- Ripple price falls below key support
- Bitcoin falls from Aug 2019 highs
- Ethereum killers are “toothless.”
- Ripple Labs Invests in Money Tap
Trending News: Bitcoin, Ethereum, Ripple
The Bitcoin price is marginally down against the USD in the last hour of trading. However, the medium-term path is bullish.
At the back of supportive news, bulls have the upper hand. In the course of this week, roughly $1.5 billion worth of BTC was moved for just $3.
Besides, it simply shows how superior BTC is compared to legacy systems where such a mega transaction would have probably attracted hundreds of thousands in transaction fees.
Beyond its use as a store of value, Bitcoin is proving to be a reliable medium of exchange, pinning billions worth of value.
Ethereum Killers are Toothless
Ethereum killers are toothless according to a leading venture capitalist.
Ryan Sean Adams, the founder of Mythos Capital, noted that there is a skew in the way tokens are distributed in most Ethereum competitors. And in his assessment, distribution is everything.
Once a project appears decentralized in such a way that the founders own over 40 percent of the platform’s native coin, there should be concerns that automatically puts the project at the back seat versus Ethereum.
Like Bitcoin, Ethereum is considered perfectly decentralized without any entity controlling a big lot of ETH coins. As such, the coins are utilities as the platform operates in line with the original blockchain dicta of decentralization and security.
Ripple Labs investment in Money Tap
Ripple Labs, the official issuer of XRP, is investing for the second time in Money Tap to drive adoption on the South East Asia markets. Already, Ripple has a significant presence in Asia through its deep partnership with SBI Holdings.
Money Tap is a blockchain-based money transfer app and a product jointly owned by Ripple and SBI Holdings—one of the largest Japanese financial giants. It allows users to send and receive money using phone numbers or QR codes.
This week’s top performers include NEM and DGB. Both coins are up eight and 17 percent, respectively.
Ripple Price Analysis
At the time of writing, the Ripple price is down three percent in the last week of trading. Although traders are optimistic about future gains, today’s losses point to a wide deterioration in the crypto market.
Notably, the XRP price is trading below a key support level, confirming losses of early September. Since bulls failed to close above $0.24, instead, recoiling back to spot rates, gains of the second half of September and October may well form part of a bear flag.
Therefore, if there is confirmation of today’s break and close below the support trend line, odds of the Ripple price dropping back to $0.20 remains elevated.
Conversely, sharp gains above $0.24 will be the launching board for $0.30 and better by the close of the year.
Technical chart courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author. This is not investment advice. Do your research.