18th June - Crypto Technicals & Market Watch
Ripple Could Invest Up to $50 Million in MoneyGram in XRP Boosting Deal
Blockchain payments startup Ripple has struck a deal to buy a stake in money transfer giant MoneyGram, the companies announced Monday.
Under the deal, according to the Wall Street Journal and Fortune, Ripple will spend $30 million to buy shares at a price of $4.10 apiece. And in the next two years, MoneyGram has the option to sell an additional $20 million worth of shares to Ripple at the same price. As noted by the Journal, MoneyGram shares were trading at about $1.45 apiece at the close of day, meaning Ripple’s purchase price is close to three times the current market value.
Brazilian Financial Authorities Announce Regulatory Sandbox For Blockchain
Four of Brazil’s major financial authorities have come together to regulate emerging technologies, including blockchain.
The Ministry of Finance, the Central Bank of Brazil, the Securities Commission, and the
Superintendent of Private Insurance recently announced their intention to adapt new regulations to manage fintech and cryptocurrency advances.
The regulations will affect Brazil’s securities, financial, and capital markets, according to the regulators.
The institutions will also create a regulatory sandbox in the hopes of understanding and allowing concessions for new fintech ideas.
Russia’s Central Bank Is Considering Launching a Digital Currency
The head of Russia’s central bank has said the institution could one day launch its own digital currency.
Chairwoman Elvira Nabiullina told a student conference that, while such a project “cannot be realized immediately,” various central banks, including Bank of Russia, are investigating the possibility, TASS reported Saturday.
Key to the utility of a central bank digital currency (CBDC), she said, is that the technology must ensure “reliability and continuity.” “Technologies must be mature, including technologies of distributed registries,” Nabiullina said.
Polish Bank Verifies Documents With Ethereum Blockchain
Alior Bank, a bank based in Warsaw, Poland, is using the public Ethereum blockchain to authenticate its clients’ documents, according to a report by Forbes on June 17.
According to the report, when a client at Alior receives a document, they can now verify its authenticity by following a website link to its spot on the public blockchain. This means that customers can verify that the document in question was in fact issued, in the exact wording provided, when the bank claims. The blockchain technology lead at Alior.
Canadian Pharmacy to Track Cannabis via Blockchain in New Pilot Program
Canadian pharmacy chain Shoppers Drug Mart has partnered with blockchain company TruTrace Technologies Inc. to launch a pilot program for cannabis supply chain tracking via blockchain, according to a report by Bloomberg on June 17.
According to the report, this blockchain tracking system will be used to identify and track medical cannabis, with data included such as the strain’s source and genetics. This data will purportedly allow doctors to issue more effective prescriptions, as well as provide robust information for medical marijuana clinical trials.
Bitcoin (BTC) is in an uptrend. It broke out of $9,053.12 on June 17,which invalidated The failure of a bearish setup is a bullish sign.This shows that bulls are firmly in command. The next target to watch on the upside is the psychological resistance of $10,000.The bulls might push the price above $10,000 and towards $12,000.A breakdown of $7,413.46 will indicate a change in trend.
Ethereum (ETH) is currently range-bound. It has been trading close to the resistance of the $225.39–$280 range for the past two days.On a breakout above $280, the ETH/USD pair can rally to $322.06 and above it to $335. We expect some profit booking around these levels.If the pair turns down from the current levels it can drop to $225.39. A breakdown from this level will turn the trend in favor of the bears.
Ripple (XRP) is currently trading $0.45 to $0.47919 might act as a resistance.A breakout has a target objective of $0.57259, above which the rally can extend to $0.6250.If the XRP/USD pair turns down the trend will turn bearish on a breakdown of $0.35660. Traders can trail the stop loss on the long position to $0.37.
Above $450, the bulls will try to retest the recent highs of $481.99 and if this level is crossed, a move to the resistance line of the channel is likely.The critical level to watch on the downside is $360 and below it the support line of the channel. If this zone breaks down, the pair can correct to $280.
Disclosure: The author holds no cryptocurrency at the time of writing.
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