XRP remained at a close to a 4-month high Wednesday after a recent breakout from a key resistance level. For the second consecutive session, the token was above $0.4000. This is the first time since June. After recent losses, Litecoin prices rebounded and Litecoin edged up.
XRP
XRP traded close to a 4-month high Wednesday as bullish sentiment remained strong within its token.
After a session low of $0.3774, XRP/USD surged to $0.4215 today.
This move came after the token broke through its key price ceiling at $0.4000 on Tuesday. It reached its highest point since June 1, 2017.
Although prices have declined since then, they are currently trading at $0.4044, many believe that more rallies could be coming.
Some believe bulls are targeting $0.4500, which is the longer-term resistance level in XRP.
However, the 14-day relative strength indicator (RSI) is currently at 62.45. This means that prices could be overbought and lead to an influx bears rather than bulls.
Litecoin (LTC).
Litecoin (LTC), was also in green today, with prices rebounding after recent losses.
LTC/USD climbed to an intraday high of $54.17 after a plunge to $50.01, a two-month low, to begin the week.
The token fell below $52.00 as a support level, but bulls returned to the market and sent prices higher.
Bulls tend to take prices towards $60.00 ceilings once they have risen above the floor.
This will only be possible if LTC is able to climb over another ceiling, this one within the RSI.
The index is currently at 43.18. However, it is rapidly approaching 44.20 resistance. This would be necessary if litecoin moves higher.
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Frequently Asked Questions
Who holds the gold in a gold IRA?
The IRS considers anyone who owns gold to be “a form money” and therefore subject to taxation.
You must have at least $10,000 in gold and keep it for at most five years to qualify for this tax-free status.
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.
Consult a financial advisor or accountant to determine your options.
What is a Precious Metal IRA?
A precious metal IRA allows for you to diversify your retirement savings in gold, silver, palladium and iridium. These are called “precious” metals because they’re very hard to find and very valuable. These are excellent investments that will protect your wealth from inflation and economic instability.
Precious metals are often referred to as “bullion.” Bullion refers actually to the metal.
Bullion can be purchased via a variety of channels including online sellers, large coin dealers, and grocery stores.
With a precious metal IRA, you invest in bullion directly rather than purchasing shares of stock. This allows you to receive dividends every year.
Unlike regular IRAs, precious metal IRAs don’t require paperwork or annual fees. You pay only a small percentage of your gains tax. You can also access your funds whenever it suits you.
What precious metals can you invest in for retirement?
It is gold and silver that are the best precious metal investment. Both can be easily bought and sold, and have been around since forever. You should add them to your portfolio if you are looking to diversify.
Gold: The oldest form of currency known to man is gold. It is very stable and secure. Because of this, it is considered a great way of preserving wealth during times when there are uncertainties.
Silver: The popularity of silver has always been a concern for investors. It’s an ideal choice for those who prefer to avoid volatility. Silver tends to move up, not down, unlike gold.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It’s durable and resists corrosion, just like gold and silver. It is however more expensive than its counterparts.
Rhodium: The catalytic converters use Rhodium. It is also used to make jewelry. It is also very affordable in comparison to other types.
Palladium: Palladium has a similarity to platinum but is more rare. It’s also much more affordable. Investors looking to add precious and rare metals to their portfolios love it for these reasons.
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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- 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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1991 – WSJ
- How do you keep your IRA Gold at Home? It’s not exactly legal – WSJ
cftc.gov
investopedia.com
irs.gov
How To
Investing in gold vs. investing in stocks
Investing in gold as an investment vehicle might seem like a very risky proposition these days. The reason behind this is that many people believe that gold is no longer profitable to invest in. This belief is due to the fact that many people see gold prices dropping because of 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. Below are some of them.
One of the oldest forms known of currency is gold. Its use can be traced back to thousands of years ago. It was used all around the world as a reserve of value. It’s still used by countries like South Africa as a method of payment.
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. 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.
Noting that gold prices have fallen in recent years, it is worth noting that the cost to produce gold has gone up. So, although gold prices have declined in recent years, the cost of producing it has not changed.
You should also consider the amount of your intended purchase when considering whether you should buy or not. 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. If you plan to do so as long-term investments, it is worth looking into. Profitable gold can be sold at a lower price than it was when you bought it.
We hope you have gained a better understanding about gold as an investment tool. We recommend that you investigate all options before making any major decisions. Only after doing so can you make an informed decision.
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By: Eliman Dambell
Title: Biggest Movers: XRP Remains Close to 4-Month High, as LTC Rebounds on Wednesday
Sourced From: news.bitcoin.com/biggest-movers-xrp-remains-close-to-4-month-high-as-ltc-rebounds-on-wednesday/
Published Date: Wed, 21 Sep 2022 15:30:33 +0000
