XRP reached a new four-month high Thursday. This comes after volatility in crypto markets decreased following the U.S. Federal Open Market Committee meeting. Today's session saw the token surpass a critical hurdle and reach its highest level since May. Algorand was another noteworthy mover with prices rising by up to 17 strong>
After hovering near this milestone yesterday, XRP climbed to a four month high on Thursday.
The XRP/USD traded at $0.4461, a record high on Thursday. Prices moved above the resistance level of $0.4200.
This price surge has seen XRP reach its highest point since May 12, 2012, when it traded above $0.5200.
Today's price rise is more than 10%. It also comes as the relative strength index for 14 days rose to a multimonth high.
The index currently tracks at 69.29 as of writing. This is the highest point it has been in more than nine months.
Historical evidence shows that bears reenter when prices rise to such high levels because they consider them overbought.
We could therefore see a possible reverse in the next few days.
Algorand (ALGO), was also in green today, with prices rising by as high as 17% on Thursday.
Today's rally saw ALGO/USD reach an intraday peak at $0.3842. This is less than one day after it traded at $0.3102.
This is the highest algorand price has traded at since mid August. It is also the last time prices collided with $0.3800.
ALGO traded at $0.3711 after the earlier collision.
The token is currently in overbought territory at 67.05. This is its highest point since April.
We would need to see price weakness move further into the overbought zone if ALGO moves above this threshold.
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What do you think the future of algorand looks like? We'd love to hear your opinions in the comments.
Frequently Asked Questions
What is the best way to hold physical gold?
Gold is money. Not just paper currency. It is an asset that people have used over thousands of years as money, and a way to protect wealth from inflation and economic uncertainties. Today, investors use gold as part of a diversified portfolio because gold tends to do better during financial turmoil.
Many Americans now invest in precious metals. Although owning gold does not guarantee that you will make money investing in it, there are many reasons to consider adding gold into your retirement portfolio.
Gold has historically performed better during financial panics than other assets. The S&P 500 declined 21 percent during the same period. Gold prices increased nearly 100 per cent between August 2011 – early 2013. Gold was one asset that outperformed stocks in turbulent market conditions.
Another advantage of investing in gold is that it's one of the few assets with virtually zero counterparty risk. If your stock portfolio goes down, you still own your shares. You can still own your gold even if the company where you invested fails to pay its debt.
Finally, gold is liquid. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. The liquidity of gold makes it a good investment. This allows for you to benefit from the short-term fluctuations of the gold market.
How much should your IRA include precious metals
You should remember that precious metals are not only for the wealthy. You don't have to be rich to invest in them. There are many ways that you can make money with gold and silver investments, even if you don't have much money.
You could also consider buying physical coins like bullion bars, rounds or bullion bars. It is possible to also purchase shares in companies that make precious metals. You may also be interested in an IRA transfer program offered by your retirement provider.
You can still get benefits from precious metals regardless of what choice you make. They offer the potential for long-term, sustainable growth even though they aren’t stocks.
Their prices rise with time, which is a different to traditional investments. If you decide to sell your investment, you will likely make more than with traditional investments.
What Does Gold Do as an Investment Option?
The supply and the demand for gold determine how much gold is worth. Interest rates can also affect the gold price.
Because of their limited supply, gold prices can fluctuate. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads, Example, and Risk Metrics
The best way to buy gold (or silver) online
Before you can buy gold, it is important to understand its workings. Gold is a precious metallic similar to Platinum. It's very rare and is used as money because of its durability and resistance to corrosion. It is very difficult to use and most people prefer to purchase jewelry made of it over actual bars of Gold.
There are two types of gold coins available today – one type is legal tender, while the other is called bullion. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.
Bullion coins are only minted to be used for investment purposes. Their value increases over time because of inflation.
They aren't circulated in any currency exchange systems. For example, a person who buys $100 worth or gold gets 100 grams. This gold has a $100 price. For every dollar spent, the buyer gets 1 gram of Gold.
When you are looking to purchase gold, the next thing to know is where to get it. There are several options available if your goal is to purchase gold from a dealer. First off, you can go through your local coin shop. You might also consider going through a reputable online seller like eBay. You can also purchase gold through private online sellers.
Individuals selling gold at wholesale prices and retail prices are known as private sellers. Private sellers will charge you a 10% to 15% commission for every transaction. A private seller will usually return less money than a coin shop and eBay. However, this option is often a great choice when investing in gold since it gives you more control over the item's price.
Another way to buy gold is by investing in physical gold. Physical gold is much easier to store than paper certificates, but you still have to worry about storing it safely. You need to make sure that your physical gold is safe by storing it in an impenetrable container like a vault or safety depositbox.
When buying gold on your own, you can visit a bank or a pawnshop. A bank can offer you a loan for the amount that you need to buy gold. The pawnshop is a small business that allows customers to borrow money to buy items. Banks often charge higher interest rates then pawnshops.
You can also ask for help to purchase gold. Selling gold is easy too. Set up a simple account with GoldMoney.com and you will start receiving payments instantly.
By: Eliman Dambell
Title: Biggest Movers: XRP Hits 4-Month High, ALGO up 17% on Thursday
Sourced From: news.bitcoin.com/biggest-movers-xrp-hits-4-month-high-algo-up-17-on-thursday/
Published Date: Thu, 22 Sep 2022 15:11:56 +0000
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