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[BTC/USD] Price Analysis: $10,000 for Bitcoin in 2019 — Is It possible? Of Course!
[BTC/USD] Price Analysis: $10,000 for Bitcoin in 2019 — Is It possible? Of Course!

Ripple Toolkit Is Live and Set to Improve the XRP Ledger

  • Thomas Hughes
    ⭐ Features

    Ripple Toolkit is live in beta phase and aims to improve the versatility and accessibility of the XRP Ledger

Ripple Toolkit Is Live and Set to Improve the XRP Ledger
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The XRP Toolkit is live in beta phase and aims to improve the versatility and accessibility of the XRP Ledger (Ripple). The tool has been in development over the past few months with the goal of offering a simple user interface that could help inexperienced users learn more about the ledger.

The toolkit can be used to send and receive XRP but has other features among which is a client-side web interface that can be used to prepare, sign and transmit transactions with the use of a hardware or web crypto wallet. Users also have access to a 10,000 XRP test account for free experimentation and demoing of the platform. Official release is set for early 2019.

The impact on XRP price will probably be gradual, depending on how the XRP Toolkit performs, and what new features they may add. We don’t expect to see strong movement based on the beta launch alone, but it is something bullish in the long run.  

Charts at a Glance

Charts at a Glance

XRP/USD sits comfortably with a 13.03% gain for the last 7 days, but the last 24 hours have been bearish, with a loss of -4.42%. After the bounce at 0.43 the pair has not retraced at all and this took the Relative Strength Index into overbought territory (above its 70 level), which is an early sign that we may see the XRP price drop.

Retracements lower are perfectly normal after a strong climb and if 0.52 – 0.50 zone remains intact, our bias is bullish, aiming for a move closer to 0.60 – 0.62. A strong indication that 0.62 will be reached would be a break of the previous top at 0.57, which is currently short-term resistance. A Daily candle close below 0.50 would invalidate this bullish scenario for the time being.

Support zone: 0.52 – 0.50 followed by the bullish trend line seen on chart

Resistance zone: 0.57 in close vicinity, followed by 0.62

Most likely scenario: bounce higher from 0.50 – 0.52, followed by a touch of 0.57

Alternative scenario: retracements lower and a touch of the trend line

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Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?

  • Yuri Molchan
    ⭐ Features

    Stablecoins show hardly any volatility compared to Bitcoin and altcoins, many are hoping that they will be able to bridge new crypto economy and regular fiat money

Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?
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Contents

Bitcoin, the father cryptocurrency, emerged in hope that it will remove all intermediaries in electronic commerce that cut off their share of payments. BTC was perceived as a P2P way to replace fiat cash in an electronic format, which would enable one party to pay another without any financial institution or payment platform which would demand its share of a transaction as a reward for its services.

What is wrong with Bitcoin

For quite a while Bitcoin was performing the way the crypto community expected. But the situation changed later – BTC rate became weaker, thus bringing down its financial and economic reliability, when it gets to be used as a regular means of payment.

You cannot have a currency that would cost like a British castle today, a gram of gold – tomorrow and a pack of French fries the day after.

At that point practical fintech minds came up with an idea of creating something which would become a breakthrough in the universe of crypto – a so-called stablecoin.

Will stablecoins solve the volatility problem?

Technically, stablecoins are protected from the volatility roller-coaster that Bitcoin and other cryptos love to ride. They are programmed to keep their prices stable and investors now are largely attracted to this new type of digital assets.

Stablecoin does not show any volatility in its monetary value, since it has a fixed connection to an asset it is pegged to. The major goal of using stablecoins is taking the best from decentralized crypto coins and combining it with a constant value. Thanks to it, stablecoins can be used as a reliable means of trade.

Asset-pegged stablecoins

Asset-backed ones get their value from an asset as can be understood from the name. An asset provides the necessary value to a coin, as well as the necessary legitimacy.

A great example of an asset-pegged stablecoin is Tether (USDT). In spite of a series of scandals at the end of last year, it remains the most popular stablecoin in the crypto market.

Recently, it has partnered with the Tron Foundation to launch a Tron-based stablecoin.

Other examples are TrueUSD (TUSD), USD Coin (USDC), the Gemini Dollar (GUSD), and the Paxos Standard (PAX). They are all pegged to the USD.

Crypto-backed stablecoins

Some digital coins work in a similar way to fiat-backed ones, however, they are pegged to collateral crypto. That means that crypto assets that ensure the value of such stablecoins are stored in a wallet similar to escrow.

A good example of a crypto-pegged token is Maker, which is ranked 16 on CMC.

Algorithmic stablecoins

Even though, stablecoin can be interesting at first thought but the way they are built goes against the principle of decentralization that crypto coins have as a foundation. Thus, many crypto fans and evangelists are positive that stablecoins must be linked towards not a centralized asset but a computer algorithm which takes value from a balance between supply and demand.

Basis is now considered the most promising algorithmic stablecoin of all.

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Can stablecoin ensure smooth future for the crypto industry?

The primary goal of all crypto assets was and remains to come up with virtual asset that would be liquid enough and not vulnerable to market volatility. From this point of view, stablecoins are a dream of all crypto fans and evangelists of a decentralized economy.

Apart from the potential to conduct crypto transactions smoothly, experts believe it can bridge the two worlds – fiat and crypto, bringing them a mutually beneficial coexistence. However, that may take time.

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