Crypto analysts are trying to determine where Bitcoin is heading after the leading cryptocurrency’s drop below $9,000 on Friday.
New analysis from Bloomberg suggests BTC has not yet reached a bottom.
The financial outlet says the GTI VERA Convergence Divergence indicator, which is designed to identify market reversals and exhaustion, shows a trend reversal may be incoming.
“If this occurs, the largest digital currency could retest the lows seen before its rampant run following comments by China’s President Xi Jinping in October.”
Bitcoin surged from $7,475 on October 24th to a high of $9,797 on October 25th, according to CoinMarketCap, following comments from President Xi expressing full support of blockchain, the technology that underpins cryptocurrencies.
Bitcoin is currently down 0.28% to $8,773, at time of writing, according to data tracker COIN360.
Ripple and XRP
XRP investors on Reddit are analyzing whether Ripple’s On-Demand Liquidity (ODL) – which utilizes XRP as a bridge to move fiat across borders – will ever have a positive impact on the price of the third-largest cryptocurrency.
In a new thread, traders are offering their take on how Ripple, which owns half of the supply of XRP, can boost its adoption and price. Here are some of the highlights.
“My understanding of the idea behind ODL pumping price is supply is roughly stagnant compared to the future increase in demand If we consider supply as the amount currently in trade orders on ODL exchanges, as this will be the only XRP accessible, this doesnt include the 50 billion locked up, people hodling but only the amounts currently being traded.” – Adnaplaes
“I don’t think it’s ODL that will increase the price directly, but indirectly it will influence external factors. If ODL use ramps up over the next couple years I think it builds trust in investors otherwise uncertain. ODL will generate actual value and the investment won’t be seen as speculative as it currently is. An increase in market makers, arbitragers, institutional funds, normies etc. will be an increase in demand indirectly attributed to ODL.” – ultimate_carlos
“I think David Schwartz’ recent video about creating a stablecoin backed by XRP may be an indication that Ripple is beginning to shift resources to less ODL-based stuff. It may be that they won’t fully focus on something else for a while, but I think we may be seeing more and more hints of it in the coming months/years.” –ichthyoidoc
You can check out the full post here.
Binance DEX, the company’s decentralized crypto exchange, has added a new asset that’s pegged to Litecoin (LTC).
It’s called LTC-BEP2 and is fully backed 1:1 with real LTC, according to Binance. The new addition is part of Binance’s move to allow traders on the exchange a way to gain exposure to the world’s leading digital assets.
Coins pegged to BTC and XRP are already live.
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— Binance DEX (@Binance_DEX) November 6, 2019