Ripple showed a crazy amount of volatility on Monday, [Video]

Kiana Danial, CFP Invest Diva

Ripple showed a crazy amount of volatility on Monday, testing above our resistance level of 0.2790 on the news that Bill and Melinda Gates Foundation has released new open-source software that utilizes technology developed by Ripple.The software is called Mojaloop, building off the Swahili word “moja,” which means “one”. Other fintech developers besides Ripple include Dwolla, ModusBox, Crosslake Technologies and Software Group. Mojaloop is designed to provide a reference model for payment interoperability between banks and other providers across a country’s economy. It is available now, free-of-cost, for software developers to adapt and banks, financial service providers and companies to implement, according to a statement released by the Gates Foundation. In other news, former Federal Reserve chairman Ben Bernanke appeared bullish on the blockchain industry as he spoke at Ripple's Swell conference in Toronto Monday. He called out Ripple by name, saying that he's read about the company's work and thinks that any effort in payments to reduce cost, improve accuracy, speed, and reliability and "bring the global economy closer together" is a good thing. Despite the earlier gains on the news, XRP/USD saw sharp declines in the second half of the day, something that could be attributed to profit taking among market participants after the pair hit a major resistance level for the young cryptocurrency. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.

For more from Invest Diva, click here

Author

Kiana Danial, CFP

Invest Diva

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert.

EUR/USD recedes to daily lows near 1.1850

EUR/USD keeps its bearish momentum well in place, slipping back to the area of 1.1850 to hit daily lows on Monday. The pair’s continuation of the leg lower comes amid decent gains in the US Dollar in a context of scarce volatility and thin trade conditions due to the inactivity in the US markets.

GBP/USD resumes the downtrend, back to the low-1.3600s

GBP/USD rapidly leaves behind Friday’s decent advance, refocusing on the downside and retreating to the 1.3630 region at the beginning of the week. In the meantime, the British Pound is expected to remain under the microscope ahead of the release of the key UK labour market report on Tuesday.

Gold looks inconclusive around $5,000

Gold partially fades Friday’s strong recovery, orbiting around the key $5,000 region per troy ounce in a context of humble gains in the Greenback on Monday. Additing to the vacillating mood, trade conditions remain thin amid the observance of the Presidents Day holiday in the US.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Monero Price Forecast: XMR risks a drop below $300 under mounting bearish pressure

Monero (XMR) starts the week under pressure, recording a 4% decline at press time on Monday after a 7% drop the previous day, putting the $300 support zone in focus.