The research arm of the New York-based asset manager now recommends bitcoin as part of an investment portfolio.
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Monday, November 30, 2020
XRP price now eyeing $1.00 after key support level holds, BTC price soars
XRP price must break a key resistance level before $1.00 becomes a real possibility.
While Bitcoin (BTC) is facing a potential new all-time high, other coins are showing strength as well. One of those coins is XRP, which has been going vertical in the previous weeks.
XRP’s price surged from $0.22 to a high of $0.78 during the month of November, which immediately ended up in a massive correction towards $0.45.
Let's take a look at the XRP price charts to determine whether this was an entry opportunity before the next leg up.
The crucial zone around $0.45 holds as support
The daily chart of XRP is showing clear support and resistance zones. Within such a heavy pump, the levels to watch can be derived from the daily timeframe.
In this case, the first massive support zone is around the $0.45 barrier. XRP corrected toward this zone as the price of Bitcoin dropped to $16,200 on Thanksgiving day.
The chart shows a clear support bounce as the price gained by more than 40% since.
If $0.45 failed to sustain support, the next support zone was around the $0.30 area, which is the previous resistance zone that was likely to be flipping support.
What are the new resistances if XRP rally continues?
The next resistance zone now to break is the $0.69 area, which is crucial before $1.00 can come into play.
There are a few useful tools to determine the potential resistance zones on the XRP chart. One of them is the Fibonacci extension tool.
The recent top is the "1" number on the Fibonacci extension tool and the bottom around $0.20 as the "0".
Therefore, the next likely resistance zone can be measured around the 1.618 Fibonacci level at $1.13. Similarly, the second zone is the zone around $1.70, which is the 2.618 Fibonacci level.
However, the first resistance zone between $1.08-1.18 is an important resistance zone, as it has also been acting as resistance throughout the 2017 cycle, as the chart shows. One can argue that a run toward $1.08-1.18 is likely once the area at $0.70 breaks.
The key level to watch for BTC/XRP
Once a price breaks above resistance, the next thing one would like to see is the previous resistance becoming support, if you're a bull that is.
The BTC/XRP chart is showing such a critical level (highlighted in green) that can flip to support. During the end of 2019 and the beginning of 2020, this area served as the range low and support for a substantial period.
However, it failed to sustain that support, leading to a drop to 0.00001500 thereafter.
With the recent breakout to 0.00004000 sats, the bulls will want to see a support/resistance flip of the 0.00002400 sats area. If that holds, XRP is likely to continue running towards the $1.00 barrier.
Lower timeframe levels to watch on the XRP chart
The XRP/USD chart is showing an apparent breakout above $0.65. As long as that area sustains support and confirms the breakout, continuation towards $0.74 is on the table.
However, failing to break the $0.65 area means that a drop toward $0.55 will become the likely scenario.
The higher timeframes give a clearer indication of where XRP is located in the market cycle. A multi-year downtrend was broken to the upside, meaning that dips will likely be considered as entry opportunities for traders.
With this in mind, if XRP holds $0.45 as support, continuation toward $1.00 is likely, particularly if Bitcoin price hits a new all-time high.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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European central bankers predict that the digital euro is at least five years away
Nobody seems to be in a rush to digitize the euro, but that could change given increasing global competition.
Several experts from various European banks agreed that even a proof of concept for a digital euro is four or five years away.
In a panel on Monday called "Upgrading Money to the Digital Age: Introducing Digital Euro," participants agreed that the current task was primarily one of getting everyone onboard with the specifics of a digital euro, putting any real implementation well into the future.
Central bank digital currencies, or CBDCs, have been an extremely popular topic of debate in recent years, but especially since the beginning of the COVID-19 pandemic.
Austėja Šostakaitė of the European Central Bank said that the ECB wouldn't even be making a decision on whether to pursue a digital euro in earnest until the middle of 2021, which contradicts an estimate of January that the ECB's president made earlier this month. For now, Šostakaitė said, the question was “How do we introduce euro into the ecosystem and how does it collaborate with commercial bank money?”
An advisor to the Swedish Riksbank, Carl Andreas Claussen said that the central bank was finishing a proof-of-concept for its e-krona in February, but likewise estimated that a true launch was "four or five years away." Claussen said:
“There are some legal questions and this is such a big issue that we cannot decide on this. We need some political backing. We suggested to the parliament that they should have an expert committee looking at this.”
Sweden is part of the European Union but not the Eurozone, meaning that it retains its own currency. Internally, cash usage in Sweden is among the lowest in the world, meaning that the country has something of a jump on digitizing currency. Interesting to note is that Claussen also alluded to ambitions for cross-border applications, very few of which happen in the krona given the relative utility of the euro or dollar.
Regarding the euro itself, Šostakaitė suggested that outside competition may speed up the existing timeline for development. “If we see foreign CBDCs, or maybe Facebook coming into the Eurozone, that may accelerate things,” she said.
Facebook's Libra, for its part, seems on track to launch as a dollar-pegged stablecoin in January.
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Bitcoin Price Sets New Record High Above $19,783
After nearly three years of waiting, bitcoin investors can celebrate the cryptocurrency reaching a new record high.
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First Mover: You Call That a Record? Bitcoin’s November Gains Are 3x Stock Market’s
It's no longer really news when bitcoin outperforms traditional markets, but November could prove a crucial month for the largest cryptocurrency.
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Yearn teams up with Akropolis to boost institutional outreach
Akropolis says calling it a merger “is a bit of a misnomer.”
Yearn Finance announced on Monday yet another merger with Akropolis, a multi-product DeFi protocol featuring yield optimization and under-collateralized loans.
Like the Cream Finance merger announced last week the two ecosystems will remain largely independent in terms of their tokens and overall product lines, a shared announcement clarifies. However, like with Pickle Finance, Akropolis will now integrate Yearn vault technology and will publish its yield farming strategies on its Vault V2 platform.
The two development teams will combine and benefit from each others’ expertise. Akropolis developers will be able to build their strategies using tools from the expanding Yearn ecosystem, including Cream’s lending platform.
For the Yearn protocol, Akropolis will offer its business development expertise and institutional contacts, the announcement says. Akropolis will also deprecate AkropolisOS and Sparta, its two other products unrelated to yield generation. These will be moved into open source development mode. Development will then be concentrated on an institutional front-end that would let professional traders access the combined Yearn-Akropolis ecosystem.
Akropolis will also introduce an IOU token to track losses from its recent hack. Platform profits will be redirected into this token’s fund to eventually repay all those who lost money on the hack. The team said it will streamline integration with insurance protocols to let more users benefit from coverage in the future. The Yearn ecosystem now also includes Cover protocol, a DeFi insurance provider.
Akropolis said that calling it a merger “is a bit of a misnomer,” despite using the same word to describe the cooperation in its announcement. Many of the integrations rely on the permissionless nature of DeFi, meaning that Akropolis could have unilaterally decided to integrate itself in the Yearn ecosystem at any previous point.
However, the cooperation between development teams is expected to be very tight and seems to be relying on very specific strengths of each team — Akropolis would seemingly make use of Yearn’s development experience in exchange for facilitating institutional onboarding.
Cointelegraph reached out to Andre Cronje and Akropolis, who both declined to comment.
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Bitcoin price hits $19K as bulls show no fear of record futures gap
Despite 15% gains coming during a weekend, Monday simply delivers more of the same upside for Bitcoin prior to the Wall Street opening.
Bitcoin (BTC) returned to $19,000 on Nov. 30 as a weekend surge continued to produce fresh gains for investors and hodlers.
BTC price up 18% against weekly lows
Data from Cointelegraph Markets and TradingView showed BTC/USD retaking another key psychological level during Monday trading.
The weekend had already produced major upside for the pair, which late last week dived to $16,300. By the start of Monday, $18,600 had appeared, with Bitcoin going on to deliver returns of at least 17% versus those lows.
As Cointelegraph reported, a giant $1,300 CME futures gap threatens to take the market lower, but buyers so far remain unfazed. At press time, highs above $19,200 were in progress with around half an hour to go before the start of trading on Wall Street.
"Leveling up. The crucial area around $17,800 held," Cointelegraph Markets analyst Michaël van de Poppe summarized just prior to the $19,000 move.
"Now the crucial area is $18,200 and the final breaker before ATH is the resistance around $18,600-18,900."
Should Bitcoin manage to flip that zone to support, the door remains open for another attempt at challenging $20,000. Last week, however, $19,500 provided firm resistance.
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