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9 11, 2024

Here are 5 Major Factors That Could Take XRP to $1,000

By |2024-11-09T11:56:14+02:00November 9, 2024|Crypto News, News|0 Comments

While the $1,000 price target remains extremely ambitious for XRP, five bullish factors are capable of catalyzing a push toward this direction.

XRP has not performed as anticipated since it collapsed from the $3.31 all-time high in January 2018. Despite its inability to reclaim even $1 over the past two years, some market commentators expect an eventual surge toward an audacious $1,000 price.

In June, analyst BarriC presented a speculative scenario of the reactions that could fill the scene should XRP reach the $1,000 level. Also in June, another XRP community figure Amelie made a case for an XRP spike to $1,000, citing JPMorgan’s daily transaction volume. 

This represents one of the most ambitious price targets for XRP, and pessimism around it abounds. As a result, most pundits have expressed doubt. XRP is currently priced at $0.538, and reaching $1,000 would require an astronomical 185,773% increase. 

While this target seems wildly optimistic, several significant developments in the XRP ecosystem could contribute to upward momentum. Should XRP ever push toward this level, here are five developments that could catalyze such a spike.

Smart Contracts on the XRP Ledger

Ripple’s push to integrate smart contracts into the XRP Ledger (XRPL) could be a major catalyst. The company is planning to launch an Ethereum Virtual Machine (EVM) sidechain on the XRPL, allowing it to support decentralized applications (dApps) and smart contracts. 

Ripple is also exploring programmability through native smart contracts. This development could expand the use cases of XRP by attracting decentralized finance (DeFi).

Launch of Ripple’s RLUSD Stablecoin

Ripple’s stablecoin, RLUSD, is expected to launch in the next few weeks, according to Ripple CEO Brad Garlinghouse. He announced at Korea Blockchain Week last month that the USD-pegged stablecoin will be integrated directly into the XRP Ledger, aiming to boost liquidity and adoption. 

RLUSD could provide much-needed stability to XRP users and increase demand, particularly within the financial services sector. Ripple has already announced its initial exchange partners for the stablecoin, now awaiting regulatory approval to launch.

Ripple IPO

Ripple has been hinting at an initial public offering (IPO) for years, and many in the crypto space expect it to happen soon. The IPO could inject significant capital into Ripple, improving its ability to scale and develop new services. 

More importantly, an IPO would boost XRP’s visibility and attract institutional investors, who may see Ripple’s equity as a gateway into the broader crypto market.

However, the timing of the IPO is still unclear, especially with Garlinghouse recently ruling out a U.S. public offering. Despite this, some argue that such an IPO in the U.S. is still possible, especially with the expected shift in regulatory environment from the recent Trump victory.

Launch of a Spot XRP ETF

The launch of a spot XRP exchange-traded fund (ETF) could be another catalyst. If introduced, a spot ETF would allow institutional investors to gain exposure to XRP without needing to hold the asset directly. 

The XRP market recently witnessed the launch of XRP futures contracts, a major step toward a spot ETF. However, the SEC has been hesitant to approve crypto ETFs, especially those tied to digital assets other than Bitcoin and Ethereum. 

Despite this, three major asset managers, Canary Capitals, Bitwise and 21Shares, have all filed to launch an XRP ETF. In addition, Grayscale, the world’s largest digital asset management firm, has also filed to convert its multi-asset GDLC Trust, which contains XRP, to an ETF.

Increased XRP Adoption by Financial Institutions

Ripple’s partial victory over the SEC in July 2023 removed a major cloud hanging over XRP’s potential. Since the court ruled that XRP is not a security, institutions previously cautious about using or holding XRP might now be more willing to adopt it.

Several banks and financial institutions have already been testing Ripple’s technology for cross-border payments. Increased adoption of Ripple’s payment solutions could help boost XRP demand, but widespread institutional use is still speculative.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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9 11, 2024

5 Ways to Burn More Fat During Your Walking Workouts

By |2024-11-09T10:22:07+02:00November 9, 2024|Dietary Supplements News, News|0 Comments


Apart from being a low-impact exercise that you can do literally anytime, anywhere, walking can be just as great (if not better!) at spurring weight loss compared to high-intensity boot camps and other balls-to-the-wall workouts, says personal trainer Chris Freytag, CPT, founder of Get Healthy U TV, and board member of the American Council of Exercise.

In fact, a 2015 Risk Analysis study found that women who go for regular brisk walks tend to have lower body mass indexes and smaller waistlines than those who opt for other forms of exercise.

Walk your way to a healthier weight with these expert-approved tips:

1. Walk fast enough to make talking hard

“Since so many people don’t have time for two-hour walks every day, making the most of the time you have is key,” Freytag says. “By adding some speed and intensity to your walks, you can up your calorie burn, improve your lung capacity, and absolutely take off some pounds.” To make sure your intensity is where it needs to be, focus on your breathing. If you’re walking along at a fat-burning rate, you should only be able to get out a few words at a time without taking a breath, she says.

2. Add some slower intervals

Still, you don’t need to race through your entire workout to walk off the weight. In fact, 2015 research out of Ohio State University shows that altering your walking speed burns up to 20 percent more calories than walking at a a steady pace. Think of it sort of like driving on the highway without cruise control. By regularly letting on and off of the gas and break pedals, you burn through way more gas—a.k.a. calories, according to researchers.

You don’t have to follow a structured speed plan, though. Just try walking as fast as you can to that next tree, then slow down. Then, speed back up when you hit the fire hydrant. You get the idea.

3. Unless you walk in the morning, skip pre-workout snacks

While exercising on empty is never a good weight-loss strategy, you don’t need to pump calories or carbs before walking workouts the way you do before intense boot camps or 10-mile runs, says Tori Holthaus, RDN, founder of YES! Nutrition. That’s because walking probably won’t deplete your body’s stored carbs as quickly as higher-intensity exercises.

Simply eating balanced meals and snacks containing whole carbs, lean protein, and healthy fat throughout the day will provide you with all of the energy you need to power through the vast majority of your walks, she says.

If, however, you like to go on walks first thing in the morning, eat something before you head out the door, since you probably haven’t eaten in the last eight hours. You can also mix some protein powder into your water bottle to help keep your blood sugar levels stabilized, says San Diego bariatric surgeon Julie Ellner, MD.

4. Refuel after walking 60 minutes or more

Though it’s not a huge deal if you don’t eat after a quick 30-minute walk, it’s very important to refuel after hitting the road for an hour or more. “In this case, your glycogen stores will be depleted, and you need to replenish those stores to feed your muscles,” Freytag says. Opt for a small, post-walk snack that contains a roughly three-to-one ratio of carbs to protein. Some solid choices include a banana with nut butter, piece of whole-grain avocado toast, or glass of chocolate milk.

5. Incorporate resistance training

Walking is a great way to lose weight, but to make sure that you aren’t losing metabolism-boosting muscle mass, you need to integrate strength training into your routine, Ellner says. Stop every 10 minutes during your walks to perform a few sets of pushups, lunges, squats, or other bodyweight exercises, says Freytag. Once you finish off your last rep, keep walking.



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9 11, 2024

Binance Coin (BNB) Price Prediction for November 7

By |2024-11-09T09:51:47+02:00November 9, 2024|Crypto News, News|0 Comments

U.Today – Bulls are trying to control the situation on the market despite sellers’ pressure, according to CoinStats.

The rate of (BNB) has increased by 1.86% over the last 24 hours.

On the hourly chart, the price of BNB is looking bearish as it is near the local support of $591.21.

If the situation does not change by the end of the day, there is a chance to see a breakout, followed by a move to the $580-$585 zone.

On the bigger time frame, the picture is rather more bearish than bullish. If the daily bar closes with a long wick and far from its peak, bears may seize the initiative, which might lead to a correction to the $580 area.

On the weekly chart, bulls still have the chance to grow further. If the bar closes near the resistance of $612.60, the energy might be enough for a blast to the $640-$680 range.

BNB is trading at $595.44 at press time.

This content was originally published on U.Today



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9 11, 2024

This Coinbase trading signal could drive BTC to $80K

By |2024-11-09T07:50:40+02:00November 9, 2024|Crypto News, News|0 Comments

Bitcoin price hit a new all-time high of $76,825 on Thursday, November 7, and continued to consolidate above the $76,000 level on Friday.

On-chain data trends show unusually high demand for BTC among US-based traders on Coinbase over the past two weeks. 

With the US Fed’s 25-basis-point rate cut further fuelling bullish momentum, is  BTC price poised for a major breakout above $80,000?

Bulls eye more gains after Fed rate cut as BTC Holds $76K 

Bitcoin price has been on the uptrend over the past week, initially fuelled by Donald Trump’s victory at the November 5 polls.

However, the bullish crypto market momentum intensified on November 7, after the US Federal Reserve (Fed) announced a 25 bps rate cut. 

Bitcoin daily chart from Binance |  BTCUSD 
 

The chart above shows how BTC price raced to new all-time high above $76,800 following the rate cut decision. The Fed rate cut announcement on Thursday added fresh momentum, helping Bitcoin avoid an early pullback. 

At the time of writing on November 8, BTC is perched above the $76,250 mark, up 13% from the November 5 election day opening price of $67,866.  

With virtually 100% of current Bitcoin holders in profit, the majority appear unwilling to sell amid expectations that the dovish Fed could spur more capital inflows toward the risky assets markets as Q4 2024 unfolds. 

Coinbase data shows US demand for BTC at 200-day highs 

In response to multiple bullish catalysts from the political landscape and dovish macro-economic tweaks, Bitcoin demand among US-based investors has risen considerably in recent weeks. 

CryptoQuant’s Coinbase Premium Index (CP Index) metric serves as a proxy for monitoring demand swings among US investors by tracking the marginal differences in BTC prices quoted on Coinbase and Binance. 

The Coinbase clientele is dominated by US-based investors seeking to trade within a more regulated environment, while Binance dominates global retail trading.

Hence, during periods of intense buying pressure among US investors, the CP index swings into positive values as Bitcoin prices rise on Coinbase marginally, above prices quoted on Binance, and vice versa.

Bitcoin price vs. Coinbase Premium Index (CP Index) | Source: CryptoQuant

The chart above shows that the Bitcoin Coinbase Premium Index has consistently trended upward in the last 14 days. The CP Index rose from -0.02 on October 25 to hit a 220-day peak of 0. 09 on November 7.

This reflects a 145% Bitcoin demand surge among US investors over the last two weeks, propelled by the euphoria of Donald Trump’s victory. 

Following the Fed rate cut on November 7, the Bitcoin CP index remains in positive territory, signaling that buying momentum remains strong despite prices trending toward all-time highs.

If this trend persists, Bitcoin price could potentially enter another leg-up toward the $80,000 level in the days ahead. 

Bitcoin Price Forecast: $80K hopes alive if $76K support holds

Bitcoin’s price action continues to show bullish momentum, with prices on Binance trading above the VWAP, signaling that buyers are paying premiums to acquire BTC. 

This demand intensity reinforces the upward trend as traders are eager to lock in positions, pushing prices higher. As long as the $76,000 support holds, the path to an $80,000 breakout remains intact. 

Bitcoin Price Forecast | BTCUSD

In terms of upward price actions, Bitcoin’s next major resistance level lies at the $80,000 milestone price level.

The Keltner Channel bands on the chart also support this bullish outlook, as BTC is trading near the upper band, indicating strong momentum.

On the downside, failure to hold $76,000 could see Bitcoin pull back toward the middle Keltner line around $70,275. However, BTC trending above its current VWAP, suggests buyers remain dominant, keeping the $80,000 target within reach.
 

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9 11, 2024

DeFi – Decrypt

By |2024-11-09T07:41:00+02:00November 9, 2024|News, NFT News|0 Comments


DeFi

Uniswap Reveals Plans to Launch Ethereum Layer-2 Network Unichain

Leading Ethereum decentralized exchange Uniswap announced plans Thursday to launch its own layer-2 network called Unichain, which will be built on Optimism tech. Uniswap Labs framed the move as one to cut costs, improve transaction speeds, and boost liquidity across various chains.
Created by the primary developer of Uniswap, the largest decentralized exchange (DEX) on Ethereum, the new layer-2 solution will aim to create a network of interoperable networks through its use of the Optimism Superc…

by Andrew Hayward, Ryan S. Gladwin ·



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9 11, 2024

EUR/USD, USD/JPY and AUD/USD Forecast – Friday Session Mixed for US Dollar

By |2024-11-09T05:51:22+02:00November 9, 2024|Forex News, News|0 Comments

AUD/USD Technical Analysis

The Australian dollar has fallen pretty significantly, and again, this is not a huge surprise, mainly due to the fact that we’re still very sideways overall. At this point, the market looks as if the 0.67 level above is a significant resistance barrier, and underneath the market right now, we have the 0.65 level that offers support, as well as the 0.6550 level.

In other words, I think we continue to see a lot of back and forth, and with that being said, I don’t really think much has changed, quite frankly, and now we’re just looking for hard economic data to start moving on again. In the meantime, if you’re a short-term range-bound trader, you’ve got a couple of levels to pay close attention to. With that being said, it’s a market that is likely still just sitting around and waiting to see whether or not it becomes more risk on, or if it becomes more risk averse.

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9 11, 2024

Cardano Price Surges 33%, Eyes $0.50 Breakout for Bull Run to $0.548

By |2024-11-09T05:48:59+02:00November 9, 2024|Crypto News, News|0 Comments

Cardano’s bullish recovery has pushed its price above $0.40, reaching the highest level in three months. Will this bull run continue, driving the price above $0.50?

With the trend reversal rally, Cardano is heading toward the $0.50 psychological mark. Currently, it trades at $0.426, with a 24-hour surge of nearly 15%. 

With a market cap of $14.94 billion, it now ranks as the ninth biggest crypto in the world, surpassing Tron. Will the rising number of Cardano lead to a price jump above the $0.50 psychological mark this November? 

Cardano Price Analysis

In the 4-hour chart, the uptrend breaks above the 100% Fibonacci level at $0.41 and challenges the 1.272 Fibonacci level at $0.437. At current prices, it has breached above the 3-month high price level. 

Cardano 4-hour Price Chart
Cardano 4-hour Price Chart

With a change of character, the simple moving averages in the 4-hour chart gave a golden crossover. Hence, with a complete trend reversal, the altcoin shows short-term potential to reach the $0.474 mark or the 1.618 Fibonacci level. 

In the daily chart, the reversal rally shows more promising price targets. As it surpasses the 23.60% level at $0.387, it faces higher price rejection from the $0.442 mark. 

Cardano Daily Price ChartCardano Daily Price Chart
Cardano Daily Price Chart

In the last 24 hours, it has recorded a high of $0.444 and teases a bullish extension. Furthermore, with four consecutive bullish candles, it has increased by 33.44% from its 7-day low at $0.32. 

Will Cardano contine the Bull Run?

As Cardano exceeds the 200-day exponential moving average, the uptick in the 50-day EMA teases a bullish crossover with the 100-day EMA. Furthermore, the MACD indicator in the daily chart shows a positive crossover with two massive bullish histograms. Hence, the technical indicators support further uptrend chances in Cardano. 

In the daily chart, a bull run above the 38.20% level at $0.442 could reach the 61.80% level at $0.548. Hence, the breakout rally is expected to surpass the $0.50 psychological mark. Conversely, the support levels are present at $0.41 and $0.39. 

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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9 11, 2024

Common mineral supplement could prevent dementia, new study finds

By |2024-11-09T04:19:10+02:00November 9, 2024|Dietary Supplements News, News|0 Comments


With the global surge in dementia numbers, the link between nutrition and cognitive health has never been more important to investigate. Recent studies have placed focus on how vitamins and minerals shape our brain’s performance. Now, groundbreaking research suggests that our daily intake of magnesium might play a pivotal role in promoting brain health and reducing the risk of dementia.

Over 6,000 participants, all cognitively healthy and aged between 40 and 73, formed the study’s basis. The team used a 24-hour recall questionnaire, administered five times over a 16-month period, to estimate the daily magnesium intake of each participant.

The results were illuminating: individuals who consumed over 550 milligrams of magnesium daily appeared to have a “brain age” nearly one year younger by the time they turned 55, as opposed to those who consumed the average magnesium dose of around 350 mg daily.

Dr. Erin Walsh. (CREDIT: Jamie Kidston, ANU)

Khawlah Alateeq, Ph.D., from the ANU National Centre for Epidemiology and Population Health, the study’s lead author, emphasized the significance of these findings in a recent press release: “Our study shows a 41% increase in magnesium intake could lead to less age-related brain shrinkage, which is associated with better cognitive function and a decreased risk or delayed onset of dementia in later life.”

Further, Alateeq pointed out the potentially early preventative effects of magnesium on brain health: “This means people of all ages should be paying closer attention to their magnesium intake.”

Interestingly, the study also indicated that the brain-protective benefits of increased dietary magnesium were more pronounced in women—especially those post-menopause—than in men. Alateeq theorizes that this might be attributed to magnesium’s anti-inflammatory properties.

The Vital Role of Magnesium in Our Diet

But what exactly is magnesium, and why is it crucial for our brain’s health?

Melissa Prest, D.C.N., R.D.N., a prominent national media spokesperson for the Academy of Nutrition and Dietetics, explains that magnesium, found abundantly in nuts, seeds, dairy, and leafy greens, plays a critical role in maintaining our body tissues. This includes the essential task of nerve signaling in the brain and preserving the blood-brain barrier’s integrity.

Dietary Mg intake trajectories in men and women corresponding to different subgroups of individuals identified by latent class analysis. Note: “Time” is the number of waves across 16 months.
Dietary Mg intake trajectories in men and women corresponding to different subgroups of individuals identified by latent class analysis. Note: “Time” is the number of waves across 16 months. (CREDIT: European Journal of Nutrition)

A deficiency in magnesium is not something to be taken lightly. As Prest elucidates, low magnesium levels have previously been associated with a heightened risk of brain inflammation and the onset of diseases like Alzheimer’s, Parkinson’s, and multiple sclerosis.

Moreover, Prest sheds light on the intricate relationship between magnesium and menopause, which might explain the gender-based differences observed in the study. “High magnesium intake in post-menopausal women correlates with reduced inflammatory markers like C-reactive protein, indicating reduced inflammation,” she says.

Optimizing Daily Magnesium Intake

Adults’ magnesium needs can fluctuate based on factors such as age and biological sex, typically ranging from 310 to 420 mg/day. Prest recommends a balanced diet rich in magnesium: “A sample day could encompass cereal, milk, and a banana for breakfast; whole wheat sandwich and bean soup for lunch; almonds as a snack; and a dinner of salmon, brown rice, and broccoli, summing up to about 350 mg of magnesium.”

Bar graph of the associations (beta values) between dietary magnesium (Mg) trajectories and a the brain volumes including gray matter, white matter, left hippocampus, right hippocampus, and white matter lesions; and b blood pressure (BP) including mean arterial pressure (MAP), systolic blood pressure (SBP), diastolic blood pressure (DBP), pulse pressure (PP) stratified by sex.
Bar graph of the associations (beta values) between dietary magnesium (Mg) trajectories and a the brain volumes including gray matter, white matter, left hippocampus, right hippocampus, and white matter lesions; and b blood pressure (BP) including mean arterial pressure (MAP), systolic blood pressure (SBP), diastolic blood pressure (DBP), pulse pressure (PP) stratified by sex. (CREDIT: European Journal of Nutrition)

However, for those unable to meet their magnesium requirements through diet alone, supplements can fill the gap. Before starting any supplement, consulting with a healthcare professional is paramount.

The Bigger Picture on Brain Health

While the potential of magnesium in brain health is promising, it’s essential to understand the broader picture. As Melissa Prest asserts, a balanced diet rich in magnesium-laden foods such as whole grains and leafy vegetables can enhance brain function by combating inflammation and supplying the necessary nutrients.

Nevertheless, Dr. Amit Sachdev, Director of the Division of Neuromuscular Medicine at Michigan State University, reminds us to consider the broader spectrum of factors affecting brain health. “Elements like blood sugar and alcohol have a more substantial link with brain health than magnesium. Hence, while these findings are compelling, they should be taken with a degree of caution.”

Dr. Amit Sachdev, Director of the Division of Neuromuscular Medicine at Michigan State University.
Dr. Amit Sachdev, Director of the Division of Neuromuscular Medicine at Michigan State University. (CREDIT: MSU Health Care)

As the pursuit of knowledge around cognitive health continues, this study underscores the potential of magnesium as a nutritional ally in our fight against cognitive decline. Balancing our diet and incorporating magnesium-rich foods might just be the key to a sharper, healthier brain.



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9 11, 2024

XRP Price Prediction to $5 Will Be Possible if Trump Wins US Elections

By |2024-11-09T03:48:27+02:00November 9, 2024|Crypto News, News|0 Comments

IntelMarkets, an AI-driven cryptocurrency platform, has captivated investors with its rapid presale success and advanced trading technology, setting new standards. Featuring powerful trading algorithms, multichannel data analysis, and secure quantum-resistant solutions, IntelMarkets appeals to individual and institutional investors alike. A recent $1 million grant for developing the Quantum-Proof Route X21 Wallet highlights its forward-looking approach to security.

The platform’s Intelli-M AI system enables real-time trading optimizations, allowing even those without financial backgrounds to participate. With dual-chain Ethereum and Solana compatibility, IntelMarkets delivers flexibility in trading strategies, while Ripple (XRP) eyes a $5 target amid possible U.S. regulatory changes.

IntelMarkets Presale Success Highlights AI-Driven Innovation in Cryptocurrency

IntelMarkets, an AI-powered cryptocurrency platform, has had remarkable presale success, establishing itself as one of the most promising ICOs of recent times. Individual traders and institutional investors alike have been drawn to the platform’s powerful trading robots, multichannel data analysis, and robust AI consolidation systems.

With a recent $1 million grant to develop the Quantum-Proof Route X21 Wallet, IntelMarkets is enhancing security to prepare for the future of quantum computing. The ongoing presale of INTL tokens has shown strong demand, signaling retail and institutional interest in the platform. IntelMarkets leverages proprietary AI algorithms to automate trading decisions, providing opportunities to a wider range of users, including those without a financial background.

The platform’s AI systems, branded as Intelli-M, perform complex technical analyses across multiple markets in real time, identifying opportunities and taking positions based on user-defined parameters. The platform’s integration of real-time data processing tools optimizes trading by refining hyperparameters relevant to each trading indicator, allowing for continuous improvement and adjustment of trade frequencies for optimal outcomes.

IntelMarkets introduces dual-chain functionality, allowing users to operate on both Ethereum and Solana blockchains, providing traders with flexibility to select their preferred blockchain based on factors like transaction speed, gas fees, and personal trading strategies.

The platform’s multilayered AI architecture enables traders to optimize returns through complicated, automated decision-making procedures that would be difficult for individual traders to complete manually.

Ripple XRP Eyes $5 as Trump Win Could Shift Crypto Regulations Favorably

Ripple (XRP) is now trading at $0.53, with a trading volume of $1.19 billion in the past 24 hours. The market mood around XRP remains cautious, despite the Fear & Greed Index is above 70, signifying “Greed.”

The token’s recent performance has been affected by its fight against the United States Security and Exchange Commission which has withdrawn investor confidence making it hard for XRP to get to the $0.60 level. Concerns regarding XRP’s legal status, particularly institutional sales, have harmed investor trust, potentially limiting price rise.

If Donald Trump wins the US presidential election, it may signal a shift in regulatory viewpoints and approaches to cryptocurrencies such as XRP. If Trump’s government takes a more forgiving posture, Ripple might benefit, perhaps allowing XRP to restore its status as a leading digital asset. The $5 price goal is ambitious, but with regulatory certainty, greater market acceptance, and a more favorable regulatory landscape in the U.S., XRP may see significant price increases.

Conclusion:

IntelMarkets and Ripple (XRP) both illustrate the evolving potential within the cryptocurrency landscape, driven by innovation and strategic foresight. IntelMarkets’ AI-powered platform and quantum-proof solutions are attracting strong demand, reflecting the interest in secure, cutting-edge technologies.

Meanwhile, Ripple’s (XRP) future may hinge on regulatory shifts, with a potential Trump administration offering more favorable conditions for growth. Both assets demonstrate how adaptability and strategic advancements can capture investor interest amid rapid changes. As IntelMarkets and XRP evolve, they underscore the critical role of technology and regulation in shaping the next phase of cryptocurrency.

Discover More About IntelMarkets:

Presale: https://intelmarketspresale.com/

Buy Presale: https://buy.intelmarketspresale.com/

Telegram: https://t.me/IntelMarketsOfficial

Twitter: https://x.com/intel_markets

 

 

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9 11, 2024

XAG/USD drops below $31.50, weighed down by USD strength

By |2024-11-09T03:28:28+02:00November 9, 2024|Forex News, News|0 Comments


  • Silver trades below 50-day SMA at $31.37; $30.84 support is key for preventing deeper pullback.
  • Bearish momentum persists with RSI in seller’s territory, favoring near-term downside.
  • A close above $31.50 needed for bullish recovery, targeting $31.75 and potentially $32.00.

Silver retreated from two-day highs of $32.00 and tumbled below the 50-day Simple Moving Average (SMA) at $31.37 late in the North American session. This was weighed down by a strong US Dollar underpinned by former President Donald Trump’s victory. At the time of writing, the XAG/USD trades at $31.29, down 2.29%.

XAG/USD Price Forecast: Technical outlook

Silver’s price uptrend remains in play despite posting solid losses. The fall of US Treasury yields kept the grey metal from falling further, but a decisive break below the November 6 low of $30.84 could exacerbate a deeper pullback. In that outcome, the next support would be the 100-day SMA at $30.27, followed by the September 5 high turned support at $29.17.

For a bullish resumption, the XAG/USD must close above the $31.50 area. This could pave the way to challenge the July 11 high at $31.75. A breach of the latter will expose $32.00, followed by May’s 20 peak at $32.51.

Momentum is bearish in the near term, as shown by the Relative Strength Index (RSI), breaching its neutral line into the seller’s area.

XAG/USD Price Chart – Daily

Silver FAQs

Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.

Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.

Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.

Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.

 



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