Boosted by the Securities and Exchange Commission (SEC) decision to drop its lawsuit against Ripple's managerial team, XRP witnessed notable gains on Friday. The SEC had formerly accused CEO Brad Garlinghouse and Chairman Chris Larsen of violating securities laws. Along with XRP, Solana too experienced a remarkable upsurge, with a more than 10% increase in its value.
The XRP Upsurge
On Friday, XRP reached a two-week peak, driven by the SEC's decision to abandon its lawsuit against Garlinghouse and Larsen. The XRP/USD value crested at $0.5291 early in the day, a significant rise from Thursday's low of $0.4831.
This surge resulted in XRP reaching its highest value since October 5, when the price peaked at $0.5325. However, the earlier gains have now somewhat steadied as the relative strength index (RSI) couldn't break through the 57.00 mark. At the time of writing, the price strength stands at 56.32, with the next noticeable support level at 50.00.
Additionally, the 10-day moving average has started an upward trend, hinting at a possible upward crossover in the coming days.
Solana's (SOL) Significant Surge
Solana (SOL) witnessed a substantial rise in the market, finally breaking its long-term resistance level at $25.00. SOL/USD bounced back from Thursday's low of $24.17 to an intraday high of $27.29 on Friday.
This surge marks the highest value for Solana since July 20, when the price hit a peak at $27.35. As a consequence of this strong market sentiment, SOL has entered the overbought zone, with the RSI skyrocketing to a current reading of 74.60.
A resistance level now lies at the 75.00 mark for the current SOL bulls. If they can overcome this hurdle, Solana could reach a value of $28.00. The market eagerly awaits to see if Solana bulls will start cashing in their profits over the weekend.
Given the current market trends and the strong performance of these cryptocurrencies, it is clear that the world of digital finance continues to shift and evolve. As investors and enthusiasts keep a close eye on these market movements, the future of cryptocurrencies like XRP and Solana remains to be seen.
Frequently Asked Questions
Is buying gold a good way to save money for retirement?
Although buying gold as an investment might not sound appealing at first, when you look at the average annual gold consumption worldwide, it is worth looking into.
Physical bullion bar is the best way to invest in precious metals. But there are many other options for investing in gold. The best thing to do is research all options thoroughly and then make an informed decision based on what you want from your investments.
For example, purchasing shares of companies that extract gold or mining equipment might be a better option if you aren't looking for a safe place to store your wealth. If you need cash flow from an investment, purchasing gold stocks is a good choice.
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 may include stocks that are owned by gold miners or precious metals refining companies as well as commodity trading firms.
Can I have a gold ETF in a Roth IRA
This option may not be available in a 401(k), but you should look into other options such as an Individual Retirement account (IRA).
A traditional IRA allows contributions from both employee and employer. A Employee Stock Ownership Plan, or ESOP, is another way to invest publicly traded companies.
An ESOP offers tax benefits because employees can share in the company stock and any profits that it generates. The tax rate on money that is invested in an ESOP is lower than if it was held in the employees' hands.
You can also get an Individual Retirement Annuity, or IRA. You can make regular payments to your IRA throughout your life, and you will also receive income when you retire. Contributions to IRAs will not be taxed
Who is entitled to the gold in a IRA that holds gold?
The IRS considers an individual who owns gold as holding “a form of money” subject to taxation.
This tax-free status is only available to those who have owned at least $10,000 of gold and have kept it for at minimum five years.
The purchase of gold can protect you from inflation and price volatility. But it's not smart to hold it if your only intention is to use it.
If you plan to sell the gold one day, you will need to report its worth. This will affect how much capital gains tax you owe on cash you have invested.
It is a good idea to consult an accountant or financial planner to learn more about your options.
What is the best way to hold physical gold?
Gold is money and not just paper currency. It is an asset that people have used over thousands of years as money, and a way to protect wealth from inflation and economic uncertainties. Today, investors invest in gold as part a diversified portfolio. This is because gold tends do better in financial turmoil.
Many Americans today prefer to invest in precious metals, such as silver and gold, over stocks and bonds. While owning gold doesn't guarantee you'll make money investing in gold, there are several reasons why it may make sense to consider adding gold to your retirement portfolio.
One reason is that gold historically performs better than other assets during financial panics. Between August 2011 to early 2013, gold prices rose close to 100 percent while the S&P 500 fell 21 per cent. Gold was one asset that outperformed stocks in turbulent market conditions.
Another benefit to investing in gold? It has virtually zero counterparty exposure. If your stock portfolio goes down, you still own your shares. However, if you have gold, your value will rise even if the company that you invested in defaults on its loans.
Finally, gold offers liquidity. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. The liquidity of gold makes it a good investment. This allows you to profit from short-term fluctuations on the gold market.
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)
- You can only purchase gold bars at least 99.5% purity. (forbes.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)
- (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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not legal – WSJ
irs.gov
finance.yahoo.com
bbb.org
How To
Investing with gold or stocks
This might make it seem very risky to invest gold as an investment tool. Many people believe that investing in gold is not profitable. This belief stems from the fact that most people see gold prices being driven down by the global economy. People believe that investing in gold would result in them losing money. In reality, however there are still many significant benefits to gold investing. Let's take a look at some of the benefits.
One of the oldest forms known of currency is gold. It has been in use for thousands of year. It was used all around the world as a reserve of value. It continues to be used in South Africa, as a way of paying their citizens.
It is important to determine the price per Gram that you will pay for gold when making a decision about whether or not to invest. If you're interested in buying gold bullion, it is crucial that you decide how much per gram. You can always ask a local jeweler what the current market rate is if you don't have it.
Noting that gold prices have fallen in recent years, it is worth noting that the cost to produce gold has gone up. Although the price of gold has dropped, production costs have not.
Another thing to remember when thinking about whether or not you should buy gold is the amount of gold you plan on purchasing. If you intend to only purchase enough gold to cover your wedding rings it may be a smart decision to not buy any gold. This is not a wise decision if you're looking to invest in long-term assets. Selling your gold at a higher value than what you bought can help you make money.
We hope this article helped you to gain a better appreciation of gold as a tool for investment. Before making any investment decisions, we strongly advise that you thoroughly research all options. Only then can you make informed decisions.
—————————————————————————————————————————————————————————————–
By: Eliman Dambell
Title: XRP in Upward Swing as SEC Drops Ripple Lawsuit; Solana Sees Significant Surge
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
Leave a Reply