MonthNovember 2020

Ripple has published the XRP Market Report

Ripple has published the Quarterly Financial Report, saying it doubled revenue from XRP token sales in the third quarter.

Ripple publishes XRP Market Report Q3 2020. Indeed, to provide relevant XRP-related announcements and regular updates, on the company’s views on the state of the XRP market.

Undoubtedly, the Quarterly XRP Market Report is a regular report published by Ripple. It details the company’s views on the XRP market.

The XRP Markets Report

To clarify, some parts deal with new services and features. While others explain the company’s general views on XRP.

In this respect, Ripple said:

“Proactive communication and transparency are part of being a responsible stakeholder.

He added: “Ripple urges others in the industry to follow his example to build trust. Also, to encourage open communication and raise standards across the industry”.

Essential services

The Ripple Credit Line

It is a new service, launched last quarter. Basically, it enables clients to use Liquidity on Demand (ODL), to raise capital when needed.

In fact, this solution, provides customers with the opportunity to purchase Ripple XRP on credit, which provides upfront capital. Therefore, Ripple states that: “This can help accelerate the performance and scale of your business”.

Indeed, the latest report states that customers are satisfied with this service. As a result, the Credit Line will be enhanced to offer more innovative solutions to Ripple’s customers.

Interestingly, the service is currently in beta stage. And it is only available to selected ODL customers.

XRP Purchasing

Naturally, this is a short-term product solution for the beta credit line. In the longer term, Ripple is building new ODL capabilities, to dynamically obtain XRP liquidity from the open market, not just from Ripple.

According to the company: “Last quarter, total XRP sales, net of purchases, were $35.84 million (USD) compared to $32.55 million in the previous quarter”.

In addition: “Ripple focused only on its sales and over-the-counter (OTC) leases. As part of providing increased XRP liquidity to certain RippleNet ODL customers to enhance their ODL experience. Eliminating the need for pre-financing and allowing instant balloon payments”.

Volatility

In parallel, the XRP standard deviation of daily returns during the third quarter was 3.5%. This represents an increase in volatility of 3.0% for the second quarter and 6.2% for the first quarter.

The volatility of XRP during the quarter was higher than BTC (3.2%) and ETH (3.3%).

Liquidity and Volume

In terms of overall liquidity and volume, XRP ended the quarter as the fourth most traded digital asset. Precisely, moving up from its fifth place ranking last quarter.

The XRP Ledger

By the way, a section of the report deals with the XRP Ledger Foundation. Which supports the development and adoption of XRP Ledger. Also, Ripple partnered with companies such as Coil and Gatehup, to provide the initial donation to this non-profit foundation.

In this regard, the Foundation’s vision is to accelerate the development of a healthy XRP Ledger ecosystem. Specifically, that encompasses the participation of developers, public and private companies and social initiatives focused on financial inclusion and sustainability.

Sustainability

Addressing sustainability in all industries has become a global priority. And so, boosting future economic growth.

Therefore, sustainability has been one of the most critical focus areas for Ripple in the last quarter. For example, they have partnered with the Energy Web Foundation and XRPL Foundation, to lead the way towards a Carbon Neutral Crypto Code. Very importantly, XRP Ledger will be among the first to move towards that goal.

Market Comment

In conclusion, Ripple published a market commentary in the last part of the report. The company focuses on three themes in this report: crypto currencies to avoid inflation, increased institutional adoption in the crypto currency industry, and the rise of DeFi products in recent months.

I leave with this quote from Zig Ziglar: “New information makes new ideas possible”.

Why traders expect a Bitcoin blow-off top to occur above $18,000

Bitcoin’s price is still trying to reach $18,000, but the short consolidation phases of the current trend have led some analysts to expect a top blow-off.

Bitcoin’s price continues to move rapidly towards $18,000 and many traders are calling for the market’s main digital asset to surpass the 2017 record high of $19,763. Unless you’re a bearish player, reaching a new all-time high is excellent, but ideally, for a sustainable rally to keep pace, a bullish trend in the form of ladders is better than a sudden rise.

Bitcoin’s price has risen 375% since Peter Schiff wrongly proclaimed his exact floor

In the last few weeks, BTC’s price has risen continuously without seeing long periods of consolidation or major declines.
Daily chart of the BTC/USD pair. Source: Tradingview
The chances of a blow-off top are increasing

A pseudonymous trader known as “Squeeze” specified that the lack of consolidation periods in Bitcoin Evolution has been a trend since late October and hinted that this may stifle the momentum of the current upward movement.

3 reasons why the Bitcoin price reached $17,000, marking a new parabolic upward trend

While Bitcoin’s momentum has been solid, the price has also increased almost six-fold since the March drop. When the price of BTC continues to rise without major corrections, the likelihood of a major setback increases. The trader wrote:

“Consolidations are getting shorter without much setback. The blow-off top will come soon”.

Bitcoin consolidation phases and rallies . Source: Twitter

Peter Brandt, a well-known veteran trader who is also aware of the BTC price action, made a similar point earlier this week. Brandt noted that in previous bull runs, BTC experienced nine corrections before reaching a high.

In the current uptrend, at least to date, Bitcoin has experienced two major corrections. Compared to historical uptrends, BTC has experienced considerably smaller corrections. He wrote:

“During the 2015-2017 bull market in Bitcoin $BTC, 9 significant corrections occurred with the following averages: 37% drop from high to low. 14 weeks from one historical high to the next. Since the low of the beginning of September there have been two corrections of 10%”.

Since the fall of November 8th, the price of Bitcoin went from USD 14,344 to USD 17,858 in Binance. In only ten days, BTC saw a profit of approximately 25% with a clear consolidation phase.

These 3 reasons explain why the price of Bitcoin recovered quickly after falling to USD 15,700

The pattern of a rally followed by occasional consolidations and corrections is key to seeing a prolonged rally, as it neutralizes the futures market and decreases the possibility of a blow-off top.

In technical analysis, a blow-off top refers to when the price of an asset falls suddenly and abruptly. As an example, BTC saw a blow-off top after the 2017 high. In the 52 days that followed, BTC’s price fell almost 70%.

They will evaluate the current Bitcoin bull market in a virtual meeting

As Bitcoin approaches a price discovery phase above $20,000, traders expect BTC to drop before it can reach $20,000. But there’s a possibility that this trade will be saturated, as many analysts seem to anticipate a similar scenario.
Futures funding rates are neutral

One variable that could make the rebound continue in the short term is the funding rate. In the main futures exchanges, the BTC futures funding rate is 0.01%.

JPMorgan says Bitcoin is slightly overvalued as a commodity

Futures exchanges in the crypto market implement the mechanism called “funding” to achieve balance among traders.

When most traders in the market have long positions in Bitcoin, the funding rate becomes positive. If this happens, holders of long contracts (buyers) have to incentivize sellers and vice versa.

  • Major futures exchanges, such as Binance Futures, show a funding rate of 0.01%, indicating that the current rally is not overextended.
  • LedgerX releases physically settled Bitcoin mini futures
  • Ultimately, traders still expect Bitcoin to see a top blow-off when the price approaches USD 18,000.

Yearn.Finance’s YFI explodes again: $ 20,000 in sight

The Yearn.Finance project seems to be consolidating. The community voted on several key changes to the protocol, and the YFI price has exploded in recent days.

YFI explodes amid changes for Yearn.Finance

The YFI price explosion is not simply due to the Bitcoin bull run (BTC) , which recently surpassed $ 16,000. The Yearn.Finance protocol seems to be consolidating, after spending several months in the headlines thanks to the very significant volatility of its YFI asset.

Recently, Yearn.Finance users voted to pass a key proposal: YIP-54. The latter clarifies the means that Yearn.Finance can fund itself , by allowing community members to audit protocol spending on a quarterly basis. This “Operation Fund” will also have an influence on the price of the YFI. It may indeed buy back YFI or other assets if it considers it necessary. The measure was 99% approved.

Other changes for Yearn.Finance include YIP-52, which increased the rewards for Yearn.Finance smart contract managers. The latter develop strategies for the “vaults” of the protocol. The project has also shown that it wants to be monitored more effectively: the YIP-53 has enabled the launch of the yAcademy , which aims to audit Yearn.Finance contracts .

YFI price targets $ 20,000 again

All of this has therefore helped to support the progress of the YFI, the governance token of Yearn.Finance. It must be said that it was showing signs of weakness so far: it touched $ 7,300 a few days ago, after competing with the price of Bitcoin (BTC) during the summer.

But the YFI has now started a bull run: it has exploded over the last ten days and this morning exceeds 18,000 dollars. In less than a week, he took + 163% :

He has since moderated his ardor slightly: from 19,350 dollars, it has come down to 18,430 dollars this morning. He is now tackling a crucial level: that of $ 20,000. It has not reached this threshold since the beginning of October, because it had plummeted for a month and a half . However, the YFI stood out for its extreme volatility during its short months of existence. It is therefore not guaranteed that it will maintain these levels.

Bitcoin-Preisprognose: BTC / USD konsolidiert zwischen 13.060 und 13.600 USD

In den letzten 24 Stunden hat Bitcoin darum gekämpft, den Widerstand bei 13.600 USD zu brechen. Die Bullen haben die Widerstandszonen dreimal erneut getestet, ohne sie zu brechen.

BTC / USD schwankt zwischen 13.060 USD und 13.600 USD

Nach einem erfolglosen Versuch, den Widerstand von 13.800 USD zu brechen, wurde die Königsmünze auf Schwankungen zwischen 13.060 USD und 13.600 USD beschränkt. In den letzten 48 Stunden wurden Käufer beim Widerstand von 13.600 USD dreimal zurückgewiesen. Die Münze fällt nach jedem Widerstand in den unteren Bereich. Trotzdem wird die Konsolidierung zwischen 13.060 und 13.600 US-Dollar fortgesetzt, so dass Bitcoin einen starken Ausbruch hat, der den Preis antreibt, um den Widerstand von 13.600 US-Dollar zu brechen. Auf die gleiche Weise wird sich die Dynamik ausdehnen, um den Widerstand bei 13.800 USD zu brechen.

Sobald der Widerstand von 13.800 USD durchbrochen ist, wird BTC über das Hoch von 14.000 USD steigen. Auf der Oberseite muss BTC die Widerstände von 13.600 USD und 13.800 USD hier beseitigen, um die Aufwärtsdynamik fortzusetzen. In den letzten fünf Tagen wurde der Aufwärtstrend durch die jüngsten Widerstandsniveaus gestört. Auf der anderen Seite wird es eine bärische Reaktion geben, wenn die Bullen die Widerstände von 13.600 USD und 13.800 USD nicht brechen. Die Bären werden den Vorteil nutzen, um die Unterstützung von 13.060 USD zu brechen. Dies wird dazu führen, dass der Preis auf 12.900 USD und das Tief von 12.000 USD fällt.

Wrapped Bitcoin (WBTC) ist jetzt das sechstgrößte Token von Ethereum

Wrapped Bitcoin (WBTC) hat eine Marktkapitalisierung von 1,58 Milliarden US-Dollar. Diese Zahl macht 80% der gesamten in Ethereum gehaltenen BTC aus. Auch in Bezug auf die Marktkapitalisierung und die Anzahl der Token hat es ein Allzeithoch erreicht. Es wird berichtet, dass WBTC die am meisten akzeptierte Version von Bitcoin für die Verwendung im Ethereum-Netzwerk ist. Derzeit hat es eine Rekordsumme von 116.885 WBTC, unterstützt durch eine gleiche Anzahl von BTC, die von Depotbanken gehalten werden. Heute ist WBTC nach Crypto.com Coin (CRO), USD Coin (USDC), Chainlink (LINK), BNB (BNB) und Tether USD (USDT) das sechstgrößte Token von Ethereum nach Marktkapitalisierung.

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