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Ripple Surges Over 20% | Months of Underperformance Over?

The past few weeks have been disheartening for Ripple (XRP) investors who have been watching as  Bitcoin and other cryptocurrencies continue to surge as XRP continues to experience a spell of sideways trading at $0.30.

Ripple Breaches $0.40 Mark

It seems the disappointed may be over as Ripple has finally managed to break out of the lower trading range by surging over 20% to above $0.40 mark. XRP is currently trading at $0.42, up 30% over the past 24 hours. Ripple has a market capitalization of $4.90 billion.

Before surging today, Ripple has underperformed for quite some time on the crypto market as it remained rooted in an indelible trading range of $0.30 to $0.34 that seemed hard to break away from despite the tailwinds caused by the upward surge of Bitcoin that has dragged other crypto to decent gains.

Despite its lackluster performance over the past few months, yesterday XRP underwent an incredible surge of buying pressure which pushed its price to near year-to-date high in the $0.40 region where it established some resistance level.

Currently, Ripple is proving a  promising altcoin as most altcoins are drifting lower and lower in their price range. Bitcoin seems to be establishing a resistance level of $8,000 gaining more and more distance. Some altcoins have dropped substantially; Litecoin is down 0.8%, and Bitcoin Cash is down 0.70%. Ethereum is up about 6%.

Bullish News Fuelled XRP’s Surge

The recent upward movement of Ripple has been fuelled by an influx of bullish news surrounding the cryptocurrency. One such news story that preceded the surge was the Coinbase announcement that indicated that New York traders could now buy XRP on the Coinbase Exchange platform. Many investors saw this as a bullish sign while some even believed this was a sign of an impending institutional adoption of cryptocurrencies.

It is, however, unclear whether Ripple will manage to maintain the solid foothold in the $0.40 region or the surge will be fleeting and it will back to the $0.30 region.

Featured Image: Depositphotos/  akulamatiau

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Bitcoin Payments

Bitcoin Payments | AT&T Customers Can Now Pay with Bitcoin

Mainstream adoption of cryptocurrency is slowly growing with the latest development being from AT&T Inc. (NYSE:T) which has indicated that from today they will be accepting bitcoin payments as an option of paying for mobile bills.

AT&T customers to pay bills in crypto

AT&T is the first major telecom company in the US to provide the option of paying in crypto. AT&T’s Communication Business Operations VP Kevin McDorman stated that the company is always looking for opportunities for improving and expanding its services. He added that cryptocurrency has become popular nowadays and some customers use it and thus the company is glad to provide them with a payment option of their preference for their bills.

Customers will be allowed to make their mobile bill payments through BitPay in the myAT&T app or by login to the online account. The company has not specified whether the bitcoin payments can be used to pay for purchases of phones and accessories in AT&T stores. BitPay will be processing the crypto payments and then give AT&T a conventional currency.

Although the adoption of cryptocurrency is a significant step, for Joe McCann Passport Capitals’ former hedge fund manager, the move may have come maybe as a result of the company having internal data that shows that more people are using Bitcoin payments nowadays. He added that AT&T did not have an upside to support Bitcoin payments.

Mainstream Bitcoin payment growing

BitPay’s Chief Commercial Officer, Sonny Singh lauded the move by AT&T and the job they have done to make it happen. He added that more companies will soon start the following suit because the adoption of crypto payment by such a big telecom company will motivate competitors to consider joining the trend as most companies are eager to learn.

AT&T follows other major corporation in the US that Accept bitcoin payments such as Subway, Expedia, Overstock, Microsoft, and Shopify. Most recently Whole Foods and a number of retailers began accepting bitcoin payments through third-party partnership.

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Ethereum

Ethereum to Maintain Uptrend | Analysts Predict $300

Following Bitcoin’s rally in recent weeks, there has been a tremendous upward momentum for major cryptocurrencies such as Ethereum that have gained significantly from their yearly lows to the current prices.

Ethereum Headed to $300

Analysts indicate that Ethereum is likely to maintain the current momentum and thus extending its rally towards $300 mark in the near term.

Currently, Ethereum is up about 2% from its $245 daily low and it trading at $251. When considering Ethereum’s price action over time the digital currency has significantly gained from its lows in 2018 of just below $90 and further up the 90-day lows of about $130.  The recent momentum of Ethereum is a result of Bitcoin’s recent rally that saw the price of Bitcoin surge to almost $8400 from lows of around $3000.

The upward surge of Ethereum has allowed it to establish some kind of bullish technical formations which will enable it to surge even higher in the future. The most remarkable formation being sought-after is “golden cross” which will lead to Ethereum surging even further.

In a tweet, Etherdamus confirmed to his over 10,000 followers that Ethereum’s golden cross had been confirmed and in the near future it is expected to show some bullish signs.

Analysts believe Ethereum will maintain upward momentum

Ethereum is thus destined for great highs following this momentum and one analyst holds that there is a potential of the cryptocurrency testing $270 and a break above this mark likely to lead to significant new highs.

Another popular analyst on Twitter, The Cryptomist set a price target of around $269 in the near term from the current support region of $249.

The upward movement of Ethereum and other Altcoins in the near term depends on whether BTC will continue rallying to new highs or it finds resistance and consolidates at its present price levels. A pullback is likely to effects the current market momentum of cryptocurrencies.

Analysts and traders will soon understand where Bitcoin and crypto markets are headed next.

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Bitcoin Price | Brian Kelly Tells CNBC Watch for Rising Price

Bitcoin enthusiast and crypto fund manager Brian Kelly has told CNBC that Bitcoin price could rise further in the coming months.

His prediction isn’t unfounded; there is an impending supply cut on the horizon and this should help to push prices higher.

Brian Kelly Predicts Bitcoin Price will Rise

In an interview on CNBC’s Fast Money program yesterday, May 21st, Kelly explained that “the halvening,” which is due to take place in 2020, will cut mining rewards in half.

As such, he expects miners to begin hoarding BTC if they aren’t already doing so. This increased demand should see Bitcoin price rise as the supply becomes lessened.

Further, the coin is being spurred on by increased industrial adoption and use in retail.

Kelly described the four-year cycle that leads up to “the halvening,” saying:

“You generally have a rally a year into it, and a year out of it. And so we’re just at the beginning of that stage […] a supply cut is generally bullish.”

The fund manager goes on to say that investors should dedicate between 1% to 5% of their portfolio to cryptocurrency while prices remain stagnated around the current levels of $7,900.

Brian Kelly Predictions

Kelly has been a guest on Fast Money several times where he has made predictions for the future of Bitcoin and cryptocurrency.

Recently, the crypto-analyst stated that an approval for a Bitcoin Exchange-traded fund (ETF) was most likely to come in February 2019. We are still waiting on that one, however.

Other analysts believe there are several reasons for BTC’s recent surge. One idea suggests the United States and China trade war could be a reason. Another impetus could be the increased adoption of the mainstream. For example, Ebay recently caused a stir when photos of its banners at the Consensus conference in New York, leaked onto the web.

Saying: “Virtual Currency. it’s happening on Ebay”, the banners made many believe that the e-retailing giant is about to enter the cryptocurrency space. Ebay has yet to confirm anything, however.

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VanEck Bitcoin ETF

VanEck Bitcoin ETF | SEC Postpones Decision for Another 90 Days

The United States Securities Exchange Commission has postponed its decision regarding VanEck Bitcoin ETF proposal for 90 days moving the deadline to August 19th, 2019.

VanEck Bitcoin ETF 

The SEC gave a 35 day period for collecting information as well as more insight on the proposal that was initially filed last year by the Chicago Board Options Exchange. Early this year when the US government shutdown reduced the operational abilities of the SEC, CBOE withdrew its request for a rule change. However, on January 31st it subsequently reapplied following the resolution of the government shutdown.

The news of VanEck Bitcoin ETF did not shock the cryptocurrency community although the bitcoin price has modestly retreated since Sunday’s 2019 new high. Even with this pullback in the price of bitcoin the market has witnessed several catalysts this year that are expected to continue fueling the bull market. Equally, the securities exchange will not focus on Bitcoin forever.

In the SEC filing, there are 14 questions posed to the public regarding the proposal from which its responses and arguments will help in reaching a decision. The issues raised generally concern the protection of public interest and investors from any form of fraud or exploitation.

Bitcoin ETF Issued by Bitwise Delayed

Another bitcoin ETF that is issued by Bitwise was delayed last week by the SEC. the decision not to say anything about VanEck at the time left many speculating the fate of this high profile ETF as the May 21 deadline approaches.  In a tweet attorney Jake Chervinsky indicated that the SEC may have needed more time to make a decision on the VanEck ETF because of semantics.

Although the SEC chose to put on hold both bitcoin ETFs, they nonetheless did not reject them altogether. It is likely that they are buying time until there is a necessary regulatory framework to govern the crypto industry.

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