Friday was a fruitful day for XRP, with substantial gains recorded in response to the Securities and Exchange Commission's (SEC) decision to discontinue its lawsuit against Ripple's administrators. Previously, the SEC had accused CEO Brad Garlinghouse and chairman Chris Larsen of contravening securities regulations. Along with XRP, Solana also experienced a dramatic surge, registering a rise of over 10% on the day.
XRP's Two-Week High
XRP witnessed a significant surge on Friday, following the SEC's decision to abandon its case against Garlinghouse and Larsen, leading to a two-week high. The XRP/USD peaked at $0.5291 early in the day, up from a low of $0.4831 the previous day.
This surge resulted in Ripple reaching its highest point since October 5, when the price had last peaked at $0.5325. However, the earlier gains have since subsided, with the relative strength index (RSI) unable to surpass a limit of 57.00. As of now, the price strength is at 56.32, with the next visible support level at 50.00. The 10-day moving average, depicted in red, has also started trending upwards, indicating possibilities of an upward crossover in the coming days.
Solana (SOL) Breaks Ceiling
Solana (SOL) also marked a significant surge in Friday's trading session, finally breaking through its long-standing resistance level of $25.00. After touching a low of $24.17 on Thursday, SOL/USD leaped to an intraday high of $27.29 on Friday. This move marked the highest point Solana has reached since July 20, when the price last hit a peak of $27.35.
Due to this positive market sentiment, SOL has crossed into overbought territory, with the RSI rising to a current value of 74.60. A resistance level now lies at 75.00, which, if overcome by current bulls, could push Solana to the $28.00 mark. The question that now arises is whether Solana bulls will begin to cash in their profits over the weekend.
Frequently Asked Questions
Is gold a good investment IRA?
Gold is an excellent investment for any person who wants to save money. It is also an excellent way to diversify you portfolio. But there is more to gold than meets the eye.
It has been used throughout the history of currency and remains a popular payment method. It is sometimes called the “oldest currency in the world”.
But gold, unlike paper currency, which is created by governments, is mined out from the ground. Because it is rare and difficult to make, it is extremely valuable.
The supply-demand relationship determines the gold price. If the economy is strong, people will spend more money which means less people can mine gold. As a result, the value of gold goes up.
On the flip side, when the economy slows down, people hoard cash instead of spending it. This leads to more gold being produced which decreases its value.
This is why investing in gold makes sense for individuals and businesses. If you make an investment in gold, you can reap the economic benefits whenever the economy is growing.
Your investments will also generate interest, which can help you increase your wealth. In addition, you won’t lose any money if gold falls in value.
Should You Get Gold?
Gold was considered a safety net for investors during times of economic turmoil in the past. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.
Although gold prices have shown an upward trend in recent years, they are still relatively low when compared to other commodities like oil and silver.
This could be changing, according to some experts. According to them, gold prices could soar if there is another financial crisis.
They also note that gold is increasingly popular because of its perceived intrinsic value and potential return.
These are some important things to remember if your goal is to invest in gold.
- The first thing to do is assess whether you actually need the money you're putting aside for retirement. You can save for retirement and not invest your savings in gold. That said, gold does provide an additional layer of protection when you reach retirement age.
- Second, you need to be clear about what you are buying before you decide to buy gold. Each offer varying degrees of security and flexibility.
- Remember that gold is not as safe as a bank account. Your gold coins may be lost and you might never get them back.
So, if you're thinking about buying gold, make sure you do your research first. Make sure to protect any gold you already own.
What should I pay into my Roth IRA
Roth IRAs are retirement accounts where you deposit your own money tax-free. These accounts are not allowed to be withdrawn before the age of 59 1/2. There are some rules that you need to keep in mind if you want to withdraw funds from these accounts before you reach 59 1/2. First, you can't touch your principal (the initial amount that was deposited). This means that regardless of how much you contribute to an account, you cannot take out any more than you initially contributed. You must pay taxes on the difference if you want to take out more than what you initially contributed.
The second rule is that your earnings cannot be withheld without income tax. So, when you withdraw, you'll pay taxes on those earnings. Let's suppose that you contribute $5,000 annually to your Roth IRA. In addition, let's assume you earn $10,000 per year after contributing. On the earnings, you would be responsible for $3,500 federal income taxes. This leaves you with $6,500 remaining. You can only take out what you originally contributed.
So, if you were to take out $4,000 of your earnings, you'd still owe taxes on the remaining $1,500. You would also lose half of your earnings because they are subject to another 50% tax (half off 40%). So, even though you ended up with $7,000 in your Roth IRA, you only got back $4,000.
There are two types of Roth IRAs: Traditional and Roth. Traditional IRAs allow pre-tax contributions to be deducted from your taxable tax income. To withdraw your retirement contribution balance plus interest, your traditional IRA is available to you. There are no restrictions on the amount you can withdraw from a Traditional IRA.
Roth IRAs do not allow you to deduct your contributions. After you have retired, the full amount of your contributions and accrued interest can be withdrawn. There is no minimum withdrawal required, unlike a traditional IRA. You don't need to wait until your 70 1/2 year old age before you can withdraw your contribution.
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (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)
- 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)
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- You want to keep gold in your IRA at home? It's Not Exactly Legal – WSJ
Guidelines for Gold Roth IRA
It is best to start saving early for retirement. As soon as you become eligible, which is usually around age 50, start saving and keep it up throughout your career. It is essential to save enough money each year in order to maintain a steady growth rate.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles let you make contributions and not pay taxes until the earnings are withdrawn. These savings vehicles can be a great option for individuals who don't qualify for employer matching funds.
Save regularly and continue to save over time. You will lose any potential tax advantages if you don't contribute enough.
By: Eliman Dambell
Title: Market Response to SEC's Ripple Lawsuit: XRP and Solana Witness Significant Gains
Sourced From: news.bitcoin.com/biggest-movers-xrp-surges-as-sec-drops-lawsuit-against-ripples-senior-management/
Published Date: Fri, 20 Oct 2023 16:00:13 +0000