XRP didn’t have the best of years in 2019. In a year when effectively all assets posted jaw-dropping gains — Bitcoin gained 95%, the S&P 500 rallied by over 30%, gold posted an approximate 20% gain — the third-largest cryptocurrency plunged 50%. In fact, all altcoins performed really poorly, as accentuated in this experiment NewsBTC covered.
According to a prominent analyst, XRP’s prospects are a bit more bullish for 2020, at least if a key price level can be surmounted in the coming weeks and months.
How The Third-Largest Crypto Could Surge 66%
For cryptocurrency markets and news site Brave New Coin, analyst Josh Olszewicz recently released an extensive video analysis on the XRP altcoin. After pointing out that the cryptocurrency has been a strict downtrend for the past few months, he pointed to a potential bull case.
This being that if XRP manages to break above $0.30, which is where the exists historical resistance according to Volume Profiles and a downtrend trend line, the cryptocurrency could rally 66% to $0.50 in the months following this event.
Can XRP Break $0.30?
Thus, the question remains — can XRP break $0.30 from here? According to a number of analysts, for sure.
Trader Galaxy noted that XRP is “looking ready” to rally 20% or so higher towards $0.28, drawing attention to the existence of a clear uptrend and the fact that the asset has flipped a number of key resistances into supports, boding well for the bullish case.
Also, another trader pointed out that XRP has finally started to decisively break out of a falling wedge pattern that has constrained price action for the past seven months. The cryptocurrency has also surmounted a key horizontal resistance that has been important on a macro basis.
With this in mind, he suggested in the below chart that he expects for XRP to target the 0.382 Fibonacci Retracement of the entire falling wedge over the coming weeks, which suggests a 25% rally to $0.30 is on the horizon.
And Olszewicz himself said in the video that if the cryptocurrency can move above $0.24, just slightly above where it is trading at now, a surge to $0.30 could be had due to his use of the Ichimoku Cloud.
Not to mention, prominent traders that have been eerily accurate in calling Bitcoin’s price action are bullish on the cryptocurrency markets, meaning that XRP could be dragged up with the rest of the market should BTC rally.
Bitpay Users Can Now Purchase Crypto With Fiat In-App
On January 23, the cryptocurrency payment firm Bitpay announced it will be allowing customers to purchase digital assets using the Bitpay platform. The Atlanta-based company partnered with fiat-to-crypto payment processor Simplex to offer the crypto purchasing experience. Bitpay says the latest feature will provide an “all-in-one solution” for cryptocurrency-related activities.
Bitpay has been a leading cryptocurrency payment processor since the firm was founded in 2011 by Stephen Pair and Tony Gallippi. From 2011 until 2018, Bitpay only accepted BTC payments for invoices and settlement. However, in the spring of 2018, bitcoin cash (BCH) was added to the company’s services. Bitpay now supports BTC, BCH, ETH, and three different stablecoins. During the first month of 2020, Bitpay announced XRP integration and the coin is now live on the platform since last Tuesday.
The Atlanta firm has seen a number of changes since it began supporting new coins, and after announcing XRP support, it revealed that Bitpay users can now purchase digital assets. Bitpay app users have the ability to purchaseBTC and other cryptos through the firm’s partnership with Simplex. Bitpay revealed that users can also buy the supported cryptocurrencies with a credit card without leaving the application.
The goal of adding more crypto accessibility into the Bitpay app is to “eliminate the need to navigate a cryptocurrency exchange to fund payments.” “Cryptocurrency exchanges can be intimidating for new users,” Bitpay’s co-founder and CEO Stephen Pair explained on Thursday. “The Simplex integration, however, makes the blockchain payment experience seamless.” The Bitpay executive added:
Whether converting fiat to crypto to make crypto payments or converting crypto to fiat to pay with the Bitpay card, the Bitpay app is an all-in-one solution.
In a Short Period of Time, Bitpay Has Added ETH, XRP, USDC, GUSD, and PAX and Other In-App Services
Simplex has been working with a number of digital currency companies like Changelly, Xapo, Bithumb, and Binance to provide cryptocurrency purchases via credit and debit cards. The fiat-to-crypto payment processor Simplex undertakes the settlement process, credit card processing, and delivery of crypto coins. Simplex does levy a transaction fee for the processing and has a minimum transaction amount of around $10. The company’s founder and CEO Nimrod Lehavi said the firm looks forward to working with Bitpay.
“A real breakthrough in usability can only be achieved when the leading crypto payment app meets the leader in fiat infrastructure for crypto,” Lehavi explained during the announcement. “We are proud to launch this partnership with Bitpay and will work together to add more innovative solutions in the future.”
In the last few weeks, Bitpay has integrated gift card purchasing abilities for app users in the United Kingdom, while also adding the coins XRP, USDC, GUSD, and PAX. With the added stablecoins, Bitpay believes the firm can create more efficiency when settling transactions between the U.S. and Western Europe by bypassing antiquated schemes like ACH, SEPA, and bank wires. Bitpay thinks that stablecoins will shake up the payment industry and they “provide the speed of cryptocurrency with the stability of the United States Dollar.” The latest partnership with Simplex and the new coin additions indicate the Atlanta company is attempting to cast out more nets into the cryptoconomy’s enormous ocean.
What do you think about Bitpay providing people with the opportunity to purchase cryptocurrencies via the Bitpay app? Let us know what you think about this topic in the comments section below.
Disclaimer: This article is for informational purposes only. Readers should do their own due diligence before taking any actions related to the subject matter written above. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any ideas, software, concepts, content, goods or services mentioned in this article.
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Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.
Over the past week, Bitcoin, Ethereum (ETH), and other leading digital assets have finally begun to stall. The price of these assets have tanked across the board, losing over 10% since the highs put in last week.
Despite this, analysts are certain that the outlook for some cryptocurrencies remains bullish. Specifically, one trader recently noted that ETH is poised to burst higher, at least from a medium-term perspective.
Satoshi Flipper, a prominent cryptocurrency trader, recently noted that Ethereum’s weekly chart is showing relatively bullish signs after bottoming around $120.
He specifically noted that the Heiken Ashi candles, which are a special charting technique used to more easily determine trends, have turned green on the weekly chart, suggesting a medium-term bull trend is forming.
Flipper added that Ethereum has broken out of a falling wedge structure that constrained price action for six months, boding well for bulls.
Although Flipper didn’t give a concrete price target in the tweet above, the arrows depicted on the chart suggest that $200 could be had for Ethereum.
ETH Will Follow Market Leader Bitcoin
Ethereum’s price action, while seemingly bullish right now, is largely dependent on that of Bitcoin. It is common knowledge in the cryptocurrency community that altcoins trace BTC.
Fortunately for ETH investors, then, analysts expect for the leading crypto asset to appreciate in the coming months.
“Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach to at least $12,500 level before the halving.”
A rally to $12,500, for some perspective, would require BTC to rally by 50% from current levels. A similar move in Ethereum could put the asset near $250.
This call is notable as Filb Filb has been one of the most accurate crypto traders over the past few months. In October of last year showed in a chart that he expected for BTC to surge towards $10,000, then crash to $6,400 to find a macro bottom. Bitcoin did exactly that, giving him a great track record in analyzing digital assets.
There’s also the fundamentals that suggest the crypto-asset market, ETH included, will be largely positive in 2020. In December of last year, Changpeng “CZ” Zhao said that he has seen increasing institutional interest in Ethereum, boding well for the market. He added that the long-term trajectory for the industry is decisively positive.
Doomsday Clock Nears Midnight, Time to Buy Bitcoin?
The Doomsday Clock is now closer than its ever been in its 73 year history to spelling out the total destruction of mankind. Surely it must be Bitcoin o’clock now?
The world’s experts sound the alarm
Amid the rumors that Bitcoin and other Proof of Work (PoW) cryptocurrencies are unsustainable drains on the environment which consume too many resources, The Bulletin of Atomic Scientists has updated the famed Doomsday Clock to 100 seconds closer to midnight. The Panel of Nobel Laureates cited climate change and the risk of nuclear war as the two primary reasons to sound the alarm. It’s 100 seconds to midnight. The closest since 1953, at the height of the Cold War.
The Bulletin of Atomic Scientists is a non profit organization focused on global security and climate issues caused by technological advance. They originally instituted the Doomsday Clock devastation metric 73 years ago, in the era of the Manhattan project, just after the first atomic strikes on Japan, and the elevated tensions of the Cold War brought nuclear non-proliferation into the public eye. The recent events in the Middle East with the increased tensions with Iran, along with the huge focus on climate change spearheaded by teen climate activist Greta Thunberg, have sparked the Bulletin to issue their dire warning. The recent Corona Virus outbreak may just be an immediate symptom to a much greater problem.
Don’t trust, verify
Popular Bitcoin commentator and host of the What Bitcoin Did? podcast, Peter McCormack, expressed a genuine curiosity as to why some Bitcoiners deny the purported destructive impact of Bitcoin mining and energy consumption for PoW blockchains.
Peter’s question received an immediate and thought-provoking response from BitcoinTina, a pseudonymous Bitcoin Maximalist and privacy advocate, who posits that maybe the information we have heard about Bitcoin’s electricity consumption, which is more than a lot of European countries consume, isn’t as bad as it’s made to seem.
This is actually a pretty hot take, considering that recent studies have proved that Bitcoin mining is actually being carried out with 80% renewable resources. This is a game changer for many industries which have energy waste, which innovative new renewable energy techniques to harness this waste for mining may drive a new revolution in green energy. Some of the most exciting developments in Bitcoin mining are projects like harnessing waste energy from oil wells and natural gas production.
It’s cold hard truths such as these that leave many Bitcoin advocates asking why climate alarmists don’t promote Bitcoin as a catalyst to revolutionize green energy, instead of demonizing it.
Bitcoin is worth it
Saifedean Ammous, the acclaimed author of the groundbreaking economic treatise the Bitcoin Standard, perhaps puts it most succinctly in this Tweet:
Bitcoin’s mining hash rate is higher than ever, so it is unlikely that the industry securing and validating the world’s largest blockchain will just fade away. More likely, as the game-theoretical incentives designed into Bitcoin enforce a new economic paradigm, we will see mining drive green energy production innovation.
What do you think? Will Bitcoin energy usage cause more climate disaster or not? Let us know in the comments.
Images via Shutterstock, Youtube @ABCnews, Twitter @saifedean @BitcoinTina @PeterMcCormack
Bitcoin has been stuck within a consolidation phase for the past several days, which was first seen when the crypto was ranging around $8,600. This was followed by a range expansion when BTC dipped to lows of $8,200 overnight before bouncing back to the mid-$8,000 region earlier today.
This bout of sideways trading may not last long, however, as the cryptocurrency could be on the cusp of a major upwards movement that leads it to break into the coveted five figure price region.
The major movement that leads BTC to this price level, however, may not occur until it taps roughly $7,300, meaning it could see some near-term downside.
Bitcoin to Target $11,500 in the Short Term Because Of These Simple Factors
At the time of writing, Bitcoin is trading up just under 2% at its current price of $8,500, which marks a notable climb from its daily lows of $8,200 that were set at the bottom of the overnight selloff.
TradingShot – a well-respected technical analyst on TradingView – explained in a recent post that he is closely watching a recently formed inverse head and shoulders pattern for insight into where BTC will go next.
Based on this pattern, which he outlines on the chart seen below, he believes that Bitcoin will retrace towards $7,300 before rallying up to $11,500.
“I expect Bitcoin to retrace now back to roughly 7300 and price the top (inversed) of the Right Shoulder. Assuming the pattern is to a good degree symmetrical, I then expect a peak (before the May Halving) within $11000 – 11500,” he noted.
Image Courtesy of TradingShot
Analyst: Post-Halving Momentum Likely to Lead BTC to $20,000
TradingShot doesn’t believe that $11,500 is where Bitcoin’s 2020 rally will end, however, as he further goes on to note that post-halving momentum could lead the crypto to its previously established all-time highs around $20,000.
“The Halving will then take effect and after an initial consolidation I expect the 20k ATH to be tested before the end of the year,” he bullishly explained.
In addition to leaning on the inverse head and shoulders pattern and the upcoming mining rewards halving as bullish catalysts, he also references BTC’s position within another macro parabolic channel seen below as a reason to be bullish.
Image Courtesy of TradingShot
The culmination of all these factors does seem to suggest that the crypto will soon see a significant extension of the uptrend it has been caught within over the past several weeks.
Alexander Vinnik Accused of Laundering Billions Through BTC-e Extradited to France
Alexander Vinnik, the Russian-born IT specialist who spent over two years in detention in Greece, where he was arrested on a U.S. warrant, is now in Paris. The alleged BTC-e operator, suspected of laundering at least $4 billion through the now defunct crypto exchange, has been handed over to France after the Greek judiciary turned down a plea against his extradition.
On Thursday, law enforcement officials took Alexander Vinnik from a Greek hospital away in an unknown direction, Russian news agency RIA Novosti reported. That happened right after the Council of State, the highest administrative court in Greece, published its decision to dismiss a complaint filed by Vinnik’s lawyers against his extradition to France and the United States. Ekaterina Sakellaropoulou, the court’s presiding judge until recently, was elected the first female president of Greece.
The accused was taken to the airport and eventually transported to France where he is currently in the Hotel Dieu hospital in Pairs, his Greek lawyer Zoe Konstantopoulou announced on Facebook. Last night, French authorities questioned Vinnik, reportedly against his will. He is in a deteriorating condition more than 30 days since he started his latest hunger strike, she added, quoting a French colleague. Social media commenters speculated that French authorities were in a hurry to interrogate Vinnik in order to proceed with his extradition to the U.S.
Alexander Vinnik was arrested in the Greek city of Thessaloniki in July, 2017 during a family vacation. U.S. prosecutors accuse him of illegally establishing and operating the BTC-e digital asset trading platform, through which between $4 billion and $9 billion were allegedly laundered. Vinnik is also wanted in his home country for the theft of 600,000 rubles (less than $10,000) from a defrauded entity and Russia has tried to secure his extradition to Moscow.
Paris Accuses Vinnik of Cybercrime, Extortion and Money Laundering
France filed its extradition request in June 2018, claiming Vinnik was part of an organized criminal group that specialized in extortion and money laundering. According to the documents, its members broke into the emails of 5,700 victims around the world and extorted over 20,000 BTC. The arrest warrant issued by Paris cites cybercrimes, legalization of illicit proceeds, and participation in a criminal organization. Vinnik’s defense, which includes Russian lawyer Timofei Musatov, maintains that the said crimes were conducted while the accused was in jail, that the European order has long expired, and also that Vinnik has been kept in detention without charges.
The case has become a source of international tension, with Greece finding itself under pressure to extradite Vinnik to either France and the United States or the Russian Federation. There have been four separate decisions by Greek courts for the extradition of Vinnik so far – to the U.S., France, and two for Russia. Authorities in Athens have officially notified the Russian embassy about the extradition to France. On Friday, a spokesperson for the French Ministry of Foreign Affairs declined to comment on the current situation and redirected relevant requests to the Justice Ministry. Doctors at the Hotel Dieu hospital have also refrained from statements.
A French judge is expected to preside over a hearing on Tuesday, Jan. 28, which will determine the conditions of Alexander Vinnik’s further detention, his lawyer in France, Ariane Zimra, told RIA. “Depending on the state of his health, the judge may have to hold this hearing at the hospital,” Zimra added. According to Timofei Musatov, the court can impose restraint on remand in custody only if charges are brought against the Russian citizen. Otherwise he must be released, the lawyer insisted. Vinnik’s legal team plans to file international lawsuits in his defense after he spent 30 months in jail without charges.
What are your expectations about the future developments in the Vinnik case? Share your thoughts in comments section below.
Images courtesy of Shutterstock, RIA Novosti.
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Lubomir Tassev is a journalist from tech-savvy Bulgaria. Quoting Hitchens, Lubomir says: ”Being a writer is what I am, rather than what I do.“ International politics and economics are two other sources of inspiration.