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XRP can now be used as collateral for a line of credit up to $50 million through Cred

Anirudh VK

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XRP can now be used as collateral for a line of credit up to $50 million through Cred
Source: Unsplash

Cred, a provider of cryptocurrency-based lines of credit, has recently announced that they will be adding XRP to their list of supported assets. This effectively allows XRP HODLers to put their coins up as collateral for USD loans, allowing them to utilize the coin without the need to sell or incur a loss in the form of capital gains tax.

The company, which is said to have over $300 million in credit facilities, offers interest rates as low as single-digits. This effectively allows XRP enthusiasts to put up their XRP as collateral, and gain a flexible line of credit which can be utilized for their day to day activities. This allows for the spending of their crypto-assets without having to sell them and incur capital gains tax when filing.

Mike Arrington, the Founder of Arrington XRP Capital, commented on the move by Cred, stating:

“As a Cred borrower, I appreciate how responsive Cred is to my needs. They continue to impress me with their ability to act as a trusted bridge between the traditional financial services ecosystem and the crypto community…their recognition of XRP as an asset class is important.”

Cred also announced recently that they would be powering the lending and earning products for the Universal Protocol Alliance and Uphold, which has also garnered positive support from the XRP Community in the past. Cred has also recently announced the launch of their LBA token, which effectively allows users to lower the interest rates of their loans, increase deposit yields and vote on specific projects on the Cred network.



The emergence of platforms like Cred allows cryptocurrency holders with large amounts of digital assets to effectively spend their money through a procedure now called the “Zuckerberg Tax”. By borrowing against the assets, users can effectively avoid paying tax until the realization of their profits, which can occur indefinitely until the user decides to sell his/her assets.

The co-founder of Cred, Dan Schatt:

“We’re thrilled to offer XRP holders the same low rates and convenient liquidity services as ETH and BTC holders. We’re looking forward to continuing to support our many partners who are integrating the Cred platform for the benefit of their users.”





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Analysis

XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to push market forward

Yash Rajan

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XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to move forward
Source: Pixabay

XRP, the third largest cryptocurrency, was priced at $0.383 agfter falling 1.87% over the 24 hours, according to CoinMarketCap. XRP held a market cap of $16.121 billion and registered $1.29 billion in 24-hour trading volume for XRP.

At press time, Stellar Lumens [XLM] was priced at $0.125, after falling 1.56% over the past 24 hours. It stood ninth on the top 10 list with a market cap of $19.302 billion and $844.41 million in 24-hour trading volume.

1-Day XRP

XRP saw an uptrend from $0.331 to $0.461 and a downtrend from $0.461 to $0.388. Resistances were at $0.458 and $0.420. Support lines were located at $0.371 and $0.285.

Source: TradingView

Source: TradingView

Parabolic SAR presented a bearish trend as the markers were above the candles.

Moving Average Convergence/Divergence [MACD] indicator was undergoing a bearish crossover.

Relative Strength Index showed a relatively overbought status for the coin.

1-Day XLM

On the one-day XLM chart, the resistance line stood at $0.143 and the support lines stood at $0.115 and $0.091. It saw an uptrend from $0.133 to $0.141. XLM also saw a downtrend from $0.142 to $0.125.

Source: TradingView

Source: TradingView

Bollinger Bands displayed an increase in volatility in the market as the bands were diverging.

Awesome Oscillator presented a bullish buying opportunity.

Chaikin Money Flow indicator was above the zero-line, indicating that money was flowing into the market.



Conclusion

XRP saw a fusion of bullish and bearish trends while XLM sides with the bulls after being stalled by bears for the past one month.





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