Weekly Technical Analysis (24.07.2017)

www.tradescrypt.com’s Weekly Technical Analysis gives investors important insights on fundamentally strong cryptocurrencies which includes Bitcoin, Ethereum, Litecoin, Ripple and AntShares(NEO).  It’s a quick read for investors at the start of the week which presents necessary statistics which could prove vital for considering investment position and making decisions during the week.

1.Bitcoin:


Last week was a good week for Bitcoin HODLers / investors. We witnessed BIP 91 Lock-in. The prices had dipped below USD $2000. This price dip had exposed panic sellers while HODLers / investors benefitted from the ‘Buy & Hold’ position. After the Lock-in, the prices soared touching the USD $3000 mark.

Following are the statistical conclusions drawn from this week’s technical analysis:
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  • Risk/Reward Ratio: 1.33 (Ideal ratio tends to 2)
  • Optimal Trade Entry(OTE): USD $2690-$2710
  • Market Cap: USD $44,634,172,796
  • Circulating Supply: 16,466,225
  • Volume(24h): USD $917,334,000

2. Ethereum:

Ethereum fell from 0.10468 BTC to 0.082969. We witnessed a deep dive to 0.078271 earlier last week, which was a good entry point. With the addition of mega enterprises like MasterCard, Cisco Systems, Scotiabank and government bodies like Andhra Pradesh State Government (Indian State Government) accepting Ethereum blockchain, we believe Ethereum has the potential to become the top player.

Following are the statistical conclusions drawn from this week’s technical analysis:

  • Risk/Reward Ratio: 0.93 (Ideal ratio tends to 2)
  • Optimal Trade Entry(OTE): 0.080697-0.0811797 BTC
  • Market Cap: USD $20,859,469,134
  • Circulating Supply: 93,509,610
  • Volume(24h): USD $588,710,000

3. Litecoin:

Litecoin fell since last week. Prices dipped from 0.021253 BTC to 0.016184 BTC. Recently, LocalCoinATM announced Litecoin support on Bitcoin ATMs in Toronto, Canada. We are still observing a lot of potential in Litecoin which makes the current prices a good entry point for cryptocurrency investors.

Following are the statistical conclusions drawn from this week’s technical analysis:

  • Risk/Reward Ratio: 2.8 (Ideal ratio tends to 2)
  • Optimal Trade Entry(OTE): 0.016127-0.016271 BTC
  • Market Cap: USD $2,266,141,385
  • Circulating Supply: 52,141,232
  • Volume(24h): USD $209,066,000

4. Ripple:

Ripple has seen a low of 0.00006553 BTC after a high of 0.00008714 BTC. In spite of such a dip, Ripple has managed to be the star performer of 2017 with growth of almost 4000% this year. Q2 growth of 2017 is beyond 1000%. With strong fundamentals and growing community, invest and hold is our recommended position.

Following are the statistical conclusions drawn from this week’s technical analysis:

  • Risk/Reward Ratio: 0.31 (Ideal ratio tends to 2)
  • Optimal Trade Entry(OTE): 0.00006745-0.00006816 BTC
  • Market Cap: USD $7,291,599,229
  • Circulating Supply: 38,291,387,790
  • Volume(24h): USD $111,551,000

5. AntShares:

With AntShares’ rebranding event on the charts, last week has been a great week for AntShares. It shot right from 0.0026667 BTC to 0.00331513 BTC. Rebranding and support / influence in China are the key factors to observe while analyzing this cryptocurrency. It is firmly believed to be China’s Ethereum.

Following are the statistical conclusions drawn from this week’s technical analysis:

  • Risk/Reward Ratio: 1.51 (Ideal ratio tends to 2)
  • Optimal Trade Entry(OTE): 0.0307167 -0.03028972 BTC
  • Market Cap: USD $413,683,000
  • Circulating Supply: 50,000,000
  • Volume(24h): USD $29,621,300

Information sources-

www.coinigy.com
www.coinmarketcap.com

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Our View: Initial Coin Offering

  • Initial Coin Offering (ICO) are crowdfunding campaign for cryptocurrency start-ups.
  • Start-up developers establishes a currency platform so that a significant amount of initial coins are allocated thereby enabling those initial coins to be auctioned in order to raise capital.
  •  If the currency platform is successful, initial coins offered will rise in value allowing ICO investors an exit.
  • Some start-ups also offer guaranteed equity in the business for the ICO investors.
  • Ethereum is one of the prominent examples of an successful ICO. It was initially launched with a sale of 31,591 bitcoin (then around USD 18.5 million) in exchange for first 60 million ether tokens.
  • Since Ethereum, there were more than 10 more successful ICO’s on the Ethereum platform which includes Basic Attention Token tracking-free advertising on the Brave adblocking browser, MobileGo token used in a cryptocurrency-based video game marketplace, Bancor Network Token which backs a platform designed to make it simpler for developers to make and launch their own blockchain tokens.
  • Investing in any ICO should be considered only after understanding the technology / platform / currency and after start-up management / community background check, among other points.
  • Therefore, at this stage, when cryptocurrency valuation are volatile, an investor should not consider cryptocurrency as a short term gamble, but they have to consider cryptocurrencies as either:

a)  Medium to long term investment instrument whose valuation will increase with greater acceptance and when certain required regulations sets in.

b)  An opportunity to invest in sound start-ups based on solid technology through ICO’s.

   For more details on upcoming ICO’s, subscribe to us and kindly read our cryptocurrency / ICO analysis report on www.tradescrypt.com.

Myth buster: Is Bitcoin and cryptocurrency trading illegal in India?

Myth buster: Is Bitcoin and cryptocurrency trading illegal in India?

 1. What is Bitcoin and cryptocurrency?
Cryptocurrencies are digital currencies that can be used to make payments in exchange for goods and services. These are decentralized currencies, i.e. they operate independently of a central bank as opposed to centralized digital currency/electronic money. These currencies are generated and maintained using encryption algorithms which form a public ledger. Bitcoin was the first decentralized cryptocurrency found in 2009. It works on the blockchain technology. Bitcoin and Cryptocurrencies can also be bought in fraction allowing investors to  buy even INR 500 worth of Bitcoins / cryptocurrencies. You probably may have heard of Ethereum as well. It is the 2nd most valued cryptocurrency after Bitcoin. Further, there are about 800 different cryptocurrencies, each one having different value associated with it.

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2. What is so good about them?
Cryptocurrency is said to be the future of economy. Here are some of it’s noteworthy features:

a) Anti-Fraudulent: Unlike fiat currency, cryptocurrency cannot be counterfeited or reversed arbitrarily by the sender.

b) Safeguards Identity: In the scenario of credit cards, which operate on ‘pull’ mechanism, irrespective of the amount, every time, the card holder has to provide access to their full credit line. ‘Pull’ mechanism allows the store to pull the designated amount from your account. Cryptocurrency work on ‘push’ mechanism which allows the cryptocurrency holder to send an exact amount to the recipient with no additional information.

c) Immediate Settlements: Purchase of real world assets typically invite a timely procedure along with it. The settlements may take days, weeks or sometimes even more due to third party delays (Lawyers, Notary, Government approvals). Bitcoin/cryptocurrency contracts can be designed and enforced to eliminate or add the requirement of third party approvals or external factors. Moreover, the requirement to complete an asset transfer at a future date or time could be fulfilled at a significantly lower expense.

d) Lower fees: Usually, there aren’t any transaction fees involved with Cryptocurrencies because the miners are being compensated by the corresponding networks. However, people prefer to use third-party wallet services like Zebpay, Unocoin and Pocketbits for creating and maintaining their own bitcoin wallets. They charge a fee which is lesser than what is charged by traditional payment transaction services like PayPal, Bank transfers and others.

“THE BLOCKCHAIN KEEPS EVERYONE HONEST, AND A WHOLE LAYER OF BANKING BUREAUCRACY IS REMOVED, LOWERING COSTS.” — PAUL VIGNA.

e) Ownership: Existent transactional service providers like PayPal have the power to freeze your assets when they have a reason to believe that your account has been misused. Such cases have repeated themselves more than it may seem. In the case of cryptocurrency, you hold your private key and corresponding public key which makes up your cryptocurrency address. Unless you lose it yourself, there is no way anyone can take that away from you.

3. Why is it all over the Internet?


This is what a Bitcoin chart looks like. It can be seen an exponential growth in terms of value and market capitalization. Currently Bitcoin is valued at $2570 USD with a market cap of approximately $42 billion USD. Bitcoin market dominance as of 7th July 2017 is 42.8%

4. Has it really made Millionaires or Billionaires?
Yes it has! Fortune.com says if you brought $5 worth of Bitcoin you’d be $4.4 million richer. Look at the Bitcoin price chart, there people who got into bitcoin in early 2013 by investing a few, hundred or thousand dollars. You can calculate their worth today. You will find hundreds of people on the internet who have literally gone from ‘Pickup trucks to Lambos’ in no time.

5. Can I become a Millionaire/Billionaire too?
Well, of course! It is never too late. There are 800 different Cryptocurrencies apart from bitcoins (a.k.a. altcoins), a lot of which have not realized their full value yet. If you can spot the right altcoins and invest in them right now, who knows? That Lambo could be yours’ too!

6. Are cryptocurrencies illegal in India?
No! It is not illegal, it never was. In fact, thousands of people from India have been trading cryptocurrency for many years now. They have made a lot of money too.

  • On February 1st 2016, RBI issued another cautionary press release which states that users transacting cryptocurrency must be aware of their Cryptocurrencies and the risks associated with them since they don’t regulate these Cryptocurrencies. A similar notice was given by them in December 2013.
  • A month later, in March, RBI Deputy Governor R. Gandhi raises points out financial, legal, customer protection and security aspects of Cryptocurrencies that they deem to be risky.
  • As of August 2016, there were 50,000 estimated Bitcoin users in India. Please note that this was during the pre-demonetization period. This number has been growing ever since. The establishment of prominent exchanges and wallets like BTCXIndia, Zebpay, Unocoin, Pocketbits has resulted more and more people get into cryptocurrency trading in India. By some estimates, Bitcoin users could alone go beyond five million by 2019, globally.
  • After the revolutionary announcement of cash ban by PM Narendra Modi, Bitcoin was reported to be inflated 20-25 percent over cost. The value shot up from ₹40,000/Bitcoin in October 2016 to ₹90,000/Bitcoin.
  • During or until this period, unlike the RBI, regulators elsewhere in the world were taking measures proactively to adopt such currency. These include neighboring countries like China, Russia, Singapore and Philippines.
    Although an Inter-disciplinary committee was set up by the RBI in March,2017 to examine the risks associated with Bitcoin and other virtual currencies
  • RBI’s research wing, the Institute for Development and Research in Banking Technology, acknowledged the prominence of blockchain technology and such currency by issuing a whitepaper.
  • Cut to June 27, 2017. Union Finance Minister Arun Jaitley held a meeting to discuss several issues concerning bitcoins after seeking a public opinion on allowance of such currency a month ago.
  • The meeting ended without any verdict but with a further commencement in end of this month.
  • Please note that the Government has never used the word “Illegal” in any of their notices. Nishith Desai Associates, India’s leading international law firm has released a whitepaper which concludes that Bitcoin is legal in India.
  • All the exchanges are following strict KYC Policies which includes PAN and Bank verification before the user can start transacting Bitcoin.
  • With countries like USA and China having reached at a point where they have ATMs for Bitcoin, India will definitely catch up with the trend soon.
  • India has a population of about 1.3 billion people. They day the word goes out that Government of India is officially supporting Bitcoin, one can easily speculate a considerable amount of hike in its value since demonetization. You surely want to hold some Bitcoin and Cryptocurrencies when this happens. Who would want to miss out?

 

Tradescrypt.com hopes that this has cleared all the misconceptions about Bitcoin and cryptocurrency trading in India and answered all your questions.

If you think that we have missed out on anything, please feel free to leave a comment or contact us.

Subscribe to our newsletter for news, analysis and updates straight to your inbox.

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Analysis: Litecoin

Litecoin LTC

Global decentralized currency.

1. What is it? 
Litecoin is a peer-to-peer, global decentralized currency that can be used to to purchase goods and services. It is fundamentally similar to Bitcoin, but they differ drastically when it comes to particulars behind them. Litecoin promises cheap transactional costs for sending and receiving cross border payments. They claim to have a better rate of transactions and storage efficiency than Bitcoin. Litecoin is an open source software licensed under MIT/X11 license which enables users to Run, modify and distribute the software.

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2. FIT Test (F: Future updates; I: Innovation; T: Trends): FIT Test enables us to check the uniqueness, alignment with respect to the current trends and future update of the fundamentals of the corresponding cryptocurrency.

A) Innovations:

i)Open source: This empowers skilled developers across globe to work on the software which in-turn expands the developer/miner community.

ii)Blockchain: The Litecoin blockchain claims to be capable of handling higher transactional volumes than bitcoin. Frequent block generations (~2.5 minutes/block; Bitcoin: ~10 minutes/block), which allow the Litecoin network to support more transactions with seldom need to modify the software, help support their claim.

iii)Wallet encryption: Wallets are encrypted using Scrypt algorithm, unlike SHA256 which is used by Bitcoin. They ensure secure transactions which check identity as a preliminary step before transacting LTC.

iv)Mining reward: Miners are awarded with 25 new LTC per block, an amount which  will halve itself every 840,000  blocks which rounds up to roughly 4 years.

B) Trends: Decrease transactional costs cross border trades.

C) Future updates: Charlie Lee, one of the creators has returned to the development team. There is a major announcement due on 1st of August which also marks the UASF finale for Bitcoin. There is a possibility of a lightning network announcement for Litecoin. Could this be the countdown? http://litecoin.mit.edu/

                                              Litecoin – The ‘Silver’ of the Cryptocurrency market

 

3. Community:

A) Charles Lee: The man behind Litecoin is a well experienced personality in the cryptocurrency ecosystem. The former Director of Engineering at Coinbase, is also the brother of Bobby Lee, CEO at BTC, a leading crypto exchange in China

B) Bobby Lee: CEO, BTCC and one of the board of directors of the Bitcoin Foundation, also the former VP of Technology at Walmart, China (E-Commerce) could pose as a major contributor for the large-scale adoption of cryptocurrency to match the fiat currencies in China. BTCC recently launched Litecoin mining pool to attract miners.

C) Mr. PZ: The secretary-general of global LTC Roundtable has succeeded in promoting LTC at various events in China. He is also one of the major Chinese blockchain evangelists.

4. Downside/Risks:

a. Litecoin is progressing with a great momentum, it is difficult to say what will decrease their ever increasing momentum but one could never overlook the threat which resides due to attacks to slow down or derail the could be “lightening network”.

b. Marketing is one of the non-existent risk at the moment. After signaling SegWit, the rate at which LTC was  induced in markets was lesser than one could have expected. LTC did not exist for most of the mobile wallets. But as they say, things of great value don’t need great marketing, we stand today with major wallets allowing LTC  transactions.

5. Future:  Litecoin has successfully signaled SegWit unlike Bitcoin which will face a verdict on 1st Litecoin is also reportedly testing it’s lightening network which could revolutionize its value. There are speculations that the lightning network announcement will happen on 1st of August along with Bitcoin’s ‘fate decider’ announcement.

6. Technical analysis:

Technical analysis for LTC indicates that it has corrected itself quite quickly as it has soared. One could wait to get in at the Optimal trade entry. Since the fundamental features of the technology behind this claims to be better than the one behind Bitcoin and by far it has done everything to prove that claim right, this is surely in the league for the long run. A speculation of a $100 mark achievement by December 2017 is not too bold for this crypto.

Following are the statistics inferred from the technical analysis:

i) Risk/Reward Ratio: 1.11

ii) Optimal Trade Entry (OTE): 0.0192-0.01884 BTC

iii) Market Cap: $ 2,633,087,671

iv) Price: $50.71 / 0.0 1961740 BTC

The ideal Risk/Reward Ratio tends to 2. You could either wait for it to enter the OTE area or get in right away and enjoy the ride.

7. Comments: Litecoin’s blockchain capabilities, miner support, coin limit, block reward patterns make it better than Bitcoin which is shy of SegWit Activation which it may or may not achieve. A wise investor would surely add this so called ‘Silver’ to the Bitcoin which is the ‘Gold’ in the cryptocurrency market [/expander_maker]

Our view: Cryptocurrency and China

  • China accepted cryptocurrency in a big way. With easy access to cheap hardware, cryptocurrency mining is flourishing.
  • China’s cryptocurrency exchange BTCC accounts for 60% of bitcoin’s collective hashrate.
  • In early 2017, Chinese government suspended all withdrawals from cryptocurrency exchanges causing the bitcoin market to plunge sharply.
  • However, in mid-2017, Chinese government amended the cryptocurrency regulatory framework in order to allow withdrawals from cryptocurrency exchanges.
  • This spurred investor confidence in cryptocurrencies causing the market to rise.
  • Recently, Peoples Bank of China is said to be developing its own cryptocurrency. If this happens, China will be the first country to develop and run its own cryptocurrency.
  • With this, China will enable cryptocurrency to reach millions of Chinese citizen with no access to bank services, reduce cross-border transaction charges, reduce corruption and enable detailed analysis of data and draw economic insights in real time.
  • On the political front, a national cryptocurrency could further strengthen the position of the ruling Communist Party of China.

Analysis: AntShares

AntShares (ANS)  a.k.a  ‘China’s Ethereum’.

Smart asset registration, issuance and circulation.

1. What is it?

China’s first ever original and open source public chain project, Antshares serves as a smart assets platform. Smart assets are the combination of smart contract of blockchain and digital assets.

 Antshares allows for a smarter way for assets registration, issuance, and circulation. Digital assets exist in the form of electronic data and with blockchain technology, digital assets becomes decentralized, trustless, traceable and highly transparent. Antshares underlying technology supports multiple types of digital assets and use digital certificate to enable trust for public chain, namely the assets issued by users via digital certificate are protected by law. On the other hand, for more complicated scenarios, users can use smart contract to enhance and enrich the functions of assets. Besides, users can also create smart contracts with other functions unrelated to assets. Smart contract,a concept that was first initiated by Nick Sazbo in 1994, has a history as long as that of the Internet. According to Nick Szabo:Smart contract can execute contract clauses when the preprogramed conditions are met. It is blockchain technology, due to its decentralization, immutability and highly reliable system that provides the very environment for smart contract to embody its value. (Source:www.antshares.org)

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2. FIT Test (F: Future updates; I: Innovation; T: Trends): FIT Test enables us to check the uniqueness, alignment with respect to the current trends and future update of the fundamentals of the corresponding cryptocurrency.

A) Innovations: One big contrast of these competing platforms is their programming languages. Ethereum requires developers to learn to program with Solidity. Neo, on the other hand, will support almost all programming languages via a compiler, including those on Microsoft.net, Java, Kotlin, Go and Python, greatly lowering the difficulty for developers to write smart contracts.

B) Trends: Digital Asset Management, Management of real world assets.

C) Future updates: 

i) Innospace CEO announced $29.3M USD incubation fund, a collaboration between his company and the NEO blockchain team. Plans for the fund include the establishment of a new blockchain space in Shanghai, combining working spaces, startup incubation and acceleration.

ii) Partnered with Agrello to develop smart contracts for automation, self execution, accuracy and transparency. Powered by AI, Agrello will be a platform for nonW programmers to create their own legally binding blockchain based smart contracts. Use cases for Agrello’s tech include renting and sharing, freelance contracting, orchestrating production flows, and reducing administration costs for multinational corporations.

iii) With offices in Israel and Shanghai, Coindash will be a social trading platform for crypto assets, offering portfolio management tools for digital asset investors. Features of the platform will include portfolio statistics and management tools, investment automation, an ICO dashboard, and insights into other traders’ successful investing strategies. In the upcoming development of Nest Fund, a blockchain based smart fund by the developers of NEO, Coindash will offer advisory and prediction tools for Nest’s modern investors.

iv) The former CTO of OkCoin, Mr. Zhao Chang Peng is starting his own digital asset exchange, hoping to compete with platforms like Poloniex. Calling his new platform Binance, this new exchange will only deal in coin to coin transactions, avoiding fiat pairs and therefore avoiding Chinese regulations. In order to maintain a standard in mature digital assets, Binance will only list coins that meet its strict criteria. With a launch planned for later this year, the platform’s first traded assets will be bitcoin, ether and NEO.

3. Community:

AntShares at a gathering of 200 people at Microsoft HQ, Beijing declared a complete rebranding of the company. ANS will become NEO. Following people took the dais as speakers:

  1. Da Hongfei, founder of NEO.
  2. Erik Zhang, Core Developer of NEO.
  3. Tony Tao, CEO of NEO and Founder of Nest Fund (Investment Fund).
  4. Srikanth Raju, Microsoft’s G.M of Developer Experience and Evangelism for the Greater China Region.
  5. Mr. Han Feng, Tsinghua University IWCenter.
  6. Chen Cheng Qiang, founder and CEO of Innospace.
  7. Alex Norta, founder of Agrello.
  8. Adam Efrima, COO of Coindash.
  9. Zhao Chang Peng, CEO of Binance.

4. Unique Features:

  • NEO applications can be developed using all major programming.
  • Tie ups with influential people in China.
  • Collaboration of digital asset management with real world asset.

5. Downside / Risks:

  • Replicable
  • Not available on Poloniex. Use Bittrex.

6: Future: Considering the community and innovations, it may be seen as a good competitor against Ethereum for the 2nd place in Total Market cap after Bitcoin in China.

7: Technical Analysis: 

 

Source: www.coinmarketcap.com

  • Market Cap: $372,122,500
  • Price: $7.44

8: Comments:

AntShares are relatively new to the market. They have soared upto $11.5 in price and corrected themselves by a little more than 30%. With the expansion of footprint in China and rebranding milestone on cards, one could expect a boost in the price which may be preceded by a dip which will expose the panic sellers. It has a good future and hence a good investment to hold on to.

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Analysis: Ripple

Ripple

Instant, certain, low cost international payments.

 1. What is it?

Ripple’s distributed financial technology enables banks to send real-time international payments across networks. Using Ripple, banks can meet growing demands for faster, low-cost, on-demand global payment services for any payment size. The result: new revenue opportunities, lower processing costs, and better overall customer experiences. Using Ripple, your bank can acquire new customers and grow revenue through differentiated products and services. In addition to that, Ripple lowers your bank’s back-office costs through an efficient mechanism to process and settle international payments. This model allows you to estimate the efficiency gains your bank can achieve using Ripple for international payments. (Source: www.ripple.com)

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2. FIT Test (F: Future updates; I: Innovation; T: Trends): FIT Test enables us to check the uniqueness, alignment with respect to the current trends and future update of the fundamentals of the corresponding cryptocurrency.

A) Innovations:

Ripple’s solution is built around an open, neutral protocol (Interledger Protocol or ILP) to power payments across different ledgers and networks globally. It offers a cryptographically secure end-to-end payment flow with transaction immutability and information redundancy. Architected to fit within a bank’s existing infrastructure, Ripple is designed to comply with risk, privacy and compliance requirements.

  • Interledger Protocol (ILP): All banks and payment providers — from the smallest to the largest — can leverage the Interledger Protocol to securely and efficiently transact cross currency. ILP can work with any new network or system, regardless of its underlying technology. It ensures the payment speed and certainty necessary to service high volumes of all payment types and sizes, while making them cost-effective for customers and profitable for banks.

 

  • Ripple Connect: Ripple Connect links the ledgers of financial institutions through ILP for real-time settlement of cross-border payments in a way that preserves the ledger and transaction privacy of the financial institution. Additionally, Ripple Connect provides a way for banks to exchange originator and beneficiary information, fees and the estimated delivery time of the payment before it is initiated — providing unprecedented visibility into each transaction.(Source: www.ripple.com)

B) Trends: Decrease operational costs for the banks, Faster transactions rate.

C) Future updates: Having partnered with almost 50 major global banks, one can expect more funds into this crypto making it a big hit in the future.

3. Community:

  • Clients:

  • Integration Partners:

4. Unique features

5. Downsides/Risks

The openness with which the Ripple network operates has, on the other hand, also allowed for vulnerabilities to develop. Researchers at Purdue University have found that, although the core of the network remains highly liquid, that the structure also allows for attacks on certain nodes within the network to cripple some users’ access to funds. In fact, some 50,000 wallets may be immediately at risk if such an attack were to occur. However, the researchers suggest that the fact that they have been able to detect weaknesses in Ripple’s system is actually a good thing, since conventional world of banking often lacks transparency in this regard.  Having identified those weaknesses, Ripple’s developers may be able to work to correct them.

6. Future:

As Ripple continues to invest in the network and improve, this combined with a growing presence and partnerships with global firms makes it a candidate to be the next big disruptor. Recently, partnerships have been established. MUFG in Japan is working to oversee creating payment rules and standards. Similarly, a Global Payments Steering group of banks formed to establish rights and obligations framework for the use of the technology. The group includes BAML, Santander and RBC. A group of Japanese banks have piloted software and towards the end of the year plan to use the technology in commercial scale. This will mean 40% of banks in Japan will be in some way connected to Ripple technology. Then in 2018, RBS and BAML, amongst others will use Ripple to underlie the cross-border payment services for retail and commercial customers. As the network grows and ripple begins to make a name for itself, it may well present a buying opportunity. Ripple has some way to go to match the exposure of Bitcoin with only five years under its belt compared to Bitcoin’s 8 years, but if it follows in the footsteps of Bitcoin, its value has the potential to surge further. The vulnerability found by the students of Purdue university can be resolved by adding more members in the Ripple network which they seem to be doing at a better rate day by day.

7. Technical Analysis:

Technical analysis for XRP indicates that it has corrected itself very well after the soar observed in mid May 2017.

Following are the statistics inferred from the technical analysis:

  • Risk/Reward Ratio: 1.43
  • Optimal Trade Entry (OTE): 0.00009573-0.00007582 BTC
  • Market Cap: $ 9,940,405,979
  • Price: $0.25 / 0.00010163 BTC

The ideal Risk/Reward Ratio tends to 2. So, The OTE for this crypto is somewhere between 0.00009573-0.00007582 BTC. However, If the strong fundamentals of XRP convince you to put your money on, it looks promising for a long run.

8. Comments:

Ripple has a strong community and convincing selling point of decreasing operational costs while increasing the rate of transactions. It is ranked third after BTC and ETH. Japan is on the road to adopt Ripple. Good for long term investment.[/expander_maker]