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Today, I want to stick to some higher cap altcoins. That’s the kind of news that we need to know. Let us stick with Ripple and Ripples native token XRP. Let us talk about finance XRP, Tron, Z Cash. We have some news coming out of the card Dino Foundation, which I am really excited for, and of course, we are going to take a look at the market and talking about the Mack Daddy of the all “Bitcoin”.
Taking a quick look at the Coin Market Cap, we see the overall market cap right now is a $130B. Of course a year ago from today, our all-time highs were above $800B, so we are far off from that, right now Bitcoin is hovering between $3,895.25 as of January 3, 2019 (14:00GMT), over the past days we just have not been able to break past $3,900. XRP is 36 cents right now, I said before that I’ve been waiting for XRP to come below the 25 cents, in order for us to consider taking a position, it has yet to go below 25 cents so that’s something we’re all waiting for. Ethereum, right now is at $153.80, Bitcoin Cash at $169.24. EOS is at $2.82. Stellar at $.117100 and Litecoin is also at $32.93.
Let’s get into more interesting news. Visa, to purchase Ripple, cross-border payment partner Earthport. “American payment service giant, Visa Incorporated is acquiring Ripple partner Earth port PLC a payment network for cross-border. Founded in 1997 London-based Earthport is a financial service firm that offers cross-border payment services to banks and financial institutions. Earthport is a partner of the tech company Ripple, and you know that the native token is XRP, and the partnership is aimed at integrating the Ripple protocol into the firm’s existing payment network to improve international transactions.” The acquisition for this was $250M or about 38 cents per share of Earthport and that’s the story. We are headed in the right direction for Ripple and obviously if you hold XRP, you’re hoping that this means that Visa will be implementing “X Rapid” and Visa will be implementing using the XRP token in the future, now, there’s no word on that yet but we’ll see how this develops. Now, one of the main reason why XRP was created is for “cross-border payments”. So, Visa using it for that would be a perfect fit.
And also on related news, this coin Telegraph article points out that in October, they reported that Visa was readying blockchain based digital identity system, The Visa B2B Connect for cross-border payments for launched in the first quarter of 2019. The system reportedly tokenized as sensitive business data, such as banking details and accounting numbers. Granting them a unique cryptographic identifier that will be used for transactions on the platform. So, clearly, has had cross-border payments in mind for a long time. They recognized that cryptocurrency can really speed that up and make it a whole lot better, whether or not they use XRP, I mean we’ll see, it’s got a shot at this.
In related news, Binance adds Ripple based trading pairs. Cryptocurrency exchange Binance will open trading of two pairs using Ripple XRP as the quote currency, so these both set to launch the same day and the trading pairs for the base pair of XRP is going to be both TRX/XRP (Tron) and XZC/XRP (Zcoin). So, if you hold Tron and XRP, this is probably a great news for you because they’re gonna be working together in a sense of off Binance. So the question is, XRP trading pairs for Binance, why did this happen, why XRP? Well, if you don’t know Roger Ver of Bitcoin cash, is an angel investor for both Ripple and for Binance, so I suspect that he has been pushing this for a while and the CEO of Binance (Changpeng Zhao), has finally made it happen, so you know, it’s just for Tron and Z Cash to to start and we’ll see if they implement more XRP base in the future. I mean, XRP, they’re making moves in this bear market so we can’t fault them for that. Right now Tron is just sitting at just 2 cents and we have Z cash at just below $60. Picking either those up on Binance would be the exchange that I prefer.
Let’s take a quick look at what’s happening with Bitcoin. As we can all see, Bitcoin right now is trading between $3,800 and $3,900. In the past weeks we dipped to about $3,570 and we bounced up from there you know right now we are holding above $3,800, haven’t been able to break $3,900, I guess for a a very short time we did but it fell right down, really we do have a lot of resistance around the $4,200 price point, so, it’s looking like in the short term, really is going to be difficult for us to break above that. Of course, anything could happen right? You know, we’re so volatile and its open to manipulation, anything could happen, we’re really just talking about the basics right here, I don’t have any inside knowledge about the market.
If we don’t break past $4,200 and we fall, I suspect, we’ll be going below the $3,100 bottom, that was the lowest we’ve been all year, possibly falling to $2,800, possibly falling to $2,500 and then we’ll see if we just keep getting lower like we have all year, possibly to $1,800, of course if you’re trying to find the exact bottom, chances are you’re never going to invest at all because you can never invest in the very bottom , your strategy will depend on you during these down times and always keep in mind that the market goes in cycles, the market will go back up, it might happen in the beginning of 2019, but I suspect that the market will shoot back up mid-2019. Possibly, a new bull run to all-time highs at the end of 2019.
One thing that is new to cryptocurrency that we need to talk about is this impending global recession. This is a Reddit post (https://bit.ly/2s6m0O9) and it says that “demand for crypto will increase in a global recession.” In this post, this guy theorizes that since it seems like we’re entering into a global recession, there is a chance that money will enter Bitcoin and cryptocurrency. One of the things he said was “when people lose their jobs, they demand for escaping reality with a get-rich-quick fantasy and he has stats and articles to show that.
You can read the full article yourself because it’s interesting, I think its’s going to be possible just because if the economy does goes down to drain, if traditional assets are decreasing by the month, I think people are going to be looking towards speculative assets that they can put their money into. And that doesn’t mean that they just dump all their money into speculative assets, that probably means they just take a risk and put a little bit of money they know that all cryptocurrency is already kind of crashed, and why don’t they put a little bit of money in cryptocurrency and see what happens. If enough people do that, that is really all we need to create a new level of demand.