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What is IOTA? Analysis and all you need to know

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A digital currency for the Internet of Things (IOT), IOTA is the new backbone of IOT, a scalable, decentralized, modular. IOTA analysis by coinnounce

What is IOTA? Analysis and all you need to know

A digital currency for the Internet of Things (IOT), IOTA is the new backbone of IOT, a scalable, decentralized, modular and no fees platform for Internet of Things to grow and flourish. Although still considered by a few as a lesser known digital currency, IOTA has made quite amark for itself and has even surpassed big names in the digital currency world like Ripple. IOTA is meant to be a digital currency for the exchange of data and information between machines equipped with sensors. These sensor equipped machines populate the entire scene of the Internet of Things. This would enable something that is called a paradigm shift to the Internet of Things. IOTA aims to establish a Ledger of Everything.

 

Recent market valuation for IOTA

IOTA is currently sitting at a make or break level. It is currently down to about $0.9723 which means that it has finally broken below the $1 mark. If it is eventually broken, IOTA would face a severe downside and is thus currently on critical support. It had made quite a wave a few months back by rising in value however, for quite some of the recent time, IOTA has been trading under a critical resistance for quite a while and is also facing a rising trendline. Accordingly, till the time IOTA is being traded below this line, the bias would always be to sell on the rise.

As already mentioned, IOTA is presently sitting on a critical support which looks like a long term deal and if this long term critical support is broken, it would be catastrophic and would definitely be most probably the end of this digital currency.

It is also important to note here that the current JAVA implementation of IOTA is in Beta stage and with further advancements and improvement there would be even more enhanced performance by it and there will be additional features that would enhance the ease of use of this platform.

The Internet of Things or the IOT market would hit the $470 billion mark by 2020 if experts are to be believed. This means that the prospects for IOTA would increase way up too. Over 3 million transactions have already been processed on the IOTA platform and to imagine the great deal of prospects for this digital currency with the Internet of Things industry rising with such a booming speed, there sure is something really revolutionary when the digital market is looked at at an IOTA angle. Although there is still a long way for the Internet of Things markets and companies to actually make a strong and steady stand in this world and actually making sensor equipped machines the future of the world, IOTA has been constantly bettering itself with more and more developments in the entire space and with every further positive step the IOT industry takes, IOTA as a digital currency for the Internet of Things would definitely not be far behind, one might as well say, that these two could actually become each other’s shadows in the long haul.

 

Tangle – IOTA Platform

IOTA runs on a new platform called Tangle. It makes use of a data structure known as the Directed Acyclic Graphs or DAGs. Owing to this graphical nature of the entire platform, Tangle basically has no blocks, no chains and thus no miners. The usage of this Tangle solves several issues which are traditionally faced with other digital currencies, like the issue of scalability and high transactional fee charges. The dual work of making a transaction and also validating them is both coupled since the sender is required to do a proof of work for the transaction which actually approves not one but both the transactions.

As a result, like in all other digital currencies where the transaction speed over the network decreases with an increased user base, with IOTA, Tangle enables for the transaction speed over the network to be increased with an increased user base. This means that on Tangle, transaction speed and a larger user base are actually directly proportional to each other and not inversely proportional like it usually is with every other digital currency on the market. This makes it a very characteristic kind of digital currency for the Internet of Things.

Moreover, since the proof of work is done by the sender side of the transaction itself, this proof of work is not required to be done by any miners and which virtually removes any fees to be paid. All these characteristic features have made IOTA a very promising thing of the future which would actually not require developments when the user base of IOTA expands further since it works better with its user base blossoming.

Along with this, Tangle also provides wide scalability features because of the ability to validate transactions parallely. Moreover, there is no limit to how many transactions can be confirmed in a given interval of time thus making it even more better than other digital currencies.

#Daily Price Analysis

Ripple Price Analysis: Can XRP recover?

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Ripple price is at present exchanging a range. XRP/USD must break the $0.5200-0.5250 resistance to move into a bullish zone.

MACD – The MACD for XRP is presently in the bearish zone.

Strength Index– The RSI for XRP is floating close to the 50 level.

Support Level – $0.5000

Key Points:

  • XRP price moved up a little, however, it confronted a good selling close to $0.5250 against the US dollar.
  • There is a fleeting bullish pattern line framed with support at $0.5050 on the hourly outline of the XRP/USD pair.
  • The pair may keep on solidifying over the $0.5000 support in the following couple of sessions.

Ripple price is at present exchanging a range against the US Dollar and Bitcoin. XRP/USD must break the $0.5200-0.5250 resistance to move into a bullish zone.

 

Ripple Price Analysis

Recently, we talked about that ripple price could recoup towards the $0.5200 level against the US Dollar. The XRP/USD pair moved higher and cleared the $0.5100 and $0.5180 resistance levels. The upward move was certain as the price even outperformed the $0.5200 level and settled over the 100 hourly straightforward moving normal. In any case, the price bombed close $0.5250 and the half Lie retracement level of the last drop from the $0.5610 swing high to $0.4860 swing low.

The price topped at $0.5253 and later began a drawback amendment. It moved beneath $0.5150 and the 23.6% Lie retracement level of the ongoing wave from the $0.4872 low to $0.5253 high. The current price activity is sure over the $0.5000 support region. There is a transient bullish pattern line framed with support at $0.5050 on the hourly diagram of the XRP/USD pair. Moreover, the half Lie retracement level of the ongoing wave from the $0.4872 low to $0.5253 high is going about as a support. For whatever length of time that the price is over the pattern line, $0.5000 and the 100 hourly SMA, it could recoup by and by.

 

 

XRPUSD 5 Day Chart 13 Nov

XRPUSD 5 Day Chart

 

Taking a gander at the graph, ripple price is right now uniting over the $0.5000 support. Purchasers will in all probability make another endeavor to push the price above $0.5200 and $0.5250 in the close term.

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#Daily Price Analysis

XEM Price Analysis: NEM on a rise after Coincheck relisting

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XEM Price showed a bullish trend earlier today as Coincheck exchange announced the relisting of the XEM coin. The XEM coin was delisted from the exchange earlier due to the hacking of the exchange that led to stealing of XEM tokens worth half a million dollars.

 

XEMUSD 1 Day Chart

XEMUSD 1 Day Chart

XEM Price Analysis

Support Level: $0.1177
Resistance Level: $0.1209

 

The price of the coin was trading around $0.092 just before the announcement of the relisting of the coin on Coincheck. Just a minute before the announcement the price started to rise tremendously and hit a high of $0.1223 showing more than a 28% rise in the last 24 hours.

The coin is currently trading around $0.1188 with the major support at $0.1177 and the resistance at $0.1209.

The XEM Token is ranked 15 according to market capitalization and showed the yearly high in January 2018 of $1.86.

The coin is expected to experience some bearish hurdles while settling down to a notable price.

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#Ripple

Ripple Updates: New office, XRP tip bot, Nasdaq, Trezor and more.

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Ripple has been steady in collaboration and advancements throughout the globe. Here are some of the recent advancements with respect to Ripple and XRP:

Ripple has been quite steady in collaboration and advancements throughout the globe. Here are some of the recent advancements with respect to Ripple and XRP:

XRP Tip Bot in Amazon Alexa

The XRP Tip Bot is ready to be a part of the Amazon’s Alexa. This will allow Alexa Users to easily transact their XRP by using voice command on the Alexa Device. The Alexa application developer posted on Twitter on November 6 about Alexa’s implementation of XRP

 

XRP likely to be listed on Nasdaq in 2019

A source from the National Association of Securities Dealers Automated Quotation Exchange (NASDAQ) said that the exchange’s crypto initiative in 2019 is surely interested in scalability and they cannot put apart XRP which is a top-level security cryptocurrency by market cap. The Nasdaq team also said that they believe that XRP is surely going to be the 2nd largest crypto in the future after bitcoin but there hasn’t been any official announcement for the same.

 

Trezor Model T

Trezor will likely list a list of more altcoins in the upcoming model T update of the Trezor Device which will include XRP as well.

 

Cred to provide XRP backed loans

Cred, which is a leading provider of cryptocurrency backed lending. This will help the XRP owners to get loans using their XRP as a collateral security without actually having to sell their tokens.

 

Ripple Opening office in Dubai

Ripple Labs has planned to open their new office in Dubai in order to get themselves a strong position in the middle east markets.

 

Banks adopting Ripple’s Technology

Japan’s MUFG Bank and Brazilian Bank Banko Bradesco have signed an MOU to start using Ripple Software to send cross-border payments between Japan and Brazil. The Banks will use just Ripple’s software XCurrent and not the XRapid which uses the XRP coin. Ripple also tweeted about the collaboration:

 


 

The level of collaboration that Ripple has globally has been rising day by day. However, the XRP investors are still waiting for the real adoption of XRapid which will use the XRP tokens for the transfers rather than just the XCurrent Software of Ripple Labs.

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