South Korean Crypto Market Surges Along With Bitcoin (BTC) Stability and Bitcoin Cash (BCH) Rally

The South Korean cryptocurrency market is surging as daily Bitcoin (BTC) trading volume in the country has jumped by 10-15% in the past two days.

Seoul-based crypto exchange Bithumb has processed over $666,658,444 in BTC-KRW (Korean Won) trading in the past 24 hours, according to data by CoinMarketCap. Total cryptocurrency trades for the exchange have exceeded $3.1 billion, surpassing the world’s leading crypto exchanges, including Binance and OKEx.

Source: CoinMarketCap

Meanwhile, XRP and Bitcoin Cash (BCH) have skyrocketed on Upbit. South Korea’s second largest cryptocurrency exchange currently reports a 70%+ increase in trade volume with XRP and BCH representing 44.76% and 16.43% of total volume, respectively. Bitcoin Cash is currently up 9% at $600 and XRP is up 8.7% at $.52.

Source: CoinMarketCap

From June through September the Korean crypto market appeared to be stagnant, if not shrinking. At that time, Bithumb was hacked, reporting $31 million in stolen cryptocurrency. Also in June, South Korean exchange Coinrail was hacked, losing an estimated $40 million.

The exchanges suspended deposits and withdrawals, and trading was scaled back until security issues were resolved. The resolution of these issues, combined with an announcement from Korea’s watchdog, Financial Services Commission (FSC), appears to be providing the latest market boost. According to a report by Asia Crypto Today, commissioner Choi Jong-gu says the regulator will permit cryptocurrency exchanges to obtain banking services.

As Bitcoin stabilizes, it continues to show signs of reduced volatility and market maturity. Up .39% at $6,451 at time of writing, Bitcoin has been trading between $6,000 and $6,700 since mid-September, according to data by CoinMarketCap, approaching its lowest volatility in nearly two years.


Source
Author: Daily Hodl Staff
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2020 Olympics: Ripple (XRP) Could Boom To An All Time High If This Happens

Change.org petition to make XRP the official cryptocurrency of the 2020 Olympics nearing 7500 signatures.

Ken Takahashi thinks that XRP needs to be the official cryptocurrency of the 2020 Summer Olympics. The 2020 summer games will be held in Tokyo and the city will be flooded with tourists and athletes from all over the world.

To aid his campaign to make XRP the official cryptocurrency of the Tokyo games, he started a petition on change.org to appeal to the International Olympic Committee.

“As tourists stream into the country, demand for the local currency skyrockets, causing long lines at currency exchanges, as seen at past events like Beijing 2008 and Rio de Janeiro 2016. Confusing exchange rates and language barriers further complicate the problem.”

Takahashi started the petition nearly a year ago and the signatures have been adding up faster in recent weeks after Ripple’s flurry of positive news. The signature total currently sits around 5500 as more continue to add their name. Once the petition hits Takahashi’s target of 7500 it will be sent to the International Olympic Committee.

The use of cryptocurrency at an event like the Olympics is seen by Takahashi as a way to speed up processes that could get bogged down by the massive influx of people that Tokyo will be experiencing in August of 2020.

Specifically, Takahashi thinks Ripple is the coin to choose for this job because of its speed and efficiency. Takahashi also puts forward the argument that the use of one official cryptocurrency can eliminate confusion and act as a consolidating force.

The xRapid system is up and running and can aid in assuring the 2020 games run smoothly when having to deal with the exchanges of hundreds of different currencies from around the world.

While this particular petition may not be the jump starter for worldwide crypto adoption, it is an important sign to see people pushing for the implementation of blockchain payment systems for a highly anticipated event like the Olympics.

With millions of people converging on one city an official cryptocurrency can bring stability, efficiency to the exchange of different currencies and expedite millions upon millions of transactions.


Source
Author: Stephen Brown
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Ripple Skyrockets by 40% in 24 hours!!

Ripple’s XRP token has become a superstar among biggest cryptocurrencies by market capitalization this week after a strong rally pushed the price back to levels not seen since July of this year.

As of press time, Ripple’s XRP token is up about 68% for the week, making it the biggest weekly gainer among major coins.

The majority of the gains occurred during the last 24 hours, when XRP shot up more than 45%. The strong gains came with unusually high trading volume across exchanges, with the Binance exchange recording the highest trading volume on XRP/BTC since the extreme surge in price in December last year.

Other explanations largely focus on the recently depressed XRP price, and that the asset has moved into “oversold” territory on several indicators used by technical analysts in the crypto market.

Fundamentally, however, one of Ripple’s main concerns has been that most banks that the company works with chooses to employ solutions that do not involve the use of the XRP token, fuelling speculations that XRP does not offer any real utility for users. In the past, Ripple’s CEO Brad Garlinghouse has defended himself against such speculation by attacking bitcoin, while claiming that XRP is “the best digital asset for settlement.”

Despite this, hardcore proponents of Ripple are not concerned, although even they acknowledge that XRP is not being used for the time being.

Meanwhile, back in August, ICO advisory firm Satis Group released a list of predictions on future prices of 10 cryptocurrencies, where Ripple’s XRP was mentioned as one of the weakest coins when looking 10 years into the future. According to the firm’s prediction, XRP will decline by 90% from current levels in just a year, while in 10 years it will have seen a decline of 99% to a price of just USD 0.004.


Source
Author: Fredrik Vold
Image Credit: iStock/3DSculptor

Ripple Price Intraday Analysis: XRP Faces Tough Battle against Selloff

On Friday, Sept. 7, the Ripple price (XRP) is recovering, although the intraday outlook is still mixed. Ripple is trading around 0.2905.

Fundamentals

XRP news are mostly neutral. This week, TransferGo launched a payment channel to India based on XRP technology, which will enable real time transactions.

The channel is going to be available across Europe and, going forward, will enable avoiding most current payment methods where transactions take around two or three days. It is yet unknown which XRP product TransferGo is using, but the reason for basing the transactions on XRP is quite clear: this token is very widespread in India and opens the door to unlimited opportunities there.

Another payment service being launched by TransferGo is also based on XRP. Although it is a bit slower, it is going to be completely free of charge.

Ripple CEO Brad Garlinghouse said this week that there was no point in replacing fiat currencies with cryptos. Regular money does its job quite alright, he added. In order to contest this point the speed and usability digital money must get much more effective, and while cryptocurrency can function well for overseas transactions, it is still not that useful for everyday payments.

Technical Analysis

With the latest XRP fall, a downtrend has been formed, while the channel support test led to a temporary bounce-off. Currently, there is a new downward wave forming. In case the support at 0.2780 gets broken out, the downtrend will continue with the price moving to the lower projection channel towards 0.2140.

On H1, XRP is finishing its local correction uptrend and forming an inside downtrend channel. Once the support at 0.2780 gets broken out, the new channel support and the key low at 0.2365 is going to be the next target. Meanwhile, the local resistance is at 0.3036.

Analysis by Dmitriy Gurkovskiy, Chief Analyst at RoboForex


Source
Author: Timofey Zuev
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Bitcoin and Altcoins Trade in Tight Range, Prepare for Next Move

  • Bitcoin price is consolidating in a tight range below the USD 6,500 – USD 6,600 resistance.
  • Ethereum and ripple are trading in a positive zone, but both are lacking momentum.
  • VERI, RDD, NAS and ONT gained more than 15% today.LIONBIT
    This past week, there was a decent recovery in bitcoin and altcoins. BTC/USD stayed above the USD 6,250 support and it attempted an upside break above USD 6,500 – USD 6,600 on a few occasions. However, there was a no convincing break and the price started trading in a range above the USD 6,250 support. Similarly, ethereum recovered above USD 300 before sellers appeared near USD 325. Ripple spiked above the USD 0.350 resistance and bitcoin cash settled above USD 540. At the outset, bitcoin and all major altcoins are trading in tight ranges and seems to be preparing for the next move.

    Bitcoin
    Bitcoin price settled above the USD 6,250 pivot level, but it struggled to clear a strong resistance zone near USD 6,500 – USD 6,600. There were 3-4 attempts to surpass the stated resistance, but BTC/USD buyers failed to gain momentum.

    As a result, the price started trading in a range with support at USD 6,250 and resistance at USD 6,600. The price is likely to make the next move either above USD 6,600 or below USD 6,250. To the topside, above USD 6,600, the price could test the USD 7,000 and USD 7,150 resistances. On the flip side, a break and close below USD 6,250 may perhaps put buyers under a lot of pressure with the next supports at USD 6,000 and USD 5,850.

    TIP

    Ethereum
    Ethereum breached the USD 300 resistance this past week, but it failed to stay above it. ETH/USD is currently trading in a tiny range with support at USD 282 and resistance near USD 305.

    Similar to bitcoin, ethereum will make the next move either above USD 305 or below USD 282. An upside break above USD 305 could push the price towards USD 325 and USD 340. Conversely, a break below USD 282 will most likely take ETH to USD 250.

    Bitcoin cash and ripple
    Bitcoin cash price gained traction this past week and settled above USD 500 and USD 540. However, BCH/USD is facing a lot of hurdles near the USD 580 and USD 600 levels. Only a close above USD 600 could open the doors for more gains.

    Ripple price performed well and broke the USD 0.350 resistance. XRP/USD is trading above the USD 0.320 (UTC 08:20 AM) support is looks set for more gains in the coming days.

    Other altcoins market today
    Today, many small cap altcoins registered more than 10% gains, including VERI, RDD, NAS, ontology, vechain, nano, RHOC, tezos, and XZC.

    Overall, bitcoin price is preparing for the next major break this week, which could be either above USD 6,600 or below USD 6,250. If BTC/USD settles above USD 6,600, there may possibly more upsides in BTC and altcoins in the near term.



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    Author: Aayush Jindal
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Bitcoin and Ethereum Trading Near Make-or-Break Levels

  • Bitcoin price recovered around 4% after testing a crucial support area near USD 6,000 – USD 6,100.
  • A close below USD 6,000 and USD 5,600 could trigger a breakdown in BTC/USD.
  • Ethereum price is also holding an important support around USD 350.

    LIONBIT

    Bitcoin found support near the USD 6,000 – USD 6,100 area and later it recovered above USD 6,400. BTC/USD gained around 4% and moved above the USD 6,500 resistance, but it failed to hold gains. Similarly, there was a tiny correction in Ethereum from the USD 350 support. Still, ETH/USD seems to be struggling to surpass the USD 365 – USD 370 zone.

    Going forward, it seems like bitcoin price is trading near significant support levels. According to Jeff deGraaf, the head of technical research at Renaissance Macro Research, a break through the key year-to-date support level (USD 5,600- USD 6,000) could be “game over” for bitcoin. Similarly, Rob Sluymer of Fundstrat Global Advisors believes that the crypto technical backdrop continues to deteriorate and a break below USD 5,300 could trigger a move towards USD 3,520, which is a key level.

    Therefore, BTC/USD is currently (UTC 08:30 AM) trading near make-or-break levels. Should buyers fail to keep the price above USD 6,000 and USD 5,600, there may possibly be a technical breakdown. On the other hand, if bitcoin price continues to hold USD 6,000, it could bounce back towards the USD 7,000 and USD 7,500 levels.

    TIP

    Bitcoin
    In the short term, bitcoin price is facing a major hurdle near the USD 6,600 level. It failed recently to surpass the stated level and is currently trading near the USD 6,400 support.

    The next support on the downside is at USD 6,250, followed by the all-important USD 6,000 – USD 6,100. On the upside, resistances are USD 6,500, USD 6,600 and USD 6,800.

    Ethereum
    Ethereum price managed to stay above the USD 350 support, but it is struggling to rebound. ETH/USD is facing a lot of hurdles near the USD 365 and USD 370 levels.
    On the downside, a break below the USD 350 support could trigger heavy losses in ethereum and the price could may even trade towards the USD 300 level.

    Bitcoin cash and ripple
    Bitcoin cash price attempted a recovery above the USD 600 level. However, BCH/USD failed to surpass the USD 620 – USD 630 resistance zone. It seems like the price is likely to decline back towards the USD 580 and USD 560 support levels.

    Ripple price recovered towards the previous support at USD 0.35, which acted as a resistance and prevented gains. It is currently down 1.2% to USD 0.335 and it remains at a risk of more declines.

    Other Altcoins Market Today
    A few altcoins gained today, including chainlink, dentacoin, stellar, BIX, NXT, komodo and dogecoin. On the other hand vechain, AE and bytecoin posted declines between 4-6%.

    Overall, traders must keep a close eye on the USD 6,000 and USD 5,600 support levels in BTC/USD. A break below these could trigger sharp losses in bitcoin in the coming days.



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    Author: Aayush Jindal
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Crypto Exchange Bittrex Believes Ripple’s XRP Is Not a Security, Adds Fiat Pairs for XRP and Ethereum Classic (ETC)

San Francisco-based cryptocurrency exchange Bittrex says it’s pairing XRP and ETC with the US Dollar. The new pairs are expected to launch in less than two weeks.

LIONBIT

The Bittrex listing highlights the exchange’s belief that XRP is not a security and comes at a crucial time, as Ripple faces several securities fraud lawsuits.

In May, Bittrex said the company “uses a robust digital token review process to ensure the tokens listed on the exchange are compliant with U.S. law and are not considered securities.”

TIP

Bittrex is slowly rolling out its USD markets, enabling the option for an increasing number of pre-approved customers.

“As we continue expanding fiat markets to the top tokens on Bittrex, we’re not only offering customers a streamlined experience to purchase digital coins on Bittrex directly with US dollars, but we’ll also be offering customers USD trading pairs that may only be found on our platform.

We’re going to continue adding tokens to our USD markets, providing our customers even more convenient, fast and secure trading options as well as access to some of the world’s most innovative blockchain projects.”

Ethereum Classic also shot up more than 30% on news that it is now listed on Coinbase.



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