The Price Of Ripple (XRP) Will Likely Go Downhill

Right now, the price of XRP trades close to the resistance of $0.275 when compared to the USD. Because of that, the XRP price could go beneath $0.2620. Here is some crucial information about the current state of XRP on the cryptocurrency market:

  1. The price of XRP had begun an ascending correction when it traded to a whole new low of $0.258 against the currency of the USA, the US Dollar.
  2. The price of the most known currency on this market, Bitcoin is once again back to higher than $10000, but it faces some resistances close to the $10250 level.
  3. The XRP and the US Dollar will encounter some resistance close to the level of $0.275 and the 100 hourly SMA.
  4. The $0.267 resistance was breached recently on the hourly chart of the Ripple and the USD.

The Analysis Of XRP Price

Just about yesterday, there was a huge decline in the price of Ripple, when the price went beneath the levels of $0.28 and $0.27 when compared to the USD. Also, the price went below $0.27 and the 100 hourly SMA. Ultimately, the Ripple price has broken the support, which was $0.262 and traded to a low $0.2581 level. Nowadays, the XRP has established an upward correction, and it has traded between these two resistance levels; $0,265 and $0.262.

Besides, the price of XRP exceeded the 23.6% Fib retracement level of the most recent downhill from the high of $0.2919 to the low level of $0.2581. What’s even more important, is that yesterday’s declining channel with the $0.267 resistance has been breached on the hourly chart of Ripple and the USD. These two cryptocurrencies have ascended to the $0.27 level. On the other hand, they’ve come across a formidable resistance close to the level of $0.275.

Also, there was a 50% Fib retracement level of the most recent decline going from $0.2919 to $0.2581, which happen to act as a huge resistance at the time. Also, it seems that the 100 hourly SMA slows down the upward break above $0.275. In a situation where a triumphant close above the 100 hourly simple moving average and $0.275, happens, a rise could happen shortly.

Meanwhile, if the bulls resume suffering close to the $0.275 level, the price of the Ripple could go downwards in quick fashion. Today, the support is close to the level of $0.265. A downside break beneath the level of $0.265 could set the pace in the direction of additional losses to the $0.26 and $0.285 levels. If the price continues to go downhill, the Ripple price might go to a $0.25 level.

Right now, the XRP price is encountering a major resistance close to the 100 hourly SMA and the level of $0.275. Moreover, the bears could target a new decline beneath the level of $0.265 and $.026. A victorious close above the $0.275 level could assist the bulls in regaining their full strength.

Bitcoin And The Whole Cryptocurrency Market Approaches Some Resistance: The Analysis Of ETC, BCH, EOS, And TRX

First, some important facts regarding the current state of the crypto market:

  1. Right now, the cap of the crypto market happens to correct higher in the direction of this resistance; $268-270B.
  2. The price of the biggest cryptocurrency, Bitcoin also approached to a massive resistance somewhere close to these levels; $10,200 and $10,500.
  3. The price of EOS has successfully recovered by an incredible 5% and approached to the resistance of $3,650.
  4. The price of Ethereum Classic skyrocketed by 20% and surpassed the resistance limit of $7.
  5. The price of Tron (TRX) has risen by 8% and reached the resistance limit of $0.0185.

The giant of the cryptocurrency market, Bitcoin and the entire market cap itself is correcting the recent losses. While some are only on the rise like IOTA and ETC( Ethereum Classic), others such as Ethereum, Litecoin, and Ripple have faced much better days.

Analysis Of The Bitcoin Price

Just after a break beneath the $300 support, the price of the Bitcoin has tested the $290 level when compared to the USD. These two currencies have found support, and they have begun an upside correction, which is surely great news. The USD and BCH happen to trade between these levels; $300 and $305. Nevertheless, this pair is going towards the $315 and $320 levels while making some major resistances.

On the other hand, the $300 support might be short-term support, and very likely, the price will decline beneath that level according to the experts.

Analysis Of EOS, TRX and ETC Price

Recently, a rise in the price of the Ethereum Classic has been established near the support area of $5. The price of the Ethereum Classic ascended 20% and reached the levels of $6.5 and 7$. In the case of a downside correction, the identical resistances, $6.5 and $7 will be the supports.

The price of Tron was recovering when it reached $0.0165, its worst monthly level. TRX price went up by 8%, and right now it trades above the level of $8. Nonetheless, there happens to be a great number of resistances on the upside, just close to the levels of $0.0185 and $0.0192.

The EOS price didn’t get off the course retaining the $3.350 level, and it started to recover pretty well nowadays. Also, the price of this cryptocurrency had a 5% increase and today; it trades close to the resistance of $3.650. If more gains show up soon, the EOS price could go the $3800 resistance really quick. Something that is not so fantastic is that the major supports happens to be $3350 and $3500.

A few days ago, the cryptocurrency market cap went to $250.  Meanwhile, by today, it has recovered to $260, but resistance is waiting on the upside close to these levels; $268 and $270B. All in all, the upsides are probably going to remain with, of course, Bitcoin, followed by EOS, TRX, Ethereum Classic, IOTA, ripple and so on.

A Frosty Week In The Cryptocurrency World For Alts

It’s fair to say that this week wasn’t a good one for the altcoin in the cryptocurrency universe. A couple of them dumped double digits, which is far from great. The main currency in this Internet-bound market, Bitcoin is still powerful, but that doesn’t go for the somewhat smaller currencies, which have had a major downfall recently. There’s a possibility that they freeze over again soon.

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The whole of 2019 has not been a successful year of altcoins. But, they’ve survived the harsh crypto winter which lasted for a while. Seven days ago, the Crypto market grew by an impressive 7%, but the thing is that the altcoin weren’t the ones who could take credit for that. From last week to today, the Bitcoin has risen by over 12% and this currency was the one which is responsible for the exponential growth of the crypto market. Right now, the whole market cap is somewhere around $304 billion, which is quite impressive, because the week before, it was around $284 billion. Bitcoin is quite dominant, as the market share of this cryptocurrency comes at above 71%. Unfortunately, the altcoins are getting weaker by the day.

Today, Ethereum has plummeted by over 5% and below the $215 level. A couple of days, 1 Ethereum was $238, but since then it has fallen for more than 10%. Since this currency is quite weak in technical terms, it could be going below $200 in the next seven days.

Another altcoin is on the verge of collapse, the XRP. This cryptocurrency lost 2% today, and it is now below the regular limit of $0.300, which doesn’t sound good. The Bitcoin Cash was down by 3% this morning and by somewhere around 8% this week. The current value of this cryptocurrency is $325.

The value of Litecoin happens to vary day by day. At the beginning of this week, Litecoin’s value was back at three figures. But, in the next couple of days, the price has fallen by a significant margin. This week, the all-time high was $105. A day after, LTC price plummeted by 17% and today, its value is $87.

The nightmare for altcoins continues as the price of another cryptocurrency, EOS plunges to beneath $4 recording a 6% fall. From the start of this week, this altcoin dropped by 10% in value. EOS earned its reputation as a promising cryptocurrency, but now it seems not as much promising as it used to be. Other cryptocurrencies which can freeze in the winter are NEO, Chainlink and Cosmos. The value of the majority of altcoins seem to fall every minute and they have to rise to survive the harsh crypto winter, which is unforgiving for a weak cryptocurrency.

Not everything is bleak as it seems, as there is one special rising star on the cryptocurrency market. That altcoin is called Binance coin, which has reached a value of $30, which is its all-time high.

The Cost of Testing Ethereum’s Casper

ethereum casper-hybridEthereums’s Hybrid Casper FFG (Friendly Finality Gadget), the new consensus protocol, has received special attention at the Toronto Ethereum conference. According to Vitalik Butering, the creator of Ethereum, testing the protocol will require the submission of 1,500 Ether, minimum.

Friendly, but Costly
Casper FFG is, essentially, a hybrid POW / POS consensus protocol. The idea is to have the blocks mined via POW (Proof of Work), with every fiftieth block being a POS (Proof of Stake) checkpoint, at which a network of validators would assess the finality.

In the recent months, the community has seen a considerable progress in the development of Casper. In April 2018, the code for the protocol was announced to be ready for review. During the Toronto conference which took place at the beginning of May this year, Vitalik Buterin initiated the discussion of the new protocol. He would not announce any particular dates but said that his expectation was for the development to go quicker from now on.

During his talk, Butering described the Casper algorithm and outlined the way it would change the current state of things.

Proof of Stake is seen by many as a much more just way of ensuring the global synchronization. With POS, the users lock up a number of coins as stake. According to Buterin, an initial submission of 1,500 Ether (approximately $1 million) into the smart contract is going to be required to participate in Casper. That is, obviously, a lot of money, and Buterin accentuated that the nodes that do not have the necessary sum can pool their resources or work in a group and then share the profit.

Buterin seems to be very optimistic about Casper’s future. He said that it “will hopefully be one of the more joyous experiences in Ethereum in a fairly short time.”

It is the scaling challenges currently faced by Ethereum that are to be blamed for such a large sum of money required. The new consensus protocol can only support a particular number of nodes. On the bright side, Buterin expects the number to go down to about 32 Ether (around $25) after the implementation of the sharding solution that divides the blockchain into smaller bits.

Also, even those who do not have the sufficient crypto funds will have a chance to stake on the testnet that at the moment runs only a small number of nodes.

A Simple Process

Apart from startling the public with numbers, Buterin explained what steps need to be taken to set up the validator or the node that would take part in the Casper POS protocol.

According to Buterin, Casper FFG is highly customizable and allows a lot of freedom for the developers. For example, the nodes may introduce such features as extra security and multiple keys during the initial stage of the set-up process.

Of course, for those who are somewhat less familiar with software development, the process of setting up Casper may seem a difficult task, but, as Buterin said, it is, in fact, very simple: “The good news is … that in practice, you personally as a user probably don’t need to worry about which validation code you’re using. You as a user basically just click a button that says deposit.”

Once Casper has been set up, the user would need to select the wallet for the returns, but, again, Buterin promised that the client “will do all this magic” for the users. After that, the user needs to submit a deposit of at least 1,500 Ether and run the software. The size of the rewards is going to be proportional to the sum at stake. Voting on the potential blocks will occur automatically, so that the users don’t need to completely understand the intricate mechanics of the process – all they need to do is make sure the node stays online and watch the incoming returns. Buterin assured the audience that “as a regular user you just need to keep your node online, keep your node running, and your node will just do all this voting automatically.”

How Much does Casper Return?

There is still no final information on what returns are to be expected by the nodes. However, Buterin was able to give some approximate numbers. If the validators constantly stay online, a 10 million Ether deposit would, presumably, earn a regular return of around 0-5% annually. As Buterin optimistically stated, “Probably closer to five than to zero.”

The exact sum of the returns depends on the user’s activity in the system. Casper’s slasher concept goes beyond simply rewarding the users for good performance: it also punishes those who misbehave by curbing such actions as double-voting or forming large staking pools. The users caught in the act could lose 1-100% of the deposit, depending on the scale of the mischief.

The Friendly protocol is also going to penalize the users for inactivity, so that a node that mostly stays offline will eventually begin losing some of the deposit. Yet, staying online for a period between 2/3 and 1/2 of the time will still result in returns. Even if a user only has a laptop, it is fairly safe to become a validator, provided there is a guaranteed Internet connection.

 

Behold the Golem: New Ethereum App Released

Golem, and ambitious new project released on the 10th of April, 2018, allows the users to rent the CPU power that they are not using for creating digital imagery. Essentially, it’s a platform that lets others make use of the compute’s excess power.

A Market for Swapping Power
It took three years and fourteen implementations for the Golem project to go live. In 2016, the project rose 280 000 ETH (approximately, $340 million), and its GNT token was sold out in 20 minutes. There was a significant amount of interest on behalf of the investors since this ethereum app project was among the earliest generations of its kind.

The long delay in delivering the app, however, received some inevitable criticism. Golem’s founder, Julian Zawistowski, says it’s typical for the development of software, and, in particular, for blockchain, to underestimate the complexity of what needs to be done. Zawistowski says, “You always underestimate how difficult it is, and this was obviously the case with us.”

Golem has still not reached its final shape. However, the mainnet launch demonstrates that the app is, finally, very much alive. Currently, the CGI is created with the open-source software Blender that allows creating visual effects, animated films, interactive applications as well as video games. Golem exchanges the computational power for GNT via an interface that is directly connected to Blender.

The current release was named Golem Brass Beta. It aims at trying out the technology in the conditions of a real market, using the real money. As Zawistowski put it, “We have to see how it behaves in the wild,”

Piotr “Viggith” Janiuk, Golem’s co-founder and the CTO of the company, says “The release is there to prove to us and everyone that we can actually deliver something that can run on mainnet and that’s really usable. And, well, it is.”

From Brass to Machine Learning
Golem Brass Beta functions through a software client, connecting the “providers” (the ones that are selling the CPU power) and “requestors” (the ones who want to rent it) in the network.

Golem“Providers” receive small subtasks, which make a complete computational picture when put together. These subtasks are sent via the peer-to-peer network. After the users have computed their subtasks, they return the results which are molded together. The “Requestors” then pay for using other’s power. All of these interactions occur on the network between the nodes.

Golem is not actually built on the blockchain, but it uses Ethereum for GNT (its token), and for agreeing on the token transactions.

The app’s creators hope to see it develop “to a point where we have the Golem which is perfect and self-contained and modular”, so that the computations would be done “in a matter of seconds”.

In future, the company plans to build a dedicated Blender plugin to eliminate an extra step. An even bigger ambition is to let the network provide the resources for machine learning. AS Jainuk stated, “We definitely need to move in the direction of machine learning. This is something that is suited to Golem pretty well,”

Long Road to Perfection
The long time it took to release the Golem is explained y the difficulties in production that could not be entirely anticipated when the project was first conceived. The development team had to venture into the yet uncharted territories, and, of course, extra attention needed to be paid to security. As Jainuk put it, “There can be no holes because you’re risking someone else’s money.”

project golem, an ethereum appDividing the computational tasks into subtasks and reconnecting them later presented some of the greatest difficulties. Also, verifying the correctness of computation was particularly tricky to develop for certain kinds of computations, while with some cryptocurrencies it went easily.

The fact that platform apps cause Thereum transaction backlogs and the growth of the fees was not helping either. Vitalik Buterin, Ethereum’s creator, commented on the issue when speaking to an audience in South Korea, that the scaling challenges “screwed” the makers of the applications.

Jainuk also acknowledged the problem, saying that the decentralized solutions are still some steps away from even beginning to resemble the production-grade solutions. Zawinowski, in turn, compared the situation which we have regarding infrastructure and web development today is to what it was like in the nineties, noting that now there is a huge number of tools that the developers can choose from, while some decades ago people had no choice but to start from scratch.

However, sometimes starting from the very beginning is exactly what needs to be done. According to Zawinowski, often it is necessary to actually invent the wheel to solve the problems at hand.

Ether Goes Downhill

ethereum logo 1The start of 2018 has not been too good a time for Ether, to say the least. In the first three month of the new year, it went down as much as 47,5%, which is the steepest quarterly decline that has yet been recorded.

Granted, cryptocurrency rates in general have been going down the slope. However, Ether stand out among the other afflicted cryptos, and not in a good way, crashing down after it has gained a fantastic 9382% during 2017.

Ether’s previous “worst performance ever” record occurred at the end of the year 2016, when the cryptocurrency dropped by 39,6%, to $7.97 instead of $13.2. These numbers, however, do not look half as bad compared to the situation currently at hand.

Let’s look at the historical data to try to understand what exactly went wrong.

On the Rise in January
The beginning of 2018 was strong for Ether: on January 13, the rate was $1,432. This, however, got pushed under $1,000 towards the end of the month. January was closed with the more or less optimistic number of $1,118.

2017, 2018, crashing down ethereum, alternative cryptocurrencyAt that time, Ether was still considered a safe asset by the investors. Since most of the ICOs are built on top of Ethereum platform, the fees that the creators need to pay are in Ether, which keep the demand to the cryptocurrency stable. Steemit named Ethereum “the most reliable and widely used network in all of cryptocurrency”, and went on to explain: “It is used as the basis for hundreds of tokens and is the foundation for much of the cryptocurrency market. It isn’t going anywhere. It has steadily climbed in value, and when it has dropped in value, it has not been as dramatic of a drop as competing currencies such as Bitcoin”.

In the following months, however, this advantage proved to be not so great after all.

ICO Fraud Concerns in February
On the 6th of February, the prices dropped to approximately $650. That also was the day on which a U. S. Senate hearing took place. During this hearing, the Securities and Exchange Commission discussed the problems of ICO status and fraud. Jay Clayton, Securities and Exchange Commission chairman, very emphatically said that he wants “to go back to separating ICOs and cryptocurrencies. ICOs that are securities offerings, we should regulate them like we regulate securities offerings. End of story.”

This was when Ether started wavering: it dropped to $574, then began recovering, but stopped after reaching around $1,000, and, finally, finished the month at the $850 mark.

Investigations and Bans in March
On the 18th of March, after he Securities and Exchange Commission verified that multiple investigations of ICOs were under way, the price immediately fell under $500. co-director of the SEC’s Enforcement Division Stephanie Avakian confirmed that the agency was “seeing a lot in the crypto space.”

It also didn’t improve the situation that such titans as Facebook, Google, and Twitter, decided to altogether ban the cryptocurrency ads.

Thus, in March, Ether, afflicted by many sorrows, tanked 53% overall. However, it remains up more than 700% compared to the previous year, so, while caution is advised, it is probably far too early to give up on it.