WhalePanda, a crypto-influencer.
Speaking on the Magical Crypto Friends show, he stated that a lot more criticism is being levied against the BTC community, along with more infighting. He further elaborated that people are beginning to “feel attacked” and that it was “not a safe space anymore” as they get criticized immediately.
He stated that it was “a bit toxic”, with even Vitalik Buterin speaking up about the issue. Bringing the question to his peers, namely Litecoin [LTC]’s Charlie Lee, Blockstream’s Samson Mow, and Riccardo Spagni, the handler of the Monero [XMR] codebase. Spagni was the first to respond, prefacing his opinion with a statement that he was a firm believer in Bitcoin and its success. He further stated:
“I think that there is too much brain power, research, adoption and money that has been poured into Bitcoin for it to fail. I truly believe that. Obviously there’s always a chance but I think that the chances a Bitcoin failing are at this point infinitesimally small I think the chances of every other altcoin failing are higher.”
However, after stating so, Spagni said that he believed that it was a rational belief. However, he broke away from one of the most basic beliefs of Bitcoin maximalists: that the coin was set to be the world currency. Spagni said that he did not believe in a world where “every human on the planet” would find a need for sound money in the form of Bitcoin. He stated:
“It’s like the entire world waking up and saying, ‘you know what sucks? Human government. You know what we’re going to do, we’re gonna have a new form of government that doesn’t involve humans. I mean it’s like that might happen but the chances are its not gonna happen because we’re dumb and we’re human and we’re imperfect.”
Spagni stated that humans are not going to globally adopt Bitcoin, and that they will always be pushed around by “the charlatans and snake oil salesman” of the world. He elaborated:
“You can promote Bitcoin as being sound money no problem but then you can also accept that there are going to be other projects along the way that might also survive. Just accept it and see what happens.”
The post Bitcoin [BTC] has “too much brainpower, research, adoption and money” to fail: Monero [XMR]’s Fluffypony appeared first on AMBCrypto.
Source: AMB Crypto

XRP Ledger transaction volume surpasses total trading volume: Are the gears of Ripple’s xRapid’s liquidity pool moving?

Opinion: XRP has been one of the coins that has held its own in the recent brutal bear market, proving to have a much more healthier bounceback than many others in the top 10 cryptocurrencies. Even in the midst of the bear market, the coin has been able to prove its worth, taking the #2 position from Ethereum [ETH] and staying there as the market continues to bleed. Even as the coin reigns supreme as the biggest altcoin, there have been some developments taking place on the publically visible XRP Ledger that might provide some insight into Ripple’s use of the coin.
HODLers of the coin got the moment they were waiting for when Ripple announced a product that would directly utilize the global liquidity pool provided by the trading of XRP in order to optimize cross-border payments. Since the product, which is known as xRapid, was announced, enthusiasts have been waiting for the coin to shoot up in price owing to the high amount of trading volume that would flow through it owing to its usage by major banks around the world.
The exchange trading volume of XRP, however, seems to be around $702 million as reported by CoinMarketCap. However, if one took a look at the XRPCharts website, we can see a much more accurate figure of $517 million as the trading volume over the past 24 hours. However, payment transactions on the ledger have overtaken the trading volume by a considerable margin, with the on-ledger payment volume at $613 million.
Source | XRPCharts
Source | XRPCharts
Source | XRPCharts
This is also owing to a large amount of transferring funds between whales over the past 24 hours, as seen by the tweets made by XRPLedger, which are set to monitor transactions over 5 million XRP in volume. As seen by the spreadsheet, there have been 11 transactions above 5 million, out of which 5 of them, totaling 39 million, are controlled by exchanges such as Coinone, Bitfinex, and Bitbank. However, from the 6th transaction onwards, we can see that a wallet was used which was activated by Chris Larsen, the CEO of Ripple.
The sender of the transaction, with wallet address rGyjtvQLqDyRdCUrhnse1heavbTd2hKgXr had a chain of activation, namely rGyjtvQLqDyRdCUrhnse1heavbTd2hKgXr – rf7WAn8Nbwp32PmxHQrmztw5Cr66EXnr4F – ~RippleWorksOrg – ~RippleFoundation1 – chrislarsen. The receiver had a chain of activation from rMbq6T21uFvBXo7P1uRYVKvxctDbVE3qDB – rnHScgV6wSP9sR25uYWiMo3QYNA5ybQ7cH – rpi2nuD41z71GsEY3XqXfaBghagQiBgaTr – rf7WAn8Nbwp32PmxHQrmztw5Cr66EXnr4F – ~RippleWorksOrg, which led back to Chris Larsen.
Rippleworks is a “foundation to support financial inclusion around the world”, according to Ripple’s announcement in 2015 regarding the launch of this venture. The CEO, Doug Galen, was mentioned by name in the article and is also present on the “Who we are” section of the Rippleworks website. Therefore, the exchange of XRP between these two parties might be an activity undertaken under the “Ripple for Good” operation.
The same can be said for the next transaction, which operated between wallets activated by Silicon Valley Community Fund, a donor-advised community foundation that serves Silicon Valley. The next 4 transactions take place between multi-sig addresses, with the last one having a total of 200 million XRP transferred.
Interestingly, a wallet activated by Ripple by the sequence of rNfwFmsgBRrtqQDcWtFAJMzK2P1yCs7XPy – rsV5XY4tm9dBN8mPX7RPEDuHLaA5fZjFSA [ with the nickname RL18-VN] – rpcRgbYy9CUAYADeueKmAKZz12wXi9fVNS – r9H8UWStzcajob8qkL7ZNQXjFpRfEnEvyE – OpenCoin – Ripple, recently created 40 escrow accounts of 5 million each, thus adding up to a total of 200 million XRP. It is also noticed that the rNfwFmsgBRrtqQDcWtFAJMzK2P1yCs7XPy address is also the receiving address of the 200 million XRP transaction.
Many speculate that the creation of escrows by Ripple apart from their usual 1 billion XRP escrows is out of the ordinary, and may depict institutions locking up XRP for use at a later date, which are set from December 1st, 2018 to July 15th, 2020. The funds are also set to be returned to the same account once the contract expires in 11 months. Any developments with the escrowed funds will be seen at that time, but as of now, this removes close to 200 million XRP from circulation by locking them up in these accounts.
Any which way, xRapid seems to be increasing the depth of the liquidity offered by on-ledger payments themselves. This will generally provide for a better experience of providing liquidity for the institutions that utilize the technology. As stated by W. Sculley, the Business Development Director at Ripple:

Looking at 24-hour trade volume (in $USD billions):
On September 20th…
2017: $BTC 1.23; $ETH 0.47; $XRP 0.04
2018: $BTC 4.26 (+246%); $ETH 1.68 (+257%); $XRP 1.22 (+2,950%)
Regardless of price, liquidity is getting deeper.
Source: @CoinMarketCap pic.twitter.com/vZz99RvKmD
— Welly (@wsculley) September 20, 2018

The post XRP Ledger transaction volume surpasses total trading volume: Are the gears of Ripple’s xRapid’s liquidity pool moving? appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC]’s problems are plentiful, says ECB while stating 69% of banks are researching CBDCs

Coming close after the 10th anniversary of the Bitcoin [BTC] whitepaper, it seems that central banks around the world have begun feeling the creeping fear of decentralization. The latest in a series of remarks against Bitcoin by a so-called “expert” comes from, Benoît Cœuré, a French economist who is a part of the Executive Board of the European Central Bank, who recently gave a speech at the Economics of Payments Conference.
Over the course of his speech, he spoke about how a large percentage of central banks were looking into Central Bank Digital Currencies [CBDC] while simultaneously calling Bitcoin the “evil spawn of the financial crisis”. Cœuré began by speaking about the genesis of Bitcoin, and how the first block had a headline about the bailout from the United Kingdom’s banks, calling upon this point to brand Bitcoin as the evil spawn of the crisis. He went on to say:
“Bitcoin was an extremely clever idea. Sadly, not every clever idea is a good idea. The opportunities of the blockchain are many, but the problems of Bitcoin are also plentiful.”
He further quoted Agustín Carstens, the General Manager of the Bank for International Settlements, who has previously stated that Bitcoin is “a combination of a bubble, a Ponzi scheme, and an environmental disaster”. However, the economist also stated that there are many things that “we do not understand”, elaborating that things are moving rapidly in the DLT space.
For this, he quoted the example of Sveriges Riksbank, who are proposing amendments to the Sveriges Riksbank Act. This is in order to have a regulatory structure in place to introduce a new currency known as the e-krona, a Central Bank Digital Currency. He stated:
“A clear majority, 69%, is currently, or will soon be, conducting work related to CBDCs.”
Cœuré also highlighted the difference between the CBDC that are currently being tested, namely a wholesale payment application, which is restricted to large-scale and high-priority transactions, or a widely available payment instrument made available to consumers. However, he also stated:
“There is broad agreement that a CBDC, in whatever form, is unlikely to be issued within the next decade, even among those four central banks that have indicated that they have reached the stage of developing a pilot project.”
The post Bitcoin [BTC]’s problems are plentiful, says ECB while stating 69% of banks are researching CBDCs appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC]’s sell-off might be because of “uncertainty and fear” in the broader market, says Coinshares CSO

The cryptocurrency market seems to be experiencing what many call ‘capitulation’ with the prices of all major cryptocurrencies tanking across the board for a loss of more than 10% over the past day. To speak about this situation, Meltem Demirors, the Chief Strategic Officer of Coinshares, appeared on CNBC’s Fast Money.
Over the course of the interview, she stated that the market was a “speculator’s game”, as the market was at the long tail of the “crypto asset bubble”.
She was asked about whether the top 10 assets would see any lasting damage due to the extended selloff today. Notably, many major assets saw not only a considerable loss in their prices but also broke through many long-term supports that have been keeping the market in an upwards limbo. She responded:
“A lot of those top ten assets are fairly early in their lifecycle as we’ve talked about before during the dot-com bubble, we saw companies in 2000 we’re trading at 75% to low of their all-time high and that persisted for a long time. Some of those companies inevitably went out of business.”
However, Demirors mentioned that she had discovered a more interesting metric to learn from the dot-com bubble boom. She stated that those that were created in the first six years were the ones that survived the bust. She said:
“[This], to me, indicates that there is a first mover advantage in the crypto game which is why I think we’ve seen Bitcoin which just hit its 10-year anniversary has performed fairly well over time.”
As the market crashed, the trading volume of Bitcoin [BTC] rose by 2x to take on another level of liquidity. Demirors also spoke about this, going on to say that it was difficult to tell how much the volume has increased by. She stated:
“It’s difficult to tell so there’s publicly traded Bitcoin market. Liquidity on those markets today was six billion. There’s a lot of OTC volume that’s not accounted for and a lot of reports have also documented some of the challenges of getting precise numbers which make it difficult to look at.”
She also provided examples of the market itself experiencing uncertainty, speaking about the example of Blackrock. Demirors stated:
“Blackrock for the first time this quarter saw outflows first time in three years or its largest asset manager. I think that’s an important sign as well that this isn’t just a crypto thing. I think in the broader market there’s just a lot of uncertainty and fear.”
The post Bitcoin [BTC]’s sell-off might be because of “uncertainty and fear” in the broader market, says Coinshares CSO appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC/USD] Technical Analysis: Knife drop urges bears to take power, bulls might see bounce-back

Bitcoin [BTC] has recently seen a drop, breaking the resistance at the $6,220-mark to provide an extremely bearish outlook. However, traders might see an opportunity for a retracement as the coin is yet to recover to its previous support levels.
1-hour:
There is no visible uptrend, as the price has seen a disastrous drop in the near past, with downtrends seen from $6,220 – $6,190 and $6,530 – $6,370 – $6,290. A broken support is present at $6,220, with resistances at $6,320, $6,390, and $6,530.
The MACD is experiencing a bearish crossover due to the recent drop in its price.
The Chaikin Money Flow is demonstrating a short uptrend, with buyers moving back into the market.
The Stochastic indicator is moving into the oversold zone and might see a recovery soon.
1-day:
An uptrend is seen from $6,155 – $6,205, with a downtrend from $9,800 – $6,505 – $6,260. Support levels are visible at $6,145 and $5,850, with resistances set at $6,625, $6,750 and $7,360.
The RSI is plunging towards the oversold zone and might see a recovery upwards.
The Relative Vigor Index is bearish, as seen by the crossover that occurred recently.
The Parabolic SAR is bearish as well, with the dots making themselves present above the hourly candles.
Conclusion
While the price of Bitcoin might see a recovery into the safe zone for the coin, it is more likely that the price will continue to see a stagnation above the $6,200 mark. Selling pressure is keeping the coin down, including negative sentiment about market position among investors.
The post Bitcoin [BTC/USD] Technical Analysis: Knife drop urges bears to take power, bulls might see bounce-back appeared first on AMBCrypto.
Source: AMB Crypto

Bear attack: Bitcoin Cash [BCH], Tron [TRX], Litecoin [LTC] biggest losers, Bitcoin [BTC], XRP and XLM most resilient

The market has been seeing a generally bearish downturn as the date of its historical bull run draws closer. Even as the space continues to see interesting developments in terms of custody solutions, market maturation and the entry of institutional developments, the market continues to not shake off the strong grip of the bear’s hold.
Even this week, the market is experiencing a general downward trend, generally owing to the lack of market momentum seen in the Bitcoin [BTC] market in particular.
#1 Bitcoin Cash [BCH]:
Bitcoin Cash has undoubtedly been the star of the media’s eye, as its upcoming hard fork has everyone in the crypto-space looking. However, as a consequence of its astronomic rise last week, the coin is now experiencing a retracement of 15.6% in the red zone, making BCH the biggest loser in this week’s bearish experience.
It is currently experiencing a loss of 2.6% over the past day with a trading price of $524 and a market cap just under 1/10th of Bitcoin at $9.1 billion.
#2 Tron [TRX]:
Tron [TRX] is the second biggest loser this week with a loss percentage of 9.99% over the timeframe, with a 2.6% loss continuing into the 24-hour zone. The coin is trading at $0.02 with a market cap of $1.4 billion, putting its position on CoinMarketCap right below that of USD Tether.
#3 Litecoin [LTC]:
Litecoin is the 3rd largest loser this week with a 9.4% loss over the past 7 days culminating in its loss today of 1.1%. This puts it at a price of $50.2 with a market cap of $2.9 billion.
#4 Cardano [ADA]:
Cardano is also experiencing a heavy loss of 8.4% over the week and 3% over the past 24 hours, reducing its price to a low of $0.07. This puts its market cap at $1.8 billion and makes it the 4th biggest loser in the bearish race downwards.
#5 EOS:
EOS is close behind, as the coin has only recently lost its position and is now at #6 by market cap. It is trailing XLM’s market cap by $100 million, with a market cap of $4.7 billion and a price of $5.2. It is undergoing a loss of 8.3% over the week, with a loss of 2.4% over the past 24 hours. This puts it at the position of being the 5th largest loser over the week.
#6 Monero [XMR]:
Monero is another coin that seems to be resilient to the bear’s attacks, with its loss coming in the middle of the pack at 6.5% over the week. However, it has undergone only a 0.5% loss over the past 24 hours, putting its price at $104 with a market cap close behind Cardano’s at $1.7 billion.
#7 Ethereum [ETH]:
The second largest cryptocurrency, Ethereum, has begun experiencing a general downward spiral to see a bounce off the $200 mark yet again. It is currently undergoing a loss of 5.2% over the past week, with a 1.2% loss over the past 24 hours at a price of $206 and a market cap only $900 million past its closest competitor at $21.3 billion.
#8 XRP:
XRP seems to be building up positive sentiment, as seen by the variety of good news for the HODLers of the coin. However, the price is not reflecting the same, as it has observed a 1.4% slide over the day, adding to its weekly loss of 4.4%. This marks its place as the 3rd lowest loser over the time period, with its current price of $0.50 and a market cap of $20.4 billion.
#9 Bitcoin [BTC]:
The #1 cryptocurrency has not presented any of its characteristic knife drops or shooting star-esque growth over the past 2 months, leading many to believe that traders are slowly leaving the market for greener pastures.
The coin is down by 2.75% over the past week, with a slow decline of 0.38% over the past 24 hours. It is currently resting at a price of $6531, with an undisputed market cap of $110.3 billion. It is hence the second lowest loser over the past week.
#10 Stellar Lumens [XLM]:
Stellar Lumens has been the coin with the most armor against the bear’s attacks, it seems, leading to a loss of only 2.3% over the past week, making it the lowest loser. However, the coin is undergoing a loss of 5.2% over the past day and is now at a trading price of $0.25 and a market cap of $4.8 billion.
The crypto-market might be set for another recovery rally. However, all the market seems to want is the volatile market movement seen by the coins before this period of extended non-volatility.
The post Bear attack: Bitcoin Cash [BCH], Tron [TRX], Litecoin [LTC] biggest losers, Bitcoin [BTC], XRP and XLM most resilient appeared first on AMBCrypto.
Source: AMB Crypto

Ripple’s xCurrent-powered MoneyTap’s live demo shows almost real-time payment with zero fees

A new demo has surfaced which demonstrates the capabilities of SBI Ripple Asia’s long-awaited app known as MoneyTap, for faster payments in Japan. The demo shows that the app sends money for zero fees and in almost real-time.
The app, which is based on Ripple’s xCurrent technology, is the second of it’s kind. Another app that aims to do the same and is based on the same technology is Santander’s OnePay FX app. However, while OnePay FX is targeted at cross-border payments, MoneyTap aims to better the infrastructure of the Japanese inter-day banking transfer system.

SBI money tap demo https://t.co/ALJyp0AwOv
— ecent (@EDadoun) November 13, 2018

It is powered by DLT to allow for a quick, safe and comfortable money transfer in a country where transactions can only occur on weekdays between 8:30 a.m and 3:30 p.m., with heavy delay otherwise. The app promises 24/7 payments, thus offering customers of the Japan Banking Consortium, which holds over 80% of all the banking assets in the country, to transfer value with ease.
It was made known in the past that it was possible for financial institutions to integrate with the platform using an open API. The app is set to launch with SBI Net Sumishin Bank, Resona Bank, and Suruga Bank for the pilot run.
Notably, the CEO of SBI Group, Yoshitaka Kitao, is extremely bullish on XRP, the coin utilized by Ripple for their xRapid product. He has stated in the past
“XRP is faster, cheaper and more scalable than any other digital asset. I strongly believe it will become the global standard in digital currencies.”
Moreover, SBI Group has also launched a cryptocurrency trading platform known as SBIVC that offers fiat exchange with XRP, providing a valuable crypto-fiat onboard for liquidity in xRapid.
The consortium, which is headed by the SBI Ripple Asia alliance, covers over 80% of all the banking assets in Japan. This, coupled with the fact that Japan’s existing local payment lines are substandard, means that customers are likely to pick up a real-time payments app.
Takashi Okita, SBI Ripple Asia’s CEO, stated during the launch
“Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”
The post Ripple’s xCurrent-powered MoneyTap’s live demo shows almost real-time payment with zero fees appeared first on AMBCrypto.
Source: AMB Crypto

Cardano [ADA/USD] Technical Analysis: Bulls look ready to push price upwards as coin is set to test bearish pullback

Cardano [ADA] has done well to find support levels in its recent recovery run, regaining the price range in the mid $0.070s. This has resulted in a formation indicative of a bounce upwards, a claim that seems to be backed up by the technical outlook for the coin.
1 hour:
An uptrend is seen from $0.0608 – $0.075, demonstrating the sharp upward movement by the price, suggesting a clash with the downtrend from $0.082 – $0.077. Support levels are visible at $0.068 and $0.075, with the latter providing the price with momentum to test the $0.078 resistance.
The Aroon indicator shows that a trend reversal is in progress, with the downtrend decreasing in power as the uptrend witnesses a sharp hike.
The MACD is set for a bullish crossover.
The Klinger Volume Oscillator is demonstrating a bullish crossover with a continued upward movement.
1 day:
In the long-term outlook, an uptrend is visible from $0.063 – $0.07 – $0.076, with the dominant downtrend showing price movement from $0.037 – $0.076. A support level is seen at $0.063, with the coin yet to set resistances at $0.089, $0.181 and $0.37.
The RSI shows that buying and selling pressure have stabilized in the market.
The Relative Vigor Index is demonstrating a bearish crossover.
The Parabolic SAR is bullish.
Conclusion:
The general outlook for Cardano’s price is bullish and might see the coin test the resistance levels it struggled with during its recent hike. The first resistance to be tested will be at $0.078, with further resistances at $0.089 and $0.181.
The post Cardano [ADA/USD] Technical Analysis: Bulls look ready to push price upwards as coin is set to test bearish pullback appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Cash [BCH] pre-fork trading announced on Bitfinex: Exchange takes a neutral stance in heated hash war

Bitfinex announced support for the Bitcoin Cash [BCH] hard fork around 2 days ago, and followed it up with a recent report that detailed how they would react to the upcoming chain split. The exchange platform has decided to adopt a solution that they call Chain Split Tokens or CSTs in order to “prevent any risk of manipulation”.
Citing the need to “maintain a healthy market” Bitfinex has decided to designate two CSTs known as BAB, for the ABC implementation with the backing of Bitmain, and BSV, for the Satoshi Vision implementation backed by Craig Wright and Coingeek. While doing so, the exchange also stated:
“While we want to make such forks available to our customers, our limited and temporary support for them is not and should not be construed as support for any particular project.”
Users of the platform can redeem these tokens by debiting their Bitcoin Cash balance, upon which they will receive an equivalent amount of BAB and BSV tokens. This process can be reversed by users at any time using the Token Manager utility on the platform.
Proceeding the fork and the snapshot event following it, the CSTs will be converted into on-chain coins, with trading continuing under the BAB and BSV ticker symbols respectively.
Bitfinex also stated that their BCH margin markets experienced a significant increase in short positions. They have now released trading for these tokens in 4 pairings, namely BAB/USD, BAB/BTC, BSV/USD and BSV/BTC. Margin and leveraged trading will not be available on these pairs. BCH markets will be frozen at UNIX time 1542300000, or around 4:40:00 PM UTC on November 15th, clarified Bitfinex. They went on to say:
“Once all negative balances have been settled, we may, at our sole and absolute discretion, delist BAB or BSV and make withdrawals only available for a limited time.”
The post Bitcoin Cash [BCH] pre-fork trading announced on Bitfinex: Exchange takes a neutral stance in heated hash war appeared first on AMBCrypto.
Source: AMB Crypto

XRP is “explicitly legalized and endorsed” in Thailand, reveals Ripple’s Garlinghouse

Brad Garlinghouse, the CEO of Ripple, recently appeared at the Singapore FinTech festival to speak about the regulatory atmosphere in the blockchain and cryptocurrency space. In a discussion with the International Monetary Fund’s Deputy General Counsel Ross Leckow, Garlinghouse spoke about the ASEAN markets and their role in Ripple’s plan for building the Internet of Value.
He began by saying that there are a “number of unique things” that occur in these countries that are worth calling out, such as the impact of regulatory clarity on driving the adoption of blockchain and digital asset technology. Quoting Singapore as the example, Garlinghouse stated that it is one country that has done a lot to be a “leader in this space”. He went on to explain how regulatory clarity has allowed the market to invest in the space. Garlinghouse elaborated:
“Thailand would be another country that we’ve seen that is expressly and explicitly legalized and endorsed digital assets including XRP. We’ve seen some of that same activity in the Philippines.”
He further stated that the first dynamic in regulation that has impacted the adoption of blockchain across markets in the Asian space is regulatory clarity, which still remains important. He stated that it was surprising to see how many markets have a lot of uncertainty, even as there are real use cases being seen and real problems or customers being solved. He stated:
“If we can have that regulatory certainty and I’m talking about Ripple but I’m also talking about for other companies in this space also the more quickly we can see adoption of those technologies.”
He further offered his opinions on the dynamics which might spur the adoption of blockchain technology and digital assets. Secondarily, he also spoke about how ASEAN countries have almost $130 billion in inbound remittances, which cause expensive fees for the everyday population. He went to say that the market is “ripe for adoption to take advantage of blockchain”. He added:
“That’s actually interesting to see unfold here in the Asian markets as in some ways the current and Swift-enabled correspondent banking is leaving some of the ASEAN markets behind. Banks have contracted the correspondent banking relationships. It’s made this ASEAN market I think a ripe market for adoption of blockchain technologies and digital assets. Ripple now sees 50 percent of all of our global customers here in the Asian markets, our Singapore office has grown dramatically about 200 percent last year.”
The post XRP is “explicitly legalized and endorsed” in Thailand, reveals Ripple’s Garlinghouse appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC/USD] Technical Analysis: Bearish doom awaits coin as it stands poised at cliff’s edge

Bitcoin [BTC] has recently been seeing movement within its tightly-defined trading setup, bouncing between the $6,300 and $6,700 marks. While this has not presented any opportunities for swing traders, market sentiment seems at a high as HODLers draw closer to the moon.
1-hour:
The short-term outlook for Bitcoin shows that an uptrend is present from $6,220 – $6,310 – $6,345, with the dominant downtrend being from $6,530 – $6,485 – $6,375. Resistances are set at $6,530 and $6,390, with supports present at $6,320 and $6,220.
The Aroon indicator demonstrates that the uptrend is reducing in power sharply, with the downtrend seeming ready to bring the price movement back downwards.
The MACD is demonstrating a bullish crossover, as seen by the movement of the MA line above the signal line.
The Awesome Oscillator is bearish and denotes decreasing momentum in the market.
1-day:
The one-day charts show the presence of a short support uptrend from $6,155 – $6,270 – $6,350, with a downtrend from $9,800 – $8,390 – $6,350. Resistances are present at $6,525, $6,750 and $7,360, with support levels set at $5,875 and $6,145.
The RSI shows that buying and selling pressure have stabilized in the market, as seen by the movement of the indicator in a general sideways trend in the middle of the graph.
The Relative Vigor Index is demonstrating a bearish crossover, as seen by the movement of the RVGI line below the signal.
The Parabolic SAR is bearish, evidenced by the presence of the dots underneath the candlesticks.
Conclusion
The price of the coin seems headed towards further negative momentum, as seen by the indicators presenting a generally bearish outlook. Short traders will find an opportunity to rejoice as the price might test supports set at $6,220, $6,145 and $5,875.
The post Bitcoin [BTC/USD] Technical Analysis: Bearish doom awaits coin as it stands poised at cliff’s edge appeared first on AMBCrypto.
Source: AMB Crypto

Ripple’s new xCurrent 4.0 with over 150 customers promises “increased product interoperability” with XRP-powered xRapid

Opinion: New data has emerged that suggests that customers of Ripple may be able to switch to xRapid, the company’s premier offering utilizing XRP for liquidity, with ease. A document titled “What’s New with xCurrent 4.0” has been released which shows off a bevy of new upgrades for xCurrent such as a new UI, bulk FX purchasing, zero downtime and “increased product interoperability”.
Ripple’s clients:
This marks an interesting development in the cycle of Ripple’s products, as some of their biggest clients utilize xCurrent for payments. This includes 11 of the world’s biggest banks, and settlement giants such as American Express, MoneyGram and Western Union. Their banking customers include MUFG, the world’s fifth largest bank managing assets worth $2.6 trillion, Credit Agricole, Europe’s third-largest bank, Bank of America, Santander, Standard Chartered, SBI Group, Westpac, and Mizuho Financial Group.
Multi-hop payments and xRapid’s role in it:
This also echoes statements made by employees at Ripple, who have stated that it is easy for existing RippleNet customers to make the transition to xRapid once regulatory clarity is achieved with respect to XRP’s position as a digital asset. Currently, over 150 members are signed on to Ripple’s network of banks, payment providers and financial institutions known as RippleNet.
Other features that are said to be included in the new version of xCurrent include support for multi-hop payments, a technology that Ripple has recently been flaunting. Multi-hop payments allow for the sourcing of liquidity through XRP without the need for banks to have one-to-one relations with those who can utilize xRapid. This is generally considered as an easier way to source liquidity through xRapid, and also provides XRP HODLers something to cheer for, as it directly translates to more capital flowing through the network.
Multi-hop can also provide faster and cheaper payments across RippleNet, with the company also promising to deliver a “seamless payment experience. Dilip Rao, Ripple’s Global Head for Infrastructure Innovation, stated during the launch:
“Milestone in the scaling of RippleNet!  Now any regional bank can act as a correspondent bank, connecting originators and beneficiaries with multiple intermediate legs, yet with full transparency of data and an atomic (single) settlement across all legs.  Fees down, speed up!”
Product rollout:
Cory Johnson, the Chief Market Strategist for Ripple, provided clarity on the company’s rollout of their products, stating:
“I expect our rollout would be…most will be xCurrent, a little bit will be xRapid, and even less will be xVia. Over time that might change, but initially, the oldest stuff gets the most traction, because customers have had a chance to look at it the longest and get used to the idea more quickly.”
This provides an interesting outlook, as it means that the maximum number of Ripple’s clients who utilize xCurrent for cross-border payments have the opportunity to easily interoperate with xRapid to source liquidity. This opens up new avenues for financial institutions, allowing them to free up the capital held in nostro and vostro accounts by utilizing XRP to provide on-demand liquidity in conjunction with multi-hop.
Benefits of switching:
Combining this with the presence of xVia, Ripple’s third product which allows for onboarding to RippleNet through a single API provides a fast track of sorts for financial institutions to begin utilizing xRapid. Moreover, the fact that utilizing xRapid is one switch away will provide a fruit just out of reach for financial institutions currently.
Over the pilot results for xRapid, those who trialed the product reported an exponential increase in speed along with a 40-70% decrease in fees. This boldly incentivizes existing customers to take charge and beginning processing payments through xRapid. As explained by Asheesh Birla, the Senior VP of Product at Ripple:
“They would use xCurrent and they would get rid of the need for the FTP server and the three-day wait to process the files. The magic is where xRapid is available, Mexico for example. They can then add on xRapid and move money on-demand using XRP into Mexico and payout instantly.”
Other features mentioned in the document include enhanced onward forwarding to allow for final mile visibility on payment status, easier counterparty peering through API workflow automation, and improved auditing and monitoring services. All in all, this provides good competition to SWIFT’s Global Payments Initiative, which is set to be implemented in all partner banks by the end of this month.
The post Ripple’s new xCurrent 4.0 with over 150 customers promises “increased product interoperability” with XRP-powered xRapid appeared first on AMBCrypto.
Source: AMB Crypto

XRP, Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC] bull run last year started in November: The outlook 1 year down the line

Opinion: Bitcoin [BTC] saw one of its most prolific bull runs over the course of its history during this time last year, pushing cryptocurrencies to mainstream attention and driving many economists to call it a bubble of epic proportions. With the cryptocurrency market as a whole worth over $800 billion, crypto-HODLers were at their ultimate destination: the top of the moon.
Top 10 cryptocurrencies on November 12 2017 | Source: CoinMarketCap
However, the landscape has changed remarkably since then, with the market shedding over $600 million to reach a value of just over $200 billion. Most ICOs have lost over 95% of their value, with the top currencies still undergoing significant losses.
Many have termed this the crypto-winter due to the general eroding of the market in the months since its meteoric rise. With one year down the line, it is interesting now to look back and see the beginning of the shooting star-esque rise of the bull’s power.
At this time last year, the price of Bitcoin was at $7195 and dropped to $5975 on November 12th. This was the last significant drop that the price saw before its bull run. Within 1 month and 4 days, the coin underwent a 228.9% increase from November 12 to December 17 to reach its all-time high of $19,655.
This was also accompanied by increasing media hype for the coin, with daily price updates continuing to increase the bubble-like nature of the coin. While the aftermath of the price hike has seen the coin languish around the $6500 range currently, the past year has been filled with regulatory, infrastructural and developmental advancements in the cryptocurrency space.
Similarly, Bitcoin Cash [BCH] went up by 379.6% from $758 – $3636 in a month and 11 days from November 10 to December 21. This was also preceded by a hike in the price of BCH owing to its then-recent hard fork.
XRP ruled the roost in percentage increases and was documented very closely by the crew of CNBC’s Fast Money show, who even created detailed tutorials on how to buy and sell the coin. It went up by 1391.803% from December 8 to January 4 from a price of $0.244 to $3.64 in just 27 days.
Similarly, Ethereum [ETH] went up 348% from $300 to $1344 in a span of 2 months between the 14th of November and January. Litecoin [LTC] achieved a growth of 506.667% from $60 – $364 from November 10 to December 19 in 1 month and 8 days.
While no one really knows whether crypto-winter has ended or not, it is very evident that the space has added more value in terms of the advancements made over this time. Regulators are beginning to take a more transparent approach to the cryptocurrency market, with many such as Malta creating a fleshed-out regulatory structure in order to attract new companies. Moreover, the movement of institutional investors into the space can be seen with the upcoming launch of the physically settled futures contracts by the parent company of the New York Stock Exchange known as Bakkt.
The market continues to be filled with more exciting news for each coin, generally pushing forward the definition of how the blockchain and cryptocurrency industries are being perceived by the general population. The volatility and wild swings of the mature market might be behind us, with the next bullish movement to be driven by adoption by the general population, the utility of existing tokens and their general integration into existing financial infrastructures. Whichever outcome, one thing is for sure. Cryptocurrencies are here to stay.
The post XRP, Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC] bull run last year started in November: The outlook 1 year down the line appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Cash [BCH] hash war escalates as Calvin Ayre states he will “follow and constantly work on” ABC if they win

The upcoming Bitcoin Cash [BCH] hard fork has begun to fray relationships in the community, causing a split as evident as the one set to happen on November 15. The two camps in control of the two different implementations of the block are Jihan Wu and Bitmain with Bitcoin ABC on one side and CoinGeek, run by Calvin Ayre, backing nChain and Craig Wright with their implementation known as Bitcoin Satoshi’s Vision.
However, a development has occurred which may imply a split between the latter camp, as Calvin Ayre said in a statement to one of his reporters, Eli Afram, that he will “strive to make future changes for the better” if ABC won the so-called ‘hash war’.
In an article titled “Will this be a protracted hash-war?”, Afram aims to explore the consequences of the fork if it is not a clean split. Instead, a long-standing feud might begin which will see the two parties fight for dominance on a blockchain using hashpower as their primary ‘weapon’.
Afram mentions that this possibility is there, even as Coingeek hopes that dedicated hash might settle the score. He went on to say:
“To find a victor early on and then move forward with building BCH to be a global currency. It is in part one of the reasons why Calvin Ayre referred to this possibility as market manipulation. [I] asked Calvin on his position should ABC win the hash battle, and he responded “If ABC win, then I will follow and constantly work on striving to make future changes for the better.””
This offers an interesting set of data to work with, as the coin is already split between the two camps. It is well reflected on Reddit, where user jonald fyookball stated:
“I care about what’s best for BCH. I’m absolutely sure that the community rejecting nChain’s attempted power grab and intrusion into protocol decisions is best for BCH.”
User Der_Bergmann also pitched in, stating:
“Now we know which side was serious about “let the hashpower decide” and which side just wanted to be the new [Bitcoin] Core.”
While this provides an interesting scenario for the Bitcoin Cash hash war, who decides it will only be settled once and for all in just under 5 days.
The post Bitcoin Cash [BCH] hash war escalates as Calvin Ayre states he will “follow and constantly work on” ABC if they win appeared first on AMBCrypto.
Source: AMB Crypto

Ripple moves into China with AmEx and LianLian Group entry: Providing reach to XRP-powered xRapid through multi-hop

American Express has recently announced that they will be commencing their entry into the Chinese market, which has been predicted as being the biggest card payments market by late next year. This move was made as a joint venture with LianLian Group and is the first venture to not process payments through the state-controlled UnionPay network.
The approval reportedly allows the company to process and settle payments in CNY domestically by setting up their own network in conjunction with their partner. The venture is named Express [Hangzhou] Technology Services Co., and is required by the Chinese government to complete preparations for operations within a year.
Notably, both American Express and LianLian Group have been in a partnership with Ripple, and are confirmed to be members of RippleNet. AmEx joined RippleNet with a vision to aid Small and Medium Enterprises with moving money late last year. LianLianPay on the other hand, joined the network in February this year and has over 150 million registered customers.
Removed job listing | Source: GlassDoor Google cache
While this not only marks the entry of Ripple into one of their highest priority markets for cross-border payments, it is also important to note that the company is planning to move into the Chinese market, as seen by postings on their official job portal. The job postings have since been removed, but are still present on job portal Glassdoor.
China has a strict policy against cryptocurrencies, thus ruling out the adoption of XRP-powered xRapid in the country anytime soon. However, the government seems all for the use of blockchain and DLT, which is what Ripple utilizes in its xCurrent and xVia products. However, the kicker for XRP HODLers is contained within the implications of this joint venture, which provides the much-needed fiat liquidity in the Chinese market.
Moreover, as pointed out by crypto-influencer Dr. T on Twitter, both members also have needs for independent cross-border payments, potentially opening up possibilities of a more full-fledged usage of RippleNet’s capabilities. What exactly the network can achieve can be seen by the feature included known as multi-hop. As explained by Craig DeWitt, the Director of Product at Ripple:
“Multi-hop gives Ripple members the ability to transact with banks or payment providers or digital wallets that they don’t have a direct relationship with. That’s important because in today’s world you need a bunch of bilateral relationships clunkily put together in a chain in order to move money. Multi-hop makes that thing of the past.”
Asheesh Birla, the Senior VP of Product at Ripple, also explained how more clients signed on to xCurrent increases the reach of the network as a whole. He stated:
“xVia allows you to use a one standard connection to get you all the benfits of RippleNet and our products. Without xRapid they would use xCurrent and where xRapid is available, they can then add on xRapid and move money on demand using XRP and payout instantly. They get reach wherever xCurrent is available, whether that be a bank [or] a cash payout provider.”
This generally translates as being bullish for the blockchain and DLT space in general, as the move into one of the most-vaunted markets for Ripple has come to a realization.
The post Ripple moves into China with AmEx and LianLian Group entry: Providing reach to XRP-powered xRapid through multi-hop appeared first on AMBCrypto.
Source: AMB Crypto