In a triumphant turn of events for the cryptocurrency world, XRP and Solana experienced a significant surge in their value last Friday. This spike in their prices was a direct result of the Securities and Exchange Commission's (SEC) decision to drop its lawsuit against the management of Ripple.
XRP's Remarkable Growth
XRP, Ripple's digital currency, experienced a significant boost following the SEC's decision. It reached a two-week high on Friday, a stark contrast to its previous low just a day before. The SEC had previously filed a lawsuit against CEO Brad Garlinghouse and chairman Chris Larsen, alleging that they breached securities laws. However, the decision to drop this case played a major role in XRP's price surge.
XRP/USD reached an impressive peak of $0.5291 during the day, a considerable rise from its previous low of $0.4831. This increase in value marks Ripple's highest point since October 5, when it peaked at $0.5325.
Despite the gains easing somewhat as the day progressed, the 10-day moving average indicated a potential upward trend, suggesting that we may see further growth in the coming days.
Solana's Significant Surge
Solana (SOL), another popular cryptocurrency, also experienced a noteworthy rise in today's trading session. Breaking its long-term ceiling of $25.00, SOL's value surged to an intraday high of $27.29, marking its highest point since July 20.
This positive sentiment has pushed Solana into 'overbought' territory. Yet, despite potential resistance at the 75.00 mark, Solana could potentially reach $28.00 should its upward trend continue.
Friday's significant gains for both XRP and Solana highlight the impact of legal decisions on the cryptocurrency market. It remains to be seen whether these trends will continue over the coming days. Regardless, this recent surge is a welcome sign for investors and crypto enthusiasts alike.
The Future of XRP and Solana
The question on everyone's mind now is, will these bullish trends continue over the weekend? Or will traders start taking profits, leading to a price correction? While it's impossible to predict with certainty, the recent developments have certainly stirred excitement in the cryptocurrency market.
Regardless of what the future holds, one thing is clear: the world of cryptocurrency is as dynamic and volatile as ever, and these recent developments are a testament to that fact.
Frequently Asked Questions
Can a gold IRA earn any interest?
It all depends upon how much money you invest. If you have $100,000 to spare, then yes. You can’t if you have less than $100,000
The amount of money you put into an IRA determines whether or not it earns interest.
If you have more than $100,000 in retirement savings each year, you might consider opening a regular brokerage accounts.
You will likely earn more interest there, but you’ll also be exposed to riskier investments. It’s not a good idea to lose all of the money you have invested in the stock exchange.
An IRA might be more advantageous if you are able to contribute only $100,000 per year. At least, until the market begins to grow again.
What is a Precious Metal IRA and How Can You Benefit From It?
Precious and precious metals are excellent investments for retirement accounts. They have been around since biblical times and continue to hold value today. It is a great way of diversifying your portfolio and protecting against inflation by investing in precious metals like gold, silver, or platinum.
Many countries also permit citizens to store money in foreign currencies. You can buy gold bars in Canada, and then keep them at the home. You can then sell the same gold bars to Canadian dollars when you return home to visit your family.
This is a simple way to make investments in precious metals. It’s particularly helpful for people who don’t reside in North America.
Are precious metals allowed in an IRA?
The answer to this question depends on whether the IRA owner wants to diversify his holdings into gold and silver or keep them for safekeeping.
There are two options for him if he wants to diversify. He could buy physical bars of gold and/or silver from a dealer or sell these items back to the dealer at the end of the year. Let’s say he doesn’t want to sell back his precious metal investment. He should keep them, as they are perfectly safe to be stored in an IRA account.
Can I have physical possession of gold within my IRA?
Many ask themselves whether they can physically possess gold in an IRA account. This is a legitimate question since there is no legal way.
You can still own gold in an IRA if you look at the law.
The problem is that most people aren’t aware of how much money they could be saving by putting their precious gold in an IRA.
It’s very easy to dispose of gold coins, but much harder to make an IRA. You’ll have to pay twice taxes if you keep your gold in your home. Two taxes will be charged: one to the IRS, one to the state you live in.
You can also lose your gold and have to pay twice the taxes. So why would you choose to keep it in your home?
Some might argue that gold should be safe at home. But to protect yourself against theft, you should consider storing your gold somewhere more secure.
You shouldn’t even leave your gold in your home unless you plan to visit often. If you leave your precious gold unattended thieves will easily steal it.
Better yet, store your gold inside an insured vault. Your gold will be protected against fire, floods, earthquakes, and robbery.
Another benefit to keeping your gold in vaults is that you won’t have to pay any property taxes. Instead, any gains that you make by selling your gold will be subject to income tax.
If you’d rather avoid paying taxes on your gold, you may want to consider putting it in an IRA. With an IRA, you won’t have to pay income tax even though you earn interest on your gold.
Capital gains tax is not required on gold. If you decide to cash it out, you will have full access to its value.
You won’t have to move your gold because IRAs are federally regulated.
The bottom line is: You can own gold in an IRA. The only thing holding you back is your fear of having it stolen.
Statistics
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that 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)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- Silver must be 99.9% pure • (forbes.com)
- The maximum yearly contribution to an individual’s IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
External Links
regalassets.com
kitco.com
en.wikipedia.org
takemetothesite.com
How To
Things to Remember About the 2022 Best Precious Metals Ira
Precious Metals Ira ranks high among investors as one of their most popular investment options. This article will explain what makes precious metals Ira so appealing and how you can make smart decisions when investing in them.
Their long-term growth potential is the main draw of these assets. Looking back at historical data, we see that gold prices have shown incredible returns. Over the past 200+ years, gold prices rose from $20 to almost $1900 an ounce. The S&P 500 Index was only up by 50%.
During times of economic uncertainty, people consider gold a safety net. Stock market downturns cause people to sell their stocks and seek safety in gold. The safety of gold is also considered an insurance against inflation. Many economists believe that there will always be some degree of inflation. As such, physical gold is an excellent way to protect your savings and prevent future price increases.
However, before you decide to buy precious metals like palladium and gold, as well as platinum, silver or gold, there are several things to be aware of. First, consider whether you would prefer to invest in bullion or coins. Bullion bars are often purchased in large quantities (like 100 grams) and stored until needed. You can also buy bullion bars in smaller quantities with coins.
The second thing you need to consider is where you will store your precious metals. Some countries are safer then others. If you are in the US, it might be a good idea to store your precious metals abroad. If you intend to store them in Switzerland, though, you might need to question why.
The final decision is whether you want to either invest directly in precious or through “precious metallics exchange-traded fund” (ETFs). ETFs track the performance of various commodities such as gold and are financial instruments. You can use these to get exposure to precious metals without having to own them.
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By: Eliman Dambell
Title: A Surge in XRP and Solana’s Value Following Recent Legal Developments
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
