“The key distinguishing property of this proposal is that the stablecoin is always redeemable for XRP on the ledger from the collateral pool.”
Furthermore, Schwartz detailed that a user processing on-ledger transactions by holding one USD-backed stablecoin would be able to make payments just like holding $1 worth of XRP. He further said,
“Some organization or federation still must supply the price the asset is pegged to on a continuous basis or the stablecoin will freeze.”
The entire idea seems to be risky, following the volatile nature of cryptocurrencies. The recent crypto carnage is another example of the volatility of digital assets.
Litecoin’s ailing price prepares for breach of descending channel
Litecoin noted a sharp fall on 15 November, a fall that caused its price to fall from $59.97 to $55.63. This 7.24% fall was followed by the price of the coin climbing up. However, it fell soon after the rise. The price of Litecoin at the time of writing hovered at around $58.07 with a market cap of 3.75 billion, while noting a trading volume of $2.90 billion.
Despite the falling price, however, Litecoin noted the formation of a bullish pattern that might provide a boost to its price.
The hourly chart for Litecoin [LTC] saw a descending channel extending along with the falling price. The pattern, characterized by two sloping trend lines, marked the lower highs of LTC at $60.26, $59.16, and $59.03 and lower lows at $59.38, $58.94, and $58.53. As the price remained constricted within the downward trend, a breach in the pattern might lead to the price of LTC surging.
The 50-day moving average underwent a crossover with the 100-day moving average, indicating a bullish move. The 100-day moving average dominated the LTC market for over five days and the coin lost 4.08% of its value. However, with the 50-day MA leading the charge, an upward surge might be coming soon.
The MACD indicator noted strong bearish momentum in the market, as the MACD line remained dormant under the signal line. On the other hand, the Relative Strength Index highlighted a change in tides as the signal line bounced back from the oversold zone and was pointing up.
Litecoin’s falling price might find respite with a breach of the descending channel. However, the coin might undergo further devaluation before it could note a spike.