The cryptocurrency market has been a rollercoaster ride this week, with notable digital currencies such as XRP and Solana experiencing a downward trend. The global crypto market cap experienced a slight dip of over 1%, impacting the value of these two cryptocurrencies significantly.
XRP's Persistent Downward Trend
XRP, previously known as Ripple, has been experiencing a bearish trend with the price falling for six consecutive days. This Thursday was no exception as XRP continued its streak in the red zone.
After peaking at a high of $0.4889 on Wednesday, XRP/USD saw a decline with an intraday low of $0.4756 in today's session. This drop has led the cryptocurrency to approach a recent support level around the $0.4670 mark.
The bears have dominated the market momentum recently, particularly after the unsuccessful attempt to break through a resistance level at $0.5440. The relative strength index (RSI) currently stands at 35.31, which is slightly above the critical level of 31.00.
If the RSI reaches the critical point, the price of XRP could potentially hit the aforementioned floor at $0.4670, indicating a continued bearish trend.
Solana (SOL) Nears Key Support Level
Solana (SOL) has been following a similar pattern as XRP in today's trading session. The price of SOL is nearing a crucial support level, reflecting the overall declining trend in the crypto market.
SOL/USD reached a low point of $21.28 on Thursday, following a peak of $22.29 the previous day. This decrease has led to the seventh largest cryptocurrency in the world approaching a price floor of $21.00.
The price strength of Solana is currently 48.69, which is slightly below its support level of 49.00. If the index continues to move further away from this point, SOL might dip closer to the $20.00 mark, indicating a potential continuation of the bearish trend.
In conclusion, both XRP and Solana are currently experiencing a downward trend in the volatile cryptocurrency market. Both cryptocurrencies are approaching their respective support levels, which could further push their prices down. Investors are advised to keep a close eye on these trends and make informed decisions accordingly.
Frequently Asked Questions
What is the Performance of Gold as an Investment?
Supply and demand determine the gold price. Interest rates can also affect the gold price.
Due to their limited supply, gold prices fluctuate. There is also a risk in owning gold, as you must store it somewhere.
How much do gold IRA fees cost?
$6 per month is the Individual Retirement Account Fee (IRA). This fee covers account maintenance fees, as well any investment costs that may be associated with your investments.
If you wish to diversify your portfolio, you may need to pay additional fees. These fees vary depending on what type of IRA you choose. Some companies offer free check accounts, but charge monthly fee for IRA accounts.
A majority of providers also charge annual administration fees. These fees can range from 0% up to 1%. The average rate is.25% per year. However, these rates are typically waived if you use a broker like TD Ameritrade.
Should You Buy or Sell Gold?
Gold was once considered an investment safe haven during times of economic crisis. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.
Gold prices have been on an upward trend over recent years, but they remain relatively low compared to other commodities such as oil and silver.
Experts think this could change quickly. Experts predict that gold prices will rise sharply in the wake of another global financial collapse.
They also note that gold is increasingly popular because of its perceived intrinsic value and potential return.
Here are some things to consider if you're considering investing in gold.
- Before you start saving money for retirement, think about whether you really need it. You can save money for retirement even if you don't invest in gold. However, when you retire at age 65, gold can provide additional protection.
- Second, be sure to understand your obligations before you purchase gold. Each offers varying levels of flexibility and security.
- Last but not least, gold doesn't provide the same level security as a savings account. Losing your gold coins could result in you never being able to retrieve them.
Don't buy gold unless you have done your research. You should also ensure that you do everything you can to protect your gold.
What is the best precious metal to invest in?
This question depends on how risky you are willing to take, and what return you want. While gold is considered a safe investment option, it can also be a risky choice. For example, if you need a quick profit, gold may not be for you. If patience and time are your priorities, silver is the best investment.
Gold is the best investment if you aren't looking to get rich quick. Silver might be a better investment option if steady returns are desired over a long period of time.
Are You Ready to Invest in Gold?
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.
In addition to being a safe investment, gold also offers potential returns. It's a great investment for retirees.
Although most investments promise a fixed rate of return, gold is more volatile than others. As a result, its value changes 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? It's a tangible asset. Gold is much easier to store than bonds and stocks. It's also portable.
You can always access your gold if it is stored in a secure place. Physical gold is not subject to storage fees.
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.
Additionally, it will be a benefit to have some of your savings invested into something that won't lose value. Gold tends to rise when the stock markets fall.
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. Don't put all of your eggs in one basket.
Also, don't buy too much at once. Start with just a few drops. Next, add more as required.
It's not about getting rich fast. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
Even though gold is not the best investment, it could be an excellent addition to any retirement plan.
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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)
- (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)
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Lawful – WSJ
Gold Roth IRA guidelines
Starting early is the best way to save for retirement. Start saving as soon and as often as you're eligible (usually around 50 years old) and keep going until retirement. It is important to invest enough money each and every year to ensure you get adequate growth.
Additionally, tax-free opportunities like a traditional 401k or SEP IRA are available. These savings vehicles allow you to make contributions without paying taxes on earnings until they are withdrawn from the account. These savings vehicles are great for those who don't have access or can't get employer matching funds.
The key is to save regularly and consistently over time. If you don't contribute the maximum amount, you will miss any tax benefits.
By: Eliman Dambell
Title: Week's Crypto Market Trend: XRP and Solana Witness a Downslide
Sourced From: news.bitcoin.com/biggest-movers-xrp-losing-streak-extended-to-a-6th-day/
Published Date: Thu, 12 Oct 2023 16:01:47 +0000