XRP Rises for Fourth Consecutive Day
XRP, formerly known as ripple, experienced significant gains on Tuesday, marking its fourth straight day of increases. The overall sentiment in the crypto market was largely bullish, with the global crypto market cap rising by nearly 10% at the time of writing. Bitcoin, in particular, reached a 17-month high, while Cardano also witnessed a surge, reaching a two-month peak.
After hitting a low of $0.5267 on Monday, XRP/USD climbed to a peak of $0.581 earlier today. This surge brought XRP to its highest level since August 18, when its price was on the verge of breaking into the $0.60 region. The price movement seems to have been triggered by the 10-day moving average (red) crossing over its 25-day counterpart (blue) according to the chart.
In order to sustain this recent momentum, bulls will need to surpass the ceiling on the relative strength index (RSI), which currently stands at 72.00. At the time of writing, the RSI is tracking at 71.70.
Cardano (ADA) Reaches Multi-Month High
Cardano (ADA) also experienced a significant rally during today's session, breaking through a key resistance level in the process. ADA/USD surged to an intraday peak of $0.2911 on Tuesday, after starting the week with a low of $0.2626. This surge in price has brought the cryptocurrency to its strongest level since August 13, following six consecutive days of gains.
As a result, the price strength has now entered overbought territory, with the current reading on the chart at 75.70. This is the highest the index has reached since January and has enabled bulls to break the $0.280 price ceiling.
Looking ahead, the question remains whether the $0.30 level is attainable in the coming days. We invite you to share your thoughts in the comments.
Frequently Asked Questions
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. Make sure you have enough cash in your account to cover any fees, penalties, or charges that may be associated with withdrawing money from an IRA.
Consider opening a taxable brokerage instead of an IRA if it is possible to pay a penalty if your withdrawal is made before the deadline. If you decide to go with this option, you will need to take into account the taxes due on the amount you withdraw.
Next, figure out how much money will be taken out of your IRA. The calculation is influenced by several factors such as your age at withdrawal, the length of time you have owned the account and whether or not you plan to continue contributing to retirement plans.
Once you know what percentage of your total savings you'd like to convert into cash, you'll need to determine which type of IRA you want to use. While traditional IRAs are tax-free, Roth IRAs can be withdrawn at any time after you reach 59 1/2. However, Roth IRAs will charge income taxes upfront and allow you to access your earnings later without additional taxes.
Finally, you'll need to open a brokerage account once these calculations are completed. A majority of brokers offer free signup bonuses, as well as other promotions, to get people to open accounts. It is better to open an account with a debit than a creditcard in order to avoid any unnecessary fees.
When you do finally decide to withdraw from your precious metallic IRA, you will need a safe space where you can safely store your coins. Some storage facilities can accept bullion bar, while others require you buy individual coins. Before choosing one, consider the pros and disadvantages of each.
Because you don't have to store individual coins, bullion bars take up less space than other items. However, each coin will need to be counted individually. On the flip side, storing individual coins allows you to easily track their value.
Some people prefer to keep coins safe in a vault. Some people prefer to store their coins safely in a vault. You can still enjoy the benefits of bullion for many years, regardless of which method you choose.
Is gold a good investment IRA option?
Gold is an excellent investment for any person who wants to save money. You can diversify your portfolio with gold. But gold has more to it than meets the eyes.
It's been used throughout history as a currency, and even today, it remains a popular form of payment. It's sometimes called “the world's oldest money”.
Gold is not created by governments, but it is extracted from the earth. That makes it very valuable because it's rare and hard to create.
Gold prices fluctuate based on demand and supply. The economy that is strong tends to be more affluent, which means there are less gold miners. This results in gold prices rising.
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 it makes sense to invest in gold for individuals and companies. If you invest in gold, you'll benefit whenever the economy grows.
Your investments will also generate interest, which can help you increase your wealth. If gold's value falls, you don't have to lose any of your investments.
What are the pros & con's of a golden IRA?
An Individual Retirement Plan (IRA) has a major advantage over regular savings accounts. It doesn't tax any interest earned. This makes an IRA great for people who want to save money but don't want to pay tax on the interest they earn. But, this type of investment comes with its own set of disadvantages.
For example, if you withdraw too much from your IRA once, you could lose all your accumulated funds. Also, the IRS may not allow you to make withdrawals from your IRA until you're 59 1/2 years old. If you do withdraw funds, you'll need to pay a penalty.
Another disadvantage is that you must pay fees to manage your IRA. Most banks charge 0.5% to 2.0% per annum. Other providers charge monthly management costs ranging from $10-50.
If you prefer to keep your money outside a bank, you'll need to purchase insurance. Most insurers require you to own a minimum amount of gold before making a claim. Some insurers may require you to have insurance that covers losses up $500,000.
If you choose to go with a gold IRA, you'll need to determine how much gold you want to use. Some providers restrict the amount you can own in gold. Some providers allow you to choose your weight.
You'll also need to decide whether to buy physical gold or futures contracts. Futures contracts for gold are less expensive than physical gold. However, futures contracts give you flexibility when buying gold. They let you set up a contract that has a specific expiration.
You also need to decide the type and level of insurance coverage you want. The standard policy doesn’t provide theft protection or loss due fire, flood, or earthquake. It does include coverage for damage due to natural disasters. If you live in a high-risk area, you may want to add additional coverage.
Additional to your insurance, you will need to consider how much it costs to store your gold. Insurance doesn't cover storage costs. Banks charge between $25 and $40 per month for safekeeping.
You must first contact a qualified custodian before you open a gold IRA. A custodian is responsible for keeping track of your investments. They also ensure that you adhere to federal regulations. Custodians can't sell assets. Instead, they must hold them as long as you request.
Once you have chosen the right type of IRA to suit your needs, it is time to fill out paperwork defining your goals. Your plan should include information about the investments you want to make, such as stocks, bonds, mutual funds, or real estate. Your monthly investment goal should be stated.
Once you have completed the forms, you will need to mail them to your provider with a check and a small deposit. The company will then review your application and mail you a letter of confirmation.
Consider consulting a financial advisor when opening a golden IRA. Financial planners are experts in investing and will help you decide which type of IRA works best for your situation. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
Statistics
- 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)
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
irs.gov
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- How do you keep your IRA Gold at Home? It's Not Exactly Lawful – WSJ
cftc.gov
How To
The growing trend of gold IRAs
The gold IRA trend is growing as investors seek ways to diversify their portfolios while protecting against inflation and other risks.
Owners of the gold IRA can use it to invest in physical bars and bullion gold. It is a tax-free investment that can be used to grow wealth and offers an alternative investment option to those who are concerned about stocks or bonds.
A gold IRA allows investors to manage their assets without worrying about market volatility. The gold IRA can be used to protect against inflation or other potential problems.
Investors also have the benefit of physical gold, which has unique properties such durability, portability and divisibility.
In addition, the gold IRA offers several other advantages, including the ability to quickly transfer ownership of the gold to heirs and the fact that the IRS does not consider gold a currency or a commodity.
This is why the gold IRA has become increasingly popular with investors looking to provide financial security during times of financial uncertainty.
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By: Eliman Dambell
Title: XRP and Cardano Surge in Bullish Crypto Market
Sourced From: news.bitcoin.com/biggest-movers-xrp-extends-recent-gains-rising-to-8-week-high/
Published Date: Tue, 24 Oct 2023 15:30:31 +0000
