The crypto industry is bracing for serious developments as Ripple prepares to face off with Facebook’s Libra. Since 2014, Facebook has had plans to launch its own digital currency to be deployed within its huge user base especially via WhatsApp. The crypto is named Libra. According to a tweet by Anthony Pompliano, a lot of people are entertaining the thought that Libra might grow to eventually overtake Ripple’s XRP.
Facebook is rumored to launch their cryptocurrency, Libra, tomorrow which many believe could render Ripple/XRP useless.
Ripple not going down without a fight though — they just agreed to invest $50M in MoneyGram to accelerate adoption.
However, that notion doesn’t seem to strike home so well especially considering that Facebook has only just released the Libra White Paper and that the cryptocurrency itself is still under development.
Ripple Is Investing Heavily
For years, Ripple has been proactively wooing new clients within the banking industry and has been campaigning heavily to boost XRP’s adoption targeting institutions dealing in cross-border funds transfer.
While the introduction of Libra into the crypto space may be a good thing in market development, there are those like Pompliano who see it as a declaration of war between Libra and the incumbent XRP, making it a “token war” that could culminate with one of them losing out. However, that may not be the case since Libra’s use cases are somewhat to XRP’s.
For starters, Libra is meant to circulate within Facebook’s user base and will be used for peer-to-peer transfers via WhatsApp. As such, the transactions are bound to be low-volume as opposed to Ripple’s usage of XRP to facilitate fast cross-border transactions between banks. In that case, it’s certain that Libra doesn’t present that much of a threat to Ripple and XRP.
ADA coin has been exhibiting a bearish outlook in the last 24hrs. It started trading on a sideways price movement in a horizontal channel. This shows that the forces of demand and supply of ADA/USD pair are equal.
The pair began selling off around 17 June 09:00 for $0.09319 followed by a sideways price movement. The resistance level stood at $0.09352 and support level at $0.09200. A long-legged Doji is later on seen at around 23:00 indicating indecision between sellers and buyers that led to a transition period, is at this time when traders are expected to go short.
A massive breakdown followed, due to an increase in selling pressure that dips the price rally to a low of $0.08838 at around 18 June 07:00. This was reflected by the RSI that is currently trading below level 30 indicating an oversold market. ADA is, therefore, $0.08953 at the press time and it has dipped by 4.0%, this shows a lack of reliance in the coin by investors.
The price rally is likely to reverse up since the RSI has is below level 30 in the last hours. New support should be set at $0.08956.
Ethereum is also trading on a sideways trend, as indicated by the intertwining moving averages. Continuous emergence of a Doji pattern indicates that there are indecision and equality in the market. Ethereum commenced trading at (A) with a bullish divergence pattern that places the price at $273.59 against the current price of $270.11, the coin is hence down by 1.27%.
The resistance level is at $275.40 and the support level at $269.96. A breakdown followed that dipped the price to a low of $265.90 (B) thus dropping support level at $260. The meager drop in Ethereum’s price has consequently led to increasing buyouts.
Bearish market momentum is expected to continue due to the current situation whereby the 21 day MA is seen above the 7 day MA.
EOS/USD pair started selling off at $7.11 (A) on a sideways trend just like ADA and ETH. The market began with a strong buying pressure that shifted the price rally up to $7.2273 around June 14:00.
At 15:00, sellers took control and later dropped the price to close at $7.0209 (B). The market seems to be undergoing pressure from both the buyers and sellers. Increase buying pressure is later seen that push the price up to $7.1566 (C) where it later dropped massively to a low of $6.8651. EOS is at $6.9810 at press time. The declining RSI indicator shows that the market momentum is predominantly with sellers
A further downtrend is likely to stall since the 21 day MA is still on top and the RSI is heading south thus reflecting downward price momentum. The new target should be set at $6.8651.
Foremost Cryptocurrency casino, Playbetr.com on July 17 announced the upgrade of its existing website. The Upgrade is equipped with a lot of features like exciting new games, bonuses and a lot of betting options.
The premier licensed casino revealed that it is adding about 400 new games, as well as live match tracker options for sports and esports titles.
Furthermore, about four new exciting casino deposit bonuses have been added, including reload bonuses and up to 10 free spins.
Exciting New Updates
Playbetr is a leading cryptocurrency casino, geared towards improving the cryptocurrency casino industry. The casino was established by a team of highly skilled casino and sportsbook industry veterans and supported by cryptocurrency experts, who have made a name for themselves in their respective professions.
The volatility of the cryptocurrencies will not in any way affect the players, this is because the accounts are held in PBR Coin (USD), so players can enjoy their game, without the fear of the crypto market.
Playbetr is currently offering about fourteen different cryptocurrencies for deposit and withdrawals and it’s not relenting in its bid to add more. The cryptos on offer at the moment include Bitcoin (BTC) litecoin(LTC), ether (ETH), ripple (XRP), monero (XMR0, Dash, Bitcoin Cash (BCH) and many others.
About Casino and Sportsbook System
Security, excitement and thrilling experience is the hallmark of the Playbetr casino and Sportsbook.
The casino is specifically created to give the user an exciting casino experience, devoid of fear and insecurity.
With over 1,000 different games on offer, some which include roulette, blackjack, baccarat, pai gow, video poker, and a series and exciting and rewarding games, the fun never stops.
Additionally, the casino is equipped with a live casino that has over 100 blackjack, roulette, baccarat, and other exciting live game options.
Although the casino industry is very large and highly competitive, Playbetr sportsbook is one of the biggest and a major stakeholder in the industry. The casino is serving well over 25,000 monthly in-game and pre-match markets, a feat that authentic its claim as a powerbroker in the highly competitive industry.
Furthermore, the casino’s live and in-play offering has the most options and markets of any cryptocurrency sportsbook. This particular feature allows for more time into the game to place a wager.
To reward new users, Playbetr is offering all new users 4 deposit bonuses, and 10 free spins. Old users are not left out, as the casino is introducing a loss- back for net losses bet-back for every bet made and status point that will increase both bet-back and loss- back percentages based on the user’s play frequency.
XRP’s Market Outlook: As Ripple and MoneyGram Inks Deal, Is XRP Now Set For $1
XRP, the third largest cryptocurrency by market cap has gained momentum which is coming 24 hours after Ripple’s announcement of its partnership with MoneyGram, an international payments service. According to the blockchain company, it is collaborating with MoneyGram in a deal that is worth $50 million.
Ripple Announces Strategic Partnership with MoneyGram
As would be expected from partnerships on this nature, it upturned the Ripple market which had maintained a steady rise for the past few days. CoinMarketCap’s platform shows that the virtual asset surged from its price of $0.42 to about $0.45 within a few hours after the announcement was made. At the moment, XRP is trading at $0.43 which is a 0.96% increment in price in the past 24 hours.
Technical Indicators are Bullish About XRP
The technical indicators are also showing something promising and that is a 62% retracement level maintained major price target of $0.70, and a bullish 4-hour Relative Strength Index (RSI). For instance, XRP’s 4-hour chart shows that the virtual asset has maintained its bullishness since it has not retracted over 62% to its initial impulse wave.
What is usually recommended during a bull run, is setting buys between 50% and 61% fib retracements in order to secure a good entry for the impending impulse wave. So far, XRP’s retracement into the buy box provided three buying opportunities in the month of May.
Bulls Targeting Major Breakout Level
On the other hand, the RSI shows after the buy box was moved, momentum is rising and pointing to a possible trading target around $0.6 after a strong uptrend. The RSI is also moving between primary levels which mean a stronger buying power could potentially lead to another breakout. The first target is a price of $0.62 at a fib level of 127% and then a fib level of 161% triggering a major price target of $0.75.
Another factor to consider is the hourly charts and what they are saying about the support levels. XRP’s support is near its current price at $0.43 and below $0.41. Its RSI on the 4-hour table leads to the forecast that the digital currency will less likely trade below $0.4.
The cryptocurrency community is today busy with the launch of Libra, a cryptocurrency launched by social media giant, Facebook which has billions of users globally. While everyone is busy giving their opinion of what Libra may be like, Tron CEO Justin Sun sees a huge potential bull run for the industry due to a FOMO for the new cryptocurrency.
Facebook and #LIBRA. I feel a huge #FOMO and bull run for crypto is on its way.
Facebook launched Libra today together with the whitepaper of the new digital currency. While the crypto community sees this as a good addition to the industry that would potentially drive a huge mass adoption because of Facebook’s large user base, Libra has also attracted some negative reactions as well.
However, there seems to be a readiness to accept the digital currency by investors. According to the whitepaper, Libra is not just a means of payment but also offers an investment option that is likely to compete favourably with central banks across the globe. As more investors from Facebook’s user base enter the industry as investors, it is not unlikely that this could drive the kind of bull run that Sun is referring to.
Meanwhile, the number one cryptocurrency, Bitcoin has been on a bull run and still on it. With all of Libra’s potential influence, however, experts say it will only be a threat to central banks and fiat currencies because it is barely even a cryptocurrency because it is highly centralized with users not having the power to control anything. They claim Libra is just a centralized federal reserve currency.
Bitcoin on its own has been expected to grow significantly in the coming days as the technical indicators all point to this direction. In fact, it is expected to hit 2017 high of $20,000 in the next few days according to Fundstrat’s Tom Lee while people like Max Keiser are looking at $100,000 by 2021.
Therefore if Libra stirs a “huge” bull run, apparently it will just be an addition to the current Bitcoin bull run and the market in general even though central banks may be in trouble due to the competition. The cryptocurrency community will be waiting to see this long-awaited bull run caused by the new Facebook Libra.
Have you heard of the Facebook coin called Libra or GlobalCoin? Are you also on your toes to be among the first to acquire it? Not so fast mate! There are several things you should consider before joining this bandwagon because it does come with more than it lets on. Even Changpeng Zhao, Binance’s CEO has not thrown caution to the wind when it comes to the dubbed “cryptocurrency”.
Facebook Knows You Better Than You Know Yourself
On June 18, 2019, Changpeng Zhao (CZ) hinted that the Facebook coin does not need ‘Know Your Customer’ (KYC) which regulators have been hammering on cryptocurrency exchanges. This is because the social media company already has data about each and every user of its platform and that number goes as high as over 2 billion people.
And the best part is, Facebook knows your name, address, phone number, and even your family and friends. Hey, it even knows what you like, ranging from music, movies, food, and even down to the adverts. While that may sound good to have someone know you even more than you know yourself, the con here is that the same platform will also know your wallet and practically who owns what, when, how, and where.
According to CZ, this is ridiculously the best Anti Money Laundering (AML) policy we’ve been talking about all along. Or is it? We’ll give you time to digest it, but while you’re at it, here’s what this all boils down to. Anonymity which is the major selling point of cryptocurrencies would’ve been washed down the drain.
The Purpose Behind Cryptocurrencies, Anonymity
What are we getting at? Bitcoin, the first cryptocurrency was created as a decentralized form of payment without any central control or authority. It did not regard race, government, or country, and all it sought to provide a seamless mode of exchanging value.
While doing this, it came with privacy where you can anonymously send and receive payments and also have peace of mind while doing so. But take a look at Libra or GlobalCoin and you’ll know that it’s equivalent to snatching privacy out of your own hands and allowing Facebook to own your data once again.
Libra May Not Be That Bad Afterall
Nonetheless, the cryptocurrency community has taken the proposed launch of the Facebook coin in good faith because it will be opening the door to billions of people to troop into the cryptocurrency space, and that is until they know that there are other coins whose decentralized and permissionless nature offers so much more than a centralized virtual asset.
The year 2017 is still remembered as the year that the crypto market experienced a major boom that made cryptocurrencies extremely popular. Bitcoin led in that boom, rising to around $20,000 per piece.
Since then, the market has been relatively dull for the better part of 2018 and early 2019, but things seem to be turning north of late. The crypto winter is finally over and Bitcoin looks to be on a fast lane to recover its ATH value. But how does the current trend compare to 2017?
That’s a question posed in a tweet by one Kevin Rooke. Kevin is all about tech and investments. In the tweet, Kevin noted that Bitcoin hit its first ever $9k value back on November 27, 2017.
This was followed by a boom period that culminated into a major bull run going into December the same year. It’s now 2019, and Bitcoin is back at $9k. What has changed?
According to one user replying to the tweet, Bitcoin isn’t currently as hyped as it was back in 2017. However, this doesn’t erode the fact that it has achieved more adoption and popularity as well as more money into its market.
Contributing further, Kevin Rooke explained that back in 2017, most of the transactions involved first-time buyers. The network’s hashrate has significantly increased since then. Compared to 2017, the mining equipment available now is much more advanced, and that has greatly contributed to the increase in its hashrate.
Daily Active Addresses
Replying to Kevin’s tweet, another Twitter user and crypto fan opined that the daily active addresses on the Bitcoin network have increased. On Saturday, the network recorded over a million active addresses involved in transactions over a 24-hour period. This kind of increased activity hasn’t happened since the boom of 2017.
Professionals firmly believe that cryptocurrency will form the basis of an alternative financial system that will be relevant to billions of people. Yet, today there are still many that don’t know about or understand cryptocurrency. Obviously, these billions won’t begin to use something that is unfamiliar to them. No one will actually.
That’s why the highly-professional team created Papercrypto – a project to help new and existing users get exposure and educate themselves on cryptocurrency.
How does it work?
A good idea’s to say “anyhow you wish”. Papercrypto is a cryptocurrency trading simulation game that lets you trade cryptocurrencies virtually with no risks at all and construct a portfolio of cryptocurrencies. It uses cryptocurrency market prices that update in real time, and currently supports the top 100 cryptocurrencies by market capitalization and plans to support more in the future. Probably that’s the best way of mastering your crypto trading skills.
When you first join Papercrypto, you are given an allocation of virtual 20,000 US Dollars (100% simulation and not real) that you can use for cryptocurrency purchases. Cryptocurrency holdings and relevant data points are displayed in real time in your Portfolio.
This account and play money are yours indefinitely, which you can use to examine and buy any of the listed cryptocurrencies. This allows you to see what it is like to own cryptocurrency in a safe environment, and you can also see the different currencies and research them by name.
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Once you start your virtual crypto trading path, you have access to a full list of cryptocurrencies allowed for trade. How to think over what crypto to buy? Of course, study its relevant market behavior and try to make some predictions based on what you find. At Papercrypto, you may click on any cryptocurrency you wish, and be provided with full market charts to track crypto prices in a powerful interface.
Leaderboard: check out the results
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To sum it all up, we definitely have the easy and risk-free way to get closer to cryptocurrency trade, master the skills and practice trading without fear of losing a fortune. That would increase the common cryptocurrency education and awareness, necessary for future use of these technologies.
Ripple has secured another major partnership with international money transfer company MoneyGram. This will allow the company to use Ripple’s native token XRP to provide liquidity for international payments to MoneyGram customers. This is in a bid to enhance the speed and efficiency of the payment system that MoneyGram operates.
In an interview with Fortune on the partnership, Ripple CEO Brad Garlinghouse said: “This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations.”
The partnership also gives Ripple an 8% to 10% stake in MoneyGram by paying $4.10 per share. This, however, does not give Ripple a voice in the dealings of MoneyGram for now as part of the agreement.
MoneyGram, on the other hand, will have the opportunity of reviving its financial standing from Ripple’s investment which it direly needs after its share price crashed significantly. It will also increase the efficiency of the payment platform, the management said.
“We are very pleased with the terms of the Ripple investment which supports the Company with permanent capital and additional liquidity,” Larry Angelilli, chief financial officer of MoneyGram, said in a statement. “This partnership also provides MoneyGram with the opportunity to improve operating efficiencies and increase earnings and free cash flow,” Larry Angelilli, the chief financial officer of MoneyGram said.
Ripple is the leader in remittance services as far as the blockchain industry is concerned. Its xRapid is second to none in terms of transaction efficiency and speed. With the new partnership, XRP which will be used for liquidity will be exposed to MoneyGram’s customers in over 200 countries globally.
MoneyGram is the second largest provider of money transfer services in the world and while partnering with Ripple will ensure better service delivery to its customers, it is also a huge breakthrough for Ripple which has been looking to expand its reach further into the world.
With hundreds of clients using Ripple’s payment platform, the company has grown significantly thus improving the international remittance settlement market by improving customer experience in conventional financial institutions.
In a recent report, Nikolaos Panigirtzoglou, JPMorgan’s analyst affirmed that the recent Bitcoin bull run can be attributed to the influence of institutional investors.
Institutional Investors’ Impact on Bitcoin’s Bull Run
Per the report, Nikolaos Panigirtzoglou in a document stated that institutional investors are behind the recent bull run. According to him, the Bitcoin futures contract is very important more than the market would appreciate. Also, Bitcoin futures were greatly understated in the past due to an overstated trading volume of Bitcoin on cryptocurrency exchanges.
However, the revelation from Bitwise and Blockchain Transparency Institute (BTI) that a greater percentage of Bitcoin’s trading volume accounted for by cryptocurrency exchanges could be fake brought out a bullish picture about Bitcoin futures.
The JPMorgan strategists, therefore, outlined that if 5 percent out of the $725 billion trading volume reported for Bitcoin in May is correct, then its trading volume for that month would be $36 billion.
Panigirtzoglou compared the latter with that of Bitcoin futures and discovered that the volumes on the CBOE and CME futures contracts in May spiked to $12 billion. The outcome differs from April’s $5.5 billion and monthly average volume of $1.8 billion in the first quarter of 2019.
While remarking on the latter, Panigirtzoglou said:
“The overstatement of trading volumes by cryptocurrency exchanges, and by implication the understatement of the importance of listed futures, suggests that market structure has likely changed considerably since the previous spike in Bitcoin prices in end-2017 with a greater influence from institutional investors.”
Analyst’s Comments Varies from Past Sentiment
Nonetheless, it may be worthy to note that the analyst’s recent comments vary from his opinion in the past. In another report on May 17, 2019, he explained how Bitcoin’s intrinsic value is determined by its cost of mining or “cost of production” and added that Bitcoin was trading above its intrinsic value as of May.
More comments from the report showed a comparison between Bitcoin’s spike in May and that of late 2017 where Bitcoin surged to about $19,000 before crashing. It was then predicted that like 2017, the virtual asset will also dump in price even though it did otherwise to have closed around $8,543 on the 31st of May, 2019.
On the other hand, Alex Krüger, a prominent market analyst has been quick to criticize Panigirtzoglou’s new analysis that goes contrary to the one in May. According to him, the JPMorgan analyst is only acknowledging what has been obvious for the past two months now. He opined that it is mostly institutional investors that are behind the current surge in Bitcoin’s price instead of retail investors as was the case in 2017’s bull run.