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Latest Ripple News
For as long as crypto exist, that damning report from CoinBase acknowledging a 51 percent attack on Ethereum Classic will always be a case in point, an example for other crypto platforms settled on an alternative, secure and fast consensus algorithm.
Read: Ripple’s Cory Johnson on AMZN Using XRP: “Amazon Can Really Benefit From Our Tech Offerings”
According to Mark Nesbitt of CoinBase, a malicious group was able to “deep chain re-organize blocks” effectively double spending $450k worth of recently listed ETC bringing to attention the shortfalls of Proof of work network whose critics had previously lambasted for being energy inefficient and the reason why Pow blockchains as Bitcoins were centralized and inherently unscalable unless the third party, liveness dependent solutions are adopted.
Well, it seems like David Schwartz the CTO of Ripple could resist the urge of airing his two cents, divulging the vulnerabilities of proof of work systems and why Ripple chose an alternative consensus route. By employing validators and tracking servers, Ripple ledger is permissioned and not susceptible to double spending meaning that Ethereum Classic problems became a perfect platform for the relentless XRP Army to bombard the web with Ripple flowers.
Also Read: SWIFT and Ripple Will Continue to Compete Against Each Other in the Global Payments Market
However, in the midst of this raging defense debate, Ripple progress has been positive and yesterday Brad Garlinghouse, in an interview with CNBC said the company had enrolled 200 banks. These are the necessary baby steps needed for Ripple to dent and finally take over the multi-trillion-dollar cross border payment system dominated by bank controlled SWIFT.
Ripple (XRP) Price Analysis
Ripple might be the perfect armor against hash power renting hackers but while this should be exciting for XRP holders, upsides are limited and bulls are struggling to break above 40 cents as volumes shrink.
Regardless, we retain a bullish outlook but for this position to hold true then we must see strong gains above the 61.8 percent Fibonacci retracement level anchoring on Sep 2018 high low. Unless that happens, short term sellers are technically in charge and yesterday’s doji bar may as well as the final breaking point for sellers allowing prices to capitulate below 34 cents and finally 30 cents.
As such, patience will be key and as long as this accumulation and confinement of price action within Dec 28 bull bar continue, XRP might break above 40 cents thanks to mid-Dec 2018 rally propelling prices from around 29 cents with backing from above average volumes.
We suggest patience as far as XRP/USD trading is concerned and this shall be our short to near term trade plan:
- Buy: 40 cents
- Stop: 37 cents
- Target: 80 cents
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.