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Digital Currency Revolution Series: Coinbase Enables New Yorkers To Trade XRP, 43% Surge in Bounty
The New York investors were earlier restrained from investing activities in the cryptocurrency so far, these apprehensions have now seemingly been sorted, as the leading cryptocurrency exchange, Coinbase announced that New York residents are enabled to transact XRP directly from the web portals and mobile apps.
Coinbase is now looking to expand the number of traditional fiat on-ramps. The major stablecoin USD Coin (USDC) is likely to be made the best utilization to lure global investors who are eyeing on the store of value and hedge against inflation, and to mitigate price swings of crypto trades.
Furthermore, “For new customers in countries like Argentina and Uzbekistan, where consumer prices are expected to inflate by 10–20% in 2020, stable-coins like USDC could provide an opportunity to protect against inflation. We won’t fully realize this vision without increasing the number of traditional fiat on-ramps, which we are committed to expanding where possible,” as per the announcement.
As a result of the above driving force, XRPUSD (ripple) has constantly been spiking higher from the last couple of weeks, posted almost mammoth 43% in just 3 weeks.
Ripple (XRP) is up about 3.61% on a daily basis as the buyers’ sentiments mounting at the time of articulating though some profits were pared. Of interest is the development in the daily and weekly plotting of the technical charts. Taking prevailing fundamental and technical outlook, it is good buy the dips for the target up to 0.4509 levels with the strict stop loss of 0.4073 levels (spot reference: 0.4212 levels).
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 181 (which is highly bullish), while hourly USD spot index was at 120 (highly bullish) while articulating at 08:42 GMT.
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