The second edition of the Malta AI & Blockchain Summit (AIBC) is getting wrapped up for a stellar show one month from now, on May 22-25. It is expected to bring a whopping 5000 delegates, 700 investors, 300 exhibitors and 100 startups to convene for a grand show at the Hilton in St Julian’s, Malta.
Leading up to the show, the AIBC has also organised a roadshow of exclusive C-level dinners under the iconic heading Knights of Blockchain. The Knights of Blockchain dinners are lavish invite-only events with no expense spared in the company of 200 C-level Executives from the industry. From Manila in March to Tel Aviv on April 2nd and Stockholm on April 10th. The AIBC has also expanded with new offices in Manila and Dubai.
“We are moving beyond the hype by discussing not only Blockchain but also AI, Quantum Tech, Big Data, and IoT this year. Wining and dining in the company of fellow industry executives goes a long way. I strongly believe that business is not made between companies, it is made between people. With the Malta AI & Blockchain Summit at the Hilton in less than a month from now we have gathered an impressive crowd of AI and Blockchain industry leaders for momentous connections to take form.” says Eman Pulis, Founder of the Malta AI & Blockchain Summit.
The speaker line-up is comprised of industry titans such as Tim Draper, Roger Ver, and Brock Pierce, along with Ben Parr, Co-Founder of Octane AI and world-famous author of Captivology; Patrick Chang, Director at Samsung NEXT; Tone Vays, renowned Bitcoin/Blockchain Researcher with more than 80,000 YouTube subscribers; Sunil Chhaya, Vice President of NextWorld Capital; Vivek Ramaswami, Vice President at Redpoint Ventures; Alex Fayette, Principal at ACME Capital; Ted Lin, Chief Growth Officer at Binance; H.E. Khurram Shroff, Chairman at IBC Group; Rachel Wolfson at Forbes; Alexandra Mikityuk, Co-Founder & Head of Blockchain Technology at The Blockchain Group; Alexander Borodich, Founder of Universa; Eric Van Der Kleij, CEO at Centre for Digital Revolution, and many more.
Blockchain and AI luminaries alike have a wide selection of cherries to pick from in the comprehensive agenda prepared by the AIBC, comprising of six conferences and a myriad of specialised workshops. The conferences include the topics AI & Blockchain Regulation; AI Startup Pitch Battle; World Changing Applications of AI & BC; AI, IOT & Big Data; ICO/STO Pitch Battle, as well as a conference dedicated to Blockchain Investments & Digital Money.
To support startups within AI, Blockchain, Quantum Tech, Big Data and IoT, the AIBC has invited no less than 100 startups to claim a booth on the expo free of charge, giving them access to 700 attending investors.
This spring edition of the summit includes a lavish VIP dinner, networking drinks in the midst of the warm Mediterranean spring, a Startup Pitch and STO Battle, 12 workshops and 6 conferences, and is rounded off with a lavish Proof of Steak pool party on the 25th of May. Although the main conferences are taking place 23-24th of May, delegates are advised to block their calendars for 22nd-25th due to all extra events that the AIBC is hosting.
The organisers have announced that ticket prices for the upcoming show are set to increase to the Last Minute price level on the 30th of April. The Malta AI & Blockchain Summit is a landmark event that nobody in the field can afford to miss.
Bitcoin Trading Part 2 – Understanding Charts
Learning how to read crypto charts is an essential skill for anyone interested in trading Bitcoin successfully. At first glance, trading charts can seem like a foreign language. All the confusing lines, shapes, and colors can make it seem very intimidating for beginners. Additionally, learning technical analysis requires that you begin to learn the jargon associated with trading.
Luckily, crypto trading is very similar to stocks. In fact, the only real difference is the asset. Both assets utilize the same fundamentals. You can study up on some of the greatest stock traders in the world, and you will give yourself an amazing edge in the market.
Remember, trading isn’t about being different. It’s about understanding the psychology of the market. In other words, you don’t need to reinvent the wheel. At first, you will see more success by following the path of established traders that have practiced this skill for years. The great news is that once you understand how to trade Bitcoin, you can trade a vast array of assets classes.
Step one on your journey to becoming the ultimate Bitcoin trader is to get familiar with the basics of trading. You will need to familiarize yourself with the key theories and terminology used today. You will also want to have a firm understanding of different chart types and pattern recognition.
Luckily, in terms of trading, market history has a tendency to repeat itself. Consequently, analysis allows you to recognize these trends and use them to make an informed decision on the market movements of the future.
The Dow Theory is a strategy developed by Charles H. Dow., hence its name. Dow, along with Edward Jones and Charles Bergstresser, founded Dow Jones & Company, Inc. The trio went on to develop the Dow Jones Industrial Average in 1896.
The Dow Theory provides you with valuable insight into market movements. It states that the market price takes everything into consideration. Every factor including outside developments and all prior, current, and future details combine to establish the market value of an asset.
This theory means that as an experienced trader you must be able to monitor multiple variables in the market. You will learn to understand the current, past, and future demands of your asset community. This learning must come from a constant gathering of information and market news. You should always pay special attention to any future regulations.
The Dow Theory means that all price movements are not random at all, quite the opposite. Price movements follow larger trends. These trends can be broken into two categories – short and long term trends.
Bitcoin Market Analysis
In technical market analysis, you focus on a coin’s price specifically. This strategy requires you to utilize technical indicators and ignore outside variables contributing to the price. In this way, you are able to remove emotion from your decisions.
6 Tenets of Dow Theory
3 Market Movements
Main Movement – The main movement is the major trend currently underway. This trend is going to encompass years of market activity. For example, the main movement in Bitcoin is bullish if you look at the complete trading history of the asset. However, it’s important to understand that the main movement can be either bearish or bullish depending on the time frame included in your analysis.
Medium Swing – A medium swing is a secondary market reaction. This reaction can last for up to three months. Medium swings include price retraces. A retrace is when Bitcoin’s market movement begins to return to its original state prior to the market activity. In most instances, a retrace will return to 30% – 60% of the original market value.
Short Swing – Short swings are daily price fluctuations. A short swing can last up to a month in some scenarios. These minor movements occur due to market speculation. As such, Bitcoin experiences short swings throughout the week on a regular basis.
3 Market Phases
The accumulation phase occurs when knowledgeable investors receive some sort of valuable information that relates to them a significant change in market conditions. This information could include knowledge acquired from inside the company or from other avenues that could affect the market. In either case, the results are the same. These investors begin buying or selling their assets in a bid to position for the news.
Notably, this phase is difficult to detect as the market movements are minimal. The reason for the miniscule market adjustments is that the majority of investors are not privy to the information the first movers received. Since only a small number of people have access to this information, these sales go unnoticed amongst the daily trading volume.
Absorption occurs when the general public begins to take notice of the market trend emerging. This participation leads to more market activity. Consequently, more investors jump on board the movement. Eventually, this scenario leads to speculation fueled by FOMO (fear of missing out).
Here is where emotions play a major role in dictating the market’s behavior. If the market is tanking, investors will get scared and panic sell their Bitcoin further fueling the price drop. Opposingly, if Bitcoin’s value begins to rise steeply, a rush of new investors enter the market attempting to catch the next bull run.
In this phase, early investors begin to reintroduce their accumulated holdings to the public. These investors already realized a profit and now they are exiting their positions before the trend reverses. This exit causes the emergence of a swing that creates a price retrace in the market. Untrained investors are left with the holdings of those that were ahead of the trend.
Markets Discount News Immediately
The market reacts instantaneously to all information regarding an asset. This reaction encompasses all the data surrounding the investment. The value of your asset reflects the sum of all the hopes, fears, and expectations of all the market. News such as future regulations, major institutional adoption, and the introduction of new financial products all play a major role in the pricing of Bitcoin.
Additionally, non-Bitcoin related issues can affect the price of your asset. Occurrences such as major elections can cast doubt on the stability of an asset in the future. This scenario is especially true when speaking with new unregulated assets such as Bitcoin. Also, major events such as war, natural disasters, or pandemics affect the market value of assets as well.
Volume Confirms Trends
The volume of an asset is the amount of market activity it experiences. In the case of a bull trend, you should notice jumps in the trading volume. This price raise should correspond with a spike in market volume. When you see price jumps without corresponding upticks in volume, it’s usually a sign of what’s known as a pump. In a pump, large investors manipulate the price of an asset using their weight to initiate price trends.
Trends Continue Until the Market Shifts
This rule states that a market in motion will remain in motion until a trend reversal occurs. Basically, if you notice a large scale trend, you can expect that the trend will continue until you notice the start of another accumulation period by educated investors.
Unfortunately, it can be very difficult to successfully determine when a trend reversal is underway. The market will always have small and medium swings. These movements can make it extremely tricky to verify if a movement is actually the start of a reversal. A careful evaluation of all outside trading factors can help you to make the right choice in these situations
Bitcoin Technical Analysis
Technical analysis requires you to utilize a combination of tools to predict if the price of Bitcoin will rise or fall. Importantly, technical analysis provides you with more insight into the market. Consequently, the better you are at it, the more success you will have trading. Here are some key concepts you need to understand to simplify your technical analysis.
Bitcoin Chart Time Frames
You need to understand the timeframe windows and how their use will affect your analysis’s results. These are the most popular time frames available on Bitcoin exchanges today
- 15 Min
- 4-Hour Chart
- Daily Chart
The time -frame you use depends heavily on your trading style. For example, if you are a day trader, you will use hourly, all the way down to the minute trading window. The reason for this decision is simple. You need the most up-to-date information because you are conducting micro trades.
Bitcoin Day Trading
Day traders can open and close their trading position in minutes. Additionally, they can trade continuously throughout the day. Some traders make 50+ trades a day. For these actions, you need up to the minute analysis.
Bitcoin Long-Term Traders
The situation is reversed for long term traders. These traders prefer to hold their position for months and even years. In some cases such as with HODLers (hold on for dear life), they may never intend to sell their Bitcoin holdings.
Long term traders depend on long term trends. These traders need to examine months of data at the same time to get a better overview of the larger trends. It does long term traders no service to examine the smaller fluctuations in the market. In fact, it can be counterproductive as it could cause the trader to second guess their decision.
Bitcoin Market Cap
You only need to be involved in the crypto market for ten minutes before you hear someone mention “market cap.” The Bitcoin market cap is the total amount of coins in circulation X the price of each coin currently. Consequently, the market cap tells you a lot about a particular asset.
You can examine the market cap to gain a deeper insight into the stability of an asset. Websites such as CoinMarketCap.com provide you with real-time analytics in the form of a line chart. You can use these charts to spot trends in the market. In the case of Bitcoin, you will notice that over the last 9 years the asset has gained considerable value.
Bitcoin Candlestick Charts
Candlestick charts are the most popular style of chart used in the crypto space today. At first, these charts can seem as strange as the controls of an alien spacecraft to the untrained eye. However, it only takes a few minutes to understand these remarkable trading tools.
Candlestick charts provide you with a plethora of information at just a glance. You will notice the red and green candlesticks are laid in succession. Importantly, each candle shows you the price movement of an asset over the selected timeframe.
How to Read Bitcoin Candle Sticks
Candlestick charts provide you with everything you need to know to understand the current state of the market value of an asset. You can see the opening and closing prices, the daily high and low, and you can decide on what time intervals you what this information displayed.
A green candlestick indicates that Bitcoin closed higher for the time period than its opening value. Anytime you see a red candle, it indicates there were some losses incurred by the asset. In this way, it’s easy to monitor market activity, even from your phone.
In most candles, you will notice there’s a body. Where the main body of the candle begins is the opening price for the day. If the candle is green, the opening price will be the bottom of the candle body. If the candle is red, the body’s top will let you know the opening price.
You will notice that the top or bottom always lines up with the proceeding candle in the chart. This alignment represents the close and opening of the next trading day. This time can varies depedning on the trading interval you choose.
There are also small lines sticking out from the top and bottom of the candle. These lines are known as shadows. Shadows represent the high and low for the day. In this way, you can ascertain an incredible amount of information from a candlestick chart in seconds.
This data can then help you to make a timely investment decision. Certain candles can indicate the start of trends. Consequently, an entire terminology has emerged surrounding these indicators. Here are the most common candlestick indicators you will see when trading Bitcoin.
A hammer candle can indicate a bullish reversal is about to occur. The candle shows that when the market opened, sellers forced the price to drop steeply. This downward pressure was met with stronger buying pressure. This pressure resulted in a shift in momentum.
Importantly, the momentum was pushed back down a slight bit, but not before the day closed. Hammers are easy to spot because they contain a shadow that is sometimes 3x as long as the body of the candle. Hammers let you know that buyers are in the market and they are controlling the price action for the day.
The falling star candle is the opposite of the hammer candle. When you see these candles it means that the buyers had control of the market when the day opened but before the close, their gains were erased by strong bearish pressure. In turn, you can predict that more selling pressure is entering the market. Falling stars have very small lower shadows with the upper shadow accounting for the majority of the candle.
Bullish Engulfing Pattern
A bullish engulfing pattern again signifies that buying pressure is strong in the market. In this 2-candle pattern, you see that the sellers forced the price down the day prior. The following day, sellers regained control and dwarfed the losses the bears introduced the day prior. This pattern shows a bearish candle followed by a larger bullish candle.
Bearish Engulfing Pattern
Reversely, the bearish engulfing pattern lets you know that sellers are entering the market in droves. The first candle in this pattern will show gains from the day prior. The next candle in this pattern will reverse the gains and show even stronger losses.
A morning star pattern utilizes three candles to determine market trends. A morning star is a bullish reversal pattern that shows a struggle ensuing between buyers and sellers. On day one, you see that sellers had full control over the market. This sales pressure was countered on day two and reversed on day three.
The evening star pattern is the opposite of a morning star. Here you see that buyers get exhausted after two days of pressure. On day one, the buyers were able to control the price. On day two there advancements were met with equal pressure and by day three, they lost control of the market. You can easily spot star trends because they have no body because the pressure on both sides of the market was equal. The morning star candle indicates that sellers are now in the backseat and bulls are in control. Evening Stars show that bears run the market currently.
Relative Strength Index
The Relative Strength Index (RSI) is a mathematical formula used to measure the current of the market. The formula takes the strength and speed of a market’s price movements and compares them to others that occurred previously. The formula reads as:
RSI = 100 – (100/(1-RS))
By comparing the current and past market fluctuations, as well as the magnitude of recent gains to recent losses, the RSI attempts to establish if an asset is overbought or undervalued. An overbought asset will usually depreciate in the near future. An undervalued asset will go up in price as its intrinsic value is realized.
As with any charting tool, the RSI is not 100% accurate, no trading tool is. This means that you must use this tool in conjunction with other indicators to improve your results. RSI indicators are prone to false buy and false sell signals. These can occur when there is a pump or flash sale in the Bitcoin market.
Reading the RSI
The RSI chart shows a line graph that ranges from 0 to 100. A score of 70+ indicates an overbought asset. This indication could signal a price drop. Reversely, a score of 30 demonstrates an undervalued asset. This score means there is a good chance the asset could experience a price rise.
Bitcoin Support and Resistance Lines
RSI is important but it’s not the only tool that you use to trade Bitcoin. You will also want to understand support and resistance lines. Think of these invisible barriers as predetermined levels of the price of an asset at which trend reversal usually occurs.
Determining support and resistance levels is easy. Just look for points on the chart that you see multiple touches of price without a breakthrough of the level. Whenever the asset meets these barriers it is either pushed away or it breaks through to the next support/resistance levels. When a support level is broken, it indicates that the market has reversed its flow. Additionally, support levels can help you to determine where the price of Bitcoin might bounce back.
For example, if Bitcoin has a support level at $8500, it will be harder for Bitcoin to increase past this price if it’s below that level. This is what’s known as a resistance level. If Bitcoin was over the price of this level, it would then serve as a support line. When the line is definitely broken, it signals major market movements.
Bitcoin Market Psychology
Successful traders need to grasps the main psychology of the market to remain effective. Understanding the minds of other traders helps you to better predict how the market will reflect certain developments such as new regulations. There are three main types of trading psychologies at work in the market today.
The first type of trading psychology is that of long traders. These are individuals that buy their assets and plan to hold them until the price rises at a much later date. At that point, they will resell their assets and take their profits. You also have traders who go “short”. These are traders that expect Bitcoin’s price to fall in the future. These traders often incorporate other financial instruments such as leveraged futures to maximize their profits. Lastly, you have your average trader. This is the trader who doesn’t have the insight to make a determination of the market’s fluctuations. This category contains most new traders.
Bitcoin Trading – A New Skill to Master
Now that you have a firm understanding of the key components in trading Bitcoin, you are ready to start your trading adventure.
Investing in Ripple – How to Buy Ripple Stocks and XRP Tokens
Whether you are new to the cryptocurrency space or have been here since 2009, there’s a good chance you have come across Ripple and the cryptocurrency XRP. While at first, it’s easy to mistake Ripple and XRP as the same thing, this isn’t the case by any means. In fact, many are surprised to learn that the terms XRP and Ripple are not interchangeable.
What is Ripple?
Simply put, Ripple is the company that created the Ripple Consensus Ledger. In this way, Ripple functions as both a platform and a currency. Ripple developers utilize an open-source protocol to provide users with a host of benefits. These benefits include secure, fast, and inexpensive transactions.
However, Ripple is not meant to function purely as currency such as with Bitcoin. Whereas Bitcoin was meant as a means to circumvent the traditional financial system, Ripple fulfilled a totally different market niche. The platform was designed to bridge the gap between traditional financial institutions and the blockchain sector.
Importantly, Ripple (XRP) is different than many other popular cryptocurrencies for some key reasons. Primarily, it differs from the competition because it was created by a private, for-profit company. Today, Ripple has offices in San Francisco, New York, London, Sydney, Luxembourg, Singapore, and Mumbai. The firm serves more than 300 financial institutions across over 40 countries.
The history of Ripple begins back in 2013 when a group of intuitive developers decided to join forces to create something unique within the market. At that time, Jed McCaleb, best known as the creator of the EDonkey network, invited a team of advantageous investors to participate in a project known as Ripple Labs. Importantly, McCaleb is also a major figure in the sector. He was pivotal in the creation of numerous crypto-based startups including Ripple, Stellar, and Overnet.
Ripple Labs is the official name of the tech firm that developed the Ripple payment protocol. Notably, this San Francisco-based firm was founded officially in 2012. Originally, Ripple Labs entered the market under the name Opencoin. However, in 2015, the firm rebranded into its current name.
Ripple Labs was founded by a well-known angel investor and privacy activist, Chris Larsen. Larsen is a charismatic figure who is best known for co-founding online mortgage lender E-loan back in 1996. He was joined by the programmer and entrepreneur, Jed McCaleb.
Notably, McCaleb is best known as was one of the co-founders of the infamous Mt.Gox exchange. Mt.Gox was one of the first Bitcoin exchanges in the world and for a long time, it was the largest Bitcoin exchange in the world. At one point, the exchange handled 70% of all Bitcoin trading volume. Importantly, he sold his shares and was not affiliated with the exchange during the June 2011 hack that sent Bitcoin prices plummeting for months.
RippleNet is the community of banks, financial institutions, and professionals that make up the Ripple business community. Since its inception, Ripple worked hard to secure this vast network of industry professionals. These firms are privy to Ripple’s advanced blockchain system.
The network enables banks to enjoy a frictionless experience as they send funds globally in seconds. Today, the RippleNet includes some of the best-known institutions in the sector. Here are some of the major milestones during the RippleNet expansion so far:
Bank of America
In 2016, BOA announced a partnership with Ripple. It turned out that the bank had been secretly testing the firm’s technology as a way to improve inter-bank infrastructure for months prior to the announcement.
In 2016, SBI Holdings and Ripple inked an agreement to integrate the bank into the RippleNet. The move was seen by banking executives as a way to streamline remittances and instantaneous cross border payments. Not surprisingly, since the concept emerged, more than 47 banks have signed on to the project.
Standard Chartered Bank (SCB)
In 2016, Standard Charter Bank joined a team of other investors to put forth $55 million towards further development of Ripple’s technologies. In total, the investment took Ripple’s Series B funding round up to $93 million in total.
Santander and American Express
In 2017, Ripple partnered with the credit card firm American Express and major banking firm Santander. The strategic partnership was meant to further streamline cross border payment systems. Notably, the news helped bolster XRP prices at that time. Specifically, XRP’s market value shot up over 35% when the news went public.
Royal Bank of Canada
In a surprising maneuver, the Royal Bank of Canada released a detailed report titled “Imagine 2025” in which the bank went into detail regarding their testing of Ripple’s technologies. Specifically, the report states that RippleNet can reduce average banking costs by 46% per payment. Additionally, RBC’s report states that the settlement time for transactions processed through Ripple is only 3-5 seconds. This is a huge improvement over the current system that takes 2-3 days on average.
In June 2019, Ripple secured a partnership with one of the most recognizable names in the remittance sector. MoneyGram. Again, the goal of the project was to provide money gram access to Ripple’s cross-border payment technology:
- National Bank of Fujairah PJSC (NBF)
- Westpac Institutional Bank and Bank of Australia
- UniCredit, Reisebank, ATB, National Bank of Abu Dhabi, UBS
- MUFG Bank
Together, RippleNet continues to work on the development of a new framework to implement across the network. Notably, the guidelines cover important aspects of the functionality of the network. These points of concern cover legal compliance, operational custody and, other standards for acting as the intermediary.
XRP serves a very important purpose within the Ripple Ecosystem. This token is the digital asset that facilitates the use of the network’s utilities. In this way, XRP functions as a utility token. This token represents the transfer of value across the Ripple Network.
You can think of XRP as the mediator for exchanges. These exchanges can include both cryptocurrencies and fiat currencies. In essence, XRP is sort of a wild card. It allows participating banks the ability to facilitate global money transfers without the need to consider exchange rates and such.
For example, let’s say a bank in the US needs to send $5 million to another institution located in the EU. Under normal conditions, this transfer would be a costly and time-consuming process for many reasons. Firstly, the funds would need to go through a number of third-party verification systems to ensure they are actually available and sent securely.
Each of these parties adds to the total cost of the transactions, as well as the amount of time it takes to complete the transfer. On top of these fees, banks would have to consider the international money conversion rate. In the example listed, the US bank will lose some of its holdings in the conversion over to Euros.
XRP to the Rescue
Here is where XRP serves its utility purpose perfectly. The previously listed example would go much smoother via the Ripple ecosystem. The US bank could simply convert its funds over to XRP. This process is as simple as selecting the number of funds you desire to convert and clicking a button.
Now that the bank’s fiat currency is XRP, its easier to send the funds anywhere in the world. Best of all, the transfer costs only a fraction of the traditional systems in place currently. To put the savings in perspective, sending a payment of $1,000,000,000 through your bank internationally can cost you thousands of dollars. Using Ripple, the exact same transaction only costs cents.
Additionally, since there is no cap on how many funds you can send via XRP, it provides banks with more flexibility in the market. Currently, sending over $1 million globally requires banks to meet a host of additional regulatory requirements. These requirements can delay transactions for up to 3 days. XRP eliminates these issues within the Ripple ecosystem.
Ripple Protocol Consensus Algorithm (RPCA) – A Cryptocurrency Without a Blockchain
While you might consider blockchains a core part of all cryptocurrencies, this isn’t the case with Ripple. Ripple uses a proprietary decentralization technology and consensus mechanism – the Ripple Protocol Consensus Algorithm (RPCA). The Ripple Protocol consensus algorithm (RPCA), is applied every few seconds by all nodes, in order to maintain the correctness and agreement of the network. In the RPCA system, each server publishes a list of new transactions to the network known as the “candidate set.”
Then, each server compares its list to the current state of the network and the proposed changes. Once the comparison is complete, the servers will vote on the state of all transactions. In the end, 80% of the nodes must agree on the new transactions to reach a state of approval. The system adds all the transactions that met these requirements to the distributed ledger. The system then closes the ledger. This closed ledger provides a point of reference to verify the next RPCA.
Ripple currently offers two main products to its users. The first product is known as xCurrent. xCurrent was among the first products Ripple Labs developed for the market. This global real-time gross settlement system provides users with some pretty impressive functionality.
For example, users can clear and settle transactions in minutes. Traditional money transfer systems can take 2-5 days to complete. Additionally, users gain access to the RippleNet messaging services which allows the network to maintain instant communication.
xRapid takes xCurrent a step further and eliminates the need for accounts at all. This protocol is able to source liquidity from the local market to complete the transactions. For example, when a bank may want to send $1 million to another bank in the network, the xRapid system would buy XRP with the sender’s money and then sell XRP on the side of the buyer to complete the transaction.
This process allows banks to send smaller amounts internationally because it eliminates much of the overhead in doing so. Additionally, it enables banks to send money to locations that may cost well above the average transfer rate. Consequently, these products enabled Ripple to compete in the market from day one.
xRapid is revolutionary because banks don’t want to hold XRP, or any cryptocurrency, for long periods of time. Instead, the system exchanges the funds to and from XRP in second. This speedy transaction is possible because the XRP ledger can handle 1500 transactions a second.
Investing in Ripple
Investing in Ripple is easy nowadays. To start your Ripple investment, you will need to head over to a reputable exchange. Currently, Ripple is available on most major exchanges including Binance, Kucoin, Bittrex, and Poloniex. Once you choose an exchange to work with, you are ready to begin investing.
First, you will need to sign up for an account. Depending on your location and the exchange you decided on, this process can include various verification procedures. For example, Binance can require you to send in a government ID.
Once you have an account ready to go, you need to decide how you will load the account. If you already have some cryptocurrency that you want to trade for XRP, you can just send those funds to your exchange wallet. It should only take a few minutes for these funds to appear. Once they appear, you can simply go to the Bitcoin/XRP trading window and complete your trade.
Fiat to XRP
The process can take a bit longer if you are planning to enter the market with fiat currency. In this scenario, you will need to connect your bank account or debit/credit card to your exchange account. This process can take days as some platforms send a verification transaction to the bank. This transaction is usually just a couple of cents. You will need to verify its amount to prove you own the bank account attached to your exchange account.
Once you have proven that the account belongs to you, you will then need to purchase one of the cryptocurrencies that have a fiat pairing. Basically, not all cryptocurrencies are available to purchase directly with fiat currency. Many exchanges require you to purchase Bitcoin or Ethereum first. Once you possess one of these major cryptos, you can then trade them for any exchange pair they qualify at.
Invest in Ripple Stock
Ripple Stock is another way that you can participate in Ripple’s growing ecosystem. Unlike XRP, Ripple stock is a direct investment into Ripple. Purchasing Ripple stock requires you to meet all the current securities laws in place in the US. As such, investing in Ripple stock can be a bit more difficult for those unfamiliar with the stock market.
Since Ripple isn’t a publicly-traded company, the only way to acquire shares in the firm is via private investors on the secondary market. To buy and trade Ripple stock you will need to qualify as a “sophisticated investor”. Consequently, you must be an accredited investor to buy shares of Ripple Inc. at this time. To qualify as an accredited investor, you will need to show that you possess $1 million in liquid assets at this time, or that you earned over $200,000 per year for the last 3 years in a row.
Once you are able to prove your investment qualifications, you are ready to invest. The first thing you will need to do is head over to shareposts.com or the Microventures app. Here you will need to register for an account. Once you are qualified and approved, investing is a simple as finding Ripple Inc. and deciding how many shares you desire.
The Ripple Ecosystem
Ripple continues to see growing adoption across the sector and for good reason. This future-oriented firm has effectively carved out their niche in the market for years to come. Consequently, you can expect to hear a lot more from this community as XRP and Ripple expand their presence in the traditional financial markets. For now, Ripple appears to have a bright future ahead of it as more financial institutions express interest in joining the RippleNet.
Forex Market Boosted by Record US Jobs Data
- Payroll Data Smashes Expectation for June
- USD/JPY Increases on Optimism
- Asian Markets also Open Strong on Friday
US markets received an unexpected but welcome boost on Thursday. The release of nonfarm payroll numbers showed that the economy added a huge number of additional jobs beyond expectation. Unemployment numbers also fell. The positive ripple from this has been felt in the forex market around the world with early trading in Asia showing the Japanese Yen up slightly, and a positive start to the day in China, where PMIs came in strong, and other parts of Asia.
Largest Single Month Job Gain in US History
The numbers reported yesterday in terms of US nonfarm payrolls have easily eclipsed previous highs in terms of being the largest single month job gain the country has ever seen. Analysts had forecast a still impressive gain of 2.9 million jobs added, though the actual number came in much greater at 4.8m. This was quickly heralded by President Trump as a sign of the “economy roaring back”. Wall Street also reacted positively on the back of the news, with the Dow Jones rising more than 400 points.
The Labor Department also confirmed that unemployment had fallen more than expected, to a number of 11.1%. This is the lowest since the coronavirus pandemic started. Though these numbers may not paint an entirely accurate picture since they fail to capture the period when states started to rollback their reopening measures, they have still provided a timely economic boost.
JPY Moves Slightly Higher but Remains Hampered
The USD/JPY is one of the most traded markets in the world. Forex brokers though have noted that the market has been trading without much direction for some time. The pair was boosted slightly to a high of just below 108 on news that the US jobs data had come in much better than expected. This positive move was tempered with caution though amid the increasing concern with COVID-19 cases increasing across many American states.
As a well-known safe haven currency in times of difficulty itself, it may be some time before those forex trading the Yen feel like moving out of that safety zone. Later today, Japan will publish their own bank services PMIs from June. Should this number come in greater than expected, it may provoke an additional boost in the market.
Chinese and Other Asian Markets Positive
Yesterday’s positive news from the US has extended into the Asian trading session on Friday. Markets opened strongly across the Asia Pacific region. The Shanghai Composite index jumped almost 1.5% in early trading, with major indices in Japan, South Korea, and Australia, also displaying positive signs.
Markets were further buoyed by the release of Chinese PMI data from the services sector which showed a number of 58.4 for June. This would indicate the sector is growing at the fastest rate since 2010 after much of China returned to normal activity in the month of June.