XRP Gains Momentum, Reaches Highest Point in Over a Month
XRP, formerly known as ripple, experienced a significant surge on Tuesday, marking its fourth consecutive day of gains. The overall sentiment in the crypto market has been mostly bullish, with the global crypto market cap rising by nearly 10%. Bitcoin, the leading cryptocurrency, is also trading at a 17-month high. XRP saw a notable increase, rising by as much as 10% today.
On Monday, XRP/USD hit a low of $0.5267, but it quickly rebounded and reached a peak of $0.581 earlier today. This surge propelled XRP to its highest point since August 18, when the price was on the verge of breaking into the $0.60 region. The upward movement was triggered by the crossover of the 10-day moving average (red) over its 25-day counterpart (blue) on the chart.
To sustain this momentum, bulls will need to overcome a ceiling on the relative strength index (RSI) which currently stands at a reading of 71.70, just shy of the desired 72.00 level.
Cardano (ADA) Soars to Multi-Month Highs, Breaking Resistance
Cardano (ADA) also experienced a significant rally, reaching a multi-month high and surpassing a key resistance level. ADA/USD surged to an intraday peak of $0.2911 on Tuesday, starting the week at a low of $0.2626. This surge comes after six consecutive days of gains, pushing the cryptocurrency to its strongest level since August 13.
The price strength has now entered overbought territory, with the current RSI reading at 75.70. This is the highest the index has reached since January and has allowed bulls to break through a price ceiling of $0.280.
Will ADA be able to reach the $0.30 level in the upcoming days? Share your thoughts in the comments below.
Frequently Asked Questions
How much should your IRA include precious metals
You should remember that precious metals are not only for the wealthy. They don’t require you to be wealthy to invest in them. You can actually make money without spending a lot on gold or silver investments.
You could also consider buying physical coins like bullion bars, rounds or bullion bars. You could also buy shares in companies that produce precious metals. You may also be interested in an IRA transfer program offered by your retirement provider.
Regardless of your choice, you’ll still benefit from owning precious metals. They offer the potential for long-term, sustainable growth even though they aren’t stocks.
They also tend to appreciate over time, unlike traditional investments. This means that if you decide on selling your investment later, you’ll likely get more profit than you would with traditional investing.
Can I hold physical gold in my IRA?
Not just paper money or coins, gold is money. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.
Today, Americans prefer precious metals like silver and gold to stocks and bonds. Even though owning gold is not a guarantee of making money, there are many reasons why you might want to add gold to your retirement savings portfolio.
Another reason is the fact that gold historically has performed better than other assets in times of financial panic. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. During turbulent market conditions gold was one of few assets that outperformed stock prices.
Another benefit to investing in gold? It has virtually zero counterparty exposure. Even if your stock portfolio is down, your shares are still yours. Gold can be worth more than its investment in a company that defaults on its obligations.
Gold provides liquidity. This means that you can sell gold anytime, regardless of whether or not another buyer is available. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows you to profit from short-term fluctuations on the gold market.
Should You Invest in Gold for Retirement?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. If you are unsure of which option to invest in, consider both.
Not only is it a safe investment but gold can also provide potential returns. It is a good choice for retirees.
Although most investments promise a fixed rate of return, gold is more volatile than others. As a result, its value changes over time.
This does not mean you shouldn’t invest in gold. You should just factor the fluctuations into any overall portfolio.
Another benefit to gold? It’s a tangible asset. Gold is less difficult to store than stocks or bonds. It can be easily transported.
You can always access gold as long your place it safe. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it’s a good way to hedge against rising costs.
Additionally, it will be a benefit to have some of your savings invested into something that won’t lose value. Gold usually rises when the stock market falls.
You can also sell gold anytime you like by investing in it. As with stocks, your position can be liquidated whenever you require cash. You don’t even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn’t try to put all of your eggs into one basket.
You shouldn’t buy too little at once. Start small, buying only a few ounces. Then add more as needed.
Keep in mind that the goal is not to quickly become wealthy. Instead, the goal is to accumulate enough wealth that you don’t have to rely on Social Security.
Although gold might not be the right investment for everyone it could make a great addition in any retirement plan.
Can I buy or sell gold from my self-directed IRA
You can purchase gold with your self-directed IRA, but you must first open an account at a brokerage firm like TD Ameritrade. Transfer funds from an existing retirement account are also possible.
The IRS allows individuals to contribute up to $5,500 annually ($6,500 if married and filing jointly) to a traditional IRA. Individuals can contribute up $1,000 per annum ($2,000 if they are married and jointly) directly to a Roth IRA.
If you do decide to invest in gold, you’ll want to consider purchasing physical bullion rather than investing in futures contracts. Futures contracts, which are financial instruments based upon the price of gold, are financial instruments. These contracts allow you to speculate on future gold prices without actually owning it. But, physical bullion is real bars of gold or silver that you can hold in one’s hand.
Should You Open a Precious Metal IRA?
It is essential to be aware of the fact that precious metals do not have insurance coverage before opening an IRA. You cannot recover any money you have invested. This includes any loss of investments from theft, fire, flood or other circumstances.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These items have been around thousands of years and are irreplaceable. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.
Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. A third-party custodian is a good option. They will protect your assets while giving you easy access whenever you need them.
When you open an account, keep in mind that you won’t receive any returns until your retirement. Remember the future.
How much tax is gold subject to in an IRA
The fair value of gold sold to determines the price at which tax is due. If you buy gold, there are no taxes. It’s not considered income. If you sell it later you will have a taxable profit if the price goes down.
Gold can be used as collateral for loans. Lenders will seek the highest return on your assets when you borrow against them. This often means selling gold. This is not always possible. They may hold on to it. Or, they may decide to resell the item themselves. Either way you will lose potential profit.
If you plan on using your gold as collateral, then you shouldn’t lend against it. You should leave it alone if you don’t intend to lend against it.
What are the benefits of a gold IRA
There are many benefits to a gold IRA. It’s an investment vehicle that allows you to diversify your portfolio. You have control over how much money goes into each account.
You also have the option to roll over funds from other retirement accounts into a gold IRA. This allows you to easily transition if your retirement is early.
The best part is that you don’t need special skills to invest in gold IRAs. They’re available at most banks and brokerage firms. Withdrawals are made automatically without having to worry about fees or penalties.
But there are downsides. Gold is historically volatile. It is important to understand why you are investing in gold. Are you looking for safety or growth? Are you trying to find safety or growth? Only after you have this information will you make an informed decision.
If you plan on keeping your gold IRA alive for a while, you may want to consider purchasing more than 1 ounce of pure gold. One ounce won’t be enough to meet all your needs. You may need several ounces, depending on what you intend to do with your precious gold.
If you’re planning to sell off your gold, you don’t necessarily need a large amount. You can even get by with less than one ounce. But you won’t be able to buy anything else with those funds.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.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)
- 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)
External Links
bbb.org
wsj.com
- Saddam Hussein’s Invasion Helped Uncage a Bear In 1990 – WSJ
- How do you keep your IRA Gold at Home? It’s not legal – WSJ
irs.gov
investopedia.com
How To
Guidelines for Gold Roth IRA
Start saving as soon as possible to save for your retirement. Start saving as soon and as often as you’re eligible (usually around 50 years old) and keep going until retirement. It is essential to save enough money each year in order to maintain a steady growth rate.
You can also take advantage of tax-free savings opportunities like a traditional 401k (k), SEP IRA (or SIMPLE IRA). These savings vehicles permit you to make contributions, but not pay any tax until your earnings are withdrawn. This makes them great options for people who don’t have access to employer matching funds.
Save regularly and continue to save over time. You will lose any potential tax advantages if you don’t contribute enough.
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By: Eliman Dambell
Title: XRP and Cardano Surge as Crypto Market Reaches New Highs
Sourced From: news.bitcoin.com/biggest-movers-xrp-extends-recent-gains-rising-to-8-week-high/
Published Date: Tue, 24 Oct 2023 15:30:31 +0000
