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XRP Price Is about to Repeat the 2017 Surge Due to Swell Conference, Traders Say

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  • Yuri Molchan
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    Several traders suggest that the XRP price is about to repeat the surge of 2017 due to the Swell conference, some in the community are in doubt, though

XRP Price Is about to Repeat the 2017 Surge Due to Swell Conference, Traders Say
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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As the annual Swell event, set up by Ripple, approaches, traders are looking back at the two previous years and are pointing to charts, suggesting that the XRP price is about to record a massive surge.

Swell is to take place in Singapore from November 7 to November 8.

The website of the event boastfully says:

“Swell, hosted by Ripple, brings together the world’s most trusted voices across financial services, payments, technology and policy to share the reality of what’s unfolding in global payments today — and why it matters.”

 

XRP price is about to show a massive surge

The crypto trader @CryptoBull2020 has posted a screenshot of an XRP chart from Trading View, saying that the XRP quotes are about to repeat the pattern of 2017.

In the comment thread, some of the XRP community members, are expressing their doubts about the expected price surge, though. 

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The way XRP pumped during last two years

Another crypto trader @galaxyBTC (“Galaxy”) cites the price surges XRP saw in the two previous years prior to and after the Swell event. As per him, in 2017, XRP soared 115 percent before Swell took place, in 2018, this figure amounted to 220 percent.

As U.Today reported yesterday, there are more bullish XRP forecasts. One of them predicts XRP to start pumping due to Swell also.

 

What is your forecast on the XRP price rise by the end of 2019? Share your opinion in the comments section below!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability

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  • Vladislav Sopov
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    According to its Financial Stability Report of November 2019, the Board of Governors has warned about the dangers of stablecoins.

Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability
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Contents

The Board of Governors of the U.S. Federal Reserve System have issued their monthly Financial Stability Report. This special report is dedicated to the profits and risks of "global stablecoins".

Stablecoins: Global System with So Many "Ifs"

First, the Federal Reserve admits to the numerous advantages that stablecoins present as a concept. It has been highlighed that stablecoins are "faster, cheaper, and more inclusive payments could complement existing payment systems". This is in comparison to cases where traditional financial institutions are sophisticated and poorly accessible. Stablecoins can also be managed to eliminate the volatility of cryptocurrencies, which is one of the borders for them to be utilized as the medium for exchange.

Therefore, the "global stablecoin initiatives" like Facebook's Libra can rapidly achieve cross-border adoption. However, the major threat for stablecoins is apparent - the "inability to convert in national currency". The loss of confidence in "pegging" the stablecoin to traditional assets can lead to a run, in which several holders will attempt to liquidate their stablecoins at the same time.

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This dramatic scenario may be caused by "poor design and governance", and can result in severe consequences for international economic activity, asset prices, and financial stability.

Transparency First

The Federal Reserve also outlined in its report that in many cases, stablecoins can be utilized for money laundering, terrorist financing, and other financial crimes. Therefore, the Federal Reserve would require operators of such systems to conduct their Due Diligence, as well as Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to avoid any abuse. Moreover, the problems of disclosure policy and protecting investor data should be of paramount importance for stablecoin issuers:

Disclosures should clearly detail consumer and investor rights and protections, including whether the holder of the stablecoin has any rights to the underlying asset. Issuers should be transparent on how the stablecoin is tied to the underlying asset, has been said in the Report.

Last but not least, the report highlighted that the Federal Reserve, together with the Group of Seven, will closely monitor stablecoin developments as well as all the risks associated with it.

Have anyone ever invested in stablecoins? Do you prefer to use it, or to pay extra fees for fiat gateways? Tell us your story on Twitter!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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