XRP remained at a close to a 4-month high Wednesday after a recent breakout from a key resistance level. For the second consecutive session, the token was above $0.4000. This is the first time since June. After recent losses, Litecoin prices rebounded and Litecoin edged up.
XRP traded close to a 4-month high Wednesday as bullish sentiment remained strong within its token.
After a session low of $0.3774, XRP/USD surged to $0.4215 today.
This move came after the token broke through its key price ceiling at $0.4000 on Tuesday. It reached its highest point since June 1, 2017.
Although prices have declined since then, they are currently trading at $0.4044, many believe that more rallies could be coming.
Some believe bulls are targeting $0.4500, which is the longer-term resistance level in XRP.
Prices may be currently overbought as the 14-day relative strengths index (RSI), is at 62.45. This could lead to an influx bears rather than bulls.
Litecoin (LTC), was also in green today, with prices rebounding after recent losses.
LTC/USD climbed to an intraday high of $54.17 after a plunge to $50.01, a two-month low, to begin the week.
The token fell below $52.00 as a support level, but bulls returned to the market and sent prices higher.
Bulls tend to take prices towards $60.00 ceilings once they have risen above the floor.
This will only be possible if LTC is able to climb over another ceiling, this one within the RSI.
The index is currently at 43.18. However, it is rapidly approaching 44.20 resistance. This would be necessary if litecoin moves higher.
Sign up here to receive weekly price analysis updates to your inbox:
Are you expecting litecoin's price to rise above $60.00 this week. We'd love to hear your comments.
Frequently Asked Questions
Should You Invest Gold in Retirement?
The answer will depend on how many dollars you have saved so far and whether you had gold as an investment option at the time. If you are unsure which option to choose, consider investing in both options.
You can earn potential returns on your investment of gold. It's a great investment for retirees.
Although most investments promise a fixed rate of return, gold is more volatile than others. Because of this, gold's value can fluctuate over time.
But this doesn't mean you shouldn't invest in gold. It is important to consider the fluctuations when planning your portfolio.
Another benefit to gold is its tangible value. Gold is less difficult to store than stocks or bonds. It can be easily transported.
You can always access your gold if it is stored in a secure place. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it's a good way to hedge against rising costs.
Also, you'll reap the benefits of having some savings invested in something with a stable value. When the stock market drops, gold usually rises instead.
You can also sell gold anytime you like by investing in it. You can easily liquidate your investment, just as with stocks. You don’t even need to wait until retirement to liquidate your position.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn't try to put all of your eggs into one basket.
Also, don't buy too much at once. Start by purchasing a few ounces. Continue adding more as necessary.
Remember, the goal here isn't to get rich quickly. Instead, the goal is to accumulate enough wealth that you don't have to rely on Social Security.
Gold may not be the most attractive investment, but it could be a great complement to any retirement strategy.
Is buying gold a good retirement plan?
Buying gold as an investment may not seem very appealing at first glance, but when you consider how much people spend on average on gold per year worldwide, it becomes worth considering.
The best form of investing is physical bullion, which is the most widely used. But there are many other options for investing in gold. Research all options carefully and make an informed decision about what you desire from your investments.
If you don’t need a safe place for your wealth, then buying shares of mining companies or companies that extract it might be a better alternative. If you need cash flow to finance your investment, then gold stocks could be a good option.
You can also invest your money in exchange-traded fund (ETFs), which give you exposure to the gold price by holding securities related to gold. These ETFs typically include stocks from gold miners, precious metallics refiners, commodity trading companies, and other commodities.
Can I have physical gold in my IRA
Not just paper money or coins, gold is money. People have used gold as a currency for thousands of centuries to preserve their wealth and keep it safe from inflation. Today, investors use gold as part of a diversified portfolio because gold tends to do better during financial turmoil.
Many Americans today prefer to invest in precious metals, such as silver and gold, over stocks and bonds. 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.
Another reason is that gold has historically outperformed other assets in financial panic periods. The S&P 500 declined 21 percent during the same period. Gold prices increased nearly 100 per cent between August 2011 – early 2013. During these turbulent market times, gold was among few assets that outperformed the stocks.
Another advantage of investing in gold is that it's one of the few assets with virtually zero counterparty risk. Even if your stock portfolio is down, your shares are still yours. Gold can be worth more than its investment in a company that defaults on its obligations.
Finally, gold is liquid. This means that, unlike most other investments, you can sell your gold anytime without worrying about finding another buyer. Because gold is so liquid compared to other investments, buying it in small amounts makes sense. This allows you take advantage of the short-term fluctuations that occur in the gold markets.
How much gold should your portfolio contain?
The amount of capital required will affect the amount you make. If you want to start small, then $5k-$10k would be great. You could then rent out desks and office space as your business grows. So you don't have all the hassle of paying rent. Rent is only paid per month.
Also, you need to think about the type of business that you are going to run. In my case, we charge clients between $1000-2000/month, depending on what they order. If you are doing this type of thing, it is important to think about how much you can expect from each client.
You won't get a monthly paycheck if you work freelance. This is because freelancers are paid. You may get paid just once every 6 months.
So you need to decide what kind of income you want to generate before you know how much gold you will need.
I suggest starting with $1k-2k gold and building from there.
How do you withdraw from an IRA that holds precious metals?
First, you must decide if you wish to withdraw money from your IRA account. After that, you need to decide if you want to withdraw funds from an IRA account. Next, make sure you have enough money in order for you pay any fees or penalties.
You should open a taxable brokerage account if you're willing to pay a penalty if you withdraw early. This option will require you to pay taxes on the amount that you withdraw.
Next, calculate how much money your IRA will allow you to withdraw. This calculation is dependent on several factors like your age when you take the money out, how long you have had the account, and whether or not your plan to continue contributing.
Once you know how much of your total savings to convert to cash, it's time to choose the type of IRA that you want. Traditional IRAs permit you to withdraw your funds tax-free once you turn 59 1/2. Roth IRAs have income taxes upfront, but you can access the earnings later on without paying additional taxes.
Finally, you'll need to open a brokerage account once these calculations are completed. Most brokers offer free signup bonuses and other promotions to entice people to open accounts. You can save money by opening an account with a debit card instead of a credit card to avoid paying unnecessary fees.
When it comes time to withdraw your precious metal IRA funds, you will need a safe location where you can keep your coins. Some storage facilities will take bullion bars while others require you only to purchase individual coins. You will need to weigh each one before making a decision.
Bullion bars are easier to store than individual coins. However, you'll need to count every coin individually. However, you can easily track the value of individual coins by storing them in separate containers.
Some people prefer to keep their coins in a vault. Others prefer to store their coins in a vault. Regardless of the method you prefer, ensure that your bullion is safe so that you can continue to enjoy its benefits for many years.
Can I buy gold using my self-directed IRA
While you can purchase gold from your self-directed IRA (or any other brokerage firm), you must first open a brokerage account such as TD Ameritrade. Transfer funds from an existing retirement account are also possible.
The IRS allows individuals contributing up to $5.500 each ($6,500 if married, filing jointly) into a traditional IRA. Individuals can contribute up $1,000 per annum ($2,000 if they are married and jointly) directly to a Roth IRA.
If you do decide you want to invest your money in gold, you should look into purchasing physical bullion instead of futures contracts. Futures contracts, which are financial instruments based upon the price of gold, are financial instruments. These financial instruments allow you to speculate about future prices without actually owning the metal. But physical bullion refers to real gold and silver bars you can carry in your hand.
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 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 accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Fraud Advisory: Precious Metals Fraud | CFTC
Tips for Investing In Gold
Investing in Gold has become a very popular investment strategy. There are many advantages to investing in Gold. There are many ways you can invest in gold. Some people purchase physical gold coins. Others prefer to invest their money in gold ETFs.
You should consider some things before you decide to purchase any type of gold.
- First, make sure you check if your country allows you own gold. If your country allows you to own gold, then you are allowed to proceed. If not, you may want to consider purchasing gold from overseas.
- Second, it is important to know which type of gold coin you are looking for. You have the option of choosing yellow, white, or rose gold.
- Thirdly, it is important to take into account the gold price. Start small and build up. You should diversify your portfolio when buying gold. Diversifying your portfolio includes stocks, bonds, mutual funds, real estate, commodities, and mutual funds.
- Last but not least, remember that gold prices fluctuate frequently. Be aware of the current trends.
By: Eliman Dambell
Title: Biggest Movers: XRP Remains Close to 4-Month High, as LTC Rebounds on Wednesday
Sourced From: news.bitcoin.com/biggest-movers-xrp-remains-close-to-4-month-high-as-ltc-rebounds-on-wednesday/
Published Date: Wed, 21 Sep 2022 15:30:33 +0000
Did you miss our previous article…