In a significant market development, XRP and Solana (SOL) saw a sharp rise on Friday. This surge came in response to the Securities and Exchange Commission (SEC) withdrawing its lawsuit against Ripple's senior management, a move that has evidently been well-received by the cryptocurrency market.
XRP's Rise to a Two-Week High
XRP, one of the leading cryptocurrencies, experienced a significant hike, reaching a two-week high on Friday. The SEC decided to dismiss its lawsuit against Ripple's CEO, Brad Garlinghouse, and Chairman, Chris Larsen, a decision that appears to have significantly impacted XRP's market position.
On Friday, XRP/USD hit a peak at $0.5291, a sharp contrast to its low of $0.4831 from the previous day. The cryptocurrency reached its highest point since October 5, when the price had peaked at $0.5325. Despite some easing in gains due to the relative strength index (RSI) not moving beyond a ceiling at 57.00, the price strength is currently tracking at 56.32. With the next visible floor situated at the 50.00 level, the 10-day moving average begins to trend upwards, indicating a potential upward crossover in the coming days.
Solana (SOL) Breaks Its Long-Term Ceiling
Solana (SOL), another noteworthy cryptocurrency, saw a notable increase in its trading session. The cryptocurrency broke its long-standing ceiling at $25.00, which resulted in a significant upward trajectory.
After having traded at a low of $24.17 on Thursday, SOL/USD jumped to an intraday high of $27.29 on Friday. This upward move marked Solana's highest point since July 20, when the price had hit a peak of $27.35. Following this strong sentiment, SOL found itself in overbought territory, with the RSI reaching a current reading of 74.60. A resistance point is now anticipated at the 75.00 mark, and if overcome, Solana could hit the $28.00 mark.
While the market celebrates these positive developments, the question remains: will Solana's investors begin to cash in their profits this weekend? As the market continues to evolve, only time will tell how investors will navigate these promising but uncertain times.
Frequently Asked Questions
What are the fees associated with an IRA for gold?
A monthly fee of $6 for an Individual Retirement Account is charged. This includes account maintenance fees and investment costs for your chosen investments.
If you want to diversify, you may be required to pay extra fees. These fees can vary depending on which type of IRA account you choose. Some companies offer checking accounts for free, while others charge monthly fees for IRA account.
Many providers also charge annual management fees. These fees range from 0% to 1%. The average rate is.25% annually. These rates can be waived if the broker is TD Ameritrade.
Should You Buy Gold?
Gold was a safe investment option for those who were in financial turmoil. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
The trend for gold prices has been upward in recent years but they still remain low relative to other commodities like silver and oil.
Experts think this could change quickly. They say that gold prices could rise dramatically with another global financial crisis.
They also point out that gold is becoming popular because of its perceived value and potential return.
If you are considering investing in gold, here are some things that you need to keep in mind.
- Consider whether you will actually need the money that you are saving for retirement. It's possible to save for retirement without putting your savings into gold. However, when you retire at age 65, gold can provide additional protection.
- You should also be aware of what you are getting into before you buy gold. There are many types of gold IRA accounts. Each offers varying levels of flexibility and security.
- Last but not least, gold doesn't provide the same level security as a savings account. It is possible to lose your gold coins.
Don't buy gold unless you have done your research. Protect your gold if you already have it.
Is buying gold a good way to save money for retirement?
While buying gold as an investment may seem unattractive at first glance it becomes worth the effort when you consider how much gold is consumed worldwide each year.
The most popular form of investing in gold is through physical bullion bars. You can also invest in gold in other ways. Research all options carefully and make an informed decision about what you desire from your investments.
If you're not looking to secure your wealth, it may be worth considering purchasing shares in mining equipment or companies that extract gold. If you require cash flow, gold stocks can work well.
You can also put your money in exchange traded funds (ETFs). These funds allow you to be exposed to the price and value of gold by holding gold related securities. These ETFs usually include stocks of precious metals refiners or gold miners.
Who owns the gold in a Gold IRA?
The IRS considers gold owned by an individual to be “a type of money” and is subject 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.
Owning gold can also help protect against inflation and price volatility, but it doesn't make sense to hold gold if you're not going 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.
How do I Withdraw from an IRA with Precious Metals?
First, decide if it is possible to withdraw funds from an IRA. After that, you need to decide if you want to withdraw funds from an IRA account. Next, make sure you have enough money in order for you pay any fees or penalties.
You should open a taxable brokerage account if you're willing to pay a penalty if you withdraw early. This option will require you to pay taxes on the amount that you withdraw.
Next, calculate how much money your IRA will allow you to withdraw. This calculation is affected by many factors, such as the age at which you withdraw the money, the amount of time the account has been owned, and whether your plans to continue contributing to your retirement fund.
Once you have determined the percentage of your total savings that you would like to convert to cash, you can then decide which type of IRA to use. Traditional IRAs permit you to withdraw your funds tax-free once you turn 59 1/2. Roth IRAs have income taxes upfront, but you can access the earnings later on without paying additional taxes.
Finally, you'll need to open a brokerage account once these calculations are completed. A majority of brokers offer free signup bonuses, as well as other promotions, to get people to open accounts. To avoid unnecessary fees, however, try opening an account using a debit card rather than a credit card.
When it comes time to withdraw your precious metal IRA funds, you will need a safe location where you can keep your coins. Some storage areas will accept bullion, while others require you to purchase individual coins. You'll have to weigh the pros of each option before you make a decision.
Bullion bars are easier to store than individual coins. But you will have to count each coin separately. On the flip side, storing individual coins allows you to easily track their value.
Some people like to keep their coins in vaults. Some people prefer to store their coins safely in a vault. No matter what method you use, it is important to keep your bullion safe so that you can reap its benefits for many more years.
Is gold a good IRA investment?
For anyone who wants to save some money, gold can be a good investment. It can be used to diversify your portfolio. There's more to gold that meets the eye.
It has been used throughout history as currency and it is still a very popular method of payment. It's often referred to as “the world's oldest currency.”
But unlike paper currencies, which governments create, gold is mined out of the earth. It is very valuable, as it is rare and hard to create.
The price of gold fluctuates based on supply and demand. When the economy is strong, people tend to spend more money, which means fewer people mine gold. The result is that gold's value increases.
On the flipside, people may save cash rather than spend it when the economy slows. This leads to more gold being produced which decreases its value.
This is why it makes sense to invest in gold for individuals and companies. You'll reap the benefits of investing in gold when the economy grows.
You'll also earn interest on your investments, which helps you grow your wealth. You won't lose your money if gold prices drop.
Statistics
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.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)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
External Links
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- You want to keep gold in your IRA at home? It's Not Exactly Lawful – WSJ
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement accounts
irs.gov
bbb.org
How To
Investing with gold or stocks
These days, it might seem quite risky to invest your money in gold. The reason behind this is that many people believe that gold is no longer profitable to invest in. This belief is based on the fact that gold prices are being driven down by global economic conditions. They believe they would lose their money if they invested gold. There are many benefits to investing in gold. We'll be looking at some of these benefits below.
The oldest form of currency known to mankind is gold. It has been in use for thousands of year. It has been used as a store for value by people all over the globe. It continues to be used in South Africa, as a way of paying their citizens.
You must first decide how much you are willing and able to pay per gram to decide whether or not gold should be your investment. You must determine how much gold bullion you can afford per gram before you consider buying it. You could contact a local jeweler to find out what their current market rate is.
It's worth noting, however, that while gold prices have fallen recently the cost of producing gold is on the rise. The price of gold may have fallen, but the production costs haven’t.
It is important to keep in mind the amount you plan to purchase of gold when you're weighing whether or not it is worth your time. If you plan to buy enough gold to cover your wedding rings then it is probably a good idea to wait before buying any more. But, if your goal is to make long-term investments in gold, this might be worth considering. You can profit if you sell your gold at a higher price than you bought it.
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 informed decisions be made.
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By: Eliman Dambell
Title: Upward Swing for XRP and Solana Following SEC's Legal Decision
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
